Pengaruh Corporate Governance terhadap Cash Holding Perusahaan: Studi Empiris pada Perusahaan Peserta CGPI Tahun 2020-2024
Article Sidebar
Abstract Views: 2
File Views: 1
Main Article Content
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh tata kelola perusahaan terhadap cash holding perusahaan di Indonesia dengan menggunakan Corporate Governance Perception Index (CGPI) periode 2020–2024 sebagai proksi kualitas tata kelola perusahaan. Penelitian ini juga memasukkan ukuran perusahaan dan leverage sebagai variabel kontrol. Data penelitian diperoleh dari laporan CGPI yang diterbitkan oleh The Indonesian Institute for Corporate Governance (IICG) serta laporan keuangan perusahaan selama periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan analisis regresi data panel menggunakan EViews 12. Sampel penelitian terdiri atas 177 observasi perusahaan yang mengikuti pemeringkatan CGPI selama periode penelitian, yang dipilih melalui teknik purposive sampling dengan pendekatan data panel tidak seimbang (unbalanced panel data). Hasil penelitian menunjukkan bahwa tata kelola perusahaan yang diproksikan dengan CGPI tidak berpengaruh signifikan terhadap cash holding perusahaan. Temuan ini mengindikasikan bahwa peningkatan kualitas tata kelola perusahaan belum mampu secara langsung menurunkan tingkat cash holding perusahaan. Di sisi lain, variabel kontrol ukuran perusahaan berpengaruh negatif signifikan terhadap cash holding, sedangkan leverage tidak menunjukkan pengaruh yang signifikan. Penelitian ini mengimplikasikan bahwa keputusan cash holding perusahaan dipengaruhi tidak hanya oleh kualitas tata kelola perusahaan, tetapi juga oleh motif kehati-hatian perusahaan dalam merespons ketidakpastian ekonomi. Selain itu, penelitian ini memberikan kontribusi terhadap pengembangan literatur mengenai tata kelola perusahaan dan kebijakan keuangan perusahaan, khususnya dalam konteks perusahaan yang berpartisipasi dalam program CGPI di Indonesia.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
References
Almilia, L. S. (2015). Comparing internet financial reporting practices: Indonesia, Malaysia, Singapore, Japan and Australia. International Journal of Business Information Systems, 20(4), 477–495. https://doi.org/10.1504/IJBIS.2015.072743
Amin, M. A. N. (2018). Analisis Perbandingan Abnormal return dan Trading volume activity Sebelum dan Sesudah Pengumuman Pembelian Kembali Saham (Buyback Stock). Multiplier: Jurnal Magister Manajemen, 3(1), 85-99. https://doi.org/10.24905/mlt.v3i1.42
Amin, M. A. N. (2022). Analisis Perbandingan Abnormal return, Return saham dan Likuiditas Saham Sebelum dan Sesudah Buyback Saham. Multiplier: Jurnal Magister Manajemen, 3(2), 100-109. https://doi.org/10.24905/mlt.v3i2.49
Amin, M. A. N. ., Murwati, M., Oktavianti, S. ., & Saputra, B. (2026). Faktor-Faktor yang Mempengaruhi Risiko Operasional: Bukti dari Sektor Consumer Non-Cyclicals Pada Bursa Efek Indonesia. JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, Dan Akuntansi, 3(4), 467–475. https://doi.org/10.62421/jibema.v3i4.242
Amin, M. A. N., Oktavianti, S., & Saputra, B. (2025). Ketegangan Politik Timur Tengah 2025 pada Saham Energi di Indonesia. Multiplier: Jurnal Magister Manajemen, 6(1), 239-247. https://doi.org/10.24905/mlt.v6i1.111
Amin, M. A. N., Oktavianti, S., & Saputra, B. (2025). Pengaruh Current Ratio, Net Profit Margin, Debt To Equity Ratio Terhadap Dividen Payout Ratio. Multiplier: Jurnal Magister Manajemen, 6(1), 1275-1288. https://doi.org/10.24905/mlt.v6i2.278
Chen, N., & Yu, M.T. (2023). Sharia compliance, national governance, and value of cash in Organization of Islamic Cooperation countries. Humanities and Social Sciences Communications, 10(1). https://doi.org/10.1057/s41599-023-01521-4
Dony, N., Joseph, C., & James, B. J. (2019). Corporate governance attributes and firm’s value. In Accounting, Finance, Sustainability, Governance and Fraud (pp. 227–245). Springer Nature. https://doi.org/10.1007/978-981-13-3203-6_13
Duong, H. N., Nguyen, J. H., Nguyen, M., & Rhee, S. G. (2020). Navigating through economic policy uncertainty: The role of corporate cash holdings. Journal of Corporate Finance, 62. https://doi.org/10.1016/j.jcorpfin.2020.101607
Ferreira, M. A., & Vilela, A. S. (2004). Why Do Firms Hold Cash? Evidence from EMU Countries. European Financial Management, 10(2), 295–319. https://doi.org/https://doi.org/10.1111/j.1354-7798.2004.00251.x
