Publication Search

Timeliness of financial reporting is crucial for maintaining company transparency and credibility, especially in uncertain environmental conditions. This study attempts to evaluate the impact of environmental uncertainty on audit report lag, moderated by corporate governance mechanisms (through the proportion of independent commissioners, audit committee size, and audit quality). This study applies a quantitative methodology, utilizing data from 106 companies in the consumer cyclicals sector from 2020–2023, and analyzed using multiple linear regression. The findings of the study demonstrate that environmental uncertainty has positive significant effect on audit report lag. Audit committee size was found to weaken this relationship, while the percentage of commissioners who are independent and audit quality did not act as moderators. The ineffectiveness of independent commissioners is attributed to their limited direct influence on reporting policies, whereas Big Four auditors tend to prioritize prudence, thereby extending the audit process. These findings have implications for companies to enhance the effectiveness of internal oversight in responding to external dynamics to minimize audit report lag.

Penelitian ini bertujuan untuk menguji pengaruh kinerja keuangan yang terdiri dari capital adequancy ratio, liquid assets of total asset, dan net interest margin terhadap nilai perusahaan dengan profitabilitas (return of asset) sebagai variabel moderasi. Penelitian ini menggunakan metode kualitatif. Populasi yang digunakan dalam penelitian ini adalah perusahaan perbankan yang terdaftar di Bursa Efek Indonesia pada periode 2020-2023. Data ini diakses melalui website www.idx.com dan website resmi perusahaan. Penelitian ini menggunakan teknik purposive sampling sehingga memperoleh 52 data pengamatan. Data dianalisis menggunakan teknik analisis regresi linear berganda dengan alat SPSS versi 26. Berdasarkan hasil penelitian menunjukkan bahwa capital adequancy ratio berpengaruh positif dan signifikan terhadap nilai perusahaan, liquid assets of total asset berpengaruh negatif dan tidak signifikan terhadap nilai perusahaan, net interest margin berpengaruh positif tetapi tidak signifikan terhadap nilai perusahaan, profitabilitas (return of asset) tidak dapat memoderasi pengaruh capital adequancy ratio, liquid assets of total asset, dan net interest margin terhadap nilai perusahaan.

This study aims to determine the effect of product quality, product design and brand image on purchasing decisions of Honda Vario Automatic Motorcycles through word of mouth as an intervening variable in the Special Region of Yogyakarta. The method used in this study is quantitative with Partial Least Square (PLS) analysis. Data were collected through questionnaires distributed to respondents who are consumers of Honda Vario Automatic Motorcycles in the Special Region of Yogyakarta. The sampling technique used was Purposive Sampling, with a total of 100 respondents. Data processing using SmartPLS 4 with the conclusion that product quality and product design do not have a positive effect on purchasing decisions or word of mouth. Conversely, word of mouth has a positive effect on purchasing decisions. Brand image has a positive and significant effect on purchasing decisions and word of mouth. In addition, word of mouth is only able to mediate the influence of brand image on purchasing decisions, but cannot mediate the influence of product quality and product design on purchasing decisions.

This study aims to analyze the effect of leadership style and compensation on employee performance with work motivation as an intervening variable at Pamella Tiga Yogyakarta. The population and sample in this study were Pamela Tiga Yogyakarta employees totaling 45 respondents. This research uses a quantitative approach with survey method and data analysis using SmartPLS with Concurrent Validity test, Loading Factor, Average Variane Extracked (AVE), Discriminant Validity, Fornel Larcker, Cross Loading, Reliability, Cronbach Alpha, Composite Reliability, R Square and Hypothesis Testing. The results showed that there was no positive and significant effect of Leadership Style (X1) on employee performance (Y) at Pamella Tiga Yogyakarta, there was a positive and significant effect of Compensation (X2) on employee performance (Y) at Pamella Tiga Yogyakarta, there was a positive and significant effect of Leadership Style (X1) on Work Motivation (Z) at Pamella Tiga Yogyakarta, There is a positive and significant effect of Compensation (X2) on Work Motivation (Z) at Pamella Tiga Yogyakarta, There is a positive and significant effect of Work Motivation (Z) on employee performance (Y) at Pamella Tiga Yogyakarta, There is no positive and significant effect of Leadership Style (X1) on employee performance (Y) mediated by Work Motivation (Z) at Pamella Tiga Yogyakarta, There is no positive and significant effect of Compensation (X2) on employee performance (Y) mediated by Work Motivation (Z) at Pamella Tiga Yogyakarta.

