Pengaruh Cash Holding Terhadap Nilai Perusahaan dengan Good Corporate Governance Sebagai Variabel Moderasi Pada Perusahaan Healthcare Tahun 2019-2021
Keywords:
Cash Holding, Nilai Perusahaan, Good Corporate Governance
Abstract
Penelitian ini bertujuan untuk mendapatkan bukti empiris mengenai pengaruh cash holding terhadap nilai perusahaan. Lebih lanjut lagi, penelitian ini juga bertujuan untuk mendapatkan bukti empiris mengenai peran moderasi good corporate governance pada pengaruh cash holding terhadap nilai perusahaan. Populasi dalam penelitian ini adalah 30 perusahaan sektor healthcare yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2019-2021. Teknik pengambilan sampel yang digunakan adalah teknik purposive sampling, sehingga diperoleh 16 perusahaan sampel untuk periode 3 tahun (2019-2021) dengan 48 data observasi. Teknik analisis data yang digunakan dalam penelitian ini adalah Moderated Regression Analysis (MRA). Hasil penelitian ini menunjukkan bahwa cash holding berpengaruh positif signifikan terhadap nilai perusahaan. Good corporate governance tidak dapat memoderasi pengaruh cash holding terhadap nilai perusahaan. Lebih lanjut lagi, penelitian ini menemukan bahwa good corporate governance berpengaruh positif signifikan terhadap nilai perusahaan.
References
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Chandra, B., & Feliana, C. (2020). Analisis Dampak Tata Kelola Perusahaan, Struktur Kepemilikan Dan Cash Holdings Terhadap Nilai Perusahaan Di Bei 2014-2018. JIAI (Jurnal Ilmiah Akuntansi Indonesia), 5(2), 87–99. https://doi.org/10.32528/jiai.v5i2.3749
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Hidayat, M. (2021). 3332-10548-1-Pb, 15, 9–17.
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
Ifada, L. M., Indriastuti, M., & Hanafi, R. (2020). the Role of Cash Holding in Increasing Firm Value. Jurnal Riset Akuntansi Kontemporer, 12(2), 81–86. https://doi.org/10.23969/jrak.v12i2.3193
Lestari, T., Hanifah, I. A., Sultan, U., Tirtayasa, A., & Serang, K. (2020). How Corporate Governance and Cash Holdings Affect Earnings Quality and Firm Value. Trikonomika, 19(1), 16–21. https://doi.org/10.23969/trikonomika.v19i1.1440
Majid, A., Pahlevi, C., Laba, A. R., & Sobarsyah, M. (2019). Cash Holding and Value of Indonesia Manufacturing Companies Listed in Indonesia Stock Exchange. International Journal of Advanced Engineering Research and Science, 6(10), 190–194. https://doi.org/10.22161/ijaers.610.29
Mutiara, D. A., Studi, P., Syariah, A., Ekonomi, F., Bisnis, D. A. N., Islam, U., … Said, M. A. S. (2023). Pengaruh cash holding dan good corporate governance terhadap nilai perusahaan.
Nugroho, W. (2022). The Effect of Good Corporate Governance Mechanism and Firm Size on Firm Value in Property and Real Estate Sector Companies Listed on the Indonesia Stock Exchange for the 2015-2019 Period. International Journal of Accounting Finance in Asia Pasific, 5(1), 12–23. https://doi.org/10.32535/ijafap.v5i1.1407
Phangestu, B. M., & Chrisnanti, F. (2022). Pengaruh Filantropi, Cash Holding dan Faktor Lainnya terhadap Nilai Perusahaan. E-Jurnal Akuntansi Tsm, 2(2), 745–756.
Putri, A. S., & Lisiantara, G. A. (2022). Pengaruh kebijakan hutang, good corporate governance dan cash holding terhadap nilai perusahaan manufaktur. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(12), 5421–5431. https://doi.org/10.32670/fairvalue.v4i12.1993
Rahmawati, L., & Sembiring, E. E. (2022). Perbandingan Kinerja Keuangan Perusahaan Sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia Sebelum dan Saat Pandemi Covid-19. Indonesian Accounting Literacy Journal, 2(3), 589–600. https://doi.org/10.35313/ialj.v2i3.3985
Riyadi, F. A., Masripah, & Widyastuti, S. (2021). Pengaruh umur perusahaan, keputusan pendanaan, kebijakan dividen, dan cash holding terhadap nilai perusahaan. JOEL: Journal of Educational and Language Research, 1(1), 31–44.
