How to cite this paper
Malelak, M., Tarigan, Z., Basana, S & Jie, F. (2024). Cash holding and corporate governance on company financial performance: Case study of construction infrastructure project supporting industries on the Indonesian stock exchange.Journal of Project Management, 9(4), 457-470.
Refrences
Abang'a, A.O., Tauringana, V., Wang’ombe, D. & Achiro, L.O. (2022). Corporate governance and financial performance of state-owned enterprises in Kenya. Corporate Governance, 22(4), 798–820. https://doi.org/10.1108/CG-01-2021-0007
Ali, M. (2020). Determinants and consequences of board size: conditional indirect effects. Corporate Governance, 18(1), 165-184. https://doi.org/10.1108/CG-01-2016-0011
Ali, M. & Ayoko, O.B. (2020). The impact of board size on board demographic faultlines. Corporate Governance, 20(7), 1205-1222. https://doi.org/10.1108/CG-03-2020-0100
Al-Marsomi, M.S.K. & Al-Zwainy, F.M.S. (2023). Structural equation modeling of critical success factors in the pro-grams of development regional. Journal of Project Management, 8(2), 119–132, doi: 10.5267/j.jpm.2022.11.002
Asante-Darko, D., Adu Bonsu, B., Famiyeh, S., Kwarteng, A., & Goka, Y. (2018). Governance structures, cash holdings and firm value on the Ghana Stock Exchange. Corporate Governance, 18(4), 671–685. https://doi.org/10.1108/CG-07-2017-0148
Ashhari, M. Z., & Faizal, D. (2018). Determinants and performance of cash holding: Evidence from small business in Malaysia. International Journal of Economics, Management and Accounting, 26(2), 457–473.
Aslam, E., Kalim, R., & Fizza, S. (2019). Do cash holding and corporate governance structure matter for the perfor-mance of firms? Evidence from KMI 30- and KSE 100-Indexed Firms in Pakistan. Global Business Review, 20(2), 313–330. https://doi.org/10.1177/0972150918825202
Berawi, M.A., Putri, C.R., Sari, M., Salim, A.V., Saroji, G. & Miraj. P. (2021). An infrastructure financing scheme for industrial development. International Journal of Technology, 12(5) 935-945, doi: 10.14716/ijtech.v12i5.5202
Berķe-Berga, A., Dovladbekova, I., & Ābula, M. (2017). Managerial ownership and firm performance: Evidence of listed companies in the baltics. Polish Journal of Management Studies, 15(2), 273–283. https://doi.org/10.17512/pjms.2017.15.2.25
Dube, I., & Pakhira, A. (2013). Role of independent director in corporate governance – reference to India. Corporate Board: Role, Duties and Composition, 9(1), 50–83.
Fauzan, M., Kuswanto, H. & Utomo, C. (2023). Implementing toll road infrastructure financing in Indonesia: Critical success factors from the perspective of toll road companies. International Journal of Financial Studies. 11(4), 135. https://doi.org/10.3390/ijfs11040135
Gunawan, C. C., Murhadi, W. R., & Utami, M. (2019). A study on the effects of good corporate governance – gender di-versity on the company performance. Proceedings of the 16th International Symposium on Management, 308, 32–35. https://doi.org/10.2991/insyma-19.2019.9
Haider, J. & Fang, H.-X. (2016). Board size, ownership concentration and future firm risk. Chinese Management Stud-ies, 10(4), 692-709, DOI 10.1108/CMS-05-2016-0094
Hamid, H. (2019, March 23). PT Krakatau Steel Tbk (KRAS) was determined to have a bribery case against one of its directors in 2019 and 2021. Compass, Retrieved June 16, 2024, from https://www.kompas.id/baca/utama/2019/03/23/kpk-tetapkan-direktur-teknologi-dan-produksi-krakatau-steel-jadi-tersangka
Hosseinpour, M., Roghanian, E. & Weber, G.-W. (2023). The time-cost trade-off problem and its extensions: A state-of-the-art survey and outlook. Journal of Project Management, 8(3), 141-164, doi: 10.5267/j.jpm.2023.4.001
Ishak, Z., Manaf, N. A. A., & Abdullah, S. N. (2016). Is agency theory dominant in explaining the board roles of Malay-sian listed firms? Corporate Ownership and Control, 13(3), 533–542. https://doi.org/10.22495/cocv13i3c3p12