Along with the increasing public interest in fun recreational activities such as water parks, the tourism sector has grown rapidly in recent years. This study examines the effect of physical evidence and perceived value on revisit intention through visitor satisfaction as an intervening variable for visitors to Labersa Waterpark Riau Fantasi. This research was conducted using quantitative research methods. The sampling technique used was Accidental Sampling with a sample size of 98 respondents. The data obtained is then processed using SmartPLS 4.0 software. The results of this research are : (1) physical evidence has a significant effect on revisit intention, (2) perceived value has a significant effect on revisit intention, (3) physical evidence has a significant effect on visitor satisfaction, (4) perceived value has a significant effect on visitor satisfaction, (5) visitor satisfaction has a significant effect on revisit intention, (6) visitor satisfaction is able to mediate the effect of physical evidence on revisit intention, (7) visitor satisfaction is able to mediate the effect of perceived value on revisit intention. 

This study aims to determine the effect of profitability (X1) and sales growth (X2) on earnings management (Y) with financial distress (Z) as a mediating variable. The population in this study are property and real estate companies listed on the Indonesia Stock Exchange for the period 2020-2023. The sampling technique for this study used purposive sampling so that a total of 92 data could be processed. The data analysis technique in this study uses path analysis using SPSS software version 25. The results showed that profitability has a negative effect on earnings management and sales growth has a positive effect on earnings management. Profitability has a positive effect on financial distress, while sales growth has no effect on financial distress. Financial distress has a positive effect on earnings management. The results of the mediating variable test using path analysis show that financial distress is able to mediate the effect of profitability on earnings management, while financial distress is unable to mediate the effect of sales growth on earnings management.

Penelitian ini bertujuan untuk menganalisis pengaruh angka kemiskinan terhadap indikator pendidikan di Kota Semarang selama kurun waktu 2020–2024. Kemiskinan dan pendidikan merupakan dua masalah sosial yang saling terkait erat dan menjadi tantangan besar di wilayah perkotaan, terutama pascapandemi COVID-19. Penelitian ini menggunakan metode deskriptif kuantitatif dengan menggunakan data sekunder dari Badan Pusat Statistik (BPS) dan Dinas Pendidikan Kota Semarang. Variabel yang dianalisis meliputi angka kemiskinan sebagai variabel bebas, dan angka partisipasi sekolah, rata-rata lama sekolah, dan angka putus sekolah sebagai variabel keterikatan. Analisis data dilakukan dengan menggunakan regresi linier sederhana untuk menguji pengaruh kemiskinan terhadap pencapaian pendidikan. Hasil penelitian menunjukkan bahwa angka kemiskinan berpengaruh signifikan terhadap indikator pendidikan di Kota Semarang. Penurunan angka kemiskinan cenderung terjadi dengan peningkatan angka partisipasi sekolah dan rata-rata lama sekolah, serta penurunan angka putus sekolah. Temuan ini menekankan pentingnya intervensi kebijakan terpadu yang membahas penanggulangan kemiskinan dan peningkatan akses dan kualitas pendidikan untuk memutus siklus kemiskinan antargenerasi di Kota Semarang.   Kata Kunci:  kemiskinan, pendidikan, regresi linier sederhana, angka partisipasi sekolah, rata-rata tahun sekolah, sekolah di Kota Semarang, Kota Semarang

