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All Journal El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Journal of Ekonomics, Finance, and Management Studies
Kezia Adiel Vania
Universitas Stikubank
Religion Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Pengaruh Capital Expenditure terhadap Cash Holding dengan Tata Kelola Perusahaan sebagai Variabel Moderasi pada Perusahaan Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2021–2024 Kezia Adiel Vania; Maryono Maryono
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 9 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i9.13015

Abstract

Cash holding is a crucial aspect of maintaining corporate liquidity, particularly when companies manage commercial operations and long-term investment needs. Capital expenditure is expected to influence cash holding levels, while corporate governance is anticipated to play a role in strengthening or weakening this relationship. This study aims to analyze the effect of capital expenditure on cash holding, with corporate governance serving as a moderating variable, focusing on food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The study employs a quantitative approach using secondary data obtained from annual financial reports. The sample was selected using purposive sampling, resulting in 136 observations after the elimination of outliers. Data analysis was conducted using Moderated Regression Analysis (MRA) with the aid of IBM SPSS Statistics 31. The results indicate that capital expenditure does not have a significant effect on cash holding. Furthermore, corporate governance does not moderate the impact of capital expenditure on cash holding. These findings suggest that cash holding policies in food and beverage companies are influenced more by factors other than capital expenditure and the corporate governance mechanisms examined in this study.
Pengaruh Capital Expenditure terhadap Cash Holding dengan Tata Kelola Perusahaan sebagai Variabel Moderasi pada Perusahaan Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2021–2024 Kezia Adiel Vania; Maryono Maryono
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 9 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i9.13015

Abstract

Cash holding is a crucial aspect of maintaining corporate liquidity, particularly when companies manage commercial operations and long-term investment needs. Capital expenditure is expected to influence cash holding levels, while corporate governance is anticipated to play a role in strengthening or weakening this relationship. This study aims to analyze the effect of capital expenditure on cash holding, with corporate governance serving as a moderating variable, focusing on food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The study employs a quantitative approach using secondary data obtained from annual financial reports. The sample was selected using purposive sampling, resulting in 136 observations after the elimination of outliers. Data analysis was conducted using Moderated Regression Analysis (MRA) with the aid of IBM SPSS Statistics 31. The results indicate that capital expenditure does not have a significant effect on cash holding. Furthermore, corporate governance does not moderate the impact of capital expenditure on cash holding. These findings suggest that cash holding policies in food and beverage companies are influenced more by factors other than capital expenditure and the corporate governance mechanisms examined in this study.
Co-Authors Maryono Maryono