Pengaruh Corporate Governance Terhadap Kebijakan Cash Holding: Studi Pada Perusahaan Manufaktur

Sari, Annisa Kintan (2025) Pengaruh Corporate Governance Terhadap Kebijakan Cash Holding: Studi Pada Perusahaan Manufaktur. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh tata kelola perusahaan (corporate governance) terhadap kebijakan penyimpanan kas (cash holding) pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2018–2023. Variabel corporate governance yang diuji dalam penelitian ini meliputi jarak geografis direktur independen, ukuran komite audit, dan ukuran dewan direksi. Metode analisis yang digunakan adalah regresi data panel dengan pendekatan random effect, dan pengolahan data dilakukan menggunakan perangkat lunak Stata. Hasil penelitian menunjukkan bahwa ketiga variabel independen, yaitu jarak direktur independen, audit committee size, dan board size, tidak berpengaruh signifikan terhadap kebijakan cash holding. Temuan ini mengindikasikan bahwa struktur formal tata kelola perusahaan belum cukup efektif dalam memengaruhi keputusan manajerial terkait manajemen kas. Hal ini memperkuat argumen bahwa efektivitas tata kelola lebih ditentukan oleh kualitas implementasi dan partisipasi aktif daripada sekadar ukuran struktural. Implikasi dari penelitian ini menekankan perlunya evaluasi menyeluruh terhadap kualitas pengawasan dalam struktur tata kelola perusahaan serta pentingnya mempertimbangkan faktor-faktor non-struktural dalam studi kebijakan keuangan perusahaan.
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This study aims to examine the effect of corporate governance on cash holding policy in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2023 period. The corporate governance variables analyzed in this research include the geographic distance of independent directors, audit committee size, and board size. The study employs panel data regression using the random effect model, and the data processing was conducted using Stata software. The findings indicate that all three independent variables geographic distance, audit committee size, and board size have no significant effect on corporate cash holding. This result suggests that formal structural elements of corporate governance may not be sufficient to influence managerial decisions regarding cash management. It emphasizes the importance of evaluating not only the structure but also the quality, competence, and active participation of governance bodies. These findings highlight the need to consider non-structural factors when assessing the effectiveness of corporate governance in shaping financial policy decisions.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Kebijakan penyimpanan kas perusahaan, tata kelola perusahaan (GCG), perusahaan manufaktur, Corporate cash holding, corporate governance, manufacturing companies.
Subjects:	H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4028.V3 Valuation. Economic value
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Annisa Kintan Sari
Date Deposited:	29 Jul 2025 02:44
Last Modified:	29 Jul 2025 02:44
URI:	http://repository.its.ac.id/id/eprint/122359

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