The Influence of Growth Opportunities, Working Capital and Cash Flow Towards Company Liquidity

: This study aims to determine whether growth opportunities, working capital and cash flow affect liquidity in the property and real estate sub-sector companies listed on the Indonesia Stock Exchange in 2014-2017. The independent variable in this study is growth opportunities, working capital operating cash flow, investment cash flow, funding cash flow, while the dependent variable is liquidity, which is proxied by CR (Current Ratio). The population in this study were 216 financial reports from 54 property and real estate sub-sector companies listed on the Indonesia Stock Exchange in 2014-2017, while the sampling technique used was purposive sampling. So that the sample for this study amounted to 192 financial reports from 48 companies in the Property and Real Estate Sub-Sector listed on the Indonesia Stock Exchange in 2014-2017. The type of data used in this study is secondary data. Regression analysis in this study used a significance level of 5%. The results of hypothesis testing indicate that operating cash flows partially have no effect on liquidity. Whereas for Growth Opportunities, Working Capital, Investment Cash Flow, Funding Cash Flow have an effect on Liquidity. The value of R squre shows that the variation of the independent variable affects liquidity by 35.7%, the remaining 64.3% is influenced by other factors outside of this study.


Introduction
Along with the development of business in Indonesia, competition between one company and another is unavoidable.Every company competes to attract more investors compared to other companies by using the capital market as an alternative source of corporate funds (Barus, 2016: 5).
The capital market is the meeting place between the supply and demand for securities.This is where market players, namely individuals or business entities that have surplus funds, invest in securities offered by issuers.The current development of the capital market cannot be separated from the role of investors (investors) who conduct transactions in the capital market.Profit as the main objective of the company is an indicator for the company whether it can survive and survive (going concern).
A more severe liquidity problem will lead to the inability of the company to meet its current obligations resulting in forced sale of investments and assets, and worse, it will lead to bankruptcy.The company's inability to pay its obligations, especially short-term debt (Sugiono & Christiawan, 2013).
The current measurement of the company's liquidity level is still frequently used, namely the current ratio and the quick ratio.Current ratio is the ratio between current assets and current liabilities, while the quick ratio is the ratio between current assets minus inventories and current debt.
In analyzing financial ratios, comparisons of quantitative data can be performed on the balance sheet, income statement and cash flow statement of a company to serve as the basis for future planning (Muktiadji, Hidayat, & Melinda, 2007).
The cash flow statement is one part of the financial statements that the company must make.In addition, cash flow statements are used to assist investors and creditors in making decisions related to the company.The cash flow statement reports cash receipts and payments classified into three activities, namely operations, investing, and financing (Hayati & Riani, 2011: 50).
Liquidity problems occurred in several property and real estate sub-sector companies, one of which was the LPKR company (PT Lippo Karawaci Tbk), namely that the liquidity of one of the companies included in the LQ45 category had fallen so that Moody's Investor service lowered LPKR's rating from B2 to B3 with an outlook negative.Where bonds rated B are bonds that are considered speculative and can be high risk.The higher level B, the more it shows that the bonds owned by the company are increasingly risky.At the same time, Moody's also downgraded it unsecured senior bonds issued by Theta Capital Pte. Ltd., which is a subsidiary of LPKR with the same rating.The decrease was due to the cash flow of PT.Lippo Karawaci, which shows an increasingly negative outlook.Meanwhile, the negative outlook reflects the uncertainty surrounding the sale of Lippo Karawaci's assets, which could lead to worsening liquidity of the parent company over the next 12-18 months.Lippo's financial performance also came under heavy pressure from the side of the depreciation of the Rupiah.Where more than 90% of this group's debt which is valued at USD1 billion is denominated in US dollars (www.cnbcindonesia.com,2018).
Another phenomenon also occurred with Agung Podomoro Land Tbk, the international rating agency, Moody's Investors Service, downgrading PT Agung Podomoro Land Tbk (APLN) from Ba3 to B1.Where bonds rated Ba are bonds with speculative elements and can be risky, then APLN has been downgraded to B1, meaning that the bonds held are considered high risk.The rating downgrade was also carried out for unsecured debt securities issued by APL Realty Holdings Pte.Ltd, a subsidiary of APLN, so B1 from Ba3.Moody's Vice President and Senior Credit Officer Jacintha Poh explained that the rating downgrade reflects Agung Podomoro's ability to pay weak debts due to low levels of marketing sales.According to Moodys, a significant increase in sales in the last two months of 2018 is unlikely to happen.Agung Podomoro's liquidity will remain weak over the next 12 months, due to his large short-term debt of around IDR 1.7 trillion.During the first 10 months of 2018, Agung Podomoro posted sales of Rp. 2.3 trillion even though he had already hit special promotions and discounts.The 10-month sales achievement was higher than the 2017 full year sales achievement which was recorded at Rp 1.9 trillion (www.cnbcindonesia.com,2018).
Another phenomenon also occurred at PT Alam Sutera Realty Tbk.Moody's affirmed the B2 rating for the Alam Sutera Group and the senior notes issued by Alam Synergy Pte Ltd which will mature in 2020 and 2022.However, Moody's has revised the outlook for the debt rating from "Stable."to" Negative ".Moody's Vice President and Senior Analyst Jacintha Poh said the revised outlook for Alam Sutera reflected Moody's expectations of a significant weakening of corporate liquidity in the next 12-18 months.The debt issued by Alam Synergy Pte Ltd consists of senior notes worth US $ 235 million due 2020 and senior notes worth US $ 245 million which will mature in 2022 (Grondys et al., 2021).The bonds in US dollars were issued for the purchase of land because bank debt was not allowed for purchases soil.Moody's also expects developers in Indonesia to show weak liquidity in the next 12 months.Five out of eight developers indicated insufficient cash conditions to cover short-term debt payments.(www.katadata.co.id, 2018) The greater the amount of cash in the company means that the company has a smaller risk of not being able to meet its financial obligations.The role of management in managing company cash is very important, because in every company it requires funds or working capital to finance its operational activities and to develop its business.Companies with high liquidity can be influenced by investment opportunity activities carried out by the company itself, in other words companies with high investment opportunities usually have high growth rates and are actively investing.
Based on the description above, there are still mixed results regarding cash flow operating activities have an effect on liquidity, cash flow from investing activities has an effect on liquidity, cash flow from financing activities has an effect on liquidity, working capital has an effect on liquidity, and growth opportunities have an effect on liquidity.

