The main objective of this study was to examine the determinants of cash holding decision in largemanufacturing companies. The study was an explanatory type of research based on a quantitatiresearch approach using random effect approach of panel data model as the main data analystechnique. Mainly, a secondary data collection technique was used to collect the required data. The dawas collected from the audited financial statement of large manufacturing companies which staroperation in Amhara national regional state before 2013 G.C. From the total of 141 large manufacturicompanies operate in Amhara national regional state, 16 was selected for sample. The study covers tperiod of 2009-2017 G.C (2001-2009 E.C) inclusively with a total of 124 unbalanced firm-yeobservations. The finding of the study revealed that; size, profitability, growth, state ownershmanagement ownership and capital expenditure; are the positive significant determinants of cash holdidecision at 5% significant level. It is also revealed that leverage has negative and significant effect cash holding decision of large manufacturing companies. However, the result of this study does nosupport the effect on cash holding of substitutive liquid assets, inflation level and economic growth eveat 10% significant level. Based on this result, the study concludes that: firm specific and ownershistructure variables are the significant determinants of cash holding decision. Besides, the finding of thistudy supports more of pecking order and agency theory relative to trade-off and soft budget constraitheory.