This study mainly explores the impact of Sharia teachings and ownership structure on the value of cash holdings, and uses Indonesian listed companies from 2012 to 2020 as a research sample for empirical analysis. Based on the purpose of Islamic teachings and the belief that Muslims follow the Koran, this paper infers that companies that follow Islamic teachings will increase the value of cash holdings. When considering the ownership structure, this paper infers that companies that follow Islamic teachings have higher legal person holdings. The higher the value of cash holdings; the hypothesis that the higher the insider holdings of companies that follow Shariah teachings, the higher the value of cash holdings.The empirical results of this paper find that companies that follow Islamic teachings will increase the value of cash holdings. In addition, after adding the ownership structure, it is found that companies that follow Islamic teachings, the higher the legal person's shareholding, the value of cash holdings will not necessarily increase; companies that follow Islamic teachings will not necessarily increase the value of cash holdings. , the higher the insider holdings, the higher the value of cash holdings. The empirical implication of this paper is that religious thoughts will affect managers' management decisions, making corporate managers more cautious in cash management, that is, managers' efficiency in using cash, religion and ownership structure both play an important role. The findings of this paper will provide a deeper understanding of how Sharia affects the efficiency of managers' cash use.