1.1
Liquidity Liquidity is the capacity of an organization to meet monetary commitments that are quickly dispensed or which are expected.In particular, liquidity mirrors the accessibility of assets claimed by the organization to meet all obligations that will be expected (Hani, 2015: 121).

1.2
Growth Opportunities According to Tandelilin (2010: 314), growth opportunities apply to a company's otential to expand in the future by taking advantage of investment opportunities in order to increase its value..

1.3
Working Capital Current assets minus current debt equals working capital.Working capital may also refer to funds set aside to invest in non-current assets or pay off non-current debts (Sofyan Syafri Harahap, 2013: 288).

Cash Flow
The concept of cash flow, according to the Indonesian Accounting Association (2018) in PSAK 2 effective January 1, 2018, is the inflow and outflow of money counterparts.

Working capital
Growth Opportunities Liquidity Operating Cash Flow Ha4 : Liquidity is affected by investment cash flow.
H05 : Liquidity is unaffected by funding cash flow.
Ha5 : Liquidity is affected by funding cash flows.

Research Methods
The analysis included 61 property and real estate sub-sector companies that were recorded on the Indonesia Stock Exchange (BEI) from 2014 to 2017.
Simple random sampling, complex probability sampling, systematic random sampling, stratified random sampling, cluster sampling, multistage sampling, convience sampling, and purposive sampling are all sampling design methods that can be used to select a sample.quota sampling and snowball sampling.Where in this study using purposive sampling.

Ratio
The effect of variables X1, X2, and X3 on variable Y was calculated using multiple linear regression analysis.Regression analysis will look for the regression equation (panel data regression) and the coefficient of determination (R2).The program to facilitate data processing and data analysis in this study will be used the Eviews 8 program.Furthermore, before the partial test is carried out, 4 validation tests of classical assumptions will be tested.The four classical assumptions are: (1) normality test, (2) multicollinearity test (3) heteroscedasticity test, (3) autocorrelation test.

1.6
Research Results 1.6.1 Descriptive Analysis

1) Liquidity
The overall liquidity condition in the 2014-2017 period is described in the following graph:

2) Growth Opportunities
Described the condition of the overall Growth Opportunity in the 2014-2017 period in the following graph: Picture 6 For the period 2014-2017, a graph of average growth opportunities in property and sub-sector companies listed on the Indonesia Stock Exchange (IDX) was established.

3) Working Capital
Described the condition of the working capital as a whole in the 2014-2017 period in the form of a graphic as follows: Picture 5 For the period 2014-2017, a graph of average working capital in companies listed on the Indonesia Stock Exchange (IDX) in the Property and Real Estate Sub Sector.

