THE INFLUENCE OF GROWTH OPPORTUNITY, EXPENDITURE AND COMPANY VALUE ON CASH HOLDING IN MINING SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE

The aims of this study are to: (1) find out and analyze the effect of growth opportunity on cash holding, (2) find out and analyze the effect of expenditure on cash holding, (3) find out and analyze the effect of firm value on cash holding, and (4) find out and analyze the growth opportunity, expenditure and company value together have an effect on cash holding. The population in this study are all mining companies listed on the Indonesia Stock Exchange as many as 48 companies and the research sample as many as 8 companies with 5 years of observation. Data collection techniques in this study using documentation techniques. The data analysis technique in this study uses the Classical Assumption Test, Multiple Linear Regression, t-test and F-test, and the Coefficient of Determination.


INTRODUCTION
Mining is an activity of extracting valuable and economically valuable mineral deposits from the earth's crust, both mechanically and manually. The results of mining are oil, natural gas, coal, tin ore, copper ore, bauxite ore and so on. In Indonesia mining is one of the largest industrial sectors because Indonesia is a country that has large natural and human resources, and these resources are spread throughout Indonesia.
2015 was considered a fairly dark period for some market players who felt the direct impact on the weakening global economy, especially in world countries that were hit by a prolonged economic crisis. The number of countries whose economies are directly affected by the weak global economy in turn also affects other countries related to export-import transactions with them. This has an impact on the global economic crisis.
As a result of this economic crisis, the impact on economic growth. Economic growth has decreased. In Indonesia, the real sector affected by the global crisis. The sectors most affected by the global crisis are those that rely on tradable external demand, such as the mining, agriculture and manufacturing industries. These three sectors contribute more than 50 percent of GDP and absorb more than 60 percent of the national workforce. The poor performance of these sectors will eventually lead to a wave of layoffs.
The weakening of the world economy has made the demand for coal decrease. This is exacerbated by the increasing supply of coal from a number of countries, which further suppresses coal prices. International coal prices are also facing pressure after the majority Chinese producer cut their selling prices to maintain market share. Mining companies eventually slowed their production to adjust to weak market dynamics. Because of this, companies must pay attention to the liquidity of coal mining companies. Liquidity must be kept strong, especially as no recovery occurs in the short term.
Cash holding has a weakness, this weakness depends on whether the manager maximizes shareholder profits or not. If the manager's decision supports the interests of shareholders, the only weakness faced by cash holding is that it results in lower returns (returns) than other investments that have the same relative risk. Conversely, if managers do not support the interests of shareholders, they seek to increase cash holdings in order to increase the total assets they can control for their personal interests through the policies implemented.
The following is a table of cash and cash equivalents for mining sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. Cash and cash equivalents are liquid assets to determine the optimal cash holding. The company's decision to hold large amounts of cash and cash equivalents has several advantages and disadvantages. The advantage of having cash holding is that it minimizes the company's chances of experiencing financial difficulties when unexpected losses occur. However, excessive cash holding also has an impact on the decline in the exchange rate of money for goods, services and foreign exchange because companies have to miss out on more profitable investment opportunities.
In order to optimize cash, the company must prepare a budget as a way to determine the cash needed. Cash is the most liquid asset that functions as a driving force for the company's routine operations. The existence of cash in the entity is very important because without cash, the company's operating activities cannot run. Companies must maintain the amount of cash to suit their needs. If the amount of cash is less, then operational activities will be disrupted, and if there is too much cash, the entity cannot use the cash for high returns.
For this reason, cash management and control that includes the existence and accuracy of the amount is important for the company. And one form of cash management is the company's activities in holding cash to be at the optimal point.
The following is a table of total asset data (total assets) of mining sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. From the table above, we can see that the total assets of mining sector companies listed on the Indonesia Stock Exchange have increased 2 times, namely in 2017 and 2018. When viewed from 2015 to 2019, the total assets of mining companies have fluctuated. The value of a company's assets can be a measure of achievement for the company. This measure is also the basis for management to make decisions to maintain or increase these assets.

