Kebijakan Cash Holding Pada Perusahaan Sektor Consumer Cyclicals di Indonesia

Cash Holding Policy in Consumer Cyclicals Sector Companies in Indonesia

Penelitian ini bertujuan untuk mengetahui pengaruh cash flow, dividend, market to book ratio, net working capital, leverage dan Z-score terhadap cash holding pada perusahaan sektor consumer cyclicals yang terdaftar di Bursa Efek Indonesia periode 2018-2022. Jenis data yang digunakan adalah data kuantitatif yang bersumber dari data sekunder. Populasi dalam penelitian ini adalah perusahaan sektor consumer cyclicals yang terdaftar di Bursa Efek Indonesia tahun 2018 sampai dengan tahun 2022. Teknik pengambilan sampel menggunakan purposive sampling dan diperoleh 23 perusahaan sebagai sampel dalam penelitian ini. Data dianalisis dengan teknik analisis regresi data panel menggunakan software EVIEWS 12. Hasil penelitian menunjukkan bahwa cash flow, market to book ratio, net working capital berpengaruh signifikan dan positif terhadap cash holding. Z-score berpengaruh signifikan dan negatif terhadap cash holding. Sedangkan dividend dan leverage tidak berpengaruh signifikan terhadap cash holding. Oleh karena itu, perusahaan di sektor consumer cyclicals perlu untuk lebih memerhatikan nilai cash flow, market to book ratio, net working capital, dan Z-score dalam merumuskan dan mengevaluasi kebijakan keuangan perusahaan.

Kata Kunci: cash holding; cash flow; dividend; market to book ratio; net working capital; leverage; Z-score

This research aims to determine the effect of cash flow, dividends, market to book ratio, net working capital, leverage and Z-score on cash holding in consumer cyclicals sector companies listed on the Indonesia Stock Exchange for the period 2018-2022. The type of data used is quantitative data sourced from secondary data. This research’s population are companies in the consumer cyclicals sector listed on the Indonesia Stock Exchange from 2018 to 2022. The sampling technique used purposive sampling and obtained 23 companies as samples in this study. The results showed that cash flow, market to book ratio, net working capital had a significant and positive effect on cash holding. Z-score has a significant and negative effect on cash holding. While dividends and leverage have no significant effect on cash holding. Therefore, companies in the consumer cyclicals sector need to pay more attention to the value of cash flow, market to book ratio, net working capital, and Z-score in formulating and evaluating the company's financial policies.

Keyword: cash holding; cash flow; dividend; market to book ratio; net working capital; leverage; Z-score