企业价值的决定因素:现金持有量与股利政策的中介作用

E. Yudhyani, U. Kulsum, Faizal Reza, Astrid Napita Sitorus, N. Kirana
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引用次数: 0

摘要

在危机等不确定时期,公司需要为投资者保持其价值。理论认为,对于不确定性,公司需要持有现金,但另一方面,它需要支付股息。因此,本研究旨在以现金持有量和股利政策为中介,证明影响企业价值的因素之间的关系。我们对2015年至2021年在印尼证券交易所注册的制造公司进行了这项研究。采用目的抽样法,选取82家企业,574份数据进行研究。为了检验我们的假设,我们使用SmartPLS。结果表明,现金持有对公司价值有影响,而股利政策对公司价值没有影响。对于间接效应,我们发现盈利能力和净营运资本通过现金持有量间接影响企业价值。我们解释了理论和实践意义,并描述了我们研究的局限性。对于未来的研究,我们建议区分金融危机前和危机期间的企业价值,以及受危机影响最严重、中等和轻微的行业部门。
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Determinant Factors of Firm Value: Cash Holdings and Dividend Policy as Mediation
In times of uncertainty such as a crisis, a company needs to maintain its value for its investors. Theory suggests that for uncertainty, the company needs to have cash holding, but on the other hand, it needs to pay dividends. Therefore, this research aims to prove the relationship between factors that affect firm value with cash holding and dividend policy as mediation. We conduct this research on the manufacturing company from 2015 to 2021 registered on Indonesia Stock Exchange. Using the purposive sampling method, 82 company was chosen and 574 data was studied. To test our hypotheses, we use SmartPLS. The results proved that cash holding can influence firm value, while dividend policy cannot. For the indirect effect, we found that profitability and net working capital indirectly affect firm value through cash holding. We explain the theory and practical implications and describe our study’s limitations. For future research, we suggest differentiating firm value before and during a financial crisis, and the industry sector that has the worst, moderate, and light impact from the crisis.
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