This study aims to analyze the effect of short-term debt, investment in fixed assets, the board size, net working capital, leverage, firm size, and return on assets toward cash holding for consumer goods companies in Indonesia. Using the purposive sampling technique, only 27 of 45 consumer goods companies listed on the Indonesia Stock Exchange were selected as samples. With the sample data usage period between 2013 and 2016, the total sample used is 108 firms. The data analysis method used is panel data regression with a fixed-effect model using EViews 9. The results of the hypothesis show that short term debt, investment in fixed assets, and return on assets have a significant impact on cash holding with a positive direction relationship. Meanwhile, the other independent variables have an insignificant impact on cash holding.