Husadha, Cahyadi (2025) MEKANISME CORPORATE GOVERNANCE, KONEKSI POLITIK, MANAGERIAL OPTIMSME, MANAGERIAL HORIZON, DAN KEPUTUSAN INVESTASI UNTUK CORPORATE CASH HOLDING DI INDONESIA DAN MALAYSIA (Studi Pada Perusahaan Manufaktur di Indonesia dan Malaysia Periode Tahun 2018-2023). Doktoral thesis, UNIVERSITAS SULTAN AGENG TIRTAYASA.
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Abstract
This study aims to test, analyze, and find novelty how corporate governance mechanisms, political connections, managerial optimism, and managerial horizons affect investment decisions and corporate cash holding. This research method uses a quantitative method of panel data with a purposive sampling approach. Research data was obtained from manufacturing sector companies listed on the Indonesia Stock Exchange and Bursa Malaysia in 2018-2023. The results of the study on the first model equation show that the number of audit committees, and managerial ownership have a negative effect on investment decisions, but independent board of commissioners, proportion of independent audit committees, institutional ownership, managerial optimism, and managerial age horizon have no effect on investment decisions. Furthermore, political connections and the length of the CEO's tenure have a positive effect on investment decisions. Meanwhile, the second model equation shows that the independent board of commissioners, the number of audit committees, the proportion of independent audit committees, the managerial age horizon, and the length of the CEO's term of office have a positive effect on corporate cash holding, but have no effect on managerial ownership, institutional ownership, and investment decisions on corporate cash holding. Furthermore, political connections and managerial optimism have a negative effect on corporate cash holding. The results of the mediation test show that investment decisions can mediate independent board of commissioners, the number of audit committees, the proportion of independent audit committees, managerial ownership, political connections, managerial optimism, and managerial horizon towards corporate cash holding, but investment decisions cannot mediate institutional ownership of corporate cash holding. This is because investment decisions have little role to finance the company in increasing corporate cash holding. The combination of agency theory and institutional theory provides a strong conceptual basis for understanding how internal and external factors influence investment and corporate cash holding decisions in developing countries, and the interactions between these variables are becoming increasingly complex and contextual. This research contributes to expanding the literature review on corporate cash holding, and investment decisions by developing the measurement of research variables.
| Item Type: | Thesis (Doktoral) | |||||||||
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| Additional Information: | Penelitian ini bertujuan untuk menguji, menganalisis, dan mencari novelty bagaimana mekanisme corporate governance, koneksi politik, managerial optimism, dan managerial horizon terhadap keputusan investasi dan corporate cash holding. Metode penelitian ini menggunakan metode kuantitatif data panel dengan pendekatan purposif sampling. Data penelitian diperoleh dari perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia dan Bursa Malaysia pada tahun 2018-2023. Hasil penelitian pada persamaan model pertama menunjukkan bahwa jumlah komite audit, dan kepemilikan manajerial berpengaruh negatif terhadap keputusan investasi, tetapi dewan komisaris independen, proporsi komite audit independen, kepemilikan institusional, managerial optimisme, dan usia managerial horizon tidak berpengaruh terhadap keputusan investasi. Selanjutnya, koneksi politik dan lama masa jabatan CEO berpengaruh positif terhadap keputusan investasi. Sementara itu, pada persamaan model kedua menunjukkan bahwa dewan komisaris independen, jumlah komite audit, proporsi komite audit independen, usia managerial horizon, dan lama masa jabatan CEO berpengaruh positif terhadap corporate cash holding, tetapi tidak berpengaruh untuk kepemilikan manajerial, kepemilikan institusional, dan keputusan investasi terhadap corporate cash holding. Selanjutnya, koneksi politik dan managerial optimisme berpengaruh negatif terhadap corporate cash holding. Pada hasil uji mediasi menunjukkan bahwa keputusan investasi dapat memediasi dewan komisaris independen, jumlah komite audit, proporsi komite audit independen, kepemilikan manajerial, koneksi politik, managerial optimisme, dan managerial horizon terhadap corporate cash holding, tetapi keputusan investasi tidak dapat memediasi kepemilikan institusional terhadap corporate cash holding. Hal ini disebabkan keputusan investasi memiliki sedikit peran untuk membiayai perusahaan dalam meningkatkankan corporate cash holding. Kombinasi teori agensi dan teori institusional memberikan dasar konseptual yang kuat untuk memahami bagaimana faktor internal dan eksternal memengaruhi keputusan investasi dan corporate cash holding di negara berkembang, serta interaksi antarvariabel ini menjadi semakin kompleks dan kontekstual. Penelitian ini berkontribusi dalam memperluas kajian literatur tentang corporate cash holding, dan keputusan investasi dengan mengembangkan pengukuran varibel penelitian. | |||||||||
| Uncontrolled Keywords: | Corporate Cash Holding, Corporate Governance Mechanism, Investment Decision, Managerial Horizon, Managerial Optimsme, and. Political Connections. Corporate Cash Holding, Keputusan Investasi, Koneksi Politik, Managerial Horizon, Managerial Optimsme, dan Mekanisme Corporate Governance. | |||||||||
| Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting H Social Sciences > HF Commerce > HF5601 Accounting |
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| Divisions: | 08 Pascasarjana > 7783-ILMU AKUNTANSI PROGRAM DOKTOR (S3) | |||||||||
| Depositing User: | Cahyadi Husadha | |||||||||
| Date Deposited: | 05 Nov 2025 07:36 | |||||||||
| Last Modified: | 06 Nov 2025 06:51 | |||||||||
| URI: | http://eprints.untirta.ac.id/id/eprint/55782 |
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