ANALISIS PENGARUH MANAJEMEN MODAL KERJA DAN CASH HOLDING TERHADAP PROFITABILITAS:STUDI EMPIRIS PERUSAHAAN SEKTOR NONKEUANGAN DI INDONESIA

FITRIANTY, DWINTA and Azwardi, Azwardi and Mu'izzuddin, Mu'izzuddin (2025) ANALISIS PENGARUH MANAJEMEN MODAL KERJA DAN CASH HOLDING TERHADAP PROFITABILITAS:STUDI EMPIRIS PERUSAHAAN SEKTOR NONKEUANGAN DI INDONESIA. Masters thesis, Sriwijaya University.

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Abstract

This study aims to analyze the effect of working capital management, proxied by the Net Working Capital Ratio (NWCR), and cash holding on the profitability of non-financial firms in Indonesia during the 2019–2023 period, while taking into account the impact of the COVID-19 crisis. Profitability is measured using Return on Assets (ROA), and a crisis dummy variable is included to capture the dynamic changes during the pandemic period. The analysis employs a panel data regression approach using the Panel-Corrected Standard Error (PCSE) model and includes interaction terms between NWCR and cash holding with the crisis dummy. The results show that, in aggregate, cash holding has a significant positive effect on ROA during 2019–2023, while NWCR is not statistically significant. However, the interaction between NWCR and the crisis dummy shows a significant positive effect, indicating that the impact of working capital management increased during the crisis. This study contributes to a better understanding of liquidity strategies under uncertainty and emphasizes the importance of adaptive working capital management during crisis periods. Keywords: Net Working Capital Ratio, Cash holding, ROA, Crisis, Non-Financial Firms, Panel Data

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	Working Capital Management, Cash Holding, Indonesia nonfinancial firms
Subjects:	H Social Sciences > HG Finance > HG1-9999 Finance
Divisions:	01-Faculty of Economics > 61101-Management Business and Administration (S2)
Depositing User:	Dwinta Fitrianty
Date Deposited:	12 Aug 2025 03:19
Last Modified:	12 Aug 2025 03:19
URI:	http://repository.unsri.ac.id/id/eprint/182701

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