Evaluation of systematic risk, corporate governance, and cash holdings: evidence from Indonesia

M. Azis, Michael Hadjaat, Rositawati, Dio Caisar Darma
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引用次数: 1

Abstract

Profits that are calculated to finance unexpected cash need expedite management. This paper investigates the effect of corporate governance on cash holdings with systematic risk as a moderating variable. The population consists of companies from the property and real estate sectors listed on the Indonesia Stock Exchange (IDX) during 2012–2020. Through the purposive sampling technique, the sample obtained 41 companies as the study object. Data analysis is focused on panel data and its interpretation through the Moderated Regression Analysis (MRA). Hypothesis testing uses statistical terms at the 5% probability level. Important findings underline that corporate governance has a positive significant effect on cash holdings, while systematic risk has a negative insignificant effect. On the other hand, the moderation between corporate governance and cash holdings through systematic risk is positive significant. Systematic risk reflects the reliability of a stock; when the risk is higher, it tends to increase in cash flow situations, and investors prefer high-risk investments with the expectation of profit from returns. It is hoped that future contributions will serve as reference material for academics, government, and companies engaged in the financial service sector.
系统性风险、公司治理和现金持有的评估:来自印度尼西亚的证据
利润是用来支付意外现金的,需要加快管理。本文以系统风险为调节变量,研究公司治理对现金持有量的影响。人口包括2012-2020年期间在印度尼西亚证券交易所(IDX)上市的房地产和房地产行业的公司。通过目的抽样技术,样本获得了41家公司作为研究对象。数据分析侧重于面板数据及其通过有调节回归分析(MRA)的解释。假设检验使用5%概率水平的统计项。重要研究结果表明,公司治理对现金持有量具有显著的正向影响,而系统风险对现金持有量具有不显著的负向影响。另一方面,公司治理与现金持有量之间通过系统风险的调节是显著的。系统风险反映了股票的可靠性;当风险较高时,在现金流情况下,风险倾向于增加,投资者倾向于高风险的投资,期望从回报中获利。希望未来的贡献将成为学术界、政府和从事金融服务部门的公司的参考资料。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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