The Effect Of Debt Ratio, Net Working Capital, Profitability And Company Size On Cash Holdings

Artina Hakim; Eny Purwaningsih; Royhisar Martahan Simanungkalit; Hermanto Hermanto; Jaka Suharna

doi:10.47747/ijbme.v7i4.3683

Authors

Artina Hakim Universitas Esa Unggul
Eny Purwaningsih Universitas Esa Unggul
Royhisar Martahan Simanungkalit Universitas Esa Unggul
Hermanto Universitas Esa Unggul
Jaka Suharna Universitas Esa Unggul

DOI:

https://doi.org/10.47747/ijbme.v7i4.3683

Keywords:

Debt Level, Net Working Capital, Profitability, Company Size, Cash Holdings

Abstract

This research analyzed the impact of debt levels, net working capital, profitability, and company size on cash holdings. The research variables used sample data from manufacturing entities specializing in the food and beverage sector listed on the Indonesia Stock Exchange for 2023-2025. The sample was obtained through purposive sampling, based on specific conditions, such as entities consistently publishing financial reports with positive profits during the 2023-2025 period. The resulting sample consisted of 177 data sets, consisting of 59 entities over three years. However, there were 15 outliers (45 data sets), resulting in 132 data sets, or 44 entities, over three years. The method used in this research was multiple regression analysis. The findings illustrate that debt levels, net working capital, profitability, and company size simultaneously impact cash holdings. Meanwhile, the partial correlations indicate that net working capital and profitability have a positive impact on cash holdings, while debt levels and company size have no impact on cash holdings

Downloads

Download data is not yet available.

References

Anggraeni, D., & Syahzuni, B. A. (2025). The influence of corporate social responsibility on cash holdings: the moderating role of financial reporting quality. Jurnal Bisnis dan Ekonomi, 7(2), https://journalversa.com/s/index.php/jbe/issue/view/90.

Fatima, Nadeem. (2024). Factors affecting corporate cash holdings: evidence from the energy sector of Saudi Arabia. Investment Management and Financial Innovations, 21(3), e-ISSN: 1810-4967, p-ISSN: 1812-9358, 265-273. http://dx.doi.org/10.21511/imfi.21(3).2024.22.

Firdaus, V. A., & Mauludi, A. (2024). Pengaruh profitabilitas, leverage, dan likuiditas terhadap nilai perusahaan pada perusahaan sub sektor food and beverage yang terdaftar di BEI tahun 2020-2024. Kompak: Jurnal Ilmiah Komputerisasi Akuntansi, 18(2), e-ISSN: 2621-6248, p-ISSN: 1979-116X, 666-675. http://dx.doi.org/10.21511/imfi.21(3).2024.22.

Ghozali, Imam. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 Edisi 9. Semarang: Badan Penerbit Universitas Diponegoro.

Halim, K. I., & Novianty. (2023). The effect of capital expenditure, sales growth, and leverage on cash holdings. Jurnal Ilmiah Akuntansi dan Bisnis, 8(2), e-ISSN: 2528-1216, p-ISSN: 2528-2093, 112-119. https://doi.org/10.38043/jiab.v8i2.4666.

Hermanto & Alfiah, S. (2024). Pengaruh current ratio, leverage, profitability, inventory turnover, cash flow dan total assets terhadap nilai perusahaan. Jurnal Ilmiah MEA (Manajemen, Ekonomi dan Akuntansi), 8(1), e-ISSN: 2621-5306, p-ISSN: 2541-5255, 79-106. https://doi.org/10.31955/mea.v8i1.3628

Hidayati, N. D., & Ratnawati, D. (2024). The effect of profitability, leverage and firm size on cash holding industry company. International Journal of Economy, Education, and Entrepreneurship, 4(1), e-ISSN: 2798-012X, p-ISSN: 2798-0138, 46-54. http://dx.doi.org/10.21511/imfi.21(3).2024.22.

Keynes, J. M. (1936). The general theory of employment, interest and money. Palgrave Macmillan. Britania Raya.

Keys, S. D. M., & Edastami, M. (2024). Pengaruh struktur modal, ukuran perusahaan dan profitabilitas terhadap nilai perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Akademik: Jurnal Mahasiswa Humanis, 4(3), 967-982. https://doi.org/10.37481/jmh.v4i3.1028.

