Pengaruh Corporate Governance terhadap Kebijakan Corporate Cash Holding: Studi pada Perusahaan Manufaktur di Indonesia
DOI:
https://doi.org/10.38035/jafm.v7i3.3718Keywords:
Corporate Governance, Corporate Cash Holding, Board Size, Audit Committee Size, Independent Director, Perusahaan ManufakturAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh tiga mekanisme corporate governance, yaitu geographic distance of independent director, audit committee size, dan board size, terhadap kebijakan corporate cash holding pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2018–2023. Penelitian menggunakan pendekatan kuantitatif dengan analisis regresi data panel pada 145 perusahaan manufaktur (870 observasi firm-year). Pemilihan model dilakukan melalui Uji Chow, Uji Hausman, dan Uji Lagrange Multiplier, dilanjutkan dengan uji asumsi klasik dan estimasi Generalized Least Squares (GLS), serta uji robustness dengan winsorizing. Hasil regresi menggunakan Random Effect Model menunjukkan bahwa geographic distance of independent director, audit committee size, dan board size sama-sama tidak berpengaruh signifikan terhadap cash holding (Prob > F = 0,8428; R-squared = 0,0031). Hasil ini konsisten setelah dilakukan uji robustness winsorizing. Penelitian ini memperkaya literatur Agency Theory dan Trade-Off Theory dengan menunjukkan bahwa struktur formal corporate governance saja belum cukup menjelaskan kebijakan cash holding di pasar negara berkembang seperti Indonesia, sehingga menegaskan pentingnya kualitas dan efektivitas implementasi tata kelola dibandingkan sekadar ukuran struktural.
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