Yogyakarta-Wednesday, July 31, 2019. R. Heru Kristanto HC., SE., MSi., is a prospective doctoral candidate in accounting progam at the open examination for doctoral promotion in the Doctoral Program of the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM). R. Heru Kristanto HC., SE., MS officially holds the 4512th doctorate at Gadjah Mada University, and the 27th in the Faculty of Economics and Business, Universitas Gadjah Mada with the dissertation title “The Effect of Cash Magnitude, Optimal Cash, and Optimal Speed of Cash Adjustment on Firm Value, with Moderating Governance Company, Investment and Debt: Empirical Study on Companies in Indonesia”. A book writer with bibliometric literature: An approach to getting research topics using PoP, Mendeley, and VOSviewer applications, earning a very satisfying predicate after answering the questions of the board of promoters, examiners, and evaluators for 1 (one) hour long. The promoter team consisted of Dr. Mamduh M. Hanafi, MBA., As a promoter, Dr. I Wayan Nuka Lantara, MSi., And Dr. Bowo Setiyono, M.Com., As co-promoter.
The open doctoral promotion exam was opened by the chairman of the examining team Kushdianto Setiawan, Sivilokonom., Ph.D., Deputy Dean of Finance, Assets, and Human Resources FEB UGM, and was attended by the promoter team. In addition, there were also examiners and assessment teams, namely Prof. Eduardus Tendelilin, MBA., Ph.D., Agus Setiawan, M.Soc., Sc., Ph.D., Zaafri Ananto Husodo, MM., Ph.D., Eddy Junarsin, MBA., Ph.D., and Prof. Dr. Tri Gunarsih, MM.
Using the Fixed Effect dynamic panel regression equation model from 197 companies with 3,349 n samples which obtained from the IDX during the 2001-2007, this research aims to examine the effect of cash, optimal cash, and optimal cash adjustment speed on non-financial firms. In addition, this study includes interaction variables by using Moderated Analysis Regression. The results of the hypothesis indicate: i) cash / total assets, optimal cash, and the speed of optimal cash adjustment of the company have a positive effect on firm value; ii) the greater managerial ownership, the stronger the influence of cash on firm value; iii) the greater the institutional ownership, the stronger the influence of cash on firm value; iv) independent commissioners strengthen the influence of cash, the company’s optimal cash on company value; v) investment strengthens the effect of cash on firm value; vi) debt weakens the effect of optimal cash and cash on firm value. Even so, Dr. R. Heru Kristanto HC., MSi., suggested that in the next study add the company’s cash determinant model both dependent and independent variables to find the factors that determine the company’s cash properly.
At the end of the session, Dr. Mamduh M. Hanafi, MBA., As a promoter congratulated and advised Dr. R. Heru Kristanto HC., MSi. in order to always uphold noble and highly educated morals.-RP