Pengaruh Tata Kelola Perusahaan terhadap Cash Holding melalui Profitabilitas dengan Kontrol Size dan DAR

Selvia Laelatul Istianah; Ana Susi Mulyani; Enis Khaerunnisa

doi:10.55606/srj-yappi.v4i4.2872

Authors

Selvia Laelatul Istianah Universitas Sultan Ageng Tirtayasa
Ana Susi Mulyani Universitas Sultan Ageng Tirtayasa
Enis Khaerunnisa Universitas Sultan Ageng Tirtayasa

DOI:

https://doi.org/10.55606/srj-yappi.v4i4.2872

Keywords:

Cash Holding, Debt to Asset Ratio, Firm Size, Independent Commissioners, Profitability

Abstract

This research investigates whether corporate governance, represented by the proportion of independent commissioners, influences corporate cash holding by considering the mediating role of profitability. Firm size and Debt-to-Asset Ratio (DAR) are incorporated into the analysis as control variables. The empirical analysis is based on property and real estate companies listed on the Indonesia Stock Exchange (IDX) over the 2015–2024 observation period. The study adopts a quantitative design, with the sample determined through purposive sampling and the data processed using EViews 13. The empirical evidence suggests that the proportion of independent commissioners is not associated with either cash holding or profitability. Conversely, firms with stronger profitability tend to maintain higher levels of cash, indicating a positive and statistically significant relationship between profitability and cash holding. The findings also reveal that profitability does not transmit the effect of corporate governance on cash holding. In addition, controlling for firm size and Debt-to-Asset Ratio (DAR) does not change the relationships among the principal variables, although these controls enhance the reliability of the estimated model.

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