PENGARUH LEVERAGE, PROFITABILITAS, DAN MODAL KERJA TERHADAP CASH HOLDING PERUSAHAAN MANUFAKTUR
DOI:
https://doi.org/10.61722/jiem.v4i5.10099Keywords:
leverage, profitability, net working capital, cash holdingAbstract
This study aims to analyze the effect of leverage, profitability, and net working capital on cash holding in manufacturing companies. The data used in this study are secondary data obtained from financial statements over the last five years (2019–2023). The sampling method used is purposive sampling, with criteria of companies consistently publishing financial reports during the observation period. The analytical method used is multiple linear regression analysis.The results show that leverage has a negative effect on cash holding, indicating that companies with higher debt levels tend to hold less cash. Profitability has a positive effect on cash holding, meaning that companies with higher profits tend to maintain larger cash reserves. Meanwhile, net working capital also has a positive effect on cash holding, reflecting the company's liquidity condition. This research contributes to financial management by providing insights into factors influencing corporate cash holding policies. The findings can be used by management and investors in decision-making related to financial strategy.
References
Brealey, R. A., Myers, S. C., & Allen, F. (2017). Principles of Corporate Finance. McGraw-Hill.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management. Boston: Cengage Learning.
Fahmi, I. (2017). Analisis Kinerja Keuangan. Bandung: Alfabeta.
Gill, A., & Shah, C. (2012). Determinants of corporate cash holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70–79.
Gitman, L. J. (2015). Principles of Managerial Finance. Pearson Education.
Harford, J. (1999). Corporate cash reserves and acquisitions. Journal of Finance, 54(6), 1969–1997.
Horne, J. C. V., & Wachowicz, J. M. (2012). Fundamentals of Financial Management. Jakarta: Salemba Empat.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329.
Kasmir. (2019). Analisis Laporan Keuangan. Jakarta: Rajawali Pers.
Kim, C. S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity. Journal of Financial and Quantitative Analysis, 33(3), 335–359.
Margaretha, F. (2011). Manajemen Keuangan untuk Manajer Non Keuangan. Jakarta: Erlangga.
Munawir, S. (2014). Analisis Laporan Keuangan. Yogyakarta: Liberty.
Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575–592.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46.
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking and Finance, 28(9), 2103–2134.
Riyanto, B. (2013). Dasar-dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.
Ross, S. A., Westerfield, R., & Jaffe, J. (2015). Corporate Finance. New York: McGraw-Hill.
Sudana, I. M. (2015). Manajemen Keuangan Perusahaan. Jakarta: Erlangga.
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Titman, S., Keown, A. J., & Martin, J. D. (2018). Financial Management: Principles and Applications. Pearson.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 JURNAL ILMIAH EKONOMI DAN MANAJEMEN
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
