Pengaruh Likuiditas, Leverage, Dan Aktivitas Terhadap Kinerja Keuangan Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Periode 2016–2024 Dengan Firm Size Dan Tingkat Suku Bunga Sebagai Variabel Kontrol
DOI:
https://doi.org/10.26740/jim.v14n2.p503-518Kata Kunci:
Aktivitas, Kinerja Keuangan, Leverage, Likuiditas, VariasiAbstrak
Sektor manufaktur di Indonesia mengalami fluktuasi kinerja keuangan yang signifikan selama periode 2016–2024, yang dipengaruhi oleh perubahan ekonomi global dan pandemi COVID-19. Penelitian ini bertujuan untuk menganalisis pengaruh dinamis likuiditas, leverage, dan aktivitas terhadap kinerja keuangan (Return on Assets) perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia, dengan ukuran perusahaan dan tingkat suku bunga sebagai variabel kontrol. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi data panel (Fixed Effect Model), serta menganalisis 109 perusahaan yang dipilih melalui teknik purposive sampling dalam tiga periode berbeda, yaitu sebelum pandemi, selama pandemi, dan setelah pandemi. Hasil penelitian menunjukkan bahwa leverage secara konsisten memiliki pengaruh negatif dan signifikan terhadap kinerja keuangan pada seluruh periode dan ukuran perusahaan. Aktivitas menunjukkan pengaruh positif dan signifikan, khususnya pada perusahaan besar selama masa pandemi. Sementara itu, likuiditas secara umum tidak berpengaruh signifikan, meskipun pengaruhnya bersifat dinamis tergantung pada ukuran perusahaan selama masa krisis. Temuan ini mengindikasikan bahwa determinan kinerja keuangan bersifat kontekstual. Secara praktis, manajemen perlu menjaga struktur modal yang optimal serta meningkatkan efisiensi pemanfaatan aset guna mempertahankan profitabilitas di tengah ketidakpastian makroekonomi.
Referensi
Ajao, M. G., & Ejokehuma, J. O. (2021). Ownership Structure and Financial Performance of Manufacturing Firms in Sub-Saharan Africa. Facta Universitatis, Series: Economics and Organization, 0(0), 187–201. https://doi.org/10.22190/FUEO210319013A
Almomani, T. M., Almomani, M. A., & Obeidat, M. I. S. (2023). The Impact of Liquidity, Solvency, and Operating Cash Flows on Earnings Persistence: The Evidence of Listed Manufacturing Firms at ASE. Journal of System and Management Sciences, 13(2), 211–224. https://doi.org/10.33168/JSMS.2023.0215
Badan Pusat Statistik. (2024). Produk Domestic Bruto Indonesia 2020-2024.
Brigham, E., & Houston, J. F. (2019). Fundamentals of Financial Management (15th editi).
Bursa Efek Indonesia. (2024). IDX Annual Statistical Report 2024.
Dechow, P. M. (1994). Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics, 18(1), 3–42. https://doi.org/10.1016/0165-4101(94)90016-7
Dura, J. (2022). Determinants of Financial Literacy and Digital Literacy on Financial Performance in Driving Post-Pandemic Economic Recovery. Journal of Contemporary Eastern Asia, 21(2), 47. https://doi.org/10.17477/JCEA.2022.21.2.047
Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of Managerial Finance (14th ed.).
Hansen, D. R., & Mowen, M. M. (2015). Cornerstones of Cost Management (3rd ed.). Cengage Learning.
Hunjra, A. I., Verhoeven, P., & Zureigat, Q. (2020). Capital Structure as a Mediating Factor in the Relationship between Uncertainty, CSR, Stakeholder Interest and Financial Performance. Journal of Risk and Financial Management, 13(6). https://doi.org/10.3390/jrfm13060117
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Ibrahimov, O., Vancsura, L., & Dolgos, A. P. (2025). The Impact of Macroeconomic Factors on the Firm ’ s Performance — Empirical Analysis from Türkiye. Economies, 1–21.
Kementrian Perindustrian RI. (2024). Laporan Akuntabilitas Kinerja Instansi Pemerintah.
Khoer, M., Mubaarok, S. H., Jaelani, I., Acim, & Mutakin, K. (2024). Pengaruh Current Ratio Dan Total Assets Turn Over Terhadap Return On Assets. Equilibrium: Jurnal Penelitian Pendidikan Dan Ekonomi, 21(01), 104–112. https://doi.org/10.25134/EQUI.V21I01.9197
Khoza, F. (2025). The Impact of Liquidity and Leverage on the Financial Performance of the Johannesburg Stock Exchange-Listed Consumer Goods Firms. Journal of Risk and Financial Management, 1–24.
