Cash Flow, Cash Holding, Asset Tangibility dan Pertumbuhan pada Perusahaan yang Financially Constraint

Yustikasari, Nurlita , Dr. Suad Husnan, MBA.

2009 | Tesis | S2 Management

Penelitian ini bertujuan untuk mengetahui besarnya pengaruh cash flow terhadap tingkat pertumbuhan perusahaan serta pengaruh cash holding dan asset tangibility sebagai sumber dana alternatif untuk meminimalisasi menurunnya tingkat pertumbuhan pada saat cash flow mangalami sensitivitas tinggi pada perusahaan yang financially constraint.

Populasi yang menjadi obyek penelitian ini adalah semua perusahaan yang terdaftar di Bursa Efek Indonesia kecuali lembaga keuangan, perbankan maupun BUMN selama 2004-2007. Metode pengambilan sampel menggunakan purposive sampling. Pengumpulan data dilakukan dengan pooling data dengan sampel akhir berjumlah 196 perusahaan. Dalam penelitian ini penulis menggunakan Times Interest Earned (TIE) dan Return on Assets (ROA) untuk mengkategorikan perusahaan yang financially constraint dan unconstraint. Untuk menguji hipotesis digunakan 4 model dengan metode GLS (Generalized Least Square). Hasil temuan menunjukkan bahwa cash flow mempunyai pengaruh positif signifikan terhadap pertumbuhan baik pada perusahaan yang mengalami financial constraint maupun unconstraint. Hasil lain juga memperlihatkan bahwa cash holding dapat dijadikan sumber dana alternatif pada saat cash flow mengalami penurunan (t-stat = 2,59; significancy = 0,01) dibandingkan dengan asset tangibility (t-stat = -1,56; significancy = 0,12) terutama bagi perusahaan yang financially constraint. Kata kunci : Operating cash flow, cash holding, asset tangibility, pertumbuhan aktiva, financially constraint, financially unconstraint.

This research aims at identifying the influence of cash flow to the growth of companies and the influence of cash holding and asset tangibility as the source of alternative fund to minimalize the decreasing number of growth when cash flow are in a high sensitivity of the financially constrained firms. The population used as this research object were all companies that were registered in Bursa Efek Indonesia, except the financial institutions, bankings, and BUMN during the period of 2004-2007. The sampling method used in this research was purposive sampling. This research used the pooling data with the last sample of 196 companies. The researcher used Times Interest Earned (TIE) and Return on Assets (ROA) to categorize the financially constrained firms and the financially unconstrained firms. To evaluate the hyphothesis, this research used four models using GLS (Generalized Least Square) method. This research findings show that cash flow has significant positive influence to the growth of the financially constrained firms and the financially unconstrained firms. The findings also show that cash holding is able to be used as the alternative fund as the cash flow decreases (t-stat = 2,59; significancy = 0,01) compared to asset tangibility (t-stat = -1,56; signicicany = 0,12) especially for the financially constrained firms. Keywords : Operating cash flow, cash holding, asset tangibility, the asset's growth, financially constrained firms, financially unconstrained firms.

Kata Kunci : Operating cash flow, cash holding, asset tangibility, pertumbuhan aktiva, financially constraint, financially unconstraint