Analisis Pengaruh Likuiditas, Profitabilitas, Pertumbuhan Aset, dan Capital Expenditure Terhadap Cash Holdings Pada Perusahaan Non-Finansial Yang Terdaftar di BEI Tahun 2021–2025
DOI:
https://doi.org/10.38035/jafm.v7i3.3662Keywords:
Cash Holdings, Likuiditas, Profitabilitas, Pertumbuhan Aset, Capital ExpenditureAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas, profitabilitas, pertumbuhan aset, dan capital expenditure terhadap cash holdings pada perusahaan non-finansial yang terdaftar di Bursa Efek Indonesia periode 2021–2025. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan. Sampel penelitian terdiri atas tujuh perusahaan non-finansial yang dipilih menggunakan teknik purposive sampling sehingga diperoleh 35 observasi. Analisis data dilakukan menggunakan regresi linear berganda dengan bantuan IBM SPSS Statistics. Hasil penelitian menunjukkan bahwa likuiditas berpengaruh negatif dan signifikan terhadap cash holdings, profitabilitas berpengaruh positif dan signifikan terhadap cash holdings, sedangkan pertumbuhan aset dan capital expenditure berpengaruh negatif dan signifikan terhadap cash holdings. Secara simultan, keempat variabel independen berpengaruh signifikan terhadap cash holdings, dengan model penelitian mampu menjelaskan 96,2% variasi cash holdings. Temuan ini menunjukkan bahwa kondisi likuiditas, kemampuan menghasilkan laba, pertumbuhan aset, dan keputusan investasi merupakan faktor penting dalam menentukan kebijakan cash holdings perusahaan.
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