No

Peneliti, Judul, dan

tahun
Lawrencia Olatunde
Ogundipe, Sunday
Emmanuel Ogundipe,
dan Samuel Kehinde
Ajao (2012).
Cash Holding and Firm
Characteristics:
Evidence from Nigerian
Emerging market.

Shaukat Ali, Miskhta

Ullah dan Nazir Ullah
(2016)
Determinants of
Corporate Cash Holdings
A Case of Textile Sector
in Pakistan

Variabel
Variabel Dependen: Cash
holding

Alat Analisis
Ordinary Least-Square
(OLS) regression.

Variabel Independen:
investment opportunity
set, firm size, cash flow,
net working capital,
leverage, eturn on asset,
dan investment in fixed
assets.

Variabel Dependen : Cash

holding

1. Terdapat hubungan positif

antara cash holding dengan cash
flows, leverage, return on assets,
dan investment in fixed assets.
2. Hubungan negatif terjadi
antara net working capital
dengan cash holding.
3. Selain itu, growth
opportunities dan firm size tidak
signifikan sebagai faktor yang
mempengaruhi cash holding.

Analisis Regresi

Variabel Independen :
firm size, profitability, net
working capital dan
leverage.

Sulaman Jamil, Amna

Variabel Dependen : Cash
Anwar, Naila Afzal,
holding
Adnan Tariq, dan Mohsin
Asif. (2016)
Variabel Independen :

Hasil

Analisis Regresi

1. Terdapat hubungan positif

signifikan antara profitability
(ROA) dan firm size terhadap
cash holding.
2. Terdapat hubungan negatif
signifikan antara net working
capital dan leverage terhadap
cash holding.
1. firm size, board size, net
working capital, dan investment
secara signifikan mempengaruhi
cash holding.

Determinants of
Corporate Cash
Holdings: Empirical
Analysis of Pakistani
Firms.
Amarjit Gill dan Charul
Shah. (2012)
Determinants of
Corporate Cash
Holdings: Evidence from
Canada

Debt strucrure,
investment, board size, net
working capital, leverage,
firm size, return on asset

Variabel Dependen: Cash

holding
Variabel Independen:
market to book ratio
(MTB), cash flow to net
asset ratio (CF), net
working capital to asset
ratio (NWC), leverage,
firm size, dividend paid,
board size, dan CEO
duality.

2. debt structure, leverage,

return on asset, memiliki
pengaruh tidak signifikan dan
negatif terhadap cash holding.
Analisis regresi The
Ordinary Least Square
(OLS)

1. Pada perusahaan manufaktur:

MTB, NWC, board size
berpengaruh positif signifikan
terhadap cash holding
perusahaan manufaktur.
2. Firm size berpengaruh negatif
signifikan terhadap cash
holding.
Hubungan tidak signifikan
terjadi antara CF, leverage,
dividend payment dan CEO
duality terhadap cash holding.
3. Pada perusahaan jasa:
leverage, board size, dan CEO
duality berpengeruh positif
signifikan terhadap cash
holding.
MTB, NWC, dan firm size
berpengaruh negatif signifikan
terhadap cash holding.
4. Hubungan tidak signifikan
terjadi antara dividen payment

terhadap cash holding.

5

Sara Anjum dan Qaisar

Ali Malik (2013)
Determinants of
Corporate Liquidity - An
Analysis of Cash
Holdings

Miguel A. Ferreira dan

Antonio S. Vilela (2004)
Why Do
Firms Hold Cash?
Evidence from
EMU Countries

Enyew Alemaw Mesfin

(2016)
THE FACTORS
AFFECTING CASH
HOLDING DECISIONS
OF MANUFACTURING
SHARE COMPANIES IN

Variabel Dependen: Cash

holding
Variabel Independen:
Firm size, net working
capital, leverage, cash
conversion cycle, dan
sales growth
Variabel
Dependen: Cash
Holdings
Variabel
Independen:
Leverage, Profitability,
Liquidity assets subtitutes,
Dividend Payout Ratio,
Investment Opportunity,
Firm Size
Variabel Dependen: Cash
holding
Variabel Independen:
Growth opportunity, firm
size, cash flow, net
working capital, leverage
ratio, profitability, capital
expenditure, economic

Analisis Regresi

Terdapat hubungan yang

signifikan antara cash holding
dengan variabel yang dipilih
kecuali variabel sales growth.

Univariate tests dan

Analisis Regresi

1. leverage,liquidityassets
subtitutes, size berpengaruh
negatif signifikan terhadap cash
holding.
2. profitability, investment
opportunity berpengaruh positif
signifikan terhadap cash
holding.

multiple linear
regression

1. growth opportunity, cash

flows, dan firm size berpengaruh
positif dan signifikan terhadap
cash holdings.
2. net working cappital, capital
expenditure dan inflation
berpengaruh negatif dan

ETHIOPIA

Abolfazl Ghadiri
Moghaddam,Seyyed
Javad Neshat Mofidi,
Milad Salehan,
Leila Baakhlagh
Hoseinabad,
Mahboube Shokohifar,
Marziie Abdi dan
Adele Khalili (2015)
THE FINANCIAL
DETERMINANTS OF
CORPORATE CASH
HOLDINGS:
EVIDENCEFROM
TEHRAN STOCK
EXCHANGE
Thomas W. Bates,
Kathleen M.Kahle dan
Rene M. Stultz (2009)

growth, inflation.

Variabel Dependen: Cash

holding

signifikan terhadap cash

holding.

Multivariate regression

Variabel Independen:
Leverage, dividends, ROE,
asset liquidity, dan firm
size.

Variabel
dependen :
Cash holdings

Why Do U.S. Firms Hold Variabel

So Much More Cash
Independen :

3. leverage, profitability dan

real gross domestic product
berpengaruh tidak signifikan
terhadap cash holding.
1. Terdapat hubungan yang
signifikan antara leverage dan
likuiditas terhadap cash holding.
2. Terdapat tidak ada hubungan
antara dividends, ROE dan firm
size terhadap cash holding.

Analisis Regresi

1. capital expenditure, firm size,

leverage, dividend payouur
ratio, net working capital
berpengaruh negatif signifikan
terhadap cash holding.

than They Used To?

10

Aydin Ozkan
dan Neslihan
Ozkan (2003)
Corporate Cash
holdings:
An empirical
investigation
of UK companies

Investment opportunities,
firm size, cash flows, net
working capital, capital
expenditure, leverage,
industry cash flow risk,
dividend payout, R&D to
sales, acquisitions to
assets
Variabel dependen: Cash
Holdings
Variabel indepeden: Cash
flow, growth opportunities,
liquid assets, leverage dan
bank debt

2. industry cash flow, R&D to

sales, investment opportunities
berpengaruh positif signifikan
terhadap cash holding.

Analisis regresi dan

panel data

1. Cash flows dan growth

Opportunities berpengaruh
positif seginifikan terhadap cash
holding
2. liquid assets, leverage
dan bank debt berpengaruh
negatif terhadap cash holding