Volume 1 No 2 (2021)
Good asset management in the company is needed to maintain the high value of the assets owned. Thus, all risks associated with assets such as damage or loss can be minimized so that the life of the asset can be longer. In maintaining the value of these assets, of course, additional operational costs are needed to obtain assetsoutput maximum and in accordance with company goals.
The following is a table of Market Value of Equity data for mining sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The market value for a company can deviate significantly from the book value or equity. A stock will generally be considered undervalued if its market value is far below book value. This means the stock is trading at a substantial discount to book value per share.
Market Value of Equity is one of the ratios used in growth opportunity in analyzing the effect of cash holding in the company. Growth opportunity is the company's ability to develop in the future by taking advantage of investment opportunities so as to increase the value of the company.
The following is a table of Book Value of Equity data for mining sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. There was an increase in 2015 to 2018. The decrease in book value of equity was in 2017. Book Value of Equity is used by investors to compare stock prices so that it affects the assessment of investors or analysts on the price of a stock.
The following is a table of year-end fixed asset data for mining sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. From the table above, we can see that the fixed asset table at the end of the year in mining sector companies listed on the Indonesia Stock Exchange fluctuated. The increase in fixed assets at the end of the year occurred in 2016 and 2018. The decrease in fixed assets at the end of the year only occurred in 2015. Fixed assets at the end of the year is a ratio in determining capital expenditure (expenditure) in the company. Due to having a high value, relatively long use and being the company's main tool for generating revenue, investment in fixed assets must be carefully considered. Fixed assets at the end of this year is the ratio of expenditure.
Expenditureare costs incurred in obtaining fixed assets or adding to the economic benefits of fixed assets owned by the company's assets. The addition of the economic benefits of fixed assets can be done, among others, by extending the life and increasing the productivity of fixed assets.

Source: Indonesia Stock Exchange
From the table above, it can be seen that the fixed assets at the beginning of the year at the end of the year in mining sector companies listed on the Indonesia Stock Exchange increased for 5 (five) consecutive years. The highest increase occurred in 2019. And the decrease only occurred in 2015. Fixed assets at the beginning of the year are the ratio of one of the factors in determining capital expenditure (expenditure).
Fixed assets have a long-term useful life, this means that in accordance with the definition of fixed assets, namely tangible assets that are obtained in ready-to-use or pre-built form, which are used in the company's operations, are not intended to be sold in the framework of the company's normal activities and have a period of time. benefits more than one year.
The following is a table of share price data for mining sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. From the table above, we can see that share prices in mining sector companies listed on the Indonesia Stock Exchange from 2015 to 2019 experienced price fluctuations. The decline only occurred in 2015 and 2017. Investors made offers to buy and sell shares on the IDX through securities company intermediaries. The mechanism of buying and selling offers, one of which causes stock price fluctuations. If many investors want to buy a certain stock at a time, the stock price will rise. Conversely, if many want to sell certain shares at the same time, it will cause the stock price to fall. according to (Princess, 2015)If the stock price of a company is high, this provides an opportunity for the company to get additional investment from investors from the increase in its share price. For investors, if the stock price of a company continues to increase, investors will conclude that the company is performing well.
The following is a table of Price to Book data for mining sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. according to (Prasetia et al., 2014)Price to book value is used as a proxy for company value because the existence of price to book value is very important for investors to determine investment strategies in the capital market. Well-managed companies generally have a price-to-book value ratio above one. This illustrates that the value of the company's shares is greater than the book value of the company.
Many other studies have been conducted regarding cash holding, among others (Hengsaputri & Bangun, 2020)which uses three independent variables as factors that affect cash holding, namely, growth opportunity, net working capital, and capital expenditure. The results showed that growth opportunity had no effect on cash holding, net working capital had no effect on cash holding, and capital expenditure had a significant effect on cash holding.
In contrast to the research conducted by (Sumartha & Tjakrawala, 2020). The results show that growth opportunities have a positive effect on cash holding.
In addition, research conducted by Liestyasih & Wiagustini, (2017 pp. 3607-3636). The results showed that firm value had a positive and significant effect on cash holding, firm size had a positive and significant effect on cash holding, Growth opportunity had a significant positive effect on firm value through cash holding.
However, the results of this study are different from the results of research conducted by (Sutrisno, 2017). Which shows the results of the study that cash holding does not have a significant effect on firm value. From the various studies above that have been done previously regarding the factors that affect cash holding, including growth opportunity, net working capital, capital expenditure, cash flow, firm value, firm size and so on, so that the variables chosen in this study is a variable that shows inconsistent results (research gap) with previous research so that further research needs to be done. DOI: 10.54443/morfai.v1i2.101 Based on the explanation above, the three independent variables of this study greatly affect the dependent variable where growth opportunities, expenditure, and firm value have a very large influence on cash holding and the studies that have been carried out have inconsistencies in showing the results of their effects. So that researchers are interested in conducting research with the title "The Effect of Growth Opportunity, Expenditure, and Company Value on Cash Holding in Mining Sector Companies Listed on the Indonesia Stock Exchange".