This research is motivated by the development of the local fashion industry driving increasingly competitive competition, including in the bag product sector. This study aims to determine the effect of product design, word of mouth, and price on purchasing decisions for TBLZ Official bag products in Kediri, both partially and simultaneously. The approach used is quantitative research with a causal research type. The sample in this study amounted to 100 respondents who were TBLZ Official consumers. The sampling technique used the purposive sampling method, while data analysis was carried out using multiple linear regression using SPSS software version 25. The results of the study indicate that partially the variables of product design, word of mouth, and price have a significant effect on purchasing decisions, as indicated by their respective significance values ​​below 0.05. Simultaneously, the three variables also have a significant effect on purchasing decisions, with a calculated F value of 330.712 and a significance of 0.001. The coefficient of determination (Adjusted R²) value of 0.909 indicates that 90.9% of the variation in purchasing decisions can be explained by the three independent variables. Thus, companies are advised to focus on design innovation, strengthen word of mouth strategies, and consider appropriate pricing in order to increase consumer purchasing decisions. Keywords: Product Design, Word of Mouth, Price, Purchase Decision, Tblz Official Abstrak. Penelitian ini dilatar belakangi oleh perkembangan industri fashion lokal mendorong persaingan yang semakin kompetitif, termasuk dalam sektor produk tas. Penelitian ini bertujuan untuk mengetahui pengaruh desain produk, word of mouth, dan harga terhadap keputusan pembelian produk tas TBLZ Official di Kediri, baik secara parsial maupun simultan. Pendekatan yang digunakan adalah penelitian kuantitatif dengan jenis penelitian kausal. Sampel dalam penelitian ini berjumlah 100 responden yang merupakan konsumen TBLZ Official. Teknik pengambilan sampel menggunakan metode purposive sampling, sedangkan analisis data dilakukan dengan regresi linier berganda menggunakan bantuan software SPSS versi 25. Hasil penelitian menunjukkan bahwa secara parsial variabel desain produk, word of mouth, dan harga berpengaruh signifikan terhadap keputusan pembelian, yang ditunjukkan dengan nilai signifikansi masing-masing di bawah 0,05. Secara simultan, ketiga variabel tersebut juga berpengaruh signifikan terhadap keputusan pembelian, dengan nilai F hitung sebesar 330,712 dan signifikansi 0,001. Nilai koefisien determinasi (Adjusted R²) sebesar 0,909 mengindikasikan bahwa 90,9% variasi dalam keputusan pembelian dapat dijelaskan oleh ketiga variabel independen. Dengan demikian, perusahaan disarankan untuk fokus pada inovasi desain, memperkuat strategi word of mouth, serta mempertimbangkan penetapan harga yang sesuai agar dapat meningkatkan keputusan pembelian konsumen.   Kata kunci: Desain Produk, Word Of Mouth, Harga, Keputusan Pembelian, Tblz Official

This study aims to analyze the influence of Craft and Entrepreneurship Learning as well as economic literacy on entrepreneurial intention, with self-efficacy as a mediating variable among senior high school students in Ciracas, East Jakarta. The research is grounded in the issue of low entrepreneurial intention among students based on preliminary survey results, and the persistently high unemployment rate among high school graduates. This study adopts a quantitative approach using a survey method through questionnaires distributed to 11th-grade students from three schools: SMAN 99, SMAN 58, and SMAN 105 Jakarta. Data were analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The results indicate that both Craft and Entrepreneurship Learning and economic literacy have a positive effect on self-efficacy and entrepreneurial intention. Moreover, self-efficacy is proven to be a significant partial mediating variable in the relationship between the independent variables and entrepreneurial intention. This research recommends strengthening entrepreneurship education and improving economic literacy in schools as strategies to foster students’ confidence and entrepreneurial spirit from an early age.

Minimnya atensi wajib pajak terhadap sosialisasi telah dicoba oleh fiskus pajak menimbulkan kecenderungan wajib pajak buat tidak patuh dalam penuhi kewajiban perpajakannya. Diperlukan banyak profesi konsultan pajak karena masih minimnya konsultan pajak dalam menangani banyaknya wajib pajak dalam melaporkan kewajibannya. Tujuan penelitian ini adalah untuk mengetahui pengaruh pengetahuan perpajakan, norma subjektif, dan penghargaan finansial terhadap minat berkarir mahasiswa menjadi konsultan pajak dengan self efficacy sebagai variabel moderasi. Metode dalam penelitian ini adalah kuantitatif. Sampel dipilih secara purposive sampling dengan jumlah responden sebanyak 127 orang yang memenuhi kriteria tertentu. Responden yang menjadi subjek penelitian adalah mahasiswa Universitas Hayam Wuruk Perbanas Surabaya, UPN Veteran Jawa Timur, Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya. Analisis data dilakukan dengan menggunakan Partial Least Square Structural Equation Modeling (PLS-SEM) dengan bantuan SmartPLS versi 4.0. Hasil penelitian menunjukkan bahwa pengetahuan perpajakan, norma subjektif, dan penghargaan finansial berpengaruh signifikan terhadap minat karir mahasiswa menjadi konsultan pajak. Self efficacy memperkuat pengetahuan perpajakan, Self efficacy memperlemah norma subjektif, self efficacy tidak memoderasi penghargaan finansial pada minat karir mahasiswa menjadi konsultan pajak.