Rosharlianti, Z., & Pratiwi, A. (2022). The Impact of Corporate Social Responsibility, Audit Committee, and Financial Performance on Firm Value. Jurnal Akuntansi Trisakti, 9(1), 57–70. https://doi.org/10.25105/jat.v9i1.10645
Saputra, R., & Bernawati, Y. (2020). The effect of good corporate governance sustainability report disclosures on firm value. Cuadernos de Economia, 43(123), 410–418. https://doi.org/10.32826/cude.v4i123.403
Saraswati, H. (2019). Dampak Pandemi Covid-19 Terhadap Pasar Saham Di Indonesia. JAD : Jurnal Riset Akuntansi & Keuangan Dewantara, 3(2), 153–163. https://doi.org/10.26533/jad.v3i2.696
Smulowitz, S., Becerra, M., & Mayo, M. (2019). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Human Relations, 72(10), 1671–1696. https://doi.org/10.1177/0018726718812602
Sumiati, S. (2020). Effect of Cash Holding on Firm Value With Ownership Structure As a Moderating Variable in Indonesia Company. Jurnal Aplikasi Manajemen, 18(1), 122–129. https://doi.org/10.21776/ub.jam.2020.018.01.12
Wijaya, H. (2022). Cash Holdings, Dividend Payout, and Corporate Value: The Role of Institutional Investors. Journal of Accounting and Strategic Finance, 5(2), 302–315. https://doi.org/10.33005/jasf.v5i2.307
Ardiani, N. P. F., Lindrawati, & Adi, S. (2022). Pengaruh Mekanisme Good Corporate Governance Terhadap Pengungkapan Sustainability Report Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Riset Akuntansi Mercu Buana, 8(1), 78–90.
Aryanto, A., & Setyorini, C. T. (2019). Pengaruh Tata Kelola Perusahaan Dan Tanggung Jawab Sosial Terhadap Nilai Perusahaan Sektor Pertambangan. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 14(2), 181–196. https://doi.org/10.25105/jipak.v14i2.5020
Asante-Darko, D., Adu Bonsu, B., Famiyeh, S., Kwarteng, A., & Goka, Y. (2018). Governance structures, cash holdings and firm value on the Ghana Stock Exchange. Corporate Governance (Bingley), 18(4), 671–685. https://doi.org/10.1108/CG-07-2017-0148
Aviyanti, S. C., & Isbanah, Y. (2019). Pengaruh Eco-Efficiency, Corporate Social Responsibility, Ownership Concentration , dan Cash Holding terhadap Nilai Perusahaan Sektor Consumer Goods di BEI Periode 2011-2016. Jurnal Ilmu Manajemen, 7(1), 77–84.
Chandra, B., & Feliana, C. (2020). Analisis Dampak Tata Kelola Perusahaan, Struktur Kepemilikan Dan Cash Holdings Terhadap Nilai Perusahaan Di Bei 2014-2018. JIAI (Jurnal Ilmiah Akuntansi Indonesia), 5(2), 87–99. https://doi.org/10.32528/jiai.v5i2.3749
Cheryta, A. M., Moeljadi, M., & Indrawati, N. K. (2018). Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia. Jurnal Keuangan dan Perbankan, 22(1), 83–93. https://doi.org/10.26905/jkdp.v22i1.1334
Emanuel, R., Antonius, J., Apriyanto, R. P., Firmansyah, A., & Trisnawati, E. (2022). Dewan Direksi, Cash Holding, Nilai Perusahaan: Peran Moderasi Dari Leverage. Jurnalku, 2(1), 54–67. https://doi.org/10.54957/jurnalku.v2i1.143
Firmansyah, A., Setiawan, T. A., & Fathurahman, F. (2020). Nilai Perusahaan: Kebijakan Utang, Good Corporate Governance, Cash Holding. Jurnal Akuntansi dan Bisnis, 20(2), 237. https://doi.org/10.20961/jab.v20i2.568
Fitriana, M., & Muslim, A. I. (2023). The Effect Of Good Corporate Governance And Political Connection On Firm Value (Case Study On Manufacturing Companies Listed On The Indonesia Stock Exchange 2015-2020). Kompartemen : Jurnal Ilmiah Akuntansi, 20(2), 215. https://doi.org/10.30595/kompartemen.v20i2.13535
Haj-Salem, I., Damak Ayadi, S., & Hussainey, K. (2020). The joint effect of corporate risk disclosure and corporate governance on firm value. International Journal of Disclosure and Governance, 17(2–3), 123–140. https://doi.org/10.1057/s41310-020-00079-w
Halim, K. I. (2022). Pengaruh Cash Holdings, Growth Opportunity, Dan Profitability Terhadap Firm Value. Jurnal Maneksi, 11(1), 231–236.
Handayani, B. D., Rohman, A., Chariri, A., & Pamungkas, I. D. (2020). Corporate financial performance on corporate governance mechanism and corporate value: Evidence from Indonesia. Montenegrin Journal of Economics, 16(3), 161–171. https://doi.org/10.14254/1800-5845/2020.16-3.13
Hapsari, N., Akuntansi, P. S., Ekonomi, F., Bisnis, D. A. N., & Surakarta, U. M. (2022). Sebelum Dan Selama Pandemi Covid-19 ( Studi pada Perusahaan Manufaktur Sektor Industri Barang dan Konsumsi yang Terdaftar di Bursa Efek Indonesia ), 19.
