Faktor-faktor yang memengaruhi firm performance: Peran SCF dan leverage
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Abstract
Firm performance provides an overview of the extent to which a company has achieved its organizational goals. This study aims to examine the effect of supply chain finance (SCF) and leverage on firm performance in fast-moving consumer goods (FMCG) companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. This research also seeks to understand how companies were able to maintain financial stability during the Covid-19 pandemic, which worsened corporate financial conditions. The theoretical framework employed in this study is based on the Resource-Based View (RBV), which explains the role of SCF in creating valuable, rare, and hard-to-imitate competitive advantages through efficient resource management. Additionally, the Trade-Off Theory emphasizes the importance of balancing the tax benefits of debt with the potential risks of financial distress, while the Pecking Order Theory explains the hierarchy of financing preferences, particularly the use of debt to enhance firm performance. This study utilizes 195 observations obtained from 39 companies over five years. The analytical method applied is multiple panel data regression using EViews 10.0 software for data processing. The results indicate that supply chain finance (SCF) and leverage have a negative effect on firm performance among FMCG companies listed on the IDX. These findings are expected to provide practical implications for corporate management in optimizing financing strategies and capital management to improve profitability and firm value in the future.
Firm performance atau kinerja perusahaan memberikan gambaran mengenai sejauh perusahaan telah mencapai tujuan perusahaan. Penelitian ini bertujuan untuk menguji pengaruh supply chain finance dan leverage terhadap firm performance pada perusahaan fast-moving consumer goods (FMCG) yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2020-2024. Penelitian ini ingin melihat bagaimana perusahaan dapat bertahan dalam keadaan pandemi Covid-19 yang memperburuk kondisi keuangan perusahaan. Kerangka teori yang digunakan dalam penelitian ini melibatkan Resource Based View (RBV) yang menjelaskan peran dari SCF untuk menciptakan keunggulan kompetitif yang bernilai, langka, dan sulit ditiru melalui pengelolaan sumber daya perusahaan yang efisien serta Trade-off Theory yang menekankan pentingnya keseimbangan antara manfaat pajak dari utang serta risiko kebangkrutan dan Pecking Order Theory untuk menjelaskan penggunaan sumber pendanaan, terutama dalam penggunaan utang dalam meningkatkan kinerja perusahaan. Penelitian ini menggunakan 195 observasi yang diperoleh dari 39 perusahaan selama 5 tahun. Teknik analisis yang digunakan dalam penelitian ini adalah analisis regresi berganda dengan bantuan perangkat lunak EViews 10.0 untuk pengolahan data. Hasil dari penelitian menunjukkan bahwa supply chain finance (SCF) dan leverage berpengaruh negatif terhadap firm performance pada perusahaan fast-moving consumer goods yang terdaftar dalam BEI di Indonesia. Temuan ini diharapkan dapat memberikan implikasi praktis bagi manajemen perusahaan dalam mengoptimalkan strategi pembiayaan dan pengelolaan modal untuk meningkatkan profitabilitas serta nilai perusahaan di masa mendatang.
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