The Effect Of Company Size, Sales Growth, And Leverage On Cash Holdings In Technology Companies Listed On The Indonesia Stock Exchange In 2020 – 2024
Keywords:
Cash Holding, Firm Size, Sales Growth, Leverage, Technology Companies
Abstract
The problem in this study is the fluctuation of cash holding levels in technology sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Changes in the technology industry, characterized by the Tech Winter phenomenon, tighter global funding conditions, and increasing economic uncertainty, have encouraged companies to manage cash optimally in order to maintain liquidity and business continuity. Cash holding policy is an important aspect because it serves as a reserve fund to meet operational needs and anticipate financial risks. However, the level of cash holding owned by a company can be influenced by several factors, such as firm size, sales growth, and leverage. The purpose of this study is to analyze and determine the effect of firm size, sales growth, and leverage on cash holding in technology companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This study was conducted on technology sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The population of this study consisted of 47 companies. The sampling technique used was purposive sampling, resulting in 14 companies that met the research criteria with a total of 70 observations. The data used were secondary data obtained from the companies' annual financial reports. The data analysis method employed panel data regression, including descriptive statistical analysis, model selection through the Chow Test and Hausman Test, and hypothesis testing using the t-test, F-test, and coefficient of determination (R²). Data processing was carried out using EViews 12 software. The results show that firm size has no effect on cash holding. Sales growth has a positive and significant effect on cash holding. Leverage has a negative and significant effect on cash holding. Simultaneously, firm size, sales growth, and leverage have a significant effect on cash holding in technology companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The Adjusted R-Square value of 0.287580 indicates that firm size, sales growth, and leverage explain 28.76% of the variation in cash holding, while the remaining 71.24% is explained by other variables outside the research model. The conclusion of this study is that firm size has no effect on cash holding; therefore, H1 is rejected. Sales growth has a positive and significant effect on cash holding; therefore, H2 is accepted. Leverage has a negative and significant effect on cash holding; therefore, H3 is accepted. Firm size, sales growth, and leverage simultaneously have a significant effect on cash holding; therefore, H4 is accepted
References
Agarwal, S., Qian, W., Yeung, B. Y., & Zou, X. (2019). Mobile Wallet and Entrepreneurial Growth. AEA Papers and Proceedings, 109, 48–53. https://doi.org/10.1257/pandp.20191010
Ahmad, M. F., & Karpuz, A. (2024). Beyond climate change risk: Biodiversity and corporate cash holdings. Economics Letters, 236, 111608.
Al-Mamun, M. A., Yasser, Q. R., & Hassan, M. K. (2020). The moderating role of profitability on the sales growth-financial distress nexus. Journal of Business Finance and Accounting, 47(5–6), 651–675. https://doi.org/10.1111/jbfa.12345
Alfinur, A., & Hidayat, C. W. (2021). Firm Size, sales growth, profitability dan firm value pada sektor basic industry and chemical. Management and Business Review, 5(1), 85–92. https://doi.org/10.21067/mbr.v5i1.5545
Ali, M. A. S., Aly, S. A. S., Abdelazim, S. I., & Metwally, A. B. M. (2024). Cash holdings, board governance characteristics, and Egyptian firms’ performance. Cogent Business & Management, 11(1), 2302205.
Annisa, V., Amboningtyas, D., & Gagah, E. (2021). Pengaruh Flows Cash, Sales Growth dan Leverage terhadap Financial Distress dengan profitabilitas sebagai variabel moderasi. Journal of Management, 7(1), 1–12.
Arianti, B. F. (2022). The Influence of Capital Structure, Sales Growth, and Investment Decisions on Company Value. Gorontalo Accounting Journal, 5(1), 1–10. https://doi.org/10.32662/gaj.v5i1.1845
Arifa, S. A., Sopanah, A., & Hasan, K. (2024). Understanding Transparency: Interpretation of ISAK 35 in the Presentation of LKSA Robbani Financial Reports. Innovation Business Management and Accounting Journal, 3(2), 195–204.
