Pengaruh Struktur Kepemilikan Terhadap Cash Holdings pada Perusahaan Manufaktur di Indonesia

Ashry Natasya Puteri, Khoirunnisa Primalia, Garvin muhamad verdiansyah, Farah Margaretha Leon


Struktur kepemilikan sebagai mekanisme tata kelola perusahaan sering menjadi perdebatan bagi para pemangku kepentingan di negara berkembang, seperti Indonesia. Struktur kepemilikan menandakan bahwa investor memiliki kepemilikan kas yang menandakan peluang investasinya. Penelitian ini bertujuan untuk menguji pengaruh struktur kepemilikan perusahaan terhadap kepemilikan kas pada 16 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2015-2020. Penelitian ini menggunakan Metode Regresi Data Panel untuk menguji pengaruh variabel independen (kepemilikan asing, kepemilikan keluarga, kepemilikan institusional, dan kepemilikan manajerial) dan variabel kontrol (profitabilitas) terhadap kepemilikan kas. Hasil penelitian menemukan bahwa perusahaan yang memiliki kepemilikan saham keluarga yang tinggi, serta kepemilikan saham institusional dan manajerial yang rendah akan memiliki kepemilikan kas yang juga tinggi. Penelitian ini tidak menemukan pengaruh yang signifikan antara kepemilikan asing dan profitabilitas terhadap kepemilikan kas.


Tata Kelola, Struktur Kepemilikan, Kepemilikan Kas

Full Text:



Abdioğlu, N. (2016). Managerial Ownership and Corporate Cash Holdings: Insights from an Emerging Market. Business and Economics Research Journal, 7(2), 29–29.

Abushammala, S. N. M., & Sulaiman, J. (2014). Cash Holdings and Corporate Profitability: Some Evidences form Jordan. International Journal of Innovation and Applied Studies ISSN, 8(3), 2028–9324.

Ajanthan, A., & Kumara, K. U. (2017). Corporate Governance and Cash Holdings: Empirical Evidence from an Emerging Country, Sri Lanka. International Journal of Accounting and Financial Reporting, 7(2), 112.

Al-Najjar, B., & Clark, E. (2017). Corporate governance and cash holdings in MENA: Evidence from internal and external governance practices. Research in International Business and Finance, 39, 1–12.

Albedal, F., Hamdan, A., & Zureigat, Q. (2020). Audit Committee Characteristics and Earnings Quality: Evidence From Bahrain Bourse. In O. S. Agyemang, A. Ansong, & B. K. Agyei-Mensah (Eds.), Corporate Governance Models and Applications in Developing Economies (701st ed., pp. 23–49). IGI Global.

Alghadi, Y. M., Ibrahim, A.-N. R., & Aizyadat, K. A. (2021). Ownership Structure and Cash Holdings: Empirical Evidence from Saudi Arabia. The Journal of Asian …, 8(7), 323–331.

Ali, I., Soomro, R. B., Brohi, M. A., Dehraj, F. ul H., & Soomro, M. N. (2021). Determinants of Cash Holding : Evidence From the Non-Bank Financial Sector of Pakistan. International Journal of Advanced Research in Engineering and Technology (IJARET), 12(4), 252–269.

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.

Azinfar, K., & Shiraseb, Z. (2016). An investigation into the impact of ownership structure on the level of cash holdings in the companies accepted in Tehran Stock Exchange Market. Marketing and Branding Research, 3(2), 194–205.

Basheer, M. F. (2014). Impact of Corporate Governance on Corporate Cash Holdings: An empirical study of firms in manufacturing industry of Pakistan. International Journal of Innovation and Applied Studies, 7(4), 1371–1383.

bin Hidthiir, M. H., Basheer, M. F., & Hassan, S. G. (2019). The simultaneity of corporate financial decisions under different levels of managerial ownership: A case of pakistani listed firms. Research in World Economy, 10(2 Special Issue), 147–159.

Boonlert-U-Thai, K., & Sen, P. K. (2019). Family ownership and earnings quality of Thai firms. Asian Review of Accounting, 27(1), 112–136.

Brown, C. A., Chen, Y., & Shekhar, C. (2012). Institutional Ownership and Firm Cash Holdings. SSRN Electronic Journal, January, 1–63.

