Evaluasi Pengaruh Financial Constraints terhadap Hubungan antara Working Capital Financing dengan Firm Performance

Maria Angelica Brigita, Indra Widjaja
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Abstract

The purpose of this research is to examine the influence of working capital financing toward firm performance with a moderating effect from financial constraints in consumer goods and mining companies listed in Indonesia Stock Exchange from year 2014 until 2018. The sample was determined by purposive sampling method. The research conducted by taking 40 consumer goods companies and 41 mining companies. This research used Eviews program version 11 and use GMM to process obtained data from the research sample. The result of this research shows that working capital financing has positive and non-linear (inverted u shape) effect on firm performance. This research also shows that financial constraints has positively effect on non-linear relationship between working capital financing and firm performance. 

 

Tujuan dari penelitian ini adalah untuk menguji pengaruh dari working capital financing terhadap firm performance dengan efek moderasi dari financial constraints pada perusahaan consumer goods dan mining yang terdaftar di Bursa Efek Indonesia dari tahun 2014 hingga tahun 2018. Sampel penelitian ini ditentukan dengan menggunakan metode purposive sampling. Penelitian ini dilakukan atas 40 perusahaan consumer goods dan 41 perusahaan mining. Penelitian ini menggunakan aplikasi pengolah data Eviews versi 11 dan menggunakan metode GMM untuk mengolah data yang diperoleh dari sampel penelitian. Hasil dari penelitian ini menunjukkan bahwa working capital financing memiliki pengaruh yang positif dan non-linier (berbentuk huruf U terbalik) terhadap firm performance. Penelitian ini juga menunjukkan bahwa financial constraints memiliki pengaruh yang positif terhadap hubungan non-linier antara working capital financing dan firm performance. 

Keywords

Working Capital Financing; Firm Performance; Financial Constraints; GMM

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References

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