Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 2 (2026): Musytari: Neraca Manajemen, Akuntasi, dan Ekonomi, ISSN 3025-9495
Articles

PENGARUH CLIMATE POLICY UNCERTAINTY, CASH HOLDING DAN LEVERAGE TERHADAP FIXED ASSET GROWTH PADA PERUSAHAAN PERTAMBANGAN DI INDONESIA

pdf
  • Feisya Syalomita Manguande,
  • Lawren Julio Rumokoy,
  • Victoria Neisye Untu
Feisya Syalomita Manguande
Universitas Sam Ratulangi Manado
Lawren Julio Rumokoy
Universitas Sam Ratulangi Manado
Victoria Neisye Untu
Universitas Sam Ratulangi Manado

Published 2026-01-24

Keywords

  • Climate Policy Uncertainty, Cash Holding, Leverage, Fixed Asset Growth, Perusahaan Pertambangan, Regresi Data Panel, Random Effect Model

How to Cite

PENGARUH CLIMATE POLICY UNCERTAINTY, CASH HOLDING DAN LEVERAGE TERHADAP FIXED ASSET GROWTH PADA PERUSAHAAN PERTAMBANGAN DI INDONESIA. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(2), 4241-4250. https://cibjournal.com/index.php/musytari/article/view/7127

Abstract

Penelitian ini bertujuan menganalisis pengaruh Climate Policy Uncertainty (CPU), Cash Holding, dan Leverage terhadap Fixed Asset Growth pada perusahaan pertambangan di Indonesia periode 2022–2024. Ketidakpastian kebijakan iklim yang terus meningkat menimbulkan risiko bagi perusahaan dalam mengambil keputusan investasi jangka panjang, terutama pada aset tetap yang bersifat irreversible. Penelitian ini menggunakan metode kuantitatif dengan data sekunder dari laporan keuangan perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia. Analisis dilakukan menggunakan regresi data panel dengan model efek acak. Hasil penelitian menunjukkan bahwa secara simultan CPU, Cash Holding, dan Leverage berpengaruh signifikan terhadap Fixed Asset Growth. Secara parsial, CPU berpengaruh negatif signifikan, sedangkan Cash Holding tidak berpengaruh signifikan. Leverage berpengaruh negatif signifikan terhadap pertumbuhan aset tetap. Temuan ini mengindikasikan bahwa tingginya ketidakpastian kebijakan iklim dan beban utang dapat menghambat ekspansi aset tetap perusahaan.

pdf

Downloads

Download data is not yet available.

