Pengaruh expected return terhadap kebijakan cash holding

Deskripsi

In condition of risky cash flow, firms experience cash flow shortfall when firms need financing the most. With assumption that shareholder can value firm?s risk, I predict that expected return can impact precautionary motive in cash holding policy. Using data of manufacturing firms listed in Bursa Efek Indonesia and Pooled Ordinary Least Square method, I find that expected return impact changes ini cash holding with negative sign. This result showed that the impact of expected return toward changes in cash holding is not driven by precautionary motive, but it?s maybe driven by manager?s market timing. Moreover, this result is consistent when I add variables cash flow, size, and book to market ratio.Ada tabel