Atif, M., Liu, B., & Nadarajah, S. (2022). The effect of corporate environmental, social and governance disclosure on cash holdings: Life‐cycle perspective. Business Strategy and the Environment, 31(5), 2193–2212.
Atmaja, D. S., Zaroni, A. N., & Yusuf, M. (2023). Actualization Of Performance Management Models For The Development Of Human Resources Quality, Economic Potential, And Financial Governance Policy In Indonesia Ministry Of Education. Multicultural Education, 9(01), 1–15. https://mccaddogap.com/ojs/index.php/me/article/view/92
Azure, J. D.-C., Alawattage, C., & Lauwo, S. G. (2024). Politics of fiscal discipline: counter-conducting the World Bank’s public financial management reforms. Accounting, Auditing & Accountability Journal, 37(4), 1012–1040. https://doi.org/10.1108/AAAJ-04-2022-5761
Bawono, I. R., Kinasih, A. D. M., & Rahayu, A. K. (2020). Factors affecting accountability of village fund management through implementation of the village financial system (SISKEUDES). Journal of Accounting and Investment, 471–491.
Chang, C.-C., & Yang, H. (2022). The role of cash holdings during financial crises. Pacific-Basin Finance Journal, 72, 101733.
Chen, W., Cao, Y., Dong, Y., & Ma, D. (2024). Environmental regulations and corporate cash holdings. The British Accounting Review, 101388.
Chen, W., Li, Z., & Zhang, J. (2024). Sales growth, asset utilization, and financial distress: An empirical investigation of Chinese firms. Journal of Financial Markets and Portfolio Management, 38(1), 1–20.
Das, B. C., Hasan, F., & Sutradhar, S. R. (2024). The impact of economic policy uncertainty and inflation risk on corporate cash holdings. Review of Quantitative Finance and Accounting, 62(3), 865–887.
Dewi, I. A. P. T., & Sujana, I. K. (2019). Pengaruh Likuiditas, Pertumbuhan Penjualan, dan Risiko Bisnis Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 26, 85. https://doi.org/10.24843/eja.2019.v26.i01.p04
Dewila, D. (2025). Effectiveness of Village Financial System Implementation (SISKEUDES) in Realizing Accountability and Transparency to Prevent Fraud. Golden Ratio of Finance Management, 5(1), 88–100.
Ezeani, E., Salem, R. I. A., Usman, M., Kwabi, F., & Bilal. (2023). Board characteristics and corporate cash holding: evidence from the UK, France and Germany. International Journal of Accounting & Information Management, 31(3), 413–439.
Fatimah, S., Sari, D. E., Ahmad, N. L., Puspitasari, I. F., Suranto, & Faradila, A. (2025). SISKEUDES application: Transforming financial administration in Indonesian villages. AIP Conference Proceedings, 3142(1), 20077. https://doi.org/10.1063/5.0262070
Febriyanto, F. C. (2018). The effect of leverage, sales growth and liquidity to the firm value of real estate and property sector in Indonesia stock exchange. Economics and Accounting Journal, 1(3), 198–205.
Gounopoulos, D., & Zhang, Y. (2024). Temperature trend and corporate cash holdings. Financial Management, 53(3), 471–499.
Hassan, A., Khan, M. A., & Ahmed, S. (2023). Sales growth, profitability, and financial distress: An empirical analysis of Pakistani firms. Journal of Business and Economic Policy, 10(1), 1–15.
Julianty, I., Agung Ulupui, I. G. K., & Nasution, H. (2023). Pengaruh Financial Distress Dan Capital Intensity Terhadap Tax Avoidance Dengan Ukuran Perusahaan Sebagai Pemoderasi. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 18(2), 257–280. https://doi.org/10.25105/jipak.v18i2.17171
Khatib, S. F. A., Abdullah, D. F., Hendrawaty, E., & Elamer, A. A. (2022). A bibliometric analysis of cash holdings literature: current status, development, and agenda for future research. Management Review Quarterly, 72(3), 707–744.