Kraus, A., & Litzenberger, R. . (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922.
Madushanka, K., & Jathurika, M. (2018). The Impact of Liquidity Ratios on Profitability. International Research Journal of Advanced Engineering and Science, 157–161.
Mahmood, F., Han, D., Ali, N., Mubeen, R., & Shahzad, U. (2019). Moderating effects of firm size and leverage on the working capital finance-profitability relationship: Evidence from China. Sustainability (Switzerland), 11(7), 19–22. https://doi.org/10.3390/su11072029
Maryani, T., & Syukri, H. (2020). Effect of CR, DER, TATO, and Firm Size on Profitability in Pharmaceutical Companies Listed on IDX. Kurs: Jurnal Akuntansi, Kewirausahaan Dan Bisnis, 5(1), 58–69.
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53(3), 433–443. https://doi.org/10.2307/1809167
Oktavian, E., & Handoyo, S. E. (2023). The Effect of Leverage, Profitability, Liquidity Ratio, and Inflation towards Financial Distress: Study From the Manufacturing Industry in Indonesia. International Journal of Management Science and Application, 2(1), 11–27. https://doi.org/10.58291/IJMSA.V2I1.111
Permatasari, C., Prasaja, M., & Yusuf, A. M. (2023). Determinants of the financial performance: Evidence from Indonesian manufacturing companies. International Journal of Business, Humanities, Education and Social Sciences, 5(1), 23–28.
Rey-Ares, L., Fernández-López, S., & Rodeiro-Pazos, D. (2021). Impact of working capital management on profitability for Spanish fish canning companies. Marine Policy, 130, 104583. https://doi.org/10.1016/J.MARPOL.2021.104583
Salim, M., & Yadav, R. (2012). Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies. Procedia - Social and Behavioral Sciences, 65, 156–166. https://doi.org/10.1016/J.SBSPRO.2012.11.105
Sari, L. P., & Wijaya, A. L. (2022). Financial Liquidity of Indonesian Manufacturing Companies before and during the COVID-19 Pandemic. 2019, 61–72.
Suryono, Reinaldo, N., Suhardjo, Sevendy, T., & Hia, E. R. (2022). Analisis Pengaruh DER Dan CR Terhadap Roa Dan Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode 2015–2019. Bilancia : Jurnal Ilmiah Akuntansi, 6(2), 170–179. https://doi.org/10.35145/bilancia.v6i2.2279
Syahputra, S. A. D., & Imronudin. (2024). The Effect of Liquidity Ratio, Capital Structure and Activity on Company Profitability. Jurnal Ilmiah Manajemen Kesatuan, 12(6), 2165–2172. https://doi.org/10.37641/JIMKES.V12I6.2900
Tiblola, F. A., Biay, A., Prawitaningrum, H. P., & Lakamudi, R. K. (2024). Evaluation of the Impact of Monetary Policy on the Financial Performance of Manufacturing Companies: Implications of Interest Rates, Inflation and Macroeconomic Stability. International Journal of Management Science and Information Technology, 4(2), 356–365. https://doi.org/10.35870/ijmsit.v4i2.3126
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/J.1540-6261.1988.TB02585.X;JOURNAL:JOURNAL:15406261;CTYPE:STRING:JOURNAL
Tyagi, S., & Nauriyal, D. K. (2016). Profitability Determinants in Indian Drugs and Pharmaceutical Industry : An Analysis of Pre and Post TRIPS Period. Eurasian Journal of Business and Economics, 9(17), 1–21.
World Bank. (2022). Commodity Markets Outlook, April 2022: The Impact of the War in Ukraine on Commodity Markets. https://doi.org/10.1596/37223
Wulandari, B., Sianturi, N. G., Tasya, N., Hasibuan, E., Tri, I., Ginting, A., & Simanullang, A. (2020). Pengaruh Likuiditas, Manajemen Aset, Perputaran Kas dan Struktur Modal terhadap Kinerja Keuangan pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. Owner : Riset Dan Jurnal Akuntansi, 4(1), 176–190. https://doi.org/10.33395/OWNER.V4I1.186
Unduhan
Diterbitkan
Cara Mengutip
Terbitan
Bagian
Lisensi
Artikel ini berlisensi Creative Commons Attribution-NonCommercial 4.0 International License.
Abstract views: 397
,
PDF Downloads: 150
