Cash Holding in Indonesia

This paper has objective to explore determinant of Cash Holding in Emerging Market. Variable is used to determine cash holding which is Gross Profit Margin, Accounts Receivable and Account Payable, Return on Assets, Debt to Equity Ratio, Interest Rate and COVID-19. This paper used panel data model to estimate relationship among variable. Research period is from 2016 to 2023 and 15 Companies in retail industry. The results found that coefficient of correlation among variable is below of 0.5, Gross Profit Margin, Accounts Receivable and Account Payable, ROA and DER and COVID-19 significantly affect cash holding.