Khoeriyah, A. (2020). PENGARUH UKURAN PERUSAHAAN, LEVERAGE,SALES GROWTH DAN INVESTMENT OPPORTUNITY SET TERHADAP NILAI PERUSAHAAN. Jurnal Profita, 13(1), 96. https://doi.org/10.22441/profita.2020.v13.01.008
Kumar, P., Jain, P., & Kumar, A. (2023). Sales growth, asset utilization, and financial distress: An empirical investigation of Indian firms. Journal of Financial Markets and Portfolio Management, 37(2), 147–162.
Lee, S., Kim, J., & Park, J. (2024). The impact of sales growth on financial distress: Evidence from South Korean firms. Journal of Asian Business and Economic Studies, 27(1), 1–18. https://doi.org/10.1108/JABES-02-2023-0013
Li, W., Chen, X., Huang, J., Gong, X., & Wu, W. (2022). Do environmental regulations affect firm’s cash holdings? Evidence from a quasi-natural experiment. Energy Economics, 112, 106151.
Liu, B., Johl, S., & Lasantha, R. (2023). ESG scores and cash holdings: The role of disciplinary trading. Finance Research Letters, 55, 103854.
Malliari, L., & Sirkeci, I. (2017). Performance of direct mail in building customer loyalty in Greek automotive sector during the financial crisis. International Journal of Business Performance Management, 18(1), 1. https://doi.org/10.1504/IJBPM.2017.080841
Mohamad Ariff, A., Abd Majid, N., Kamarudin, K. A., Zainul Abidin, A. F., & Muhmad, S. N. (2024). Corporate ESG performance, Shariah-compliant status and cash holdings. Journal of Islamic Accounting and Business Research, 15(3), 534–552.
Nadia, L. P., & Hanafi, M. M. (2023). Do women board members affect dividend policy and cash holdings? Evidence from ASEAN emerging economies. Corporate Governance: The International Journal of Business in Society, 23(4), 705–722.
Nurlaili, M., & Wulandari, R. (2024). The Impact of Promotion, Product Quality, and Trust toward Online Impulsive Buying Decisions: The Mediating Role of Flow Experience. International Journal of Management Science and Application, 3(2), 54–83. https://doi.org/10.58291/ijmsa.v3i2.282
Nurlis, N., Fitri Indriawati, ;, & Ariani, ; Meiliyah. (2023). Business Strategy, Financial Distress, and Tax Avoidance: Does Sales Growth Play a Moderating Role?. Interdisciplinary Journal of Educational Practice (IJEP), , 10(1), 11–21.
Ozdemir, O., Erkmen, E., & Han, W. (2023). EPU and financial performance in the hospitality and tourism industry: Moderating effect of CSR, institutional ownership and cash holding. Tourism Management, 98, 104769.
Patel, A., Jain, P., & Kumar, A. (2024). The impact of sales growth on financial distress: Evidence from US retail industry. Journal of Retailing and Consumer Services, 67, 102–115. https://doi.org/10.1016/j.jretconser.2024.01.003
Prasetya, E. R., & Oktavianna, R. (2021). Financial Distress Dipengaruhi oleh Sales Growth dan Intellectual Capital. Jurnal Akuntansi Barelang, 4(2), 170–182. https://doi.org/10.32493/nabi.v4i2.y2021.p170-182
Sagala, L., Siahaan, S. B., Sagala, F., Ginting, M. C., Situmorang, D. R., & Simanullang, R. L. (2023). The Influence of Financial Management, Community Participation, Implementation of Good Governance, Supervision and Quality of Human Resources on Village Financial Accountability. Basic and Applied Management Research Journal, 1(1), 14–25. https://doi.org/https://doi.org/10.2991/aebmr.k.211225.022
Septiani, D. H. (2023). Directors Diversity, Business Strategy, Sales Growth on Tax Avoidance. Jurnal ASET (Akuntansi Riset), 14(1), 145–158. https://doi.org/10.17509/jaset.v14i1.52900
Sudjiman, A. A. J. S., & Sudjiman, L. S. (2020). Investigating Effect of Liquidity, Leverage and Sales Growth on Financial Distress. Jurnal Ekonomis, 13(2), 3–18.
