This study aims to examine the firm-specific financial determinants of cash holding
strategies in renewable energy companies for the period 2011-2022 using econometric
analysis methods. By employing a panel regression model, the study investigates the
impact of operating profit margin, leverage, growth, earnings, dividend payout, and the
COVID-19 pandemic on cash-on-hand. Empirical findings indicate that operating profit
margin, debt financing, growth policies, and pre-tax earnings are significant determinants
of cash holding strategies in renewable energy companies. The analysis reveals that the
effect of dividend policy on cash holdings is insignificant. The findings offer substantial
insights into agency cost theory and financial hierarchy theory in cash management and
provide evidence that managers of renewable energy companies act in accordance with
speculative motive, agency motive, and precautionary motive.