References

  1. Adha, Ariyan, and Alien Akmalia. 2023. “Pengaruh Profitabilitas, Likuiditas, Leverage, Firm Size Dan Kepemilikan Institusional Terhadap Cash Holding (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun Periode 2016-2020).” Journal of Ecotourism and Rural Planning 1(1):1–17.
  2. Ardianto, Ardianto, Suham Cahyono, and Noor Adwa Sulaiman. 2024. “CEOs Family on the Boardroom and Environmental, Social, and Governance Disclosure: Exploring from Economic Crisis during COVID‐19.” Business Strategy & Development 7(3):e409.
  3. Aryani, Zilvia Intan, and Astri Fitria. 2020. “Pengaruh Leverage, Likuiditas, Profitabilitas Dan Ukuran Perusahaan Terhadap Kebijakan Dividen.” Jurnal Ilmu Dan Riset Akuntansi (JIRA) 9(6).
  4. Astuti, Nita, Rida Ristiyana, and Luthfi Nuraini. 2020. “Faktor-Faktor Yang Mempengaruhi Cash Holding.” Ekonomi Bisnis 26(1):243–52.
  5. Baker, Scott R., Nicholas Bloom, and Steven J. Davis. 2016. “Measuring Economic Policy Uncertainty.” The Quarterly Journal of Economics 131(4):1593–1636.
  6. Brigham, Eugene F., and Joel F. Houston. 2019. “Fundamentals of Financial Management: Concise by Cengage.” Cengage Learning.
  7. Chen, Huijun, Juanjuan Guo, Chen Wang, Fan Luo, Xuechen Yu, Wei Zhang, Jiafu Li, Dongchi Zhao, Dan Xu, and Qing Gong. 2020. “Clinical Characteristics and Intrauterine Vertical Transmission Potential of COVID-19 Infection in Nine Pregnant Women: A Retrospective Review of Medical Records.” The Lancet 395(10226):809–15.
  8. Dai, Zhifeng, and Qinnan Jiang. 2025. “Climate Policy Uncertainty and Corporate ESG Performance: Evidence from Chinese Listed Companies.” China Finance Review International (ahead-of-print).
  9. Dixit, Avinash K., and Robert S. Pindyck. 1994. Investment under Uncertainty. Princeton university press.
  10. Fahmi, I. 2014. Manajemen Keuangan Perusahaan Dan Pasar Modal. Jakarta: Mitra Wacana Media.
  11. Ghozali, I. 2012. Aplikasi Analisis Multivariate Dengan Program IBM SPSS. 6th ed. Semarang: Badan Penerbit Universitas Diponegoro.
  12. Ghozali, I. 2021. Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26. 10th ed. Semarang: Badan Penerbit Universitas Diponegoro.
  13. Gulen, Huseyin, and Mihai Ion. 2016. “Policy Uncertainty and Corporate Investment.” The Review of Financial Studies 29(3):523–64.
  14. Haykal, Muhammad, and Raudhatul Munira. 2021. “Pengaruh Leverage, Penurunan Arus Kas Operasi, Fixedasset Intensity, Dan Pertumbuhan Perusahaan Terhadap Keputusan Revaluasi Aset Tetap.” Jurnal Akuntansi Dan Keuangan 9(2):79–90.
  15. Hery, H. 2021. Analisis Laporan Keuangan. Jakarta: Grasindo.
  16. Jonathan, J. 2006. Real Options: Metode Penilaian Aset Dalam Kondisi Ketidakpastian. Jakarta: Salemba Empat.
  17. Kusnadi, Yuanto, and K. C. John Wei. 2011. “The Determinants of Corporate Cash Management Policies: Evidence from around the World.” Journal of Corporate Finance 17(3):725–40.
  18. Lilavira, Alien, and Siti Zulaikha. 2020. “Analisis Faktor-Faktor Yang Mempengaruhi Pertumbuhan Aset Pada Perusahaan Asuransi Syariah Periode 2013–2017.” Jurnal Ekonomi Syariah Teori Dan Terapan 7(2):305–18.
  19. Ma, Y. R., Liu, Z., Ma, D., Zhai, P., Guo, K., Zhang, D., & Ji, Q. (2023). A news-based Climate Policy Uncertainty index for China. Scientific Data, 10(1), 881.
  20. Megalestari, Novelia Primastuti. 2022. “PENGARUH LEVERAGE, PROFITABILITY, DAN GROWTH OPPORTUNITY TERHADAP CASH HOLDING PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA SELAMA PANDEMI COVID-19.”