Kim, K. (2023). Analysing Indonesia’s infrastructure deficits from a developmentalist perspective. Competition & Change, 27(1), 115-142. https://doi.org/10.1177/10245294211043355
Knyazeva, A., Knyazeva, D. & Masulis, R.W. (2013), The supply of corporate directors and board independence. Review of Financial Studies, 26(6), 1561-1605, http://dx.doi.org/10.2139/ssrn.1904730
Kumar, N. & Singh, J.P. (2013). Effect of board size and promoter ownership on firm value: some empirical findings from India. Corporate Governance, 13(1), 88-98. https://doi.org/10.1108/14720701311302431
Mayur, M. & Saravanan, P. (2017). Performance implications of board size, composition and activity: empirical evi-dence from the Indian banking sector. Corporate Governance, 17(3), 466-489. https://doi.org/10.1108/CG-03-2016-0058
Moza, A. & Paul, V.K. (2024). Critical success factors affecting project success in construction projects: A contempo-rary Indian perspective. Journal of Project Management, 9(3), 183-196, DOI: 10.5267/j.jpm.2024.5.003
O’Callaghan, S., Ashton, J. & Hodgkinson, L. (2018). Earnings management and managerial ownership in private firms. Journal of Applied Accounting Research, 19(4), 648-668. https://doi.org/10.1108/JAAR-11-2017-0124
Ozbek, O.V. & Boyd, B. (2020). The influence of CEO duality and board size on the market value of spun-off subsidiar-ies: The contingency effect of firm size. Journal of Strategy and Management, 13(3), 333-350. https://doi.org/10.1108/JSMA-03-2019-0039
Potharla, S. & Amirishetty, B. (2021). Non-linear relationship of board size and board independence with firm perfor-mance – evidence from India. Journal of Indian Business Research, 13(4), 503-532. https://doi.org/10.1108/JIBR-06-2020-0180
Poti, V., Pattitoni, P., & Petracci, B. (2020). Precautionary motives for private firms’ cash holdings. International Re-view of Economics and Finance, 68, 150-166, https://doi.org/10.1016/j.iref.2020.03.003
Ranajee, R. & Pathak, R. (2019). Corporate cash holding during crisis and beyond: what matters the most. International Journal of Managerial Finance, 15(4), 492-510. https://doi.org/10.1108/IJMF-03-2018-0085
Shan, Y.G. (2019). Managerial ownership, board independence and firm performance. Accounting Research Journal, 32(2), 203-220. https://doi.org/10.1108/ARJ-09-2017-0149
Shukla, A., Narayanasamy, S. & Krishnakumar, R. (2020). Impact of board size on the accounting returns and the asset quality of Indian banks. International Journal of Law and Management, 62(4), 297-313. https://doi.org/10.1108/IJLMA-12-2018-0271
Simanjuntak, A. & Siagian, H. (2023). The role of client-contractor relationship in solving financing failure in construc-tion project. International Journal of Business Studies, 6(1), 10-19, DOI: https://doi.org/10.9744/petraijbs.6.1.10-19
Tejedo-Romero, F. & Araujo, J.F.F.E. (2022). The influence of corporate governance characteristics on human capital disclosure: the moderating role of managerial ownership. Journal of Intellectual Capital, 23(2), 342-374. https://doi.org/10.1108/JIC-03-2019-0055
Thanh, N. C. (2019). Optimal cash holding ratio for non-financial firms in Vietnam stock exchange market. Journal of Risk and Financial Management, 12(2), 104, https://doi.org/10.3390/jrfm12020104
Wellalage, N. H., De Zoysa, A. & Ma, S. (2023). Corporate cash holdings and firm performance in India: An empirical investigation of the effects of audit quality and firm growth. American Business Review, 26(1), 122-147.https://doi.org/10.37625/abr.26.1.122-147
Xu, X. & Li, Y. (2018). Local corruption and corporate cash holdings: Sheltering assets or agency conflict? China Jour-nal of Accounting Research, 11, 307-324, https://doi.org/10.1016/j.cjar.2018.05.001
Yilmaz, I. & Samour, A. (2024). The effect of cash holdings on financial performance: Evidence from Middle Eastern and North African Countries. Journal of Risk and Financial Management. 17(2):53. https://doi.org/10.3390/jrfm17020053
