期刊名称：International Business and Accounting Research Journal
电子版ISSN：2549-0303
出版年度：2020
卷号：4
期号：2
页码：71-80
DOI：10.35474/ibarj.v4i2.137
语种：English
出版社：Lembaga Pendidikan Profesional Cendekia Hotel and Business School
摘要：This research aims to examine the implications of excess cash holdings on firm value based on agency theory. Data were obtained from a total sample of 1828 non-financial public companies in Indonesia, with 672 exceeding normal cash holdings using the panel regression techniques. The result showed that excess cash holdings have a negative effect on the firm value which is stronger for more concentrated ownership, for more dispersed ownership and for more financially difficult firms. Overall the empirical finding showed that excess cash holdings acts as a significant indicator of agency problems.
