Pengaruh Financial Leverage dan Capital Expenditure Terhadap Cash Holding Sektor Transportasi dan Logistik di Negara Berkembang ASEAN-3

Melania, Melania (2025) Pengaruh Financial Leverage dan Capital Expenditure Terhadap Cash Holding Sektor Transportasi dan Logistik di Negara Berkembang ASEAN-3. Sarjana (S1) thesis, Universitas Islam 45.

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Abstract

This study aims to determine the effect of financial leverage and capital expenditure on cash holding in the
transportation and logistics sector in developing ASEAN countries (Indonesia, Thailand and Malaysia) during the
period 2018-2023. The research method used is an associative approach with a quantitative method. The research
data is secondary data in the form of financial reports taken from Thomson Reuters DataStream. The sample in
this study was 61 companies with the technique purposive sampling.
The results of this study were obtained based on panel data that had been processed using Eviews 14,
namely: CASH = 0.528 – 0.236 FL – 0.016 CAPEX – 0.032 D1 + 0.001 D2 – 0.001 D3 + 0.032 + e, while the
results of the t-test obtained that the financial leverage variable had a significant effect on cash holding with a
probability value of FL 0.000 <0.05 and the variable capital expenditure does not have a significant effect on cash
holding with a probability value of 0.7735 > 0.05. Furthermore, the R2 test results show an adjusted R Square
value of 0.836864 or 83.6%, which means that the independent variable is able to explain the dependent variable
by 83.6% while the rest is influenced by other factors outside this study. And the f test obtained a probability value
of 0.0000 <0.05 so that it can be concluded that simultaneously there is a significant influence on financial
leverage And capital expenditure to cash holding.
Keywords: Financial Leverage, Capital Expenditure and Cash Holding .

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