Pengaruh Growth Opportunity, Debt To Asset Ratio, Current Ratio, dan Return on Asset terhadap Cash Holding pada Perusahaan Subsektor Apparel And Luxury Goods yang Terdaftar di Bursa Efek Indonesia Periode 2019-2025

Zalfa Dhia Rabbani; Desmiza Desmiza

doi:10.61132/anggaran.v4i3.2605

Authors

Zalfa Dhia Rabbani Universitas Jendral Achmad Yani
Desmiza Desmiza Universitas Jendral Achmad Yani

DOI:

https://doi.org/10.61132/anggaran.v4i3.2605

Keywords:

Cash Holding, Current Ratio, Debt-To-Asset Ratio, Growth Opportunity, Return on Asset

Abstract

Companies in the Apparel and Luxury Goods subsector experienced fluctuations in Growth Opportunity, Debt to Asset Ratio, Current Ratio, Return on Assets, and Cash Holdings during 2019–2025, indicating that cash holding policies may be influenced by financial conditions. This study aimed to analyze the effects of growth opportunity, debt to asset ratio, current ratio, and return on assets on cash holdings in Apparel and Luxury Goods subsector companies listed on the Indonesia Stock Exchange during 2019–2025. A quantitative approach was employed using secondary data from annual financial reports. The sample was selected through purposive sampling, resulting in 18 companies meeting the research criteria throughout the observation period. Data were analyzed using panel data regression, including the Chow, Hausman, and Lagrange Multiplier tests for model selection, followed by classical assumption tests, partial (t) and simultaneous (F) tests, and the coefficient of determination. The results showed that growth opportunity, debt to asset ratio, and return on assets had no significant effect on cash holdings, while current ratio had a positive effect. Simultaneously, all four variables significantly affected cash holdings. These findings indicate that short-term liquidity is an important factor in cash holding policies. The study provides a reference for companies in establishing optimal cash holding policies and for investors evaluating financial conditions.

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