PENGARUH FAKTOR WORKING CAPITAL TERHADAP FIRM PERFORMANCE DIMODERASI OLEH NET LIQUID BALANCE

Main Article Content

Agustina Wijaya
Elsa Imelda

Abstract

The research was conducted with the aim to find the effect of firm age, cash flow, firm size, leverage, and sales growth on firm performance with net liquid balance as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange in 2018-2020. The sample in this study was 252 companies data obtained through purposive sampling method. The data processing process used the EViews 12 application and Microsoft Excel 2019. This research obtained the results that firm age, cash flow, salse growth and leverage significantly affect firm performance. Meanwhile, firm size has no effect on firm performance. The study also shows that the net liquid balance is only able to moderate the effect of cash flow, leverage, and sales growth on firm performance. The implication of this research is that management must manage and use the company's resources to the maximum and maintain the company's NLB level to create maximum company performance.

Article Details

Section
Articles

References

Afiezan, A., Wijaya, G., & Claudia, C. (2020). The effect of free cash flow, company size, profitability and liquidity on debt policy for manufacturing companies listed on IDX in 2016-2019 periods. Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol, 3(4), 4005-4018.

Ali, U., Ormal, L., & Ahmad, F. (2018). Impact of free cash flow on profitability of the firms in automobile sector of Germany. Journal of Economics and Management Sciences, 1(1), 57-67.

Anton, S. G., & Nucu, A. E. A. (2021). The impact of working capital management on firm profitability: empirical evidence from the polish listed firms. Journal of Risk and Financial Management, 14 (9).

Faden, C. (2013). Optimizing firm performance. Alignment of operational success drivers on the basis of empirical data. Wiesbaden: Springer Galber.

Freeman, R. E., & Reed, D. L. (1983). Stockholders and stakeholders: A new per-spective on corporate governance. California Management Review, 25(3), 88-106.

Giarto, R. V. D., & Fachrurrozie, F. (2020). The effect of leverage, sales growth, cash flow on financial distress with corporate governance as a moderating variable. Accounting Analysis Journal, 9(1), 15-21.

Hastuti, Rini Tri. (2018). Faktor yang mempengaruhi firm performance pada perusahaan manufaktur yang terdaftar di BEI. Jurnal Muara Ilmu Ekonomi dan Bisnis, 2(1), 181-187.

Jaya, Asri. (2020). Does the effect free cash flow to firm performance. Jurnal Mirai Management, 6(1).

Mazlan, Ahmad R., & Leng, Choong Yuen. (2018). The moderating effect to working capital management of the relationship between working capital determinants and firm performance. Indian-Pacific Journal of Accounting and Finance, 2(1).

Moussa, A. A. (2018). The impact of working capital management on firms’ performance and value: Evidence from Egypt. Journal of Asset Management, 19(4), 259-273.

Novianti, Windi & Agustian, Wendy M. (2018). Improving corporate values through the size of company and capital structures. ICOBEST: Atlantis Press, 225, 255-257.

Nugraha, N. M., et al. (2020). Effect of leverage and liquidity on financial performance of companies in property and real estate sub sector in Indoesia. PalArch’s Journal of Archaeology of Egypt/Egyptology, 17(10), 3675-3688.

Othuon, D. O., Gatimbu, K. K., Musafiri, C. M., & Ngetich, F. K. (2021). Working capital management impacts on small-scale coffee wet mills’ financial performance in easter Kenya. Heliyon, 7.

Sugiarto, Velia. M., & Imelda, Elsa. (2020). Pengaruh working capital determinants terhadap firm performance dengan moderasi working capital requirement. Jurnal Multiparadigma Akuntansi Tarumanagara, 2, 1222-1231.

Taouab, U. (2019). Firm performance: definition and measurement models. European Scientific Journal, 5(1), 93.

Warren, Carls S., et al. (2017). Pengantar Akuntansi Adaptasi Indonesia. Edisi Dua Puluh Lima. Cetakan Keempat. Jilid 1. Salemba Empat. Jakarta.