González, M., Guzmán, A., Pablo, E., & Trujillo, M. A. (2025). The Role of Corporate Governance on Cash Holdings in Weak Institutional Environments: The Case of Latin America. Emerging Markets Finance and Trade. https://doi.org/10.1080/1540496X.2025.2599429
Gotti, G., Kang, T., Wolfe, M. C., & Yoo, Y. K. (2023). Corporate codes of ethics and cash holdings: International evidence. Accounting and Finance, 63(3), 3387–3418. https://doi.org/10.1111/acfi.13042
Harford, J. (1999). Corporate Cash Reserves and Acquisitions. The Journal of Finance, 54(6), 1969–1997. https://doi.org/https://doi.org/10.1111/0022-1082.00179
Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 87(3), 535–555. https://econpapers.repec.org/RePEc:eee:jfinec:v:87:y:2008:i:3:p:535-555
He, Z., Suardi, S., Wang, K., & Zhao, Y. (2022). Firms’ COVID-19 Pandemic Exposure and Corporate Cash Policy: Evidence from China. Economic Modelling, 116. https://doi.org/10.1016/j.econmod.2022.105999
Irwansyah, Pribadi, M. I., Roy, A., Yanti, D., Yudaruddin, Y. A., & Yudaruddin, R. (2024). Covid-19 Pandemic and Cash Holding in Consumer Goods Sector: International Evidence. Risk Governance and Control: Financial Markets and Institutions, 14(1), 138–149. https://doi.org/10.22495/rgcv14i1p10
Islam, A. U. (2025). Does corporate governance performance affect the firm’s operational liquidity? A study of S&P, BSE 500 firms. Journal of Management and Governance, 29(3), 669–697. https://doi.org/10.1007/s10997-024-09712-0
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329. http://www.jstor.org/stable/1818789
Karrahemi, K. E., Rasid, S. Z. A., & Basiruddin, R. (2016). Cash holdings and corporate governance: An empirical study on Malaysian public listed companies. Afro-Asian Journal of Finance and Accounting, 6(4), 305–317. https://doi.org/10.1504/AAJFA.2016.080520
Kusumawardani, A., Yudaruddin, R., & Yudaruddin, Y. A. (2021). Corporate governance’s policy on the impact of cash holding in indonesia. Universal Journal of Accounting and Finance, 9(4), 594–603. https://doi.org/10.13189/ujaf.2021.090407
Lee, J. (2009). Statistics, Descriptive. In International Encyclopedia of Human Geography (pp. 422–428). Elsevier Inc. https://doi.org/10.1016/B978-008044910-4.00534-4
Liu, Y. (2018). The influence of executive equity incentive on company cash holding. In L. M., Z. R., H. A., S. X., H. G., & W. D. (Eds.), 5th International Conference on Industrial Economics System and Industrial Security Engineering, IEIS 2018 - Proceeding. Institute of Electrical and Electronics Engineers Inc. https://doi.org/10.1109/IEIS.2018.8597867
Mukhtaruddin, M., Adam, M., Isnurhadi, I., & Fuadah, L. L. (2020). Implementation of social culture in corporate governance: A literature study. International Journal of Financial Research, 11(1), 1–14. https://doi.org/10.5430/ijfr.v11n1p293
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. https://doi.org/https://doi.org/10.1016/S0304-405X(99)00003-3
Otoritas Jasa Keuangan. (2014). POJK Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.
Otoritas Jasa Keuangan. (2015). Otoritas Jasa Keuangan. (2015). POJK Nomor 21/POJK.04/2015 tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka.
Priharta, A., Asmanah, S., & Wahyudi, S. (2017). Factors affecting earnings management. International Journal of Applied Business and Economic Research, 15(20), 27–38. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032566376&partnerID=40&md5=0bb20a9228003ef0384632aa02c066a2
Ray, D. E. (2019). Regression and statistical methods. In Agricultural Policy Analysis Tools for Economic Development (pp. 11–45). Taylor and Francis. https://doi.org/10.4324/9780429042959-9
The Indonesian Institute for Corporate Governance (IICG). (2020). Corporate Governance Perception Index Report 2020.
Undang-Undang Nomor 40 Tahun 2007 Tentang Perseroan Terbatas (2007).
Uyanto, S. S. (2020). Power comparisons of five most commonly used autocorrelation tests. Pakistan Journal of Statistics and Operation Research, 16(1), 119–130. https://doi.org/10.18187/PJSOR.V16I1.2691
Wijaya. (2017). Some considerations of the actual problems related to good corporate governance, and the impetus for law enforcement. International Journal of Civil Engineering and Technology, 8(9), 867–873. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029900818&partnerID=40&md5=c0c41c1c9d771c0404adf46f5a87c57c