Mariska, U., Suhendar, S., & Nurmalia, G. (2025). The effect of profitability, liquidity, firm size, net working capital, leverage and growth opportunity on cash holding: empirical study from property and real estate companies listed in Indonesian Syariah Stock Index (ISSI) for The Period 2019-2023.Golden Ratio of Finance Management, 5(2), e-ISSN: 2776-6780, 279-296. http://dx.doi.org/10.21511/imfi.21(3).2024.22.

Maryanto, K. K., & Cahyono, Y. T. (2024). The effect of profitability, growth opportunity, leverage and firm size on cash holding. Proceeding International Conference on Accounting and Finance, 2, 1045-1052, https://journal.uii.ac.id/inCAF/article/view/33167.

Omega, M. P., & Simanungkalit, R. M. (2026). Pengaruh leverage, ukuran perusahaan, profitabilitas dan likuiditas terhadap pembayaran dividen pada perusahaan LQ45 periode 2023-2024. Kompak: Jurnal Ilmiah Komputerisasi Akuntansi, 19(1), e-ISSN: 2621-6248, p-ISSN: 1979-116X, https://journal.uii.ac.id/inCAF/article/view/33167.

Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan nomor 53/POJK.04/2017 tentang pernyataan pendaftaran dalam rangka penawaran umum dan penambahan modal dengan memberikan hak memesan efek terlebih dahulu oleh emiten dengan aset skala kecil atau emiten dengan aset skala menengah.

Prihartini, A. C. M. L., & Oktaryani, G. A. S. (2025). The effect of net working capital and leverage on cash holdings (a case study of food and beverage sector companies listed on the Indonesia Stock Exchange). Journal of Economics, Finance and Management Studies, 8(7), e-ISSN: 2644-0504, p-ISSN: 2644-0490, 4580-4588 http://dx.doi.org/10.21511/imfi.21(3).2024.22.

Romel, W., & Ekadjaja, A. (2023). Pengaruh profitabilitas, leverage, firm size, dan net working capital terhadap cash holding. Jurnal Ekonomi, 28(1), e-ISSN: 2580-4901, p-ISSN: 0854-9842. https://doi.org/10.24912/je.v28i1.1236.

Silaban, A. A., & Benarda. (2023). The effect of growth opportunity, net working capital, and leverage on cash holding. Formosa Journal of Sustainable Research, 2(9), e-ISSN: 2830-6228, 2295-2304. https://doi.org/10.55927/fjsr.v2i9.5573.

Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374.

Suryani, F. T., & Wahyudi, I. (2025). Pengaruh ukuran perusahaan, kebijakan dividen, likuiditas, dan profitabilitas terhadap nilai perusahaan. As-Syirkah: Islamic Economic & Financial Journal, 4(1), 193-209. https://doi.org/10.56672/64zb3h03.

Syifa, R., Karim, N. F., & Leon, F. M. (2026). The effect of working capital and profitability on cash holding in the Industrial Sector. International Journal of Accounting and Management Research, 7(1), e-ISSN: 2721-1126, p-ISSN: 2721-1118, 35-43. https://doi.org/10.30741/ijamr.v7i1.1895.

Yefrinanda, S. A., & Nyale, M. H. Y. (2026). Pengaruh liquidity, leverage, profitability, sales growth, dan firm size terhadap cash holdings. Kompak: Jurnal Ilmiah Komputerisasi Akuntansi, 19(1), e-ISSN: 2621-6248, p-ISSN: 1979-116X, 107-115. https://doi.org/10.51903/kompak.v19i1.3430.

Zalsabila, Y., Nuramal, & Anwar. (2023). The effect of firm size, growth opportunity, and net working capital on cash holding in main board healthcare sector companies listed on The Indonesia Stock Exchange. International Student Conference on Business, Education, Economics, Accounting and Management (ISC-BEAM), 1(1), e-ISSN:3047-5767, 370-381, https://doi.org/10.21009/ISC-BEAM.011.26.

Zullaicha, A .I., & Purwaningsih, E. (2026). Pengaruh komponen intellectual capital, firm size dan profitabilitas terhadap leverage. Arus Jurnal Sosial dan Humaniora, 6(1), e-ISSN:2808-1307, p-ISSN: 2808-1447, 1134-1144. https://doi.org/10.57250/ajsh.v6i1.2546.