Sun, C., Lin, Z., Vochozka, M., & Vincúrová, Z. (2022). Digital transformation and corporate cash holdings in China’s A-share listed companies. Oeconomia Copernicana, 13(4), 1081–1116.
Sylvia Veronica Siregar, Delfita Siagian. (2018). The Effect of Audit Committee Financial Expertise And Relative Status On Earnings Management: Case of Indonesia. Jurnal Akuntansi, 22(3), 321. https://doi.org/10.24912/ja.v22i3.391
Uang, J. Y., Citron, D. B., Sudarsanam, S., & Taffler, R. J. (2006). Management going-concern disclosures: Impact of corporate governance and auditor reputation. European Financial Management, 12(5), 789–816. https://doi.org/10.1111/j.1468-036X.2006.00277.x
Wahyulina, S., Suryani, E., Saufi, A., & Athar, H. S. (2023). EFFECT OF FINANCIAL LITERACY, EDUCATION LEVEL AND GENDER ON THE GROWTH OF SMES: EMPIRICAL STUDY ON THE COVID19 PANDEMIC CONDITIONS. JMM UNRAM-MASTER OF MANAGEMENT JOURNAL, 12(1), 53–63. https://doi.org/https://doi.org/10.29303/jmm.v12i1.766
Wang, H., Zhang, J., & Wang, X. (2023). Sales growth, profitability, and financial distress: An empirical analysis of US firms. Journal of Financial Management and Analysis, 36(1), 1–15.
Wang, X., Wang, M., & Wu, H. (2024). Geopolitical risk and corporate cash Holdings in China: Precautionary motive and agency problem perspectives. International Review of Financial Analysis, 93, 103235.
Wang, Y., Chen, L., & Zhang, J. (2018). The U-shaped relationship between sales growth and financial distress: The moderating role of profitability. Journal of Business Research, 89, 281–291. https://doi.org/10.1016/j.jbusres.2018.01.024
Ye, S., Xiao, H., & Zhou, L. (2019). Small accommodation business growth in rural areas: Effects on guest experience and financial performance. International Journal of Hospitality Management, 76, 29–38. https://doi.org/10.1016/j.ijhm.2018.03.016
Zhang, X., & Zhou, H. (2022). The effect of market competition on corporate cash holdings: An analysis of corporate innovation and financial constraint. International Review of Financial Analysis, 82, 102163.
Ahmad, M. F., & Karpuz, A. (2024). Beyond climate change risk: Biodiversity and corporate cash holdings. Economics Letters, 236, 111608.
Al-Mamun, M. A., Yasser, Q. R., & Hassan, M. K. (2020). The moderating role of profitability on the sales growth-financial distress nexus. Journal of Business Finance and Accounting, 47(5–6), 651–675. https://doi.org/10.1111/jbfa.12345
Alfinur, A., & Hidayat, C. W. (2021). Firm Size, sales growth, profitability dan firm value pada sektor basic industry and chemical. Management and Business Review, 5(1), 85–92. https://doi.org/10.21067/mbr.v5i1.5545
Ali, M. A. S., Aly, S. A. S., Abdelazim, S. I., & Metwally, A. B. M. (2024). Cash holdings, board governance characteristics, and Egyptian firms’ performance. Cogent Business & Management, 11(1), 2302205.