Chen, R., El Ghoul, S., Guedhami, O., & Wang, H. (2017). Do state and foreign ownership affect investment efficiency? Evidence from privatizations. Journal of Corporate Finance, 42, 408–421.

Dang, H. N., Pham, C. D., Nguyen, T. X., & Nguyen, H. T. T. (2020). Effects of corporate governance and earning quality on listed vietnamese firm value. Journal of Asian Finance, Economics and Business, 7(4), 71–80.

DeFond, M. L., Hu, X., Hung, M., & Li, S. (2011). The Impact of Mandatory IFRS Adoption on Foreign Mutual Fund Ownership: The Role of Comparability. SSRN Electronic Journal, April 2020.

Desender, K. A., Aguilera, R. V., Crespi, R., & Garcia-Cestona, M. (2013). WHEN DOES OWNERSHIP MATTER? BOARD CHARACTERISTICS AND BEHAVIOR. Strategic Management Journal, 34, 823–842.

Elekdag, S., Malik, S., & Mitra, S. (2020). Breaking the Bank? A Probabilistic Assessment of Euro Area Bank Profitability. Journal of Banking and Finance, 120(April 2021).

Elyasiani, E., & Zhang, L. (2015). Bank holding company performance, risk, and “busy” board of directors. Journal of Banking and Finance, 60, 239–251.

Gill, A., & Shah, C. (2011). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70–79.

Hoang, L. T., Nguyen, C. C., & Hu, B. (2017). Ownership Structure and Firm Performance Improvement: Does it Matter in the Vietnamese Stock Market? Economic Papers, 36(4), 416–428.

Hakim, L., Sunardi, N. (2017). Determinant of leverage and it's implication on company value of real estate and property sector listing in IDX period of 2011-2015. Man in India, 97(24), pp. 131-148.

Husain, T., & Sunardi, N. (2020). Firm's Value Prediction Based on Profitability Ratios and Dividend Policy. Finance & Economics Review, 2(2), 13-26.

Jebran, K., Iqbal, A., Bhat, K. U., Khan, M. A., & Hayat, M. (2019). Determinants of corporate cash holdings in tranquil and turbulent period: evidence from an emerging economy. Financial Innovation, 5(1).

Kao, M. F., Hodgkinson, L., & Jaafar, A. (2019). Ownership structure, board of directors and firm performance: evidence from Taiwan. Corporate Governance (Bingley), 19(1), 189–216.

Kadim, A., Sunardi, N & Husain, T. (2020). The modeling firm's value based on financial ratios, intellectual capital and dividend policy.Accounting, 6(5), 859-870.

Khalil, S., & Ali, L. (2015). The Effect of Family Ownership on Cash Holdings of the Firm (Karachi Stock Exchange). International Journal of Academic Research in Business and Social Sciences, 5(6), 133–141.

Kristanto HC, R. H., & Hanafi, M. M. (2019). Does Ownership Structure Pay Attention to The Corporate Cash Policy? Evidence in Indonesia Firms. Etikonomi Jurnal Ekonomi, 18(2), 209–220. v18i2.10294

Kuan, T. H., Li, C. S., & Liu, C. C. (2012). Corporate governance and cash holdings: A quantile regression approach. International Review of Economics and Finance, 24(February 2019), 303–314.

Le, H. D., Tran, L. P., & Vu, H. M. (2021). The Impact of the Strength of Legal Rights on Cash Holdings: Evidence from An Emerging Market. Academy of Accounting and Financial Studies Journal, 25(3), 1–10.

Loncan, T. (2018). Foreign institutional ownership and corporate cash holdings: evidence from emerging economies. International Review of Financial Analysis, 71.

Lozano, M. B., & Durán, R. F. (2017). Family control and adjustment to the optimal level of cash holding. European Journal of Finance, 23(3), 266–295.

Manoppo, C. P. (2015). The Influence of Roa, Roe, Ros, and Eps on Stock Price. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 3(4), 691–697.

Megginson, W. L., Ullah, B., & Wei, Z. (2014). State ownership , so -budget constraints , and cash holdings : Evidence from China ’ s privatized firms. Journal of Banking & Finance, 48(C), 276–291.

Mugableh, M. I. (2021). Investigating the Financial Determinants of Corporate Cash Holdings : Evidence From Fixed Effects Regression Method. Gazi University Journal of Science, 34(02).