Tujuan dari penelitian ini adalah untuk mengkaji bagaimana Financial Anxiety, literasi keuangan, dan Self-control mempengaruhi pengambilan keputusan keuangan di kalangan warga Kota Palopo.Dengan menggunakan pendekatan kuantitatif, data dikumpulkan melalui survei online yang melibatkan 80 responden berusia 18-35 tahun, dengan gaji bulanan kurang dari 10 juta rupiah dan tingkat pendidikan minimal SMA. Untuk analisis data, regresi linier berganda digunakan untuk menilai peran setiap variabel dalam pengambilan keputusan keuangan Temuan menunjukkan bahwa Self-control dan literasi keuangan secara signifikan meningkatkan pengambilan keputusan keuangan sementara kecemasan keuangan tidak memiliki dampak yang signifikan. Hasil ini menekankan betapa pentingnya pengendalian diri dan literasi keuangan untuk meningkatkan standar pengambilan keputusan keuangan. Temuan ini menyoroti pentingnya literasi keuangan dan pengendalian diri dalam meningkatkan kualitas pengambilan keputusan keuangan. Oleh karena itu, program untuk meningkatkan literasi keuangan dan pelatihan pengendalian diri direkomendasikan sebagai langkah strategis untuk mendukung pengambilan keputusan keuangan yang lebih bijaksana di masyarakat. Penelitian lebih lanjut diharapkan dapat memperluas ruang lingkup dan jumlah penelitian Responden juga memperhitungkan faktor-faktor tambahan yang dapat mempengaruhi hubungan antara kepedulian keuangan dan pengambilan keputusan keuangan, seperti tingkat pendapatan dan dukungan sosial.

Penelitian ini bertujuan untuk menguji pengaruh ukuran perusahaann, lingkungan, sosial dan tata kelola terhadap harga saham dan profitabilitas sebagai pemoderasi. Populasi dalam penelitian ini yaitu perusahaan indeks ESGLeader30 yang terdaftar pada Bursa Efek Indonesia (BEI). Sampel yang digunakan berdasarkan kriteria yang telah ditentukan. Analisis data menggunakan regresi data panel dengan berbantuan software Eviews 12. Hasil penelitian menunjukkan bahwa: (1) Ukuran Perusahaan berpengaruh terhadap Harga Saham. (2) Lingkungan, sosial dan tata kelola tidak berpengaruh terhadap Harga Saham. (3) Profitabilitas tidak mampu memoderasi pengaruh Ukuran Perusahaan terhadap Harga Saham. (4) Profitabilitas mampu memoderasi pengaruh Lingkungan, sosial dan tata kelola terhadap harga saham.

