Pengaruh Financial Leverage, Capital Structure, Liquidity, Dan Sales Growth Terhadap Financial Performance
Main Article Content
Abstract
The purpose of this study is to examine the effect of financial leverage, capital
structure, liquidity and sales growth on financial performance of manufacturing companies
listed in IDX during 2017-2019 period. This study uses 37 manufacturing companies that
have been selected through purposive sampling method with total of 111 data. The data was
processed using EViews 11 SV and Microsoft Excel 2016. Results of F-test showed that
independent variables simultaneously have significant effect on the dependent variable. The ttest result showed that financial leverage has positive significant effect to financial
performance. Capital structure, liquidity, and sales growth have negative and no significant
effect on financial performance. The implication of this research is the need to increase
financial leverage which will affect the company’s financial performance and can provide
good signal for investors
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a Jurnal Komunikasi Creative Commons Attribution-ShareAlike 4.0 International License.
References
Adianto, I. & Budiarti, A. (2018). Pengaruh leverage, likuditas dan struktur modal terhadap
kinerja keuangan pada perusahaan makanan dan minuman. Jurnal Ilmu dan Riset
Manajemen, 7(7), 1–15. ISSN:2461-0593.
Banafa, A. S. A., Muturi, W., & Ngugi, K. (2015). The impact of leverage on financial
performance of listed non-financial firm in kenya. International Journal of Finance and
Accounting, 4(7), 1–20. ISSN:2307-6305.
Cristy, M. & Dewi, S. P. (2019). Faktor-faktor yang mempengaruhi kinerja keuangan pada
perusahaan manufaktur periode 2015-2017. Jurnal Multiparadigma Akuntansi, 1(3),
–816.
Churniawati, A., Titisari, K. H. & Wijayanti, A. (2019). Pengaruh good corporate governance,
leverage, dan firm size terhadap kinerja keuangan. Prosending Seminar Nasional
Akuntansi, 2(1), 1–14.
Devi, A. & Viriany (2020). Faktor-faktor yang mempengaruhi firm performance. Jurnal
Multiparadigma Akuntansi Tarumanagara, 2(April), 518–526.
Gathara, Z. M., Kilika, J. M., & Maingi, J. N. (2019). Effect of leverage on financial
performance of selected companies listed in the nairobi securities exchange, kenya.
International Journal of Innovative Finance and Economics Research, 7(1), 10–33.
ISSN:2360-896X.
Hashim, S. & Hassan, H. H. (2017). The impact of capital structure on financial performance
of malaysian public listed construction firms. International Journal of Advanced
Research and Publications (IJARP), 1(3), 195–206. ISSN:2456-9992.
Hidayat, R., Suhardi, & Wijaya, A. S. (2019). Pengaruh struktur hutang, struktur aktiva dan
struktur modal terhadap kinerja perusahaan pada perusahaan tekstil dan garment yang
terdaftar di bursa efek indonesia periode 2015-2018. JEM: Jurnal Ekonomi dan
Manajemen STIE Pertiba Pangkalpinang, 5(2), 133–148. ISSN:2443-2164.
Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: managerial behaviour, agency
cost and ownership structure. Journal of Financial Economics 3, 305–360.
Lientungan, C. M. & Yanti (2020). Pengaruh capital structure, intellectual capital, dan sales
growth terhadap financial performance. (Jurnal yang tidak dipublikasikan). Universitas
Tarumanagara, Jakarta.
Mappanyuki, R., & Sari, M. (2017). The effect of sales growth ratio, inventory turnover ratio,
growth opportunity to company’s profitability (survey in indonesia’s stocks exchange).
International Journal of Management and Applied Science, 3(3), 139–147.
Maryadi, A. & Dermawan, E. S. (2019). Pengaruh ukuran perusahaan, financial leverage, dan
liquidity terhadap kinerja keuangan. Jurnal Multiparadigma Akuntansi, 1(3), 572–579.
Meiliana, V. & Hastuti, R. T. (2020). Faktor-faktor yang mempengaruhi kinerja keuangan
perusahaan yang terdaftar di bei periode 2016-2018. Jurnal Multiparadigma Akuntansi
Tarumanagara, 2(April), 902–911.
Mwangi, M. & Murigu, J. W. (2015). The determinants of financial performance in general
insurance companies in kenya. European Scientific Journal, 11(1), 288–297.
Nassar, S. (2016). The impact of capital structure on financial performance of the firms:
evidence from borsa istanbul. Journal of Business & Financial Affairs, 5(2), 1–4.
ISSN:2167-0234.
Odalo, S. K., Njuguna, A., & Achoki, G. (2016). Relating sales growth and financial
performance in agricultural firms listed in the nairobi securities exchange in kenya.
International Journal of Economics, Commerce and Management, 6(7), 443–454.
ISSN:2348-0386.
Suryana, A. & Bahri, G. R. (2019). Pengaruh likuiditas terhadap kinerja keuangan perusahaan
pada pt antam tbk. Jurnal Ilmiah Ilmu Ekonomi: Jurnal Akuntansi, Pajak, dan
Manajemen, 7(14), 85–100. ISSN:2088-6969.
Tasmil, L. J., Malau, N., & Nasution, M. (2019). Pengaruh pertumbuhan penjualan, current
ratio, debt to equity ratio terhadap kinerja keuangan pt. sirma pratama nusa periode
-2017. Jurnal Ekonomi & Ekonomi Syariah, 2(2), 131–139. ISSN:2599-3410.
Valentina, H. & Ruzikna (2017). Pengaruh struktur modal, risiko bisnis dan pertumbuhan
penjualan terhadap kinerja keuangan pada perusahaan real estate and property yang
terdaftar di bursa efek indonesia tahun 2010-2014. JOM FISIP, 4(2), 1–15.
www.idx.co.id