Pengaruh Net Working Capital, Sales Growth, dan Inflasi terhadap Cash Holding pada PT Matahari Department Store Tbk Periode 2015-2024

Syifa Tiara Febriyanti; Yulian Bayu Ganar

doi:10.55606/jubima.v4i3.4516

Authors

Syifa Tiara Febriyanti Universitas Pamulang
Yulian Bayu Ganar Universitas Pamulang

DOI:

https://doi.org/10.55606/jubima.v4i3.4516

Keywords:

Cash Holding, Inflation, Liquidity, Net Working Capital, Sales Growth

Abstract

This study examines the effect of net working capital, sales growth, and inflation on cash holding at PT Matahari Department Store Tbk during 2015-2024. The research employed a quantitative approach using secondary data from the company's annual financial statements and annual inflation data. The analysis comprised descriptive statistics, classical assumption tests, multiple linear regression, partial t-tests, simultaneous F-tests, correlation analysis, and the coefficient of determination using SPSS 27. The results show that net working capital has a positive and significant partial effect on cash holding (t = 5.504; p = 0.002). Sales growth does not have a significant partial effect (t = -0.362; p = 0.730), and inflation also does not have a significant partial effect (t = -0.135; p = 0.897). Simultaneously, net working capital, sales growth, and inflation significantly affect cash holding (F = 11.094; p = 0.007). The correlation coefficient of 0.920 indicates a very strong relationship, while Adjusted R Square of 0.771 shows that the three independent variables explain 77.1% of the variation in cash holding. The findings emphasize the dominant role of internal liquidity management in the company's cash policy, while sales growth and inflation are not independently sufficient to explain annual changes in cash holding.

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