PENGARUH GROWTH OPPORTUNITY, CAPITAL EXPENDITURE, DAN CASH CONVERSION CYCLE TERHADAP CASH HOLDING PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021-2025

DHEA ANANDA PUTRI, . (2026) PENGARUH GROWTH OPPORTUNITY, CAPITAL EXPENDITURE, DAN CASH CONVERSION CYCLE TERHADAP CASH HOLDING PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021-2025. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini dilakukan untuk menguji pengaruh Growth Opportunity, Capital Expenditure, dan Cash Conversion Cycle terhadap Cash Holding pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia selama periode 2021-2025, dengan mengacu pada Trade-off Theory dan Pecking Order Theory sebagai dasar teoritisnya. Pendekatan yang digunakan dalam penelitian ini bersifat kuantitatif, dengan jumlah populasi sebanyak 91 perusahaan sektor energi. Melalui teknik purposive sampling, terpilih 50 perusahaan dengan total 250 data observasi, yang kemudian berkurang menjadi 242 observasi setelah dilakukan penanganan outlier. Pengukuran Cash Holding dilakukan dengan membandingkan jumlah kas dan setara kas terhadap total aset perusahaan. Pengolahan data dilakukan melalui teknik regresi data panel dengan bantuan software EViews 13, di mana model yang terpilih adalah Random Effect Model (REM) berdasarkan hasil Uji Chow, Uji Hausman, dan Uji Lagrange Multiplier. Berdasarkan hasil Uji t, ditemukan bahwa Growth Opportunity memberikan pengaruh positif dan signifikan terhadap Cash Holding, Capital Expenditure memberikan pengaruh negatif dan signifikan terhadap Cash Holding, sementara Cash Conversion Cycle tidak berpengaruh secara signifikan terhadap Cash Holding. Nilai Adjusted R² yang diperoleh sebesar 4,65% menunjukkan bahwa ketiga variabel independen hanya mampu menjelaskan sebagian kecil dari variasi Cash Holding, sedangkan sisanya dipengaruhi oleh faktor-faktor lain yang tidak dimasukkan dalam model regresi penelitian ini. Temuan ini diduga disebabkan oleh karakteristik cash conversion cycle yang relatif homogen di antara perusahaan sektor energi, sehingga tidak tersedia variasi yang cukup untuk menjelaskan perbedaan tingkat Cash Holding, berbeda dengan sejumlah penelitian terdahulu di sektor lain yang justru menemukan pengaruh signifikan. Dengan demikian, Growth Opportunity dan Capital Expenditure perlu menjadi perhatian utama bagi manajemen perusahaan sektor energi dalam merancang kebijakan pengelolaan kas yang lebih optimal. ***** This research was conducted to examine the effect of Growth Opportunity, Capital Expenditure, and Cash Conversion Cycle on Cash Holding in energy sector companies listed on the Indonesia Stock Exchange during the 2021-2025 period, referring to the Trade-off Theory and Pecking Order Theory as its theoretical foundation. This research employed a quantitative approach, with a population of 91 energy sector companies. Through purposive sampling technique, 50 companies were selected with a total of 250 observational data, which then decreased to 242 observations after outlier treatment. Cash Holding was measured by comparing the amount of cash and cash equivalents to total company assets. Data processing was carried out using panel data regression technique with the assistance of EViews 13 software, in which the selected model was the Random Effect Model (REM) based on the results of the Chow Test, Hausman Test, and Lagrange Multiplier Test. Based on the t-test results, it was found that Growth Opportunity has a positive and significant effect on Cash Holding, Capital Expenditure has a negative and significant effect on Cash Holding, while Cash Conversion Cycle has no significant effect on Cash Holding. The Adjusted R² value of 4.65% indicates that the three independent variables are only able to explain a small portion of the variation in Cash Holding, while the remainder is influenced by other factors not included in this research's regression model. This finding is presumably caused by the relatively homogeneous characteristics of the cash conversion cycle among energy sector companies, resulting in insufficient variation to explain differences in Cash Holding levels, in contrast to a number of previous studies in other sectors that found significant effects. Therefore, Growth Opportunity and Capital Expenditure need to be the main focus for the management of energy sector companies in designing more optimal cash management policies.

Item Type:	Thesis (Sarjana)
Additional Information:	1). Unggul Purwohedi, M.Si, Ph.D.; 2). Surya Anugrah, S.E., M.Ak.
Subjects:	Ilmu Sosial > Perdagangan, e-commerce > Akuntansi
Divisions:	FE > S1 Akuntansi
Depositing User:	Dhea Ananda Putri .
Date Deposited:	18 Aug 2026 03:31
Last Modified:	18 Aug 2026 03:31
URI:	http://repository.unj.ac.id/id/eprint/71545

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