The Effect of Net Working Capital, Asset Tangibility, and Leverage on Cash Holdings in Logistics Companies Listed on the Indonesia Stock Exchange for the 2020–2025 Period

Tarisa Nur Asyifa; Sabilla Saberina; Irfan Achmad Musadat

doi:10.37278/eprofit.v8i2.1630

Penulis

Tarisa Nur Asyifa Management, Universitas Informatika dan Bisnis Indonesia
Sabilla Saberina Management, Universitas Informatika dan Bisnis Indonesia
Irfan Achmad Musadat Manajemen, Universitas Informatika dan Bisnis Indonesia

DOI:

https://doi.org/10.37278/eprofit.v8i2.1630

Kata Kunci:

Net Working Capital, Asset Tangibility, Leverage, Cash Holding

Abstrak

This study aims to determine the effect of Net Working Capital, Asset Tangibility, and Leverage on Cash Holding at Transportation & Logistic companies in the Logistics & Deliveries subsector listed on the Indonesia Stock Exchange for the 2020-2025 period. The research method is quantitative with a descriptive and verificative approach. The population was 150 financial statements from 25 companies; purposive sampling yielded a sample of 71 financial statements from 13 companies. Data were processed using Microsoft Excel and IBM SPSS Statistics version 26. The results show that cash holding fluctuated during the research period, with the highest average in 2021 and the lowest in 2025. Partially, Net Working Capital has a significant effect on Cash Holding with an effect size of 22.4%, Asset Tangibility has a significant effect with an effect size of 11%, and Leverage has a significant effect with an effect size of 1.7%. Simultaneously, the three variables affect Cash Holding by 40.3%, while the remainder is influenced by other variables outside this study. These results indicate that companies need to pay attention to working capital conditions, the proportion of fixed assets, and the level of leverage in determining cash holding policy, and the study can serve as a reference for further research on the factors that influence Cash Holding.

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