Yun, J., Ahmad, H., Jebran, K. & Muhammad, S. (2021). Cash holdings and firm performance relationship: Do firm-specific factors matter? Economic Research-Economic Research, 34(1), 1283–305, https://doi.org/10.1080/1331677X.2020.1823241
Ali, M. (2020). Determinants and consequences of board size: conditional indirect effects. Corporate Governance, 18(1), 165-184. https://doi.org/10.1108/CG-01-2016-0011
Ali, M. & Ayoko, O.B. (2020). The impact of board size on board demographic faultlines. Corporate Governance, 20(7), 1205-1222. https://doi.org/10.1108/CG-03-2020-0100
Al-Marsomi, M.S.K. & Al-Zwainy, F.M.S. (2023). Structural equation modeling of critical success factors in the pro-grams of development regional. Journal of Project Management, 8(2), 119–132, doi: 10.5267/j.jpm.2022.11.002
Asante-Darko, D., Adu Bonsu, B., Famiyeh, S., Kwarteng, A., & Goka, Y. (2018). Governance structures, cash holdings and firm value on the Ghana Stock Exchange. Corporate Governance, 18(4), 671–685. https://doi.org/10.1108/CG-07-2017-0148
Ashhari, M. Z., & Faizal, D. (2018). Determinants and performance of cash holding: Evidence from small business in Malaysia. International Journal of Economics, Management and Accounting, 26(2), 457–473.
Aslam, E., Kalim, R., & Fizza, S. (2019). Do cash holding and corporate governance structure matter for the perfor-mance of firms? Evidence from KMI 30- and KSE 100-Indexed Firms in Pakistan. Global Business Review, 20(2), 313–330. https://doi.org/10.1177/0972150918825202
Berawi, M.A., Putri, C.R., Sari, M., Salim, A.V., Saroji, G. & Miraj. P. (2021). An infrastructure financing scheme for industrial development. International Journal of Technology, 12(5) 935-945, doi: 10.14716/ijtech.v12i5.5202
Berķe-Berga, A., Dovladbekova, I., & Ābula, M. (2017). Managerial ownership and firm performance: Evidence of listed companies in the baltics. Polish Journal of Management Studies, 15(2), 273–283. https://doi.org/10.17512/pjms.2017.15.2.25
Dube, I., & Pakhira, A. (2013). Role of independent director in corporate governance – reference to India. Corporate Board: Role, Duties and Composition, 9(1), 50–83.
Fauzan, M., Kuswanto, H. & Utomo, C. (2023). Implementing toll road infrastructure financing in Indonesia: Critical success factors from the perspective of toll road companies. International Journal of Financial Studies. 11(4), 135. https://doi.org/10.3390/ijfs11040135
Gunawan, C. C., Murhadi, W. R., & Utami, M. (2019). A study on the effects of good corporate governance – gender di-versity on the company performance. Proceedings of the 16th International Symposium on Management, 308, 32–35. https://doi.org/10.2991/insyma-19.2019.9
Haider, J. & Fang, H.-X. (2016). Board size, ownership concentration and future firm risk. Chinese Management Stud-ies, 10(4), 692-709, DOI 10.1108/CMS-05-2016-0094
Hamid, H. (2019, March 23). PT Krakatau Steel Tbk (KRAS) was determined to have a bribery case against one of its directors in 2019 and 2021. Compass, Retrieved June 16, 2024, from https://www.kompas.id/baca/utama/2019/03/23/kpk-tetapkan-direktur-teknologi-dan-produksi-krakatau-steel-jadi-tersangka
Hosseinpour, M., Roghanian, E. & Weber, G.-W. (2023). The time-cost trade-off problem and its extensions: A state-of-the-art survey and outlook. Journal of Project Management, 8(3), 141-164, doi: 10.5267/j.jpm.2023.4.001
Ishak, Z., Manaf, N. A. A., & Abdullah, S. N. (2016). Is agency theory dominant in explaining the board roles of Malay-sian listed firms? Corporate Ownership and Control, 13(3), 533–542. https://doi.org/10.22495/cocv13i3c3p12
Kim, K. (2023). Analysing Indonesia’s infrastructure deficits from a developmentalist perspective. Competition & Change, 27(1), 115-142. https://doi.org/10.1177/10245294211043355
Knyazeva, A., Knyazeva, D. & Masulis, R.W. (2013), The supply of corporate directors and board independence. Review of Financial Studies, 26(6), 1561-1605, http://dx.doi.org/10.2139/ssrn.1904730