This study aims to examine the influence of digital promotion, service quality, and lifestyle on consumer decision-making in using the services of Omahbiru Wedding Organizer, located in Kediri. The background of this research stems from the increasing competition among wedding organizer businesses in the digital era, which requires service providers to adapt their marketing strategies to the preferences and behavior of modern consumers. A quantitative research approach was applied, with data collected through questionnaires distributed to 108 respondents who had previously used Omahbiru’s services. Data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) method, assisted by SmartPLS 3.0 software. The study examined three independent variables digital promotion, service quality, and lifestyle and one dependent variable, namely consumer decision. The findings reveal that all three independent variables have a significant simultaneous effect on consumer decisions. Individually, lifestyle and service quality have a stronger influence compared to digital promotion, which shows a moderate effect. The R-Square value of 0.488 indicates that these variables explain 48.8% of the variance in consumer decision-making. These results highlight the importance of aligning digital promotional strategies, service excellence, and lifestyle compatibility to attract and retain customers in the wedding organizer industry. Keywords: digital promotion, service quality, lifestyle, consumer decision, wedding organizer   Penelitian ini bertujuan untuk mengkaji pengaruh promosi digital, kualitas layanan, dan gaya hidup terhadap keputusan konsumen dalam menggunakan jasa Omahbiru Wedding Organizer yang berlokasi di Kediri. Latar belakang penelitian ini didasarkan pada meningkatnya persaingan antar wedding organizer di era digital, yang menuntut pelaku usaha untuk menyesuaikan strategi pemasarannya dengan preferensi dan perilaku konsumen modern. Pendekatan penelitian yang digunakan adalah kuantitatif, dengan pengumpulan data melalui kuesioner kepada 108 responden yang sebelumnya telah menggunakan jasa Omahbiru. Analisis data dilakukan dengan metode Structural Equation Modeling (SEM) berbasis Partial Least Squares (PLS), menggunakan bantuan software SmartPLS versi 3.0. Penelitian ini menguji tiga variabel independen—promosi digital, kualitas layanan, dan gaya hidup—serta satu variabel dependen yaitu keputusan konsumen. Hasil penelitian menunjukkan bahwa ketiga variabel independen berpengaruh signifikan secara simultan terhadap keputusan konsumen. Secara parsial, variabel gaya hidup dan kualitas layanan memberikan pengaruh yang lebih kuat dibandingkan promosi digital, yang memberikan pengaruh sedang. Nilai R-Square sebesar 0,488 menunjukkan bahwa ketiga variabel mampu menjelaskan 48,8% variasi dalam pengambilan keputusan konsumen. Temuan ini menegaskan pentingnya kesesuaian strategi promosi digital, pelayanan yang unggul, dan penyesuaian gaya hidup dalam menarik dan mempertahankan pelanggan di industri wedding organizer. Kata Kunci: promosi digital, kualitas layanan, gaya hidup, keputusan konsumen, wedding organizer

This study aims to determine the impact of rewards and punishments on employee performance through work discipline. This study uses quantitative methods, data collection techniques by distributing respondent questionnaires. The sample in this study were 48 employees of PERUMDA Air Minum Tirta Batang Hari. This study uses Descriptive Analysis techniques using the SmartPLS 4.0.0 application as a data processing tool. The results of this study indicate that rewards have a positive and significant effect on performance. Punishment does not have a positive and significant effect on performance. Work discipline has a positive and significant effect on performance. Rewards have a positive and significant effect on work discipline. Punishment has a positive and significant effect on work discipline. Rewards have a positive and significant effect on performance through work discipline. Punishment does not have a positive and significant effect on performance through work discipline.

This study wasconducted in dunggala village, tibawa subdistrict, gorontalo regency. The objective Is to determine the effect of clash social assistance (BST) on the consumer behavior of the comunity in dungala vilage. This study employed a quantitative aproach. Data were collected thourgh observation, interviews , questionnaires, and documention. The population consisted of 98 individuals, with a sample of respondents. The date were analyzed using simple linier regresion. The results indicate that cash social assistance (BST)affects the consumer behavior of the comunty in dunggala vilage. Based on the cofficient of the determination (R square), a value of 0, 326 was obtained, indicating that 67,4% of the variabilty in consumer behavior can be explained by the cash social assistance variable, while the remaning 6,74% is affected by other variabels not examined in this study.  

The purpose of this study was to determine: (1) the influence of the work environment on job satisfaction; (2) the influence of job satisfaction on employee loyalty; (3) the influence of the work environment on employee loyalty; (4) the influence of the work environment on employee loyalty with job satisfaction as an intervening variable. This study is a quantitative study. The population in this study were employees of The Axana Hotel. The research sample was 89 respondents. Data collection was carried out using a distributed questionnaire method. The data analysis technique used was regression analysis supported by the classical assumption test, F test, and path analysis test, with the help of the SPSS version 25.0 program. The results of the data analysis showed that the work environment had a positive and significant effect on job satisfaction with a Beta value or Standardized Coefficient of 0.261 with t count (2.523) with a significance of 0.013 <0.05. Job satisfaction has a positive and significant effect on employee loyalty with a Beta or Standardized Coefficient value of 0.338 with a t count (3.346) with a significance of 0.001 <0.05. The work environment has a positive and significant effect on employee loyalty with a Beta or Standardized Coefficient value of 0.605 with a t count (7.087) with a significance of 0.000 <0.05. And the work environment has a positive and significant effect on employee loyalty with satisfaction as a mediating variable at TheAxana Hotel. This can be seen in the results of the path analysis which produces a total influence value greater than the direct influence (0.693> 0.088).  

