Pengaruh Siklus Hidup Perusahaan dan Corporate Social Responsibility terhadap Kebijakan Cash Holding dengan Diversifikasi Geografis sebagai Variabel Moderasi
DOI:
https://doi.org/10.23887/jia.v4i2.19419Abstract
Latar belakang masalah penelitian ini adalah sulitnya menentukan tingkat cash holding yang optimal untuk memenuhi aktivitas bisnis perusahaan. Penelitian ini menyelidiki bagaimana pada berbagai tahapan dalam siklus hidup perusahaan dan Corporate Social Responsibility memengaruhi keputusan cash holding dan peran diversifikasi geografis sebagai variabel moderasi. Metode yang digunakan dalam penelitian ini adalah pendekatan kuantitatif. Data yang digunakan adalah data sekunder perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2013-2017. Pengambilan sampel menggunakan teknik purposive sampling, terpilih 185 perusahaan sebagai sampel.Data dianalisis menggunakan metode analisis MRA (Moderated Regression Analysis). Hasil penelitian menunjukkan bahwa siklus hidup perusahaan di fase pengenalan berpengaruh negatif terhadap cash holding, siklus hidup perusahaan di fase pertumbuhan tidak berpengaruh terhadap cash holding, siklus hidup perusahaan di fase kedewasaan tidak berpengaruh terhadap cash holding, siklus hidup perusahaan di fase penurunan tidak berpengaruh terhadap cash holding. Diversifikasi geografis tidak secara signifikan memoderasi hubungan antara siklus hidup perusahaan di fase pertumbuhan dan cash holding. Diversifikasi geografis secara signifikan memoderasi hubungan antara CSR dan cash holding.
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