  21. Myers, Stewart C. 1977. “Determinants of Corporate Borrowing.” Journal of Financial Economics 5(2):147–75.
  22. Musnadi, S., Syamni, G., & Saputra, J. (2020). Investigating the Cash Holding factors of mining industries in Indonesia stock exchange. Industrial Engineering & Management Systems, 19(3), 527-537.
  23. Nasution, Asrizal Efendy, and Linzzy Pratami Putri. 2019. “Analisis Faktor-Faktor Yang Mempengaruhi Keputusan Konsumen Membeli Online.” Prosiding FRIMA (Festival Riset Ilmiah Manajemen Dan Akuntansi) (2):491–97.
  24. Nawawi, H. 2005. Metode Penelitian Bidang Sosial. Yogyakarta: Gadjah Mada University Press.
  25. Nurdin, I., and S. Hartati. 2019. Metodologi Penelitian Sosial. Jakarta: Rajawali Pers.
  26. Opler, Tim, Lee Pinkowitz, René Stulz, and Rohan Williamson. 1999. “The Determinants and Implications of Corporate Cash Holdings.” Journal of Financial Economics 52(1):3–46.
  27. Pangestu, Juan Carlos, and Phebyana Margaretha. 2023. “Analisis Faktor Yang Mempengaruhi Cash Holding Perusahaan Pertambangan Di BEI Tahun 2019-2021.”
  28. Pata, U. K., & Pata, S. K. (2025). Unveiling the role of energy policy uncertainty, energy transition and Climate Policy Uncertainty on renewable energy minerals in China. Environment, Development and Sustainability, 1-24.
  29. Pratiwi, Anita Eka, Nur Hidayati, Irma Retno Dewi, and Tri Ratnawati. 2023. “Pengaruh Intensitas Aset Biologis, Ukuran Perusahaan, Dan Kualitas Audit Terhadap Pengungkapan Aset Biologis.” Jurnal Kendali Akuntansi 1(2):183–97.
  30. Rahmadani, Masayu Setty, Rozan Haqi Pratama, and Herminarto Nugroho. 2023. “Implementasi Genetik Algoritma Untuk Mengoptimalkan Posisi Turbin Angin Pada Wind Farm.” Jurnal Teknik 12(1).
  31. Rajan, Raghuram G., and Luigi Zingales. 1995. “What Do We Know about Capital Structure? Some Evidence from International Data.” The Journal of Finance 50(5):1421–60.
  32. Ramelli, Stefano, Alexander F. Wagner, Richard J. Zeckhauser, and Alexandre Ziegler. 2021. “Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 US Elections.” The Review of Corporate Finance Studies 10(4):748–87.
  33. Ratriwulan, Dyah, Dadang Suhendar, and Siti Nuke Nurfatimah. 2023. “Factors Affecting Cash Holding (Empirical Study of Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the 2017-2021 Period).” Indonesian Journal of Business and Economics 6(1).
  34. Ren, Xiaohang, Xiao Zhang, Cheng Yan, and Giray Gozgor. 2022. “Climate Policy Uncertainty and Firm-Level Total Factor Productivity: Evidence from China.” Energy Economics 113:106209.
  35. Rumokoy, L. J., Lengkong, V., Chung, R., & Liu, B. (2025). Geopolitical risk and IPO underpricing: Evidence from China. Finance Research Letters, 108784.
  36. Saluy, Ahmad Badawi, Zainal Abidin, Masyhudzulhak Djamil, Novawiguna Kemalasari, Lamminar Hutabarat, Sri Marti Pramudena, and Endri Endri. 2021. “Employee Productivity Evaluation with Human Capital Management Strategy: The Case of Covid-19 in Indonesia.” Academy of Entrepreneurship Journal 27(5):1–9.
  37. Santi, D., and F. Elisabeth. 2025. “Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan Dan Peluang Pertumbuhan Terhadap Cash Holding Pada Perusahaan Manufaktur Di BEI Periode 2018–2020.” Jurnal Ilmu Akuntansi 17(1):77–90.
  38. Saputri, A., D. Lestari, and B. Putra. 2021. “Saputri, A., Lestari, D., & Fixed Asset Growth Dan Implikasinya Terhadap Ekspansi Perusahaan Pertambangan Di Indonesia.” Jurnal Manajemen Dan Bisnis 18(2):201–215.
