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The purpose of this research is to determine the effect of liquid asset substitutes, growth opportunity, and bank involvement on cash holding of property and real estate companies listed on the Indonesia Stock Exchange in 2017-2019 with institutional ownership as a moderating variable. In this study, the number of property and real estate companies used as the research sample was 43 companies and using purposive sampling as the sampling technique. Data processing techniques using Partial Least Square analysis with the help of SmartPLS version 3 program and SPSS version 23 for descriptive statistics. The results showed that liquid asset substitutes have significant negative effect on cash holding while bank involvement, growth opportunity and institutional ownership have no significant effect on cash holding. Institutional ownership strengthens the effect of growth opportunity on cash holding, but institutional ownership does not moderate the effect of liquid asset substitutes and bank involvemen on cash holding. The implication of this research is that liquid asset substitutes are also an important component for companies to maintain a good liquidity position in order to avoid cash shortages that can disrupt the company's business activities and the role of institutional ownership needs to be increased to a more active stage so that sensitivity to investment opportunities also increases.
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