Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Vol. 8 No. 8 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah

Peran Cash Holding dan Rasio Finansial Terhadap Penilaian Kinerja Perusahaan Sektor Non-Cylicals di Indonesia

Siti Dwi Arini (Unknown)
Shinta Permata Sari (Universitas Muhammadiyah Surakarta)



Article Info

Publish Date
09 Aug 2026

Abstract

Company performance reflects a company's current condition and future prospects through effective resource management. This study aims to analyse the effect of cash holdings, profitability, leverage, sales growth, and cash flow volatility on company performance, as proxied by Tobin's Q. The samples are non-cyclical companies listed   on   the   Indonesia   Stock   Exchange   (IDX)   during   the   2022–2024   period. A quantitative approach is employed, utilizing secondary data obtained from financial statements and annual reports accessed via the official IDX website. A total sampling technique is used and resulting in 288 observations over the study period. Data analysis is conducted using the Generalized Least Squares (GLS) method with the aid of Stata MP 17 software. The results indicate that Cash Holding has effect on Financial Performance.  Meanwhile, Profitability, Leverage, Sales Growth, and Cash Flow Volatility have no effect on Company Performance. Furthermore, the findings are expected to serve as a reference for management in formulating financial policies and for investors in evaluating company prospects as a basis for investment decision-making.

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Journal Info

Abbrev

alkharaj

Publisher

Subject

Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

Description

Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah is a scientific journal published by Pusat Riset dan Kebijakan Strategis PRKS) of  Institut Agama Islam Nasional (IAI-N) Laa Roiba Bogor in collaboration with Masyarakat Ekonomi Syariah (MES) and Intelectual Association for Islamic Studies ...