  39. Sari, Agustin Rusiana, and Fina Inayatul Maula. 2024. “Factors Affecting Cash Holding in Pharmaceutical Sub-Sector Manufacturing Companies.” Atestasi: Jurnal Ilmiah Akuntansi 7(2):762–80.
  40. Sartono, A. 2022. Manajemen Keuangan: Teori Dan Aplikasi. Yogyakarta: BPFE.
  41. Shari, Putu Nadya, and I. Nyoman Dewa Badera. 2023. “Capital Expenditure, Kesempatan Bertumbuh, Volatilitas Arus Kas Dan Cash Holding.” E-Jurnal Akuntansi 33(6):1513.
  42. Silom, Davih, Ivonne S. Saerang, and Lawren Julio Rumokoy. 2023. “Pengaruh PENGARUH GLOBAL ECONOMIC POLICY UNCERTAINTY, LIKUIDITAS, LEVERAGE, DAN FIRM SIZE TERHADAP KINERJA PERUSAHAAN SUB SEKTOR PARIWISATA, HOTEL DAN RESTORAN YANG TERDAFTAR DI BURSA EFEK INDONESIA.” Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi 11(1):349–60.
  43. Sugiyono, S. 2014. Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Bandung: Alfabeta.
  44. Sugiyono, S. 2017. Metode Penelitian Kuantitatif, Kualitatif, Dan Kombinasi (Mixed Methods). Bandung: Alfabeta.
  45. Sugiyono, S. 2020. Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. edited by 2. Bandung: Alfabeta.
  46. Sujarweni, V. W. 2022. Metodologi Penelitian Bisnis Dan Ekonomi. Yogyakarta: Pustaka Baru.
  47. Sumartha, Melson, and F. X. Kurniawan Tjakrawala. 2020. “Pengaruh Leverage, Profitability Dan Growth Opportunities Terhadap Cash Holding.” Jurnal Paradigma Akuntansi 2(1):459–68.
  48. Susanti, Eva, and Haris Kurniawan. 2021. “The Use of Magnetic Cube and Sticks Media in STEM-Based Learning (Science, Technology, Engineering, and Mathematics).” P. 12010 in Journal of Physics: Conference Series. Vol. 1776. IOP Publishing.
  49. Ugurlu-Yildirim, E., & Dinç-Cavlak, Ö. (2024). Effect of Climate Policy Uncertainty on the Relationship between Investor Sentiment and Metals and Mining Industry Index Returns: Time-Varying Granger Causality Approach. Finance a Uver, 74(3), 313-341.
  50. Umaro Aldata, Muhammad Mizani, and Chandra Wijaya. 2020. “The Influence of Uncertainties on Leverage and Investment Decisions of Non-Financial Firms in Indonesia.” International Journal of Management 11(5).
  51. Widiyati, Dian. 2020. “Pengaruh Profitabilitas, Ukuran Perusahaan, Leverage Dan Cash on Hand Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Pertambangan Batu Bara Yang Go Public Tahun 2017-2018 Di Bursa Efek Indonesia).” Going Concern: Jurnal Riset Akuntansi 15(2):279–89.
  52. Widjanarko, H., R. Putra, and M. Santosa. 2025. “Faktor Eksternal Dan Internal Yang Memengaruhi Kebijakan Cash Holding Perusahaan Di Indonesia.” Jurnal Manajemen Keuangan 19(1):1–20.
  53. Wiyono, G. 2020. Pengantar Analisis Laporan Keuangan. Yogyakarta: UPP STIM YKPN.
  54. Yudistira, A., S. Hartono, and D. Nugrahani. 2022. “Fixed Asset Growth and Firm Value: Evidence from Indonesian Listed Companies.” Jurnal Akuntansi Dan Keuangan 24(2):155–169.
  55. Yusmaniarti, R., B. Handoko, and E. Lestari. 2019. “Leverage Dan Implikasinya Terhadap Struktur Modal Perusahaan.” Jurnal Manajemen Keuangan 9(2).
  56. Zhang, Z., Y. Feng, H. Zhou, L. Chen, and Y. Liu. 2024. “Climate Policy Uncertainty and ESG Performance: Evidence from Chinese Non-Financial Firms.” Sustainability 16(5):2533. doi:https://doi.org/10.3390/su16052533.
  57. Zhao, L., Y. Ma, N. Chen, and F. Wen. 2025. “How Does Climate Policy Uncertainty Shape Corporate Investment Behavior?” Journal of Corporate Finance 79:102343. doi:https://doi.org/10.1016/j.jcorpfin.2024.102343.

Similar Articles

You may also start an advanced similarity search for this article.