Annisa, V., Amboningtyas, D., & Gagah, E. (2021). Pengaruh Flows Cash, Sales Growth dan Leverage terhadap Financial Distress dengan profitabilitas sebagai variabel moderasi. Journal of Management, 7(1), 1–12.
Arianti, B. F. (2022). The Influence of Capital Structure, Sales Growth, and Investment Decisions on Company Value. Gorontalo Accounting Journal, 5(1), 1–10. https://doi.org/10.32662/gaj.v5i1.1845
Arifa, S. A., Sopanah, A., & Hasan, K. (2024). Understanding Transparency: Interpretation of ISAK 35 in the Presentation of LKSA Robbani Financial Reports. Innovation Business Management and Accounting Journal, 3(2), 195–204.
Atif, M., Liu, B., & Nadarajah, S. (2022). The effect of corporate environmental, social and governance disclosure on cash holdings: Life‐cycle perspective. Business Strategy and the Environment, 31(5), 2193–2212.
Atmaja, D. S., Zaroni, A. N., & Yusuf, M. (2023). Actualization Of Performance Management Models For The Development Of Human Resources Quality, Economic Potential, And Financial Governance Policy In Indonesia Ministry Of Education. Multicultural Education, 9(01), 1–15. https://mccaddogap.com/ojs/index.php/me/article/view/92
Azure, J. D.-C., Alawattage, C., & Lauwo, S. G. (2024). Politics of fiscal discipline: counter-conducting the World Bank’s public financial management reforms. Accounting, Auditing & Accountability Journal, 37(4), 1012–1040. https://doi.org/10.1108/AAAJ-04-2022-5761
Bawono, I. R., Kinasih, A. D. M., & Rahayu, A. K. (2020). Factors affecting accountability of village fund management through implementation of the village financial system (SISKEUDES). Journal of Accounting and Investment, 471–491.
Chang, C.-C., & Yang, H. (2022). The role of cash holdings during financial crises. Pacific-Basin Finance Journal, 72, 101733.
Chen, W., Cao, Y., Dong, Y., & Ma, D. (2024). Environmental regulations and corporate cash holdings. The British Accounting Review, 101388.
Chen, W., Li, Z., & Zhang, J. (2024). Sales growth, asset utilization, and financial distress: An empirical investigation of Chinese firms. Journal of Financial Markets and Portfolio Management, 38(1), 1–20.
Das, B. C., Hasan, F., & Sutradhar, S. R. (2024). The impact of economic policy uncertainty and inflation risk on corporate cash holdings. Review of Quantitative Finance and Accounting, 62(3), 865–887.
Dewi, I. A. P. T., & Sujana, I. K. (2019). Pengaruh Likuiditas, Pertumbuhan Penjualan, dan Risiko Bisnis Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 26, 85. https://doi.org/10.24843/eja.2019.v26.i01.p04
Dewila, D. (2025). Effectiveness of Village Financial System Implementation (SISKEUDES) in Realizing Accountability and Transparency to Prevent Fraud. Golden Ratio of Finance Management, 5(1), 88–100.
Ezeani, E., Salem, R. I. A., Usman, M., Kwabi, F., & Bilal. (2023). Board characteristics and corporate cash holding: evidence from the UK, France and Germany. International Journal of Accounting & Information Management, 31(3), 413–439.
Fatimah, S., Sari, D. E., Ahmad, N. L., Puspitasari, I. F., Suranto, & Faradila, A. (2025). SISKEUDES application: Transforming financial administration in Indonesian villages. AIP Conference Proceedings, 3142(1), 20077. https://doi.org/10.1063/5.0262070
Febriyanto, F. C. (2018). The effect of leverage, sales growth and liquidity to the firm value of real estate and property sector in Indonesia stock exchange. Economics and Accounting Journal, 1(3), 198–205.
Gounopoulos, D., & Zhang, Y. (2024). Temperature trend and corporate cash holdings. Financial Management, 53(3), 471–499.
