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All Journal Fundamental and Applied Management Journal
Heru Cahyo
Universitas Wijayakusuma Purwokwerto, Indonesia
Economics, Econometrics & Finance Social Sciences

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Do Governance Mechanisms Shape Cash Holdings? Evidence from Female Directors and Board Structures in Indonesia Siti Muntahanah; Heru Cahyo; Muhamad Firmansyah; Rizka Fauziyatun Nisa
Fundamental and Applied Management Journal Vol. 4 No. 2 (2026): June
Publisher : Global Research Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66314/famj.v4i2.579

Abstract

This study aims to analyze the influence of corporate governance mechanisms on cash holding policies in Indonesian companies. The corporate governance variables used in this study include female directors, board of directors, independent commissioners, board of commissioners, and audit committee. This study uses a quantitative approach with panel data regression analysis on companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The results show that female directors, board of directors, and independent commissioners have a positive and significant effect on cash holding policies, while board of commissioners and audit committee policies do not. These findings indicate that corporate governance mechanisms play a significant role in enhancing corporate prudence in managing liquidity. This study contributes to the corporate governance literature and provides practical implications for companies in strengthening governance structures to improve financial stability.
Co-Authors Muhamad Firmansyah Rizka Fauziyatun Nisa Siti Muntahanah