IMPLEMENTATION METHOD
This type of research uses associative research, according to (Sugiyono, 2016)associative approach is an approach taken to determine the relationship or influence between two or more variables. So, it can be concluded that associative research aims to determine the relationship between the variables obtained from the data for the 2015-2019 period. This research is empirical in nature using secondary data from mining sector companies listed on the Indonesia Stock Exchange.
This research approach uses a quantitative descriptive approach (Sugiyono, 2016) is a quantitative method can also be interpreted as a research method based on a positive philosophy, used to examine a particular population or sample, data collection through research instruments, quantitative/statistical data analysis with the aim of testing the established hypothesis.

Operational definition
Operationalization of variables is needed to explain the variables studied, concepts, indicators, units of measure, and measurement scales that will be understood in the operationalization of variables. In addition, the aim is to facilitate understanding and avoid differences in perceptions in this study. In this study, the authors used three independent variables (independent) and one dependent variable (dependent).
Based on the title of the study, namely the effect of growth opportunity, expenditure and firm value on cash holding. Then the definition of each variable is as follows:

Dependent Variable (Y)
According to (Kusumastuti et al., p:17, 2020)the dependent variable is the variable that is affected or the result. The dependent variable is the factor that is observed and measured to determine whether there is an influence of the independent variable. The dependent variable (Y) used in this study is Cash Holding in mining sector companies listed on the Indonesia Stock Exchange.
According to according to (Sulindawati & Erni, pp: 33-34, 2017)Cash is the element of working capital with the highest level of liquidity. The greater the amount of cash the company has, the higher the level of liquidity. The cash holding analysis can be calculated using the following formula: ℎ = ℎ (Kawatu, p:69, 2019)

Independent Variable (X)
According to (Kusumastuti et al., 2020, p. 17)independent variable is a variable that is suspected to be the cause of some changes in the dependent variable. The independent variables in this study are as follows:

Growth Opportunity (X1)
Growth opportunity is a ratio that describes the company's ability to maintain its economic position in the midst of economic growth. The formula used to measure the company's growth opportunity is: ℎ = (Septiana, p:63, 2019)

Expenditure (X2)
Capital expenditure (expenditure) is the cost incurred to repair or create new assets for use by the company. The formula used to measure the company's expenditure is as follows: = ℎ ℎ − ℎ (Hery, p:107, 2015)

Firm Value (X3)
Company value is one of the company's goals by maximizing the value of shares. One approach in determining the intrinsic value of a stock is the price book value (PBV). The formula used to measure the value of the company is as follows:

RESEARCH RESULT 3.1.1 Multiple Linear Regression
According to (Juliandi et al., p:87, 2014)that multiple linear regression is a hypothesis testing tool used to influence more than one predictor variable (independent variable) and the dependent variable. By using the regression equation, namely: Y = + 1X1 + 2X2 + 3X3 + e (Juliandi et al., p:157, 2014)  These results are entered into multiple linear regression equations so that the following equations are known: Y = 1.081 + 0.593X1+0.661X2+0.123+ɛ Information : 1) Constant of 1.081 with a positive relationship direction indicates that if the independent variable is considered constant then cash holding has increased by 1.081. 2) 1 is 0.593 with a positive relationship direction indicates that every increase in growth opportunity will be followed by an increase in cash holding of 0.593 or 59.3% with the assumption that other independent variables are considered constant. DOI: 10.54443/morfai.v1i2.101 3) 2 is 0.661 with a positive relationship direction indicates that every increase in expenditure will be followed by an increase in cash holding of 0.661 or 66.1% with the assumption that other independent variables are considered constant. 4) 3 is 0.123 with a positive relationship direction indicates that every increase in the value of the company will be followed by an increase in cash holding of 0.123 or 12.3% with the assumption that other independent variables are considered constant.

