INSTITUTIONAL OWNERSHIP MEMODERASI GROWTH OPPORTUNITY, CASH CONVERSION CYCLE, NET WORKING CAPITAL DAN DIVIDEND PAYOUT TERHADAP CASH HOLDINGS

Nur Annisa  Muharromah; Nurmala  Ahmar; Choirul Anwar

Nur Annisa Muharromah Sekolah Pascasarjana Universitas Pancasila
Nurmala Ahmar Sekolah Pascasarjana Universitas Pancasila
Choirul Anwar Sekolah Pascasarjana Universitas Pancasila

Keywords: Growth opportunity; cash conversion cycle; net working capital; dividend payout; dan institutional ownership.

Abstract

Cash holdings are cash in hand or available to be invested in physical assets and/or distributed to investors. This study examines the effect of growth opportunity, cash conversion cycle, net working capital and dividend payout to cash holdings with institutional ownership as moderator. The sampling technique used is purposive sampling with company criteria listed on Indonesia Stock Exchange during year 2013-2017. This study has a sample data of 320 data sourced from 64 manufacturing companies. The data analysis technique used is structural equation modeling - partial least square (SEM-PLS) using WarpPLS 5.0 program. The test result shows that growth opportunity has a significant positive effect on cash holdings, cash conversion cycle has a significant negative effect on cash holdings, net working capital has a significant positive effect on cash holdings, dividend payout has a significant positive effect on cash holdings, but institutional ownership is not proven to have any effect on cash holdings. Moderate variables such as institutional ownership are only able to moderate the influence of growth opportunity to cash holdings negatively but institutional ownership is not proven to moderate the effect of cash conversion cycle, net working capital and dividend payout to cash holdings.