Corporate Cash Holding dan CEO Age: Kombinasi Kunci untuk Meningkatkan Firm Performance
DOI:
https://doi.org/10.57093/metansi.v9i2.615Keywords:
Corporate Cash Holding, Firm Performance, CEO Age, Tata Kelola PerusahaanAbstract
Meningkatnya ketidakpastian ekonomi telah meningkatkan pentingnya pengelolaan kas perusahaan yang efektif dalam mendukung firm performance, sementara karakteristik manajerial dapat memengaruhi cara perusahaan mengelola sumber daya kas. Penelitian ini bertujuan untuk menguji pengaruh corporate cash holding terhadap firm performance, dengan CEO age sebagai variabel moderasi. Penelitian ini menggunakan data panel perusahaan yang terdaftar di Bursa Efek Indonesia selama periode 2019–2023 (2.070 observasi perusahaan-tahun yang dipilih berdasarkan [kriteria pemilihan sampel, ringkas]) dan dianalisis menggunakan pendekatan kuantitatif melalui regresi data panel dengan year fixed effects, dengan firm performance diukur menggunakan return on assets (ROA). Hasil penelitian menunjukkan bahwa corporate cash holding berpengaruh positif dan signifikan terhadap firm performance (koefisien 0,195; t-statistic 7,29; p < 0,01), dan hubungan tersebut diperkuat oleh CEO age (koefisien interaksi 0,008; t-statistic 3,62; p < 0,01), yaitu setiap tambahan satu tahun usia CEO diikuti kenaikan efek marjinal kas terhadap ROA sekitar 0,008. Temuan ini bersifat asosiatif dan tidak membuktikan hubungan sebab-akibat, serta pengalaman manajerial tidak diukur secara langsung. Temuan ini memberikan kontribusi dengan menegaskan peran corporate cash holding terhadap firm performance serta peran CEO age sebagai faktor moderasi. Secara praktis, temuan ini dapat menjadi salah satu pertimbangan bagi perusahaan dalam merumuskan kebijakan pengelolaan kas dengan memperhatikan karakteristik manajerial, sementara pembuat kebijakan dapat memanfaatkannya sebagai informasi pelengkap dalam kajian kerangka tata kelola di negara berkembang, dengan tetap memperhatikan keterbatasan desain observasional
Downloads
References
Ahmed, J., & Tahir, M. (2024). Corporate CASH holdings and financial performance: moderating effect of corporate governance and family ownership. South Asian Journal of Business Studies, 13(4), 563–580. https://doi.org/10.1108/SAJBS-11-2022-0385
Ali, R., Rehman, R. U., Suleman, S., & Ntim, C. G. (2022). CEO attributes, investment decisions, and firm performance: New insights from upper echelons theory. Managerial and Decision Economics, 43(2), 398–417. https://doi.org/10.1002/mde.3389
Altınçubuk, B., & Unal, S. (2024). The effect of CEO change on stock return within the perspective of Upper Echelons Theory. Pamukkale University Journal of Social Sciences Institute, (60) 91-102, . https://doi.org/10.30794/pausbed.1353644
Ningrum, A. S., & Latjandu, L. D. (2024). Analisis informasi laporan arus kas sebagai alat ukur kinerja keuangan PT. Kalbe Farma Tbk Periode 2019-2022. Manajemen Bisnis Dan Keuangan Korporat, 2(2), 149–158. https://doi.org/10.58784/mbkk.142
Asante-Darko, D., Adu Bonsu, B., Famiyeh, S., Kwarteng, A., & Goka, Y. (2018). Governance structures, CASH holdings and firm value on the Ghana Stock Exchange. International Journal of Business in Society, 18(4), 671–685. https://doi.org/10.1108/CG-07-2017-0148
Aslam, E., Kalim, R., & Fizza, S. (2019). Do CASH Holding and Corporate Governance Structure Matter for the Performance of Firms? Evidence from KMI 30- and KSE 100-Indexed Firms in Pakistan. Global Business Review, 20(2), 313–330. https://doi.org/10.1177/0972150918825202
Belenzon, S., Shamshur, A., & Zarutskie, R. (2019). CEO’s age and the performance of closely held firms. Strategic Management Journal, 40(6), 917–944. https://doi.org/10.1002/smj.3003
Budastra, M. A., Adamu, I., Karunia, F., & Budastra, I. K. (2023). Do CEO characteristics really matter for firm performance? Evidence from Indonesia. Jurnal Bisnis Terapan, 7(2), 221-229 . https://doi.org/10.24123/jbt.v7i2.5936
Dimitropoulos, P., Koronios, K., Thrassou, A., & Vrontis, D. (2020). CASH holdings, corporate performance and viability of Greek SMEs: Implications for stakeholder relationship management. EuroMed Journal of Business, 15(3), 333–348. https://doi.org/10.1108/EMJB-08-2019-0104
Doan, T. T. T. (2020). The effect of CASH holdings on firm performance: Evidence from Vietnam listed firms. Accounting, 6(5), 721–726. https://doi.org/10.5267/j.ac.2020.6.012
Garcia-Blandon, J., Argiles-Bosch, J. M., & Ravenda, D. (2019). Exploring the Relationship Between Ceo. Journal of Business Economics and Management, 20(6), 1064–1082.