Hypothesis test Partial Test (t Test)
Based on the results of data management with SPSS version 24.00, the results of the tstatistical test are as follows: The results of the t-statistical test in the table above can be explained as follows:

Effect of Growth Opportunity on Cash Holding
The t-test is used to determine whether Growth Opportunity has an individual (partial) effect on having a significant relationship or not on Cash Holding. For the criteria, the t test is carried out at the level of = 0.05 with the t value for n = 40-2 = 38 is 2.02. For that tcount =4.447 and ttable = 2.02. The t-value for the growth opportunity variable is4.447 and -ttable with = 5% known as 2.02.Meaning Haaccepted and H0 rejected.Based on these results, it was concluded that Haaccepted and H0 rejected, this shows that partially growth opportunity has a significant effect on cash holding. With the increase in growth opportunity, it is followed by an increase in cash holding in mining companies listed on the Indonesia Stock Exchange.

Effect of Expenditure on Cash Holding
The t-test is used to determine whether the individual (partial) effect has a significant relationship or not to cash holding. For the criteria, the t test is carried out at the level of = 0.05 with the t value for n = 40-2 = 38 is 2.02. For that tcount =4.391 and ttable = 2.02. The tcount for the expenditure variable is4.391 and t table with = 5% is known to be2.02. Thereforetcount more ttable2,955 > 2.02 and a significance value of 0.000 (less than 0.05) means Ha accepted and H0 rejected.Based on these results, it can be concluded that Ha is accepted and H0 is rejected, this shows that partially expenditure has a significant effect on cash holding. With the increase in expenditure, there will be an increase in cash holding in mining companies listed on the Indonesia Stock Exchange.

Effect of Company Value on Cash Holding
The t-test is used to determine whether the firm value individually (partially) has a significant relationship or not to cash holding. For the criteria, the t test is carried out at the level of = 0.05 with the t value for n = 40-2 = 38 is 2.02. For that tcount =3.920 and ttable = 2.02. The t-value for the firm value variable is3.920 and t table with = 5% is known to be2.02. Thereforetcount is greater than ttable(3,920 >2.01) and a significance value of 0.000 (less than 0.05) means Haaccepted and H0 rejected.Based on these results, it can be concluded that Ha is accepted and H0 is rejected, this shows that partially the firm value has a significant effect on cash holding. With the increase in the value of the company, there will be an increase in cash holdings in mining companies listed on the Indonesia Stock Exchange.

Simultaneous Significance Test (F-Test)
The F statistic test was conducted to test whether the independent variable (X) simultaneously had a significant relationship or not to the dependent variable (Y). The test criteria are as follows: a. Reject H0 if Fcount> Ftable or -Fcount < -Ftable b. Accept Ha if Fcount< Ftable or -Fcount > -Ftable Based on the results of data processing with the SPSS Version 24 program, the following results were obtained: From the ANOVA (Analysis Of Variance) test in the table above, the F-count is12.385with a significance level of 0.000 while the F-table is known to be 2.84. Based on these results, it can be seen that Fcount > Ftable (12.385> 2.84), then H0 is rejected and Ha is accepted. So it can be concluded that the variables of growth opportunity, expenditure, company value together affect the cash holding of mining companies listed on the Indonesia Stock Exchange.

Coefficient of Determination
The coefficient of determination serves to determine the percentage of the influence of the independent variable and the dependent variable by squaring the coefficients found. In its use, the coefficient of determination is expressed as a percentage (%). To find out the extent of the contribution or percentage of the influence of growth opportunity, expenditure, company value on cash holding, it can be known through a determination test.  DOI: 10.54443/morfai.v1i2.101 In the table above, it can be seen that the results of the overall regression analysis show an R Square value of 0.603 indicating that the correlation or relationship between growth opportunity, expenditure, firm value has a moderate level of relationship, namely: D = R 2 x 100% D = 0.603 x 100% D = 60.3% The value of R Square (R2) or the coefficient of determination is 0.603 This figure identifies that cash holding (dependent variable) can be explained by growth opportunity, expenditure, firm value (independent variable) by 60%, while the remaining 40% is explained by causes others that were not investigated in this study. Then the standard error of the estimate is1.34752 where the smaller this number, the more accurate the regression model in predicting cash holding.

