Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, dan Leverage Terhadap Cash holding pada Perusahaan Sektor Energi di Bursa Efek Indonesia Tahun 2021-2025
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Abstract
Sektor energi memiliki kebutuhan modal besar dan Tingkat ketidakpastian bisnis yang tinggi,sehingga kebijakan cash holding menjadi hal krusial bagi perushaan di sektor ini. Penelitian ini menguji pengaruh profitabilitas, ukuran Perusahaan, dan leverage terhadap cash holding pada Perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2021-2025, menggunakan pendekatan kuantitatif dengan metode asosiatif kausal. Melalui teknik purposive sampling, diperoleh 35 perusahaan dengan 175 observasi berdasarkan data sekunder dari laporan keuangan dan laporan tahunan. Pengujian dilakukan dengan regresi linear berganda berbantuan SPSS. Hasilnya, profitabilitas terbukti berpengaruh positif dan signifikan, ukuran perusahaan berpengaruh negatif dan signifikan, sementara leverage tidak berpengaruh signifikan terhadap cash holding. Temuan ini mengonfirmasi bahwa kemampuan menghasilkan laba dan skala perusahaan menjadi penentu utama kebijakan cash holding, sehingga penting bagi manajemen untuk memperhatikan kedua faktor tersebut demi menjaga ketahanan keuangan perusahaan sektor energi.
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