Rahmat Setiawan and Adyanto Budi Rachmansyah (2019) Firm characteristics, macroeconomic variables and cash holdings in Indonesia and Singapore. International Journal of Innovation, Creativity and Change, 9 (8). pp. 265-286. ISSN 2201-1323, eISSN: 2201-1315

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Abstract

This study aims to examine the effect of company characteristic variables including company size, leverage, profitability, dividend payments, capital expenditure, and cash flows as well as macroeconomic variables including inflation rate and economic growth on firms' cash holdings. The sample consisted of 315 non-financial companies listed on the Indonesia Stock Exchange and 535 nonfinancial firms listed on the Singapore Exchange during the 2011-2016 period. OLS analysis is used to see the influence based on each individual country. The results of this study show that firm size and inflation rate variables indicate differences in the effect of variables on firm cash holdings between Indonesian and Singaporean firms. Meanwhile, the other variables have the same effect on firm cash holdings between both firms located in Indonesia and Singapore.

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