Hassan, A., Khan, M. A., & Ahmed, S. (2023). Sales growth, profitability, and financial distress: An empirical analysis of Pakistani firms. Journal of Business and Economic Policy, 10(1), 1–15.
Julianty, I., Agung Ulupui, I. G. K., & Nasution, H. (2023). Pengaruh Financial Distress Dan Capital Intensity Terhadap Tax Avoidance Dengan Ukuran Perusahaan Sebagai Pemoderasi. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 18(2), 257–280. https://doi.org/10.25105/jipak.v18i2.17171
Khatib, S. F. A., Abdullah, D. F., Hendrawaty, E., & Elamer, A. A. (2022). A bibliometric analysis of cash holdings literature: current status, development, and agenda for future research. Management Review Quarterly, 72(3), 707–744.
Khoeriyah, A. (2020). PENGARUH UKURAN PERUSAHAAN, LEVERAGE,SALES GROWTH DAN INVESTMENT OPPORTUNITY SET TERHADAP NILAI PERUSAHAAN. Jurnal Profita, 13(1), 96. https://doi.org/10.22441/profita.2020.v13.01.008
Kumar, P., Jain, P., & Kumar, A. (2023). Sales growth, asset utilization, and financial distress: An empirical investigation of Indian firms. Journal of Financial Markets and Portfolio Management, 37(2), 147–162.
Lee, S., Kim, J., & Park, J. (2024). The impact of sales growth on financial distress: Evidence from South Korean firms. Journal of Asian Business and Economic Studies, 27(1), 1–18. https://doi.org/10.1108/JABES-02-2023-0013
Li, W., Chen, X., Huang, J., Gong, X., & Wu, W. (2022). Do environmental regulations affect firm’s cash holdings? Evidence from a quasi-natural experiment. Energy Economics, 112, 106151.
Liu, B., Johl, S., & Lasantha, R. (2023). ESG scores and cash holdings: The role of disciplinary trading. Finance Research Letters, 55, 103854.
Malliari, L., & Sirkeci, I. (2017). Performance of direct mail in building customer loyalty in Greek automotive sector during the financial crisis. International Journal of Business Performance Management, 18(1), 1. https://doi.org/10.1504/IJBPM.2017.080841
Mohamad Ariff, A., Abd Majid, N., Kamarudin, K. A., Zainul Abidin, A. F., & Muhmad, S. N. (2024). Corporate ESG performance, Shariah-compliant status and cash holdings. Journal of Islamic Accounting and Business Research, 15(3), 534–552.
Nadia, L. P., & Hanafi, M. M. (2023). Do women board members affect dividend policy and cash holdings? Evidence from ASEAN emerging economies. Corporate Governance: The International Journal of Business in Society, 23(4), 705–722.
Nurlaili, M., & Wulandari, R. (2024). The Impact of Promotion, Product Quality, and Trust toward Online Impulsive Buying Decisions: The Mediating Role of Flow Experience. International Journal of Management Science and Application, 3(2), 54–83. https://doi.org/10.58291/ijmsa.v3i2.282
Nurlis, N., Fitri Indriawati, ;, & Ariani, ; Meiliyah. (2023). Business Strategy, Financial Distress, and Tax Avoidance: Does Sales Growth Play a Moderating Role?. Interdisciplinary Journal of Educational Practice (IJEP), , 10(1), 11–21.
Ozdemir, O., Erkmen, E., & Han, W. (2023). EPU and financial performance in the hospitality and tourism industry: Moderating effect of CSR, institutional ownership and cash holding. Tourism Management, 98, 104769.
