Determinants of Cash Holdings in State-Owned Enterprises Listed on the Indonesia Stock Exchange during the Period 2015–2021

Abstract

This research was conducted to empirically investigate the determinants affecting the cash holdings of state-owned enterprises in Indonesia. The sample consisted of 15 state-owned companies listed on the Indonesia Stock Exchange (IDX) over a 7-year period (2015-2021). The study employed the ordinary least squares (OLS) research model. The results of this research indicate that leverage and BI rate significantly affects the cash holdings of state-owned enterprises in Indonesia. However, cash flow volatility, and capital expenditure do not have a significant impact on cash holdings. This study contributes to the literature on the determinants of cash holdings in state-owned enterprises in Indonesia.