4) Cash Flow from Operating Activities
The overall AKO condition in the 2014-2017 period is described in the following graphic form: Picture 2 Graph of average AKO in companies listed on the Indonesia Stock Exchange (IDX) in the Property and Real Estate Sub Sector from 2014 to 2017

5) Cash Flow of Investing Activities
The overall condition of MMR in the 2014-2017 period is described in the following graph:

Investment Opportunity
Set (X1)  4 shows that the chi-square cross-section value of 0.0000 is smaller than the probability value of 0.05, namely (0.0000 <0.05), the Chow test results reject the Common Effect model and prefer the Fixed Effect model..In light of Table 5 shows that the cross-section value of chi-square is random amounting to 0.9102 is greater than the probability value of 0.05, namely (0.9102> 0.05), then the test result Hausman pointed out that the panel data method that is most appropriate to use is the Random Effect Model.The likelihood esteem in this examination is 0.756157, which infers that the remaining worth is regularly disseminated.Accordingly, it very well may be derived that one of the measures for relapse testing was met in this investigation.The magnitude of the Tolerance value 0.10 or equal to the VIF value 10 in this analysis demonstrates the multicollinearity test.

2) Multicollinearity Test Results
Table 6 shows that the regression model to be created is free of multicollinearity, and that the value of the Centered Variance Inflation Factor (Centered VIF ) for each variable is not greater than 0.10 or 10.The regression model is free of heteroscedasticity problems, as shown by the likelihood of the Glejser test results being greater than 0.05, based on the results presented in the table above.In view of the consequences of regression analysis in table 9 the regression equation which explains the effect of Growth Opportunities, Working Capital, AKO, AKI, and AKP on Liquidity is as follows: Y = 0,06543 + 0,60998 X1 + 0,00255 X2 + 0,00235 X3 + 0,01743 X4 + 0,02773 X5 From this model it can be explained that: 1.The value of β0 = a constant of 0.06543 shows the average value of liquidity if the Growth Opportunity, Working Capital, AKO, AKI, and AKP variables are considered constant to be zero (0).

table is 1.973, it can be
It is concluded that H05 is rejected and Ha5 is accepted, it means that partially the Growth Opportunity variable has a significant effect on Liquidity.

Working Capital Hypothesis Testing (𝐗2)
In view of the aftereffects of the t test (partial) in the regression model, the significance value of the Working Capital variable is 0.0107 <0.05 (significant level of research significance).In addition, it can also be seen from the comparison between tcount and ttable which shows the tcount value of 2.577699 while the t table is 1.973, it can be concluded that H04 is rejected and Ha4 is accepted, it means that partially the Working Capital variable has a significant effect on liquidity.

3.
Testing the AKO Hypothesis (3) In view of the aftereffects of the t test (partial) in the regression model, the significance value of the AKO variable was 0.7416> 0.05 (significant level of research significance).In addition, it can also be seen from the comparison between tcount and ttable which shows the tcount value of 0.330217 while ttable is 1.973, it can be concluded that H01 is accepted and Ha1 is rejected, meaning that partially the AKO variable does not have a significant effect on liquidity.

4.
Testing the AKI Hypothesis (4) In view of the aftereffects of the t test (partial) in the regression model, the significance value of the AKI variable was 0.0270 <0.05 (significant level of research significance).In addition, it can be seen also from the comparison between tcount and ttable which shows the tcount value of 2.229691 while t table is 1.973, it can be concluded that H02 is rejected and Ha2 is accepted, meaning that partially the AKI variable has a significant effect on liquidity.

PPA Hypothesis Testing (𝐗5)
In view of the aftereffects of the t test (partial) in the regression model, the PPA variable significance value is 0.0048 <0.05 (significant level of research significance).In addition, it can also be seen from the results of the comparison between t and t table which shows the tcount value of 2.852482 while t table is 1.973, it can be concluded that H03 is rejected and Ha3 is accepted, meaning that partially the PPA variable has a significant effect on liquidity..

The Effect of Growth Opportunities on Liquidity
The results of the t statistical test in table 9 show a t value of 8.671736 with a significance level of 0.0000, which is less than the significance level of 0.005.(5 percent ).The regression coefficient () is 0.60998, which is positive.The t statistical test and the regression coefficient indicate that the potential to rise has a substantial influence on the quality of earnings.As a result, hypothesize

The Effect of Working Capital on Liquidity
The t statistical test results in table 9 show that the t value is 2.577699 with a significance level of 0.0107, this value is smaller than the 0.05 significance level (5%).The regression coefficient (β) shows a positive value of 0.00255.So it can be concluded that H02 is rejected and Ha2 is accepted, meaning that partially the working capital variable has a significant effect on liquidity in the property and real estate sub-sector companies listed on the Indonesia Stock Exchange for the period 2014-2017.

The Effect of Operating Cash Flow on Liquidity
The results of the t statistical test are shown in Table 5, which show a t value of 0.330217 and a significance level of 0.7416, which is higher than the 0.05 significance level (5 percent ).As a result, H03 is accepted while Ha3 is rejected, implying that the operating cash flow measure has no effect on liquidity in the property and real estate sub-sector.

