{"id":"https://openalex.org/W7225317125","doi":"https://doi.org/10.35912/gaar.v5.n1.p19-40.2026","title":"Determinants of Cash Holding in Basic Materials Companies Listed on the Indonesia Stock Exchange","display_name":"Determinants of Cash Holding in Basic Materials Companies Listed on the Indonesia Stock Exchange","publication_year":2026,"publication_date":"2026-11-05","ids":{"openalex":"https://openalex.org/W7225317125","doi":"https://doi.org/10.35912/gaar.v5.n1.p19-40.2026"},"language":"en","primary_location":{"id":"doi:10.35912/gaar.v5.n1.p19-40.2026","doi":"https://doi.org/10.35912/gaar.v5.n1.p19-40.2026","is_oa":true,"landing_page_url":"https://doi.org/10.35912/gaar.v5.n1.p19-40.2026","pdf_url":"https://journals.goodwoodpub.com/index.php/gaar/article/download/7701/2739","source":{"id":"https://openalex.org/S4387285416","display_name":"Goodwood Akuntansi dan Auditing Reviu","issn_l":"2964-0652","issn":["2964-0652"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Goodwood Akuntansi dan Auditing Reviu","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://journals.goodwoodpub.com/index.php/gaar/article/download/7701/2739","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5160799841","display_name":"Nathasya Grace Evelyne","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Nathasya Grace Evelyne","raw_affiliation_strings":["Politeknik Negeri Lampung, Bandar Lampung, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Politeknik Negeri Lampung, Bandar Lampung, Indonesia","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5103163453","display_name":"Damayanti Damayanti","orcid":"https://orcid.org/0000-0003-0724-561X","observed_orcids":["https://orcid.org/0000-0003-0724-561X"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Damayanti Damayanti","raw_affiliation_strings":["Politeknik Negeri Lampung, Bandar Lampung, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Politeknik Negeri Lampung, Bandar Lampung, Indonesia","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5065649411","display_name":"Indriyani Indriyani","orcid":"https://orcid.org/0000-0001-9576-9143","observed_orcids":["https://orcid.org/0000-0001-9576-9143"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Indriyani Indriyani","raw_affiliation_strings":["Politeknik Negeri Lampung, Bandar Lampung, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Politeknik Negeri Lampung, Bandar Lampung, Indonesia","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5089135935","display_name":"Umarudin Kurniawan","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Umarudin Kurniawan","raw_affiliation_strings":["Politeknik Negeri Lampung, Bandar Lampung, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Politeknik Negeri Lampung, Bandar Lampung, Indonesia","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"5","issue":"1","first_page":"19","last_page":"40"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.5565999746322632,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.5565999746322632,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.40630000829696655,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.013000000268220901,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-cash-holdings","display_name":"cash holdings","score":0.9449999928474426},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.6520000100135803},{"id":"https://openalex.org/keywords/net-working-capital","display_name":"net working capital","score":0.9959999918937683},{"id":"https://openalex.org/keywords/capital-expenditure","display_name":"capital expenditure","score":0.9980000257492065},{"id":"https://openalex.org/keywords/basic-materials-companies","display_name":"basic materials companies","score":0.8159999847412109},{"id":"https://openalex.org/keywords/corporate-liquidity","display_name":"corporate liquidity","score":0.6370000243186951},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.9440000057220459},{"id":"https://openalex.org/keywords/pecking-order-theory","display_name":"pecking order theory","score":0.9980000257492065},{"id":"https://openalex.org/keywords/precautionary-motive","display_name":"precautionary motive","score":0.8709999918937683},{"id":"https://openalex.org/keywords/indonesia-stock-exchange","display_name":"Indonesia Stock