Mun, S. G., & Jang, S. C. S. (2015). Working capital, cash holding, and profitability of restaurant firms. International Journal of Hospitality Management, 48, 1–11.

Nardi Sunardi Et Al (2020). Determinants of Debt Policy and Company’s Performance, International Journal of Economics and Business Administration Volume VIII Issue 4, 204-213

Nguyen Thi, Q. N., Tran, Q. T., & Doan, H. P. (2021). Foreign ownership, state ownership and cash holdings under the global financial crisis: evidence from the emerging market of Vietnam. International Journal of Emerging Markets.

Nurul Hoque, M., Bhuiyan, M. B. U., Nomura, T., & van Zijl, T. (2020). Determinants of cash holdings—evidence from New Zealand local councils. Public Money and Management, 0(0), 1–11.

Ogundipe, L. O., Ogundipe, S. E., & Ajao, S. K. (2012). Cash Holding and Firm Characteristics: Evidence From Nigerian Emerging Market. Journal of Business, Economics & Finance, 1(2), 45–58.

Oh, W. Y., Chang, Y. K., & Martynov, A. (2011). The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea. Journal of Business Ethics, 104(2), 283–297.

Ozordi, E., Adetula, D. T., Eluyela, D. F., Aina, A., & Ogabi, M. A. (2019). Corporate dynamism and cash holding decision in listed manufacturing firms in Nigeria. Problems and Perspectives in Management, 17(4), 1–12.

Qa’dan, M. B. A., & Suwaidan, M. S. (2019). Board composition, ownership structure and corporate social responsibility disclosure: the case of Jordan. Social Responsibility Journal, 15(1), 28–46.

Rafinda, A. (2018). Determinants of Cash Holdings in Developed and Developing Countries. Jurnal Dinamika Manajemen, 9(1), 1–11.

Rahmani, A., Rostami, V., & Ghorbani, B. (2015). The Effect of the Cash Flow Sensitivity to Institutional Ownership on the Level of the Companies’ Cash Holding in Iran. European Online Journal of Natural and Social Sciences: Proceedings, 4(1(s)), 208–218.

Ridha, A., Wahyuni, D., & Sari, D. M. S. (2019). Analisis Pengaruh Kepemilikan Institusional Dan Profitabilitas Terhadap Cash Holding Dengan Ukuran Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Terindeks Lq45 Di Bursa Efek Indonesia. Jurnal Manajemen Dan Keuangan, 8(2), 135–150.

Salehi, M., Adibian, M. S., Sadatifar, Z., & Khansalar, E. (2021). The relationship between corporate governance characteristics and agency costs. Zbornik Radova Ekonomskog Fakultet Au Rijeci, 39(1), 199–220.

Shan, Y. G., Troshani, I., & Tarca, A. (2019). Managerial ownership, audit firm size, and audit fees: Australian evidence. Journal of International Accounting, Auditing and Taxation, 35(May), 18–36.

Sheikh, N. A., & Wang, Z. (2012). Effects of corporate governance on capital structure: Empirical evidence from Pakistan. Corporate Governance (Bingley), 12(5), 629–641.

Srinidhi, B. N., He, S., & Firth, M. (2014). The effect of governance on specialist auditor choice and audit fees in U.S. family firms. Accounting Review, 89(6), 2297–2329.

Sutra, F. M., & Mais, R. G. (2019). Faktor-Faktor yang Mempengaruhi Financial Distress dengan Pendekatan Altman Z-Score pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Jurnal Akuntansi Dan Manajemen, 16(01), 34–72.

Taufil Mohd, K. N., Latif, R. A., & Saleh, I. (2015). Institutional ownership and cash holding. Indian Journal of Science and Technology, 8(32), 1–6.

Tran, Q. T. (2021). Foreign ownership and cost of debt financing: evidence from an emerging market. International Journal of Emerging Markets.

Vo, X. V. (2018). Foreign Ownership and Corporate Cash Holdings in Emerging Markets. International Review of Finance, 18(2), 297–303.



  • There are currently no refbacks.

Copyright (c) 2022 Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi)

Indexed by:



Prodi Manajemen, Univesitas Pamulang 
Jl. Surya Kencana, No.1, Pamulang
Tangerang Selatan, Banten, 15417
Tlp/Fax: (021) 7412566
Hp: +62 878-8655-3215

Based on a work at

Flag Counter

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.