Pengaruh Tingkat Arus Kas, Capital Expenditure, Profitabilitas, dan Leverage Terhadap Cash Holding Perusahaan Teknologi di BEI 2023–2025
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Perubahan kondisi ekonomi pascapandemi dan fenomena tech winter telah meningkatkan ketidakpastian bisnis pada perusahaan sektor teknologi, sehingga kebijakan pengelolaan kas (cash holding) menjadi aspek strategis dalam menjaga likuiditas dan keberlanjutan operasional perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh tingkat arus kas (cash flow level), capital expenditure, profitabilitas, dan leverage terhadap cash holding pada perusahaan teknologi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2023–2025. Penelitian ini menggunakan pendekatan kuantitatif dengan desain deskriptif dan verifikatif. Data yang digunakan berupa data sekunder dari laporan keuangan 10 perusahaan teknologi yang terdaftar di BEI selama periode penelitian. Teknik analisis data menggunakan regresi data panel dengan bantuan perangkat lunak EViews 13, melalui pengujian pemilihan model, uji asumsi, uji F, dan uji t. Hasil penelitian menunjukkan bahwa model terbaik yang digunakan adalah Random Effect Model (REM). Secara simultan, tingkat arus kas, capital expenditure, profitabilitas, dan leverage berpengaruh signifikan terhadap cash holding. Secara parsial, capital expenditure dan leverage berpengaruh negatif dan signifikan terhadap cash holding, sedangkan tingkat arus kas dan profitabilitas tidak berpengaruh signifikan. Penelitian ini menyimpulkan bahwa keputusan penyimpanan kas perusahaan teknologi lebih dipengaruhi oleh kebutuhan investasi dan struktur pendanaan dibandingkan kemampuan menghasilkan laba maupun arus kas operasional.
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