Pengaruh Net Working Capital, Leverage, Firm Size, dan Liquidity terhadap Cash Holding Pada Perusahaan Infrastruktur

Abstract

This study aims to analyze the effect of Net Working Capital, Leverage, Firm Size, and Liquidity on Cash Holding in infrastructure sector companies. The research data consist of 59 infrastructure companies listed on the Indonesia Stock Exchange during the 2022–2024 period, resulting in 177 firm-year observations. After conducting an outlier test, 147 observations were used in the analysis. The data were analyzed using multiple linear regression. The results indicate that Net Working Capital has a positive and significant effect on Cash Holding, while Leverage has a negative and significant effect. Meanwhile, Firm Size and Liquidity do not have a significant effect on Cash Holding. These findings suggest that Cash Holding policies in infrastructure companies are more strongly influenced by internal financing capacity and capital structure than by Firm Size and short-term Liquidity. This study is expected to provide practical insights for managerial decision-making related to cash management and to serve as a reference for future research in corporate finance.