Exchange","score":0.800000011920929},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.8080000281333923}],"concepts":[{"id":"https://openalex.org/C60679458","wikidata":"https://www.wikidata.org/wiki/Q823288","display_name":"Working capital","level":2,"score":0.7469000220298767},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.6729999780654907},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.6478000283241272},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5874000191688538},{"id":"https://openalex.org/C110000284","wikidata":"https://www.wikidata.org/wiki/Q1499557","display_name":"Cash conversion cycle","level":4,"score":0.5852000117301941},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5494999885559082},{"id":"https://openalex.org/C100363876","wikidata":"https://www.wikidata.org/wiki/Q690661","display_name":"Nonprobability sampling","level":3,"score":0.5145999789237976},{"id":"https://openalex.org/C97366136","wikidata":"https://www.wikidata.org/wiki/Q460184","display_name":"Cash flow statement","level":3,"score":0.5005999803543091},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.4936999976634979},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.4580000042915344},{"id":"https://openalex.org/C172983313","wikidata":"https://www.wikidata.org/wiki/Q1567268","display_name":"Pecking order theory","level":4,"score":0.45750001072883606},{"id":"https://openalex.org/C166819830","wikidata":"https://www.wikidata.org/wiki/Q2025903","display_name":"Operating cash flow","level":3,"score":0.4489000141620636},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.424699991941452},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.42419999837875366},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.39160001277923584},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3873000144958496},{"id":"https://openalex.org/C138262166","wikidata":"https://www.wikidata.org/wiki/Q570938","display_name":"Net income","level":2,"score":0.38530001044273376},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3718999922275543},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.3702999949455261},{"id":"https://openalex.org/C128044525","wikidata":"https://www.wikidata.org/wiki/Q1682806","display_name":"Cash flow forecasting","level":3,"score":0.3671000003814697},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.3628999888896942},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.34529998898506165},{"id":"https://openalex.org/C76087492","wikidata":"https://www.wikidata.org/wiki/Q1047352","display_name":"Cash management","level":3,"score":0.34060001373291016},{"id":"https://openalex.org/C51966318","wikidata":"https://www.wikidata.org/wiki/Q730884","display_name":"Current asset","level":3,"score":0.33899998664855957},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.28349998593330383},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.27230000495910645},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.27000001072883606},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.2531999945640564}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.35912/gaar.v5.n1.p19-40.2026","doi":"https://doi.org/10.35912/gaar.v5.n1.p19-40.2026","is_oa":true,"landing_page_url":"https://doi.org/10.35912/gaar.v5.n1.p19-40.2026","pdf_url":"https://journals.goodwoodpub.com/index.php/gaar/article/download/7701/2739","source":{"id":"https://openalex.org/S4387285416","display_name":"Goodwood Akuntansi dan Auditing Reviu","issn_l":"2964-0652","issn":["2964-0652"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Goodwood Akuntansi dan Auditing Reviu","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.35912/gaar.v5.n1.p19-40.2026","doi":"https://doi.org/10.35912/gaar.v5.n1.p19-40.2026","is_oa":true,"landing_page_url":"https://doi.org/10.35912/gaar.v5.n1.p19-40.2026","pdf_url":"https://journals.goodwoodpub.com/index.php/gaar/article/download/7701/2739","source":{"id":"https://openalex.org/S4387285416","display_name":"Goodwood Akuntansi dan Auditing Reviu","issn_l":"2964-0652","issn":["2964-0652"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Goodwood Akuntansi dan Auditing