Title: COMPANY CHARACTERISTICS, MACROECONOMIC VARIABLES, AND CASH HOLDINGS OF NON-FINANCIAL COMPANIES IN INDONESIA AND SINGAPORE
Author: ADYANTO BUDI RACHMANSYAH
Item Type : Thesis (Thesis)
Affiliations: Master of Management Science Study Program, Faculty of Economics and Business, Universitas Airlangga , Surabaya, Indonesia
Publisher: Universitas Airlangga
Abstract
This research aims to examine the influence of company characteristic variables and macroeconomic variables on company cash holdings. Company characteristic variables include company size, leverage, profitability, dividend payments, capital expenditure, and cash flow. The macroeconomic variables used are inflation and economic growth. The samples used in this research are non-financial companies listed on the Indonesia Stock Exchange during the 2011-2016 period and non-financial companies listed on the Singapore Exchange during the 2011-2016 period. Multiple linear regression analysis is used to test the hypothesis. The results of research in Indonesia show that company characteristic variables, namely company size, profitability, dividend payments and cash flow, have a positive influence, while leverage and capital expenditure variables have a negative influence on the company's cash holdings. All macroeconomic variables, namely inflation and economic growth, have no influence on the company's cash holdings. The results of research in Singapore show that company characteristic variables, namely profitability, dividend payments and cash flow, have a positive influence, while company size, leverage and capital expenditure variables have a negative influence on the company's cash holdings. The macroeconomic variable economic growth has a positive influence while inflation has a negative influence on cash holdings.
Keywords: Cash holdings, company size, leverage, profitability, dividend payments, capital expenditure, cash flow, inflation, economic growth.
Sources: http://repository.unair.ac.id/87810/
