<![CDATA[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.]]>
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