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All Journal Jurnal Ekonomi International Journal of Application on Economics and Business
Tanaya, Catherine Carissa
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Peranan Tata Kelola Dalam Penentuan Kas Ditangan Wirianata, Henny; Viriany; Sari, Vinnetta Ratna; Tanaya, Catherine Carissa
Jurnal Ekonomi Vol. 28 No. 3 (2023): November 2023
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v28i3.1694

Abstract

This study aims to obtain empirical evidence of the role of governance, namely the structure of the board and audit committee in determining cash holding. The data in the study were taken by purposive random sampling. Data obtained from manufacturing companies listed on the IDX for the 2017-2021 observation period. The data is then processed with E-views. Board size and board meetings have no significant influence. Independent board composition has a significant positive influence. Audit committee members has a significant negative influence. As a control variable, firm size and capital expenditure had no significant effect on cash on holding. Meanwhile, DAR as a control variable has a significant negative influence. Board size, independent board composition, board meetings, and audit committee members, as well as the control variables of firm size, DAR, and capital expenditure have a significant influence on the decision to determine the amount of cash holding.
DETERMINANTS OF FIRM VALUE WITH FIRM SIZE AS MODERATING VARIABLE Tanaya, Catherine Carissa; Wirianata, Henny
International Journal of Application on Economics and Business Vol. 3 No. 2 (2025): May 2025
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v3i2.875-886

Abstract

The fundamental purpose of a business is to enhance investor wealth, which is closely related to increasing market value. Especially in the consumer non-cyclical sector, companies try to maintain stability through the provision of essential goods that tend to be resistant to economic changes. This study intents to examine how profitability (ROE) and leverage (DER) impact a company's valuation (PBV), using the moderating role of company size. This research focused on companies in consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. The purposive sampling method was chosen to use 33 companies, resulting in 132 samples in this study. The data were analysed using panel data regression and moderation regression analysis, with EViews 12 employed as the data processing tool. The proceeds demonstrate that both profitability and leverage exert a positive and substantial affect the business value. Additionally, enterprise scale does not moderate the connection between profitability and firms worth. However, it weakens the positive relation of leverage and company value. Hence, this suggests that company size may weaken the impression of leverage on the enterprise value, suggesting a signal to investors.
Co-Authors Henny Wirianata, Henny Sari, Vinnetta Ratna Viriany