Universitas Bhayangkara Jakarta Raya

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Cahyadi Husadha, CH (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). Doctoral 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 (Doctoral)
Subjects:	Ilmu Sosial > Ekonomi > Akuntansi
Divisions:	Fakultas Ekonomi dan Bisnis > Manajemen
Depositing User:	Cahyadi Husadha
Date Deposited:	12 Mar 2026 03:46
Last Modified:	12 Mar 2026 03:46
URI:	http://repository.ubharajaya.ac.id/id/eprint/38100

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