Guo, J., He, J., Liu, S., & Wang, Y. (2022). CEO Relative Age and Corporate Risk-Taking. SSRN Electronic Journal, 71901128. https://doi.org/10.2139/ssrn.4149073
Han, S. X. (2024). Are young CEOs a better match for young firms? Evidence from age, firm performance and CEO compensation. International Journal of Managerial Finance, 20(1), 94–118. https://doi.org/10.1108/IJMF-12-2021-0607
Jabbouri, I., & Almustafa, H. (2021). Corporate CASH holdings, firm performance and national governance: evidence from emerging markets. International Journal of Managerial Finance, 17(5), 783–801. https://doi.org/10.1108/IJMF-07-2020-0342
Kaur, R., & Singh, B. (2019). Do CEO characteristics explain firm performance in India? Journal of Strategy and Management, 12(3), 409–426. https://doi.org/10.1108/JSMA-02-2019-0027
Krisyadi, R., Hendi, H., & Meilisa, J. (2024). Keragaman gender dan nilai perusahaan di Indonesia dengan ukuran perusahaan sebagai variabel moderasi. KEUNIS, 12(1), 100–110. https://doi.org/10.32497/keunis.v12i1.5358
La Rocca, M., & Cambrea, D. R. (2019). The effect of CASH holdings on firm performance in large Italian companies. Journal of International Financial Management and Accounting, 30(1), 30–59. https://doi.org/10.1111/jifm.12090
Lestari, N., Citta, A. B., & Widiastuti, W. (2024). Analisis Manajemen Kas dan Manajemen Persediaan Terhadap Kinerja Keuangan Pada Toko Ling Food Kota Makassar. Jurnal Manajemen Riset Inovasi, 2(4). https://doi.org/10.55606/mri.v2i4.3168
Li, T., Frank, K. A., & Chen, M. (2024). A conceptual framework for quantifying the robustness of a regression-based causal inference in observational study. Mathematics, 12(3), 388. https://doi.org/10.3390/math12030388
Martono, A., & Ramdani, E. (2024). Faktor-faktor yang berpengaruh pada struktur modal dan kaitan dengan teori Pecking Order & Trade-off: Systematic Literature Review. Jurnal Ekonomi Efektif, 6(3), 533–544. https://doi.org/10.32493/JEE.v6i3.40623
Mubeen, R., Han, D., Abbas, J., & Hussain, I. (2020). The effects of market competition, capital structure, and CEO duality on firm performance: A mediation analysis by incorporating the GMM model technique. Sustainability, 12(8), 3480. https://doi.org/10.3390/su12083480
Muinatah, W., & Sudirgo, T. (2024). Faktor-Faktor Yang Mempengaruhi CASH Holding Pada Perusahaan Manufaktur Di Indonesia. Jurnal Paradigma Akuntansi, 6(1), 78–88. https://doi.org/10.24912/jpa.v6i1.28543
Mun, S., Seo, D., & Han, S. H. (2018). CEO Characteristics and Value of CASH Holdings. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3021865
Muttaqin, M. S. (2023). Do CEO characteristics impact corporate CASH holdings? Insights from consumer goods companies listed on the Indonesia Stock Exchange. Global Advances in Business Studies, 2(2), 89–99. https://doi.org/10.55584/gabs.002.02.5
Natalia, M., SeTin, S., & Witanto, R. F. (2024). Corporate Governance and Firm performance During the COVID-19 Pandemic: Evidence from Indonesia. Jurnal Akuntansi, 16(1), 68–76. https://doi.org/10.28932/jam.v16i1.7465
Nguyen, D. V., Nguyen, N. H. K., & Dinh, T. T. (2023). CEO attributes and firm performance: Evidence from companies listed on Ho Chi Minh Stock Exchange. Cogent Economics and Finance, 11(2), 1–20. https://doi.org/10.1080/23322039.2023.2282838