The Effect of Investment Cash Flow on Liquidity
The purchase and sale of long-term assets and other investments that do not contain cash equivalents are referred to as investment activities (Indonesian Accounting Association, 2018).Table 5 shows the results of the t statistical test, which indicate a t value of 2.229691 with a significance level of 0.0270, which is less than the 0.05 significance level (5 percent ).
The regression coefficient () implies a positive outcome.

The Effect of Funding Cash Flow on Liquidity
The aftereffects of the t statistical test in table 5 show that the t value is 2.852482 with a significance level of 0.0048, this value is smaller than the significance level of 0.005 (5%).The regression coefficient (β) shows a positive value of 0.02773.The results of the t statistical test and the regression coefficient show that funding cash flow has a significant positive effect on liquidity in the property and real estate sub-sector companies listed on the Indonesia Stock Exchange for the period 2014-2017.Thus hypothesis 3 (Ha5) is accepted.

Conclusion
In light of the consequences of the examination and conversation in the past section, the accompanying ends were acquired: 1.For the period 2014-2017, the results show that Growth Opportunities affect Liquidity in property and real estate sub-sector companies listed on the Indonesia Stock Exchange.
2. For the period 2014-2017, the results show that working capital affects on liquidity in the property and real estate sub-sector companies listed on the Indonesia Stock Exchange.
3. The findings show that operating cash flow doesn't affect liquidity in companies listed on the Indonesia Stock Exchange in the property and real estate sub-sector from 2014 to 2017. 4. The findings show that, for the period 2014-2017, the cash flow of investment affects liquidity in the property and real estate sub-sector companies listed on the Indonesia Stock Exchange.5.For the period 2014-2017, the results show that Funding Cash Flow affects Liquidity in property and real estate sub-sector companies listed on the Indonesia Stock Exchange.

Suggestions
Based on the discussion and conclusions obtained, the authors provide the following suggestions: 1.
For the Company We recommend that companies that have below average liquidity levels should pay more attention to the factors that affect liquidity in order to generate high liquidity, while these companies are PT Bumi Serpong Damai, PT Summarecon, PT Pikko Land Development, PT Gama Development, PT Eureka Prima Jakarta, and other companies with liquidity levels below average.Where high liquidity will be a reference for potential investors and creditors to invest their capital / funds for the company, so as not to cause a sense of concern about the risks that may arise.High or low liquidity arises due to several factors, including cash flow owned by the company, working capital and growth opportunities.

2.
For Investors Investors must be more careful in responding to financial information published by companies, especially in assessing company performance through financial ratios such as liquidity ratios.Especially for companies that show low levels of liquidity in the property and real estate sub-sector companies, including PT Bumi Serpong Damai, PT Summarecon, PT Pikko Land Development, PT Gama Development, PT Eureka Prima Jakarta, and other companies with high liquidity levels.low.
opportunities have no effect on liquidity Ha1 : Growth opportunities affect liquidity H02 : Working capital has no effect on liquidity Ha2 : Working capital affects liquidity H03 : Liquidity is unaffected by operating cash flow.Ha3 : Operating cash flow affects liquidity H04 : Liquidity is unaffected by investment cash flow.

Table 1
Research Sample Selection

Table 2
List of Companies Used as Research Samples Graph of average liquidity in companies listed on the Indonesia Stock Exchange (IDX) in the Property and Real Estate Sub Sector from 2014 to 2017.

2 Panel Data Model Testing 1) Chow test
For the period 2014-2017, a graph of MMR growth in companies listed on the Indonesia Stock Exchange (IDX) in the Property and Real Estate Sub-Sector.
Cash Flow of Financing ActivitiesThe overall PPA condition in the 2014-2017 period is described in the following graph: Picture 4 Graph of average PPA in companies listed on the Indonesia Stock Exchange (IDX) in the Property and Real Estate Sub Sector from 2014 to 2017.1.6.

Table 8
Based on table 8, the autocorrelation test results show that the Durbin Watson number is 1.824061 this value will be compared with the DW table with the number of observations (n) = 192, the number of variables (k) = 5 and a significance level of 0.05, the table value (du) = 1,817.Therefore DW 1.824061 is above the value of du = 1.817 but is below the value of 4-du = 2.183, namely (1.817 <1.824061 <2.183).1.6.4Coefficient of DeterminationBased on table 8, it is known that the R-squared value obtained is 0.357351 (35.7%).These results indicate that the dependent variable variable, namely Growth Opportunity, Working Capital, AKO, AKI, and AKP in this study amounted to 35.7%.While the remaining 64.3% is the influence of variables outside the research model .