DISCUSSION 3.2.1 The Effect of Growth Opportunity on Cash Holding
The t-value for the growth opportunity variable is4.447 and -ttable with = 5% known as 2.02. Meaning Haaccepted and H0 rejected.Based on these results, it was concluded that Haaccepted and H0 rejected, this shows that partially growth opportunity has a positive and significant effect on cash holding. With the increase in growth opportunity, it is followed by an increase in cash holding in mining companies listed on the Indonesia Stock Exchange with a level of confidence95%. It meansCompanies with high growth opportunities will be able to increase the amount of high cash holdings in the future, with higher cash holdings, the company's operational and investment funding needs will be met. This will be seen by investors as a good thing for the company's growth in the future, so that it will be able to increase the company's market value. Companies with high growth opportunities will hold more cash to finance their investment opportunities. Based on the description above, it can be concluded that growth opportunity has a positive influence on Cash Holding.
according to (Hery, p:60, 2017)growth opportunity or company growth is a benchmark for the company's success. The company's growth can be seen in the increase in the total assets owned by the company. The higher the investment made in assets, the higher the company's growth rate.
Similar research that supports this research is research that shows that Growth Opportunity has a positive influence on Cash Holding, namely research conducted by (William & Fauzi, 2013), (Liestyasih & Wiagustini, 2017), and (Rosyidah & Santoso, 2018).

Effect of Expenditure on Cash Holding
The tcount for the expenditure variable is4.391 and t table with = 5% is known to be2.02. Thereforetcount is greater than ttable and tcount is greater or ttable2,955 >2.02 and a significance value of 0.003 (less than 0.05) means Haaccepted and H0 rejected.Based on these results, it can be concluded that Ha is accepted and H0 is rejected, this shows that partially expenditure has a positive and significant effect on cash holding. With the increase in expenditure, there will be an increase in cash holding in mining companies listed on the Indonesia Stock Exchange with a 95% confidence level. This shows that when the expenditure owned by the company is quite large, it can create more assets which later the results from the fixed assets can increase the level of cash holding owned by the company.
Companies that have high expenditures will hold cash as a protection against transaction costs associated with external capital and opportunity costs on inadequate resources. Based on the description above, it can be concluded that Expenditure has a positive relationship to Cash Holding.
according to (Sammryn, p:28, 2012)Capital expenditure (expenditure) is the company's expenditures made to obtain longer-lived economic benefits such as fixed assets. It is used to identify economic sacrifices whose economic benefits are more than one year. Similar research that supports this research is research that shows that Expenditure has a positive influence on Cash Holding, namely research conducted by (Maarif et al., 2019), and (Ariana et al., 2018).

The Influence of Company Value on Cash Holding
The t-value for the firm value variable is3.920 and t table with = 5% is known to be2.02. Thereforetcount is greater than ttable and tcount is greater or ttable3.920 >2.01 and a significance value of 0.000 (less than 0.05) means Haaccepted and H0 rejected.Based on these results, it can be concluded that Ha is accepted and H0 is rejected, this shows that partially the firm value has a positive and significant effect on cash holding. With the increase in the value of the company, there will be an increase in cash holdings in mining companies listed on the Indonesia Stock Exchange with a 95% confidence level. This shows that when the company's stock price is high, it will affect the amount of cash available in the company. This means that when the company's stock price is high, it indicates the company is quite good, so investors want to get profits by investing their capital in the company. Thus the existing cash in the company will also increase.
according to (Indrarini, p:2, 2019)Firm value is the investor's perception of the level of success of the manager in managing the company's resources entrusted to him which is often associated with stock prices. The higher the company's stock price reflects the increasing value of the company.
Similar research that supports this research is research that shows that firm value has a positive influence on cash holding, namely research conducted by (Aviyanti & Isbanah, 2019), and (Putra & Syarifah, 2016).