The purpose of this study is to analyze the influencer of influencers on purchasing decisions through viral marketing as an intervening variabel in the Ruang Keramik Studio. This study uses quantitative method. The sampling technique used was non-probability sampling with a purposive sampling method. The sample size for this study was 100 respondents, calculated using the Lemeshow formula since the population size was unknown. Data analysis in this study utilized the SmartPLS 4.0 software with a Structural Equation Modeling – Partial Least Squares (SEM-PLS) approach. The Test results showed that TikTok influencer have a direct effect on purchasing decisions in the Ruang Keramik Studio. TikTok influencers have a direct effect on viral marketing in the Ruang Keramik Studio. Viral marketing have a direct effect on Purchase Decision in the Ruang Keramik Studio. TikTok influencer have an indirect effect on Purchase Decision, through the Viral Marketing variable as an intervening variable in the Ruang Keramik Studio (can mediate).  

This research explores the impact of institutional ownership, managerial ownership, and the proportion of independent commissioners on firm performance, with earnings quality serving as a moderating variable. The study draws on a sample of companies that undertook Initial Public Offerings (IPOs) in 2019 on the Indonesia Stock Exchange, utilizing data spanning the years 2019 to 2023. A multiple linear regression model was employed to assess both direct effects and interaction effects moderated by earnings quality. The findings indicate that institutional ownership and the presence of independent commissioners exert a statistically significant influence on company performance, with earnings quality enhancing these relationships. This study enriches the discourse on corporate governance mechanisms within newly public firms and offers practical insights for both market regulators and investors.

Di era globalisasi, jumlah penduduk Indonesia mengalami pertumbuhan pesat. Akibatnya, muncul tantangan baru dimana terdapat ketidakseimbangan antara jumlah lapangan pekerjaan dengan pencari kerja, yang secara tidak langsung menyebabkan meningkatnya angka pengangguran. Meskipun demikian, banyak mahasiswa yang masih ingin berkarir sebagai pekerja, akibat faktor kenyamanan. Padahal, kewirausahaan dapat menjadi solusi untuk menghindari ancaman pengangguran. Oleh sebab itu, penelitian ini bertujuan untuk menunjukkan pengaruh dari variabel kreativitas, pendidikan kewirausahaan, dan lingkungan keluarga terhadap minat berwirausaha mahassiswa akuntansi. Metode pengumpulan data yang digunakan dalam penelitian ini adalah pendekatan kuantitatif dengan menyebarkan kuesioner menggunakan metode snowball terhadap 64 responden mahasiswa akuntansi di Universitas Atma Jaya Semanggi. Dalam penelitian ini, analisis data dilakukan dengan menggunakan aplikasi smartPLS 4 dengan 3 teknik analisis, yaitu analisis model pengukuran, model struktural, dan kelayakan model. Hasil dari kegiatan penelitian ini menunjukkan bahwa variabel kreativitas dan lingkungan keluarga secara independen memiliki pengaruh positif dan signifikan terhadap variabel minat berwirausaha, sedangkan variabel pendidikan kewirausahaan tidak memiliki pengaruh yang signifikan terhadap variabel minat berwirausaha. Implikasi yang diperoleh dari hasil kegiatan penelitian adalah tingkat kreatifitas mahasiswa dan dukungan lingkungan keluarga memainkan peranan yang penting dalam menumbuhkan minat berwirausaha mahasiswa.

Dengan Firmsize sebagai variabel moderasi, penelitian ini menguji hubungan Net Working Capital, Cash Flow dan Profitabilitas terhadap Cash Holding pada Perusahaan sektor Property dan Real Estate yang terdaftar di Bursa Efek Indonesia periode 2019-2023. Purposive Sampling dijadikan sebagai metode pengambilan sampel dan menghasilkan 90 data sampel. Berdasarkan output pengujian statistik ditemukan bahwa Net Working Capital dan Profitabilitas secara signifikan mempengaruhi Cash Holding. Namun tidak dengan variabel Cash Flow. Selain itu, Firmsize dapat memoderasi pengaruh Net Working Capital, Cash Flow dan Profitabilitas terhadap Cash Holding