RIZALDI, BAYU (2018) Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Cash Holding Perusahaan Manufaktur di Indonesia, Malaysia, dan Vietnam Tahun 2010 - 2016. S2 thesis, Universitas Negeri Jakarta.
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Abstract
ABSTRACT In general, the purpose of this research is: 1) to conduct cash management analysis in the form of cash holding policy in a non-financial company, 2) to test the hypothesis of factors influencing cash holding policy of manufacturing companies in Indonesia, Malaysia and Vietnam such as: leverage, dividend payment, profitability, firm size, capital expenditure, net working capital and cash flow, 3) find out the optimal cash holding rate in a company and 4) identify cash holding policies based on firm characteristics. To identify the characteristics of the company, author also grouped the company into two forms, capital-intensive manufacturing companies and labor-intensive manufacturing companies. The selected object is a developing country manufacturing company covering Indonesia, Malaysia, and Vietnam in the range of 2010 to 2016. 401 companies were selected as samples from 438 population. The results of the study found that the cash holding rate in observation countries ranged from 10-15%. Leverage and dividend payment were found to have no effect on cash holding in Indonesia. Also, cash flow and profitability have no effect on cash holding in Malaysia. The findings reveal that the characteristics of labor intensive and capital-intensive manufacturing companies influence cash holding policy behavior. Keywords: cash holding, leverage, dividend payment, profitability, firm size, capital expenditure, net working capital, cash flow.
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