<![CDATA[Cash is the most liquid asset and plays an important role in supporting a company's operational activities. Optimal cash management is necessary to maintain liquidity without reducing the efficiency of working capital utilization. This study aims to analyze the effect of Return on Assets (ROA), Cash Flow (CF), and Net Working Capital (NWC) on Cash Holding, with Firm Size as a moderating variable in cosmetic and household products sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period.This study employs a quantitative approach with a descriptive-verificative research design. The data used are secondary data obtained from the companies’ annual finan-cial statements. Data analysis was conducted using multiple linear regression and Mod-erated Regression Analysis (MRA) to examine the effects of the independent variables on Cash Holding and the moderating role of Firm Size.The results indicate that return on assets (roa) has no significant effect on cash hold-ing. Meanwhile, cash flow and net working capital have a positive and significant effect on cash holding. Firm size is unable to moderate the effect of return on assets on cash holding. However, firm size weakens the positive effect of cash flow on cash holding and strengthens the positive effect of net working capital on cash holding. These findings suggest that company size plays an important role in determining the relationship be-tween financial factors and corporate Cash Holding policies.]]>
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