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All Journal AKUNTANSI DEWANTARA Upajiwa Dewantara : Jurnal Ekonomi, Bisnis dan Manajemen Daulat Rakyat
Novi Diah Wulandari
Universitas Nahdlatu Ulama Yogyakarta
Economics, Econometrics & Finance

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CORPORATE CASH HOLDING AS A FINANCIAL RESILIENCE STRATEGY: EVIDENCE FROM INDONESIAN CONSUMER NON-CYCLICAL COMPANIES (2021–2024) Novi Diah Wulandari; Regas Panji Pratomo
AKUNTANSI DEWANTARA Vol 9 No 2 (2025): Vol 9 No 2 (2025): AKUNTANSI DEWANTARA VOL. 9 NO 2 OKTOBER 2025
Publisher : Universitas Sarjanawiyata Tamansiswa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30738/ad.v9i2.23170

Abstract

This study investigates the determinants of corporate cash holding as a financial resilience strategy among Indonesian consumer non cyclical companies listed on the Indonesia Stock Exchange during the 2021 to 2024 post pandemic recovery period. Using a panel of 27 firms and 108 firm year observations, the study applies a Random Effects Model selected through the Hausman test, χ²(6) = 7.10, p = 0.311. Six firm level determinants are examined: leverage, profitability, firm size, net working capital, capital expenditure, and dividend policy. Profitability has the strongest positive effect on cash holding, β = 0.337, p < 0.01, supporting pecking order theory. Leverage negatively affects cash holding, β = −0.028, p < 0.05, indicating that debt functions as a disciplining mechanism and cash substitute. Net working capital is the most negative determinant, β = −0.315, p < 0.001, while firm size also has a negative effect, β = −0.023, p < 0.05. Dividend paying firms hold more cash, β = 0.027, p < 0.05, whereas capital expenditure is insignificant. The average cash ratio remains stable at 15.91 percent, suggesting that cash reserves represent a structural component of financial architecture. These findings advance liquidity management research and inform investors, managers, and policymakers.
PERBANDINGAN KINERJA KEUANGAN ANTAR SUB-SEKTOR PERUSAHAAN CONSUMER NON-CYCLICALS INDONESIA YANG TERDAFTAR DI BURSA EFEK INDONESIA Novi Diah Wulandari; Regas Panji Pratomo
UPAJIWA DEWANTARA : Jurnal Ekonomi, Bisnis dan Manajemen Daulat Rakyat Vol 9 No 2 (2025): UPAJIWA DEWANTARA: JURNAL EKONOMI, BISNIS DAN MANAJEMEN DAULAT RAKYAT
Publisher : Universitas Sarjanawiyata Tamansiswa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30738/mmud.v9i2.23401

Abstract

This study compares financial performance across four sub sectors of Indonesian consumer non cyclical companies listed on the Indonesia Stock Exchange during the 2021 to 2024 post pandemic recovery period. The analysis uses panel data from 26 firms and 104 firm year observations covering Food and Beverage, Pharmaceutical, Tobacco, and Agribusiness companies. The Kruskal Wallis test and Mann Whitney U post hoc comparisons with Bonferroni correction are applied to nine indicators: return on assets, return on equity, net profit margin, current ratio, debt to equity ratio, total asset turnover, cash holding ratio, price to book value, and Tobin’s Q. The results show significant differences in six indicators. Liquidity and leverage produce the largest effect sizes, with pharmaceutical firms recording the highest current ratio and lowest leverage, while Agribusiness firms show the weakest liquidity and relatively high leverage. Food and Beverage firms achieve the highest market valuation, whereas Agribusiness records the lowest Tobin’s Q. Pharmaceutical firms maintain the highest cash reserves, while Tobacco firms hold the lowest. Return on assets does not differ significantly across sub sectors, indicating comparable operational efficiency despite structural financial differences. These findings support investor benchmarking, sector allocation decisions, financial analysis, and sector specific policymaking in Indonesia.
Co-Authors Regas Panji Pratomo Regas Panji Pratomo