Kumar, N. & Singh, J.P. (2013). Effect of board size and promoter ownership on firm value: some empirical findings from India. Corporate Governance, 13(1), 88-98. https://doi.org/10.1108/14720701311302431
Mayur, M. & Saravanan, P. (2017). Performance implications of board size, composition and activity: empirical evi-dence from the Indian banking sector. Corporate Governance, 17(3), 466-489. https://doi.org/10.1108/CG-03-2016-0058
Moza, A. & Paul, V.K. (2024). Critical success factors affecting project success in construction projects: A contempo-rary Indian perspective. Journal of Project Management, 9(3), 183-196, DOI: 10.5267/j.jpm.2024.5.003
O’Callaghan, S., Ashton, J. & Hodgkinson, L. (2018). Earnings management and managerial ownership in private firms. Journal of Applied Accounting Research, 19(4), 648-668. https://doi.org/10.1108/JAAR-11-2017-0124
Ozbek, O.V. & Boyd, B. (2020). The influence of CEO duality and board size on the market value of spun-off subsidiar-ies: The contingency effect of firm size. Journal of Strategy and Management, 13(3), 333-350. https://doi.org/10.1108/JSMA-03-2019-0039
Potharla, S. & Amirishetty, B. (2021). Non-linear relationship of board size and board independence with firm perfor-mance – evidence from India. Journal of Indian Business Research, 13(4), 503-532. https://doi.org/10.1108/JIBR-06-2020-0180
Poti, V., Pattitoni, P., & Petracci, B. (2020). Precautionary motives for private firms’ cash holdings. International Re-view of Economics and Finance, 68, 150-166, https://doi.org/10.1016/j.iref.2020.03.003
Ranajee, R. & Pathak, R. (2019). Corporate cash holding during crisis and beyond: what matters the most. International Journal of Managerial Finance, 15(4), 492-510. https://doi.org/10.1108/IJMF-03-2018-0085
Shan, Y.G. (2019). Managerial ownership, board independence and firm performance. Accounting Research Journal, 32(2), 203-220. https://doi.org/10.1108/ARJ-09-2017-0149
Shukla, A., Narayanasamy, S. & Krishnakumar, R. (2020). Impact of board size on the accounting returns and the asset quality of Indian banks. International Journal of Law and Management, 62(4), 297-313. https://doi.org/10.1108/IJLMA-12-2018-0271
Simanjuntak, A. & Siagian, H. (2023). The role of client-contractor relationship in solving financing failure in construc-tion project. International Journal of Business Studies, 6(1), 10-19, DOI: https://doi.org/10.9744/petraijbs.6.1.10-19
Tejedo-Romero, F. & Araujo, J.F.F.E. (2022). The influence of corporate governance characteristics on human capital disclosure: the moderating role of managerial ownership. Journal of Intellectual Capital, 23(2), 342-374. https://doi.org/10.1108/JIC-03-2019-0055
Thanh, N. C. (2019). Optimal cash holding ratio for non-financial firms in Vietnam stock exchange market. Journal of Risk and Financial Management, 12(2), 104, https://doi.org/10.3390/jrfm12020104
Wellalage, N. H., De Zoysa, A. & Ma, S. (2023). Corporate cash holdings and firm performance in India: An empirical investigation of the effects of audit quality and firm growth. American Business Review, 26(1), 122-147.https://doi.org/10.37625/abr.26.1.122-147
Xu, X. & Li, Y. (2018). Local corruption and corporate cash holdings: Sheltering assets or agency conflict? China Jour-nal of Accounting Research, 11, 307-324, https://doi.org/10.1016/j.cjar.2018.05.001
Yilmaz, I. & Samour, A. (2024). The effect of cash holdings on financial performance: Evidence from Middle Eastern and North African Countries. Journal of Risk and Financial Management. 17(2):53. https://doi.org/10.3390/jrfm17020053
Yun, J., Ahmad, H., Jebran, K. & Muhammad, S. (2021). Cash holdings and firm performance relationship: Do firm-specific factors matter? Economic Research-Economic Research, 34(1), 1283–305, https://doi.org/10.1080/1331677X.2020.1823241