Patel, A., Jain, P., & Kumar, A. (2024). The impact of sales growth on financial distress: Evidence from US retail industry. Journal of Retailing and Consumer Services, 67, 102–115. https://doi.org/10.1016/j.jretconser.2024.01.003
Prasetya, E. R., & Oktavianna, R. (2021). Financial Distress Dipengaruhi oleh Sales Growth dan Intellectual Capital. Jurnal Akuntansi Barelang, 4(2), 170–182. https://doi.org/10.32493/nabi.v4i2.y2021.p170-182
Sagala, L., Siahaan, S. B., Sagala, F., Ginting, M. C., Situmorang, D. R., & Simanullang, R. L. (2023). The Influence of Financial Management, Community Participation, Implementation of Good Governance, Supervision and Quality of Human Resources on Village Financial Accountability. Basic and Applied Management Research Journal, 1(1), 14–25. https://doi.org/https://doi.org/10.2991/aebmr.k.211225.022
Septiani, D. H. (2023). Directors Diversity, Business Strategy, Sales Growth on Tax Avoidance. Jurnal ASET (Akuntansi Riset), 14(1), 145–158. https://doi.org/10.17509/jaset.v14i1.52900
Sudjiman, A. A. J. S., & Sudjiman, L. S. (2020). Investigating Effect of Liquidity, Leverage and Sales Growth on Financial Distress. Jurnal Ekonomis, 13(2), 3–18.
Sun, C., Lin, Z., Vochozka, M., & Vincúrová, Z. (2022). Digital transformation and corporate cash holdings in China’s A-share listed companies. Oeconomia Copernicana, 13(4), 1081–1116.
Sylvia Veronica Siregar, Delfita Siagian. (2018). The Effect of Audit Committee Financial Expertise And Relative Status On Earnings Management: Case of Indonesia. Jurnal Akuntansi, 22(3), 321. https://doi.org/10.24912/ja.v22i3.391
Uang, J. Y., Citron, D. B., Sudarsanam, S., & Taffler, R. J. (2006). Management going-concern disclosures: Impact of corporate governance and auditor reputation. European Financial Management, 12(5), 789–816. https://doi.org/10.1111/j.1468-036X.2006.00277.x
Wahyulina, S., Suryani, E., Saufi, A., & Athar, H. S. (2023). EFFECT OF FINANCIAL LITERACY, EDUCATION LEVEL AND GENDER ON THE GROWTH OF SMES: EMPIRICAL STUDY ON THE COVID19 PANDEMIC CONDITIONS. JMM UNRAM-MASTER OF MANAGEMENT JOURNAL, 12(1), 53–63. https://doi.org/https://doi.org/10.29303/jmm.v12i1.766
Wang, H., Zhang, J., & Wang, X. (2023). Sales growth, profitability, and financial distress: An empirical analysis of US firms. Journal of Financial Management and Analysis, 36(1), 1–15.
Wang, X., Wang, M., & Wu, H. (2024). Geopolitical risk and corporate cash Holdings in China: Precautionary motive and agency problem perspectives. International Review of Financial Analysis, 93, 103235.
Wang, Y., Chen, L., & Zhang, J. (2018). The U-shaped relationship between sales growth and financial distress: The moderating role of profitability. Journal of Business Research, 89, 281–291. https://doi.org/10.1016/j.jbusres.2018.01.024
Ye, S., Xiao, H., & Zhou, L. (2019). Small accommodation business growth in rural areas: Effects on guest experience and financial performance. International Journal of Hospitality Management, 76, 29–38. https://doi.org/10.1016/j.ijhm.2018.03.016
Zhang, X., & Zhou, H. (2022). The effect of market competition on corporate cash holdings: An analysis of corporate innovation and financial constraint. International Review of Financial Analysis, 82, 102163.
Published
2026-10-15
How to Cite
Sinaga, A., & Ane, L. (2026). The Effect Of Company Size, Sales Growth, And Leverage On Cash Holdings In Technology Companies Listed On The Indonesia Stock Exchange In 2020 – 2024. International Journal of Business and Quality Research, 4(04), 75-99. https://doi.org/10.63922/ijbqr.v4i04.5243
.png)
Contact Person +628563636289
Email : editor.ijbqr@gmail.com
