Penelitian ini menganalisis tingkat cash holdings pada perusahaan nonkeuangan di Indonesia yang terdampak pandemi COVID-19. Dengan menggunakan variabel dummy impacted untuk mengidentifikasi perusahaan terdampak, penelitian ini juga mengevaluasi faktor-faktor determinan (size, leverage, growth, NROA) selama pandemi (2020-2022) dan setelah pandemi COVID-19 (2023), serta peran moderasi goodwill dan goodwill impairment. Hasil menunjukkan bahwa selama pandemi, perusahaan terdampak lebih tinggi oleh COVID-19 memiliki tingkat cash holdings lebih rendah. Size berpengaruh positif signifikan, sedangkan leverage dan growth tidak signifikan pada periode pandemi dan pasca pandemi COVID-19. Pada periode pasca pandemi, NROA mulai mempengaruhi cash holdings, tetapi goodwill dan goodwill impairment tidak memoderasi hubungan dampak pandemi terhadap cash holdings.

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This study analyzes the level of cash holdings in non-financial companies in Indonesia affected by the COVID-19 pandemic. Using the dummy variable "impacted" to identify affected companies, the study also evaluates determining factors (size, leverage, growth, NROA) during the pandemic (2020–2022) and post-pandemic COVID-19 (2023), as well as the moderating roles of goodwill and goodwill impairment. The results show that during the pandemic, companies more severely impacted by COVID-19 had lower cash holdings. Size had a significant positive effect, while leverage and growth were not significant during both the pandemic and post-pandemic periods. In the post-pandemic period, NROA began to influence cash holdings, but goodwill and goodwill impairment did not moderate the relationship between the pandemic's impact and cash holdings.