<![CDATA[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.]]>
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