The Effect of Simultaneous Growth Opportunity, Expenditure and Firm Value on Cash
Holding From the ANOVA (Analysis Of Variance) test in the table above, the F-count is12.385 with a significance level of 0.000 while the F-table is known to be 2.84. Based on these results, it can be seen that Fcount > Ftable (12.385> 2.84), then H0 is rejected and Ha is accepted. This shows that the results of the growth opportunity test have a positive and significant effect on cash holding in mining companies listed on the Indonesia Stock Exchange. The results of this study are in line with the hypothesis that has been put forward. Because the higher the growth opportunity for the company, the higher the chance of getting a bigger profit. This positive growth opportunity causes an increase in the level of cash holding available in the company.
The results of the expenditure test on cash holding have a positive and significant effect on mining companies listed on the Indonesia Stock Exchange. These results indicate that when the company's expenditures are quite large, it can create more assets which then the proceeds from these fixed assets will make the level of cash holding available in the company increase.
The results of testing the company's value on cash holding have a positive and significant effect on mining companies listed on the Indonesia Stock Exchange. This shows that when the company's stock price is high, it will affect the amount of cash available in the company. Because when the company's stock price is high, it indicates the company is quite good, so investors want to get profits by investing their capital in a company. Thus the existing cash in the company will also increase.
So it can be concluded that the variables of growth opportunity, expenditure, and firm value simultaneously affect the cash holding of mining companies listed on the Indonesia Stock Exchange.
Similar research that supports this research is research conducted by (Liestyasih & Wiagustini, 2017) The results show that firm size and growth opportunity have a positive effect on cash holding, research conducted by (Hengsaputri & Bangun, 2020) The results of the study show that growth opportunity, capital expenditure, firm value simultaneously affect cash holding, and research conducted by (Dewi & Wulanditya, 2018) shows that net working capital, capital expenditure and firm value have an effect on cash holding. DOI: 10.54443/morfai.v1i2.101 However, not all previous researchers came to the same conclusion, there were also previous researchers who found that growth opportunity, expenditure, and firm value did not have a simultaneous effect on cash holding. according to (Abbas et al., 2020)based on the results of the hypothesis related to net working capital, cash conversion cycle, investment opportunity set, and leverage have an effect on cash holding. But it does not support the hypothesis related to growth opportunity.

The Influence Of Growth Opportunity, Expenditure And Company Value On Cash Holding In Mining Sector Companies Listed On The Indonesia Stock Exchange
according to (Ariana et al., 2018)based on the results of the hypothesis related to cash flow, and expenditure has an effect on cash holding. But it does not support the hypothesis related to firm value.
according to (Hayati, 2020)based on the results of the hypothesis related to net working capital, cash conversion cycle, cash flow effect on cash holding. But it does not support the hypothesis related to capital expenditure and growth opportunity.

CONCLUSION
Based on the results of the research and discussion that have been stated previously, it can be concluded from research on the Effect of Growth Opportunity, Expenditure, and Firm Value on Cash Holding in Mining Sector Companies listed on the Indonesia Stock Exchange for the 2015-2019 period with a sample of 8 companies as follows : 1. The results of the study partially prove that Growth Opportunity has a positive and significant effect on Cash Holding in Mining Sector Companies listed on the Indonesia Stock Exchange for the 2015-2019 period. This can be seen by increasing the company's growth through investment opportunities so that it can increase cash holding in the future. 2. The results of the study partially prove that Expenditure has a positive and significant effect on Cash Holding in Mining Sector Companies listed on the Indonesia Stock Exchange for the 2015-2019 period. This shows that when the expenditure owned by the company is quite large, it can create more assets which will later result from the fixed assets, it will make the level of cash holding owned by the company increase. 3. The results of the study partially prove that Firm Value has a positive and significant effect on Cash Holding in Mining Sector Companies listed on the Indonesia Stock Exchange for the 2015-2019 period. This is in accordance with the increase in the value of the company with the potential to increase the share price, it can increase the company's cash. 4. The results of the study simultaneously prove that Growth Opportunity, Expenditure, and Firm Value have a positive and significant effect on Cash Holding in Mining Sector Companies listed on the Indonesia Stock Exchange for the 2015-2019 period. With an increase in Growth Opportunity, Expenditure, and Company Value, it can increase the company's Cash Holding.

SUGGESTION
Based on the conclusions above, in this case the author can suggest the following: 1. The company is advised to increase the company's growth capability in order to develop in the future by taking advantage of investment opportunities so as to increase the company's Cash Holding. 2. Companies are advised to increase Expenditure by investing through the purchase of fixed assets such as land, buildings, machinery, and other equipment to acquire assets or increase the useful lives of assets owned. The existence of Expenditure will affect the amount of Cash Holding in the company. 3. The company is advised to increase the stock price, in order to influence the interest of investors to invest because the high perception of investors will be a success for a company, so as to increase the company's cash.