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All Journal Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Asfina Nor Husna
Universitas Trisakti, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Impact of Working Capital on Financial Performance Moderated by Dividend Policy and Financial Ratios: A Study of Manufacturing Companies in Indonesia Lutfi Adnan Affif; Asfina Nor Husna; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.732

Abstract

This study aims to analyze the impact of working capital on financial performance moderated by dividend policy and financial ratios at manufacturing companies in Indonesia. This research method uses a panel data regression, utilizing Eviews 9.0 software for data processing. The sample for this study includes 47 technology and manufacturing companies listed on the IDX with consistent data available for the 2020–2024 observation period. This study adopts a hypothesis-testing design to analyze the effects of the Cash Conversion Cycle, Leverage, Sales Growth, and Investment Policy on Financial Performance (ROA). Additionally, the model incorporates Size and Inflation as control variables and Dividend Payout Ratio as the moderating variable.
The Impact of Working Capital on Financial Performance Moderated by Dividend Policy and Financial Ratios: A Study of Manufacturing Companies in Indonesia Lutfi Adnan Affif; Asfina Nor Husna; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.732

Abstract

This study aims to analyze the impact of working capital on financial performance moderated by dividend policy and financial ratios at manufacturing companies in Indonesia. This research method uses a panel data regression, utilizing Eviews 9.0 software for data processing. The sample for this study includes 47 technology and manufacturing companies listed on the IDX with consistent data available for the 2020–2024 observation period. This study adopts a hypothesis-testing design to analyze the effects of the Cash Conversion Cycle, Leverage, Sales Growth, and Investment Policy on Financial Performance (ROA). Additionally, the model incorporates Size and Inflation as control variables and Dividend Payout Ratio as the moderating variable.
Co-Authors Farah Margaretha Leon Henny Setyo Lestari Lutfi Adnan Affif