Reviu","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.7257999777793884,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225317125.pdf","grobid_xml":"https://content.openalex.org/works/W7225317125.grobid-xml"},"referenced_works_count":37,"referenced_works":["https://openalex.org/W1481693606","https://openalex.org/W2024495997","https://openalex.org/W2101247287","https://openalex.org/W2781277229","https://openalex.org/W2889743313","https://openalex.org/W2923414830","https://openalex.org/W3004323359","https://openalex.org/W3012709025","https://openalex.org/W3097740601","https://openalex.org/W3124114405","https://openalex.org/W4285651092","https://openalex.org/W4285710476","https://openalex.org/W4290741846","https://openalex.org/W4295093226","https://openalex.org/W4312285148","https://openalex.org/W4312416654","https://openalex.org/W4381683718","https://openalex.org/W4385499234","https://openalex.org/W4388682307","https://openalex.org/W4391511376","https://openalex.org/W4393138741","https://openalex.org/W4393230248","https://openalex.org/W4402576540","https://openalex.org/W4403502155","https://openalex.org/W4403502675","https://openalex.org/W4405653027","https://openalex.org/W4407923328","https://openalex.org/W4408982632","https://openalex.org/W4410462191","https://openalex.org/W4411128474","https://openalex.org/W7115912077","https://openalex.org/W7125795777","https://openalex.org/W7168025802","https://openalex.org/W7203671722","https://openalex.org/W7205009330","https://openalex.org/W7216594670","https://openalex.org/W7221512440"],"related_works":["https://openalex.org/W4285474502","https://openalex.org/W7133895752","https://openalex.org/W4285651084","https://openalex.org/W4295197055","https://openalex.org/W4285651042","https://openalex.org/W2585835410","https://openalex.org/W2776856170","https://openalex.org/W4285257520","https://openalex.org/W4396703904","https://openalex.org/W4399971269"],"abstract_inverted_index":{"Purpose:":[0],"This":[1,140],"study":[2,141],"examines":[3],"the":[4,39,55,129],"relationships":[5],"between":[6],"profitability,":[7],"net":[8,61],"working":[9,62,127,171],"capital,":[10,128],"capital":[11,63,71,172,180],"expenditure,":[12],"and":[13,29,60,94,105,123,135,154,170],"cash":[14,116,161,177],"holding":[15],"in":[16,191],"IDX-listed":[17],"basic":[18],"materials":[19],"companies":[20,28],"during":[21],"2021\u20132025.Research":[22],"Methodology:":[23],"Purposive":[24],"sampling":[25],"yielded":[26],"78":[27],"390":[30],"company-year":[31],"observations.":[32,45],"After":[33],"removing":[34],"10":[35],"outliers,":[36],"380":[37],"remained;":[38],"final":[40],"ANOVA":[41],"implies":[42],"379":[43],"regression":[44],"SPSS":[46],"26":[47],"was":[48],"used":[49],"for":[50],"a":[51],"natural-log":[52],"model":[53],"with":[54,176],"reported":[56,100],"Cochrane\u2013Orcutt":[57],"adjustment.Results:":[58],"Profitability":[59],"have":[64],"positive":[65],"significant":[66,84,184],"coefficients":[67],"(p":[68,77],"<":[69,89],"0.001);":[70],"expenditure":[72,181],"is":[73,83,92,97],"insignificant":[74],"at":[75],"5%":[76],"=":[78,86],"0.596).":[79],"The":[80,99,118,163],"joint":[81],"test":[82],"(F":[85],"39.739;":[87],"p":[88],"0.001).":[90],"R-squared":[91,96],"0.241":[93],"adjusted":[95],"0.235.Conclusions:":[98],"associations":[101],"support":[102],"H1,":[103],"H2,":[104],"H4,":[106],"but":[107],"do":[108],"not":[109],"establish":[110],"causal":[111],"effects":[112],"or":[113],"an":[114],"optimal":[115],"balance.Limitations:":[117],"findings":[119,164],"depend":[120],"on":[121],"sample":[122],"estimation":[124],"adjustments.":[125],"Cash-inclusive":[126],"asset-change":[130],"investment":[131],"proxy,":[132],"omitted":[133],"variables,":[134],"diagnostic":[136],"limitations":[137],"restrict":[138],"interpretation.Contributions:":[139],"extends":[142],"contemporary":[143],"corporate":[144,160],"liquidity":[145,189],"research":[146],"by":[147],"integrating":[148],"trade-off":[149],"theory,":[150,153],"pecking":[151],"order":[152],"precautionary":[155],"cash-holding":[156],"motives":[157],"to":[158],"explain":[159],"accumulation.":[162],"provide":[165],"sector-specific":[166],"evidence":[167],"that":[168],"profitability":[169],"are":[173],"positively":[174],"associated":[175],"reserves,":[178],"while":[179],"shows":[182],"no":[183],"relationship,":[185],"offering":[186],"insights":[187],"into":[188],"management":[190],"emerging":[192],"markets.":[193]},"counts_by_year":[],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2026-11-06T00:00:00"}