Özcan, A. (2024). The LEVel of CASH Holdings and Financial Performance: Evidence from Firms Listed on Borsa Istanbul 50 Index. MANAS Sosyal Araştırmalar Dergisi, 13(2), 467–476. https://doi.org/10.33206/mjss.1281263
Rehman, A. U., Ahmad, T., Hussain, S., & Hassan, S. (2021). Corporate CASH holdings and firm life cycle: evidence from China. Journal of Asia Business Studies, 15(4), 625–642. https://doi.org/10.1108/JABS-07-2020-0272
Saidu, S. (2019). CEO characteristics and firm performance: focus on origin, education and ownership. Journal of Global Entrepreneurship Research, 9(1). https://doi.org/10.1186/s40497-019-0153-7
Sial, M. (2021). A brief introduction to regression analysis and its types. Asian Journal of Probability and Statistics, 15(1), 1–7. https://journalajpas.com/index.php/AJPAS/article/view/245
Siew-Boey, Y., & Chee-Wooi, H. (2022). CEO Age and CASH Holdings around the World: The Moderating Role of Legal Origin. Journal of Corporate Finance Research, 16(4), 46–60. https://doi.org/10.17323/j.jcfr.2073-0438.16.4.2022.46-60
Suparman, M., Lim, T., Jurnali, T., Septiany, S., & Suhardjo, I. (2024). How CEO Narcissism Shapes Firm performance Over Time: Evidence from Indonesia. Jurnal Bisnis dan Akuntansi, 26(2), 323–344. https://doi.org/10.34208/jba.v26i2.2613
Supriyanto, & Kho, K. (2022). Does Capital Structure Mediates the Link between CEO Characteristics and Firm performance? Journal of Accounting Finance and Auditing Studies (JAFAS), 8(1), 38–59. https://doi.org/10.32602/jafas.2022.002
Tang, S., & Fiorentina, F. (2021). Pengaruh karakteristik perusahaan, kinerja perusahaan, dan management entrenchment terhadap manajemen laba. Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK), 10(2), 121–139. http://dx.doi.org/10.26418/jebik.v10i2.47461
Vu, T. H., Nguyen, V. D., Ho, M. T., & Vuong, Q. H. (2019). Determinants of Vietnamese Listed Firm performance: Competition, Wage, CEO, Firm SIZE, Age, and International Trade. Journal of Risk and Financial Management, 12(2). https://doi.org/10.3390/jrfm12020062
Wagisuwari, K. S., & Sitorus, M. T. (2024). Analisis Trade-off Theory dan Pecking Order Theory terhadap struktur modal. Owner: Riset dan Jurnal Akuntansi, 8(3), 2380–2392. https://doi.org/10.33395/owner.v8i3.2091
Wellalage, N. H., De Zoysa, A., & Ma, S. (2023). Corporate CASH holdings and Firm performance in India: An Empirical Investigation of the Effects of Audit Quality and Firm Growth. American Business Review, 26(1), 122–147. https://doi.org/10.37625/abr.26.1.122-147
Yilmaz, I., & Samour, A. (2024). The Effect of CASH Holdings on Financial Performance: Evidence from Middle Eastern and North African Countries. Journal of Risk and Financial Management, 17(2). https://doi.org/10.3390/jrfm17020053
Yun, J., Ahmad, H., & Muhammad, S. (2021). CASH holdings and firm performance relationship : Do firm-specific factors matter ? Economic Research-Ekonomska Istraživanja, 34(1), 1283–1305. https://doi.org/10.1080/1331677X.2020.1823241
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Jurnal Ilmiah Metansi (Manajemen dan Akuntansi)
This work is licensed under a Creative Commons Attribution 4.0 International License.