Haryati, P. D. G., Rustiarini, N. W., & Dewi, N. P. S. (2021). Pengaruh Corporate Governance dan Koneksi Politik terhadap Nilai Perusahaan. Jurnal Kharisma, 3(1), 1–24.
Hasibuan, M. E., Gusti, N., & Wirawati, P. (2020). The Effect of Financial Performance, Good Corporate Governance, Corporate Social Responsibility on Company Value (Empirical Study on Food and Beverage Companies Listed on the Indonesia Stock Exchange 2017-2019). American Journal of Humanities and Social Sciences Research, 5(1), 391–397.
Henny Wirianata, Viriany, & Ignatius Flora De Mayo. (2023). Corporate Governance In Cash Management, Net Working Capital, And Cash Holding. Jurnal Akuntansi, 27(1), 118–135. https://doi.org/10.24912/ja.v27i1.1246
Hidayat, M. (2021). 3332-10548-1-Pb, 15, 9–17.
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
Ifada, L. M., Indriastuti, M., & Hanafi, R. (2020). the Role of Cash Holding in Increasing Firm Value. Jurnal Riset Akuntansi Kontemporer, 12(2), 81–86. https://doi.org/10.23969/jrak.v12i2.3193
Lestari, T., Hanifah, I. A., Sultan, U., Tirtayasa, A., & Serang, K. (2020). How Corporate Governance and Cash Holdings Affect Earnings Quality and Firm Value. Trikonomika, 19(1), 16–21. https://doi.org/10.23969/trikonomika.v19i1.1440
Majid, A., Pahlevi, C., Laba, A. R., & Sobarsyah, M. (2019). Cash Holding and Value of Indonesia Manufacturing Companies Listed in Indonesia Stock Exchange. International Journal of Advanced Engineering Research and Science, 6(10), 190–194. https://doi.org/10.22161/ijaers.610.29
Mutiara, D. A., Studi, P., Syariah, A., Ekonomi, F., Bisnis, D. A. N., Islam, U., … Said, M. A. S. (2023). Pengaruh cash holding dan good corporate governance terhadap nilai perusahaan.
Nugroho, W. (2022). The Effect of Good Corporate Governance Mechanism and Firm Size on Firm Value in Property and Real Estate Sector Companies Listed on the Indonesia Stock Exchange for the 2015-2019 Period. International Journal of Accounting Finance in Asia Pasific, 5(1), 12–23. https://doi.org/10.32535/ijafap.v5i1.1407
Phangestu, B. M., & Chrisnanti, F. (2022). Pengaruh Filantropi, Cash Holding dan Faktor Lainnya terhadap Nilai Perusahaan. E-Jurnal Akuntansi Tsm, 2(2), 745–756.
Putri, A. S., & Lisiantara, G. A. (2022). Pengaruh kebijakan hutang, good corporate governance dan cash holding terhadap nilai perusahaan manufaktur. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(12), 5421–5431. https://doi.org/10.32670/fairvalue.v4i12.1993
Rahmawati, L., & Sembiring, E. E. (2022). Perbandingan Kinerja Keuangan Perusahaan Sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia Sebelum dan Saat Pandemi Covid-19. Indonesian Accounting Literacy Journal, 2(3), 589–600. https://doi.org/10.35313/ialj.v2i3.3985
Riyadi, F. A., Masripah, & Widyastuti, S. (2021). Pengaruh umur perusahaan, keputusan pendanaan, kebijakan dividen, dan cash holding terhadap nilai perusahaan. JOEL: Journal of Educational and Language Research, 1(1), 31–44.
Rosharlianti, Z., & Pratiwi, A. (2022). The Impact of Corporate Social Responsibility, Audit Committee, and Financial Performance on Firm Value. Jurnal Akuntansi Trisakti, 9(1), 57–70. https://doi.org/10.25105/jat.v9i1.10645
Saputra, R., & Bernawati, Y. (2020). The effect of good corporate governance sustainability report disclosures on firm value. Cuadernos de Economia, 43(123), 410–418. https://doi.org/10.32826/cude.v4i123.403
Saraswati, H. (2019). Dampak Pandemi Covid-19 Terhadap Pasar Saham Di Indonesia. JAD : Jurnal Riset Akuntansi & Keuangan Dewantara, 3(2), 153–163. https://doi.org/10.26533/jad.v3i2.696
Smulowitz, S., Becerra, M., & Mayo, M. (2019). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Human Relations, 72(10), 1671–1696. https://doi.org/10.1177/0018726718812602
Sumiati, S. (2020). Effect of Cash Holding on Firm Value With Ownership Structure As a Moderating Variable in Indonesia Company. Jurnal Aplikasi Manajemen, 18(1), 122–129. https://doi.org/10.21776/ub.jam.2020.018.01.12
Wijaya, H. (2022). Cash Holdings, Dividend Payout, and Corporate Value: The Role of Institutional Investors. Journal of Accounting and Strategic Finance, 5(2), 302–315. https://doi.org/10.33005/jasf.v5i2.307
