The purpose of the research is to examine about the effect of leverage, growth opportunity, net working capital and dividend payment on cash holding in manufacture companies listed on the Indonesia Stock Exchange for the period 2018 - 2020. The research used 47 manufacture companies that were selected using purposive sampling method for a total of 141 data in three years. Eviews 12.0 used as a data processing program to assist the research process and the research also used panel data regression analysis. The results of the research shows that all independent variables have effects on cash holding simultaneously. The partially test showed that net working and dividend payment have positive effects on cash holding, however leverage and growth opportunity have negative effects on cash holding.