<![CDATA[This study aims to analyze the effect of institutional ownership, board size, capital expenditure, net working capital, liquidity, leverage, cash flow ratio on cash holding before and during the COVID-19 pandemic, and differences in average cash holding. Based on purposive sampling, there are 85 manufacturing companies during 2019-2020. Hypothesis testing with regression analysis and Wilcoxon signed-rank test using SPSS. Research before the pandemic shows board size, leverage, and cash flow ratio have a significant effect on cash holding, Research during the pandemic shows that capital expenditure, liquidity, leverage, and cash flow ratio have a significant effect on cash holding. Study finds significant differences between average cash holding before and during the pandemic.]]>
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