Kebijakan Cash Holding pada Perusahaan Sektor Teknologi di Indonesia

Abstract

 This study aims to analyze the effect of liquid asset substitutes, foreign ownership, institutional ownership, and managerial ownership on cash holding in technology companies listed on the Indonesia Stock Exchange for the period 2021-2024. Using quantitative methods and purposive sampling techniques, a sample of 38 companies was obtained and tested through panel data regression analysis using EVIEWS 12. The results indicate that liquid asset substitutes have a negative effect on cash holding, foreign ownership and managerial ownership have a positive effect, while institutional ownership has no significant effect. Based on these findings, technology sector companies are advised to continue prioritizing the efficient management of liquid asset substitutes to minimize the opportunity cost of excessive cash holding. On the other hand, considering that foreign ownership and managerial ownership have a positive effect, companies should optimize the strategic role of foreign shareholders and managers in maintaining adequate cash availability to support operational flexibility and capture future investment opportunities.