Bagaimana Perusahaaan Bertahan Selama Krisis? Analisis Tren Kinerja dan Cash Holding Perusahaan Media dan Hiburan di Indonesia
Abstract
The COVID-19 pandemic created severe financial uncertainty for all sectors in Indonesia, including the media and entertainment industry sectors. However, empirical evidence on its long-term financial adjustments remains limited. This study analyzes the financial performance and cash holding of Indonesian M&E companies over 2014–2024, focusing on pandemic trends and impacts using profitability and liquidity variables such as cash holding, revenue, operating profit, and return on asset. Through descriptive trend analysis and Wilcoxon test via R Studio, we find significant dynamics in liquidity, assets, revenue, and operating income across the decade. Notably, we empirically find that average cash holding increased after COVID-19, reflecting a precautionary risk mitigation strategy against post-pandemic uncertainty. This study provides important insights for financial managers and policymakers in understanding financial performance patterns and liquidity management in the media and entertainment sector, especially in the face of crises.
Keywords
Full Text:
PDFReferences
Acharya, V. V., Almeida, H., & Campello, M. (2013). Aggregate risk and the choice between cash and lines of credit. Journal of Finance, 68(5), 2059–2116. https://doi.org/10.1111/jofi.12056
Amess, K., Banerji, S., & Lampousis, A. (2015). Corporate cash holdings: Causes and consequences. International Review of Financial Analysis, 42, 421–433. https://doi.org/10.1016/j.irfa.2015.09.007
Astuti, A. W., Wiyono, G., & Mujino, M. (2019). Analisis Cash Holding Berbasis Kekuatan Kas Dan Modal Kerja Bersih. JBTI : Jurnal Bisnis Teori Dan Implementasi, 10(2), 137–149. https://doi.org/10.18196/bti.102123
Azizah, I., & Savitri, D. A. M. (2024). Pandemi covid 19 : pengaruh cash holding di perusahaan sektor real estate dan properti. Jurnal Akuntansi Dan Pajak, 25(01), 1–8. http://jurnal.stie-aas.ac.id/index.php/jap Jurnal
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do U.S. firms hold so much more cash than they used to? Journal of Finance, 64(5), 1985–2021. https://doi.org/10.1111/j.1540-6261.2009.01492.x
Dekoulou, P., & Trivellas, P. (2017). Organizational structure, innovation performance and customer relationship value in the Greek advertising and media industry. Journal of Business and Industrial Marketing, 32(3), 385–397. https://doi.org/10.1108/JBIM-07-2015-0135
Fisher, A., Knesl, J., & Lee, R. C. Y. (2025). How valuable is corporate adaptation to crisis? Estimates from Covid-19 work-from-home announcements. Journal of Financial Economics, 174(July 2023), 104168. https://doi.org/10.1016/j.jfineco.2025.104168
Habib, A., & Hasan, M. M. (2017). Social capital and corporate cash holdings. International Review of Economics and Finance, 52, 1–20. https://doi.org/10.1016/j.iref.2017.09.005
Jain, R., & Poudel, R. (2023). A Re-Examination of Increasing Cash Holdings. Journal of Accounting and Finance, 23(1), 29–43. https://doi.org/10.33423/jaf.v23i1.5832
Jani, E., Hoesli, M., & Bender, A. (2011). Corporate Cash Holdings and Agency Conflicts. SSRN Electronic Journal, 1–30. https://doi.org/10.2139/ssrn.563863
Khatib, S. F. A., Abdullah, D. F., Hendrawaty, E., & Elamer, A. A. (2022). A bibliometric analysis of cash holdings literature: current status, development, and agenda for future research. In Management Review Quarterly (Vol. 72, Issue 3). Springer International Publishing. https://doi.org/10.1007/s11301-021-00213-0
Kim, H.-D., Kim, T., Kim, Y., & Park, K. (2019). Do long-term institutional investors promote corporate social responsibility activities? Journal of Banking & Finance, 101, 256–269. https://doi.org/https://doi.org/10.1016/j.jbankfin.2018.11.015
Kwan, S. S., Khong, R. W. L., & Hung, W. T. (2023). Stock Liquidity and Cash Holdings: Evidence From Malaysia. Asian Academy of Management Journal of Accounting and Finance, 19(1), 101–120. https://doi.org/10.21315/aamjaf2023.19.1.4
Mhadhbi, F. (2024). Do CSR Activities Influence Cash Holding Policy in European Countries ? Journal of Accounting, Business and Management (JABM), 31(2), 1–27.
Opler, T., Pinkowitz, L., Stulz, H., & Williamson, R. (1999). The determinants and impllications of corporate cash holdings. Journal of Financial Economics, 52, 3–46.
Qin, X., Huang, G., Shen, H., & Fu, M. (2020). COVID-19 Pandemic and Firm-level Cash Holding—Moderating Effect of Goodwill and Goodwill Impairment. Emerging Markets Finance and Trade, 56(10), 2243–2258. https://doi.org/10.1080/1540496X.2020.1785864
Rahayu, P. F. (2021). Analisis Kinerja Keuangan Berdasarkan Metode Economic Value Added (Eva) Pada Perusahaan Industri Media Yang …. Jurnal Akuntanika, 7(1). http://journal.poltekanika.ac.id/index.php/akt/article/view/231/208
Rahim, R., Sulaiman, D., Husni, T., & Wiranda, N. A. (2021). Investor Behavior Responding to Changes in Trading Halt Conditions: Empirical Evidence from the Indonesia Stock Exchange. Journal of Asian Finance, Economics and Business, 8(4), 135–143. https://doi.org/10.13106/jafeb.2021.vol8.no4.0135
Ranajee, & 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
Shahriar, M. S., Islam, K. M. A., Zayed, N. M., Hasan, K. B. M. R., & Raisa, T. S. (2021). The Impact of COVID-19 on Bangladesh’s Economy: A Focus on Graduate Employability. Journal of Asian Finance, Economics and Business, 8(3), 1395–1403. https://doi.org/10.13106/jafeb.2021.vol8.no3.1395
Tawiah, B., & Keefe, M. O. (2024). Cash Holdings and Corporate Investment: Evidence from COVID-19. Review of Corporate Finance, 4(3–4). https://doi.org/10.2139/ssrn.3712767
Tran, L. T. H., Tu, T. T. K., & Hoang, T. T. P. (2021). Managerial optimism and corporate cash holdings. International Journal of Managerial Finance, 17(2), 214–236. https://doi.org/10.1108/IJMF-04-2019-0129
DOI: https://doi.org/10.52620/jseba.v3i1.359
Refbacks
- There are currently no refbacks.
Copyright (c) 2026 Maulidah Fitria
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
| About the Journal | Journal Policies | Author | Information |
Journal of Sharia Economics, Banking and Accounting by Institut Nurul Islam Mojokerto is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
