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All Journal Jurnal Ilmiah Ekonomi, Manajemen dan Bisnis (EKMABIS)
Selsabila Nurmaputri
Universitas Pamulang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Effect Of Net Working Capital And Cash Conversion Cycle On Cash Holding At PT Nippon Indosari Corpindo TBK For The 2015–2025 Period Selsabila Nurmaputri; Achmad Agus Yasin Fadli
Jurnal Ilmiah Ekonomi Manajemen & Bisnis Vol. 4 No. 3 (2026): August 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60023/4jt5rq56

Abstract

This study examines the effects of Net Working Capital (NWC) and the Cash Conversion Cycle (CCC) on Cash Holding (CH) at PT Nippon Indosari Corpindo Tbk during 2015-2025. A quantitative associative design was applied to 11 annual observations derived from the company’s published financial statements. The analysis used descriptive statistics, classical assumption tests, multiple linear regression, the coefficient of determination, partial t-tests, and the simultaneous F-test. The results show that NWC has a positive and significant effect on Cash Holding (t = 5.299; p = 0.001), whereas CCC has a negative and significant effect (t = -2.580; p = 0.033). Simultaneously, NWC and CCC significantly affect Cash Holding (F = 22.654; p = 0.001). The model yields R² = 0.850, indicating that 85.0% of the variation in Cash Holding is explained jointly by NWC and CCC, while the adjusted R² is 0.812. These findings emphasize that both the liquidity buffer embedded in working capital and the efficiency of cash conversion are important for corporate cash policy. The study provides firm-specific longitudinal evidence from a major Indonesian bread producer across the pre-pandemic, pandemic, and post-pandemic periods.
Co-Authors Achmad Agus Yasin Fadli