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All Journal I-Finance Journal Jurnal Ilmu Perbankan dan Keuangan Syariah
Supaijo
Universitas Islam Negeri Raden Intan Lampung
Economics, Econometrics & Finance

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The Impact Of Working Captital Management And Ownership Structure On Profitability: The Moderating Role Of Firm Growth Elsa Okta Akila; Supaijo; Mia Selvina
Jurnal Ilmu Perbankan dan Keuangan Syariah Vol. 7 No. 2 (2025)
Publisher : Program Studi Perbankan Syariah Fakultas Ekonomi dan Bisnis Islam UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jipsya.v7i2.357.198-211

Abstract

This study analyzes the effect of working capital management and ownership structure on profitability, and examines company growth as a moderating variable in consumer goods companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. A quantitative causal-associative design was applied, involving 29 companies and 145 observations. The variables were measured using Working Capital Turnover (WCTO), Institutional Ownership (IO), Return on Assets (ROA), and Growth Assets (GA), with data analyzed using the Common Effects Model and Moderated Regression Analysis (MRA) in EViews 12. The results show that working capital management and ownership structure do not significantly affect profitability. Based on agency theory, this reflects management's preference for conservative policies that do not directly increase profits. Company growth also does not moderate the relationship between working capital or ownership structure and profitability. From a signaling theory perspective, company growth fails to act as a positive signal due to higher risk and uncertainty in fast growing companies. This study concludes that company growth does not strengthen the influence of internal factors on profitability in the consumer goods sector during the post-pandemic recovery. In Islamic economics, company growth is not only financial but also reflects whether business activities are beneficial, halal, and fair.
THE EFFECT OF FDI, NET EXPORTS AND INFLATION ON ECONOMIC GROWTH IN ASEAN-5 FROM AN ISLAMIC ECONOMIC PERSPECTIVE Ulfa Nur Halimah Ulfa; Supaijo; Siska Yuli Anita
I-Finance Journal Vol 11 No 2 (2025): I-FINANCE: a Research Journal on Islamic Finance
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Raden Fatah Palembang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19109/ifinance.v11i2.31315

Abstract

This study aims to determine and examine the effect of FDI, net exports, and inflation on economic growth in the ASEAN-5 emerging market countries. The research method used is quantitative. The population in this study consists of five ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam). The sample used in this study employs purposive sampling, which determines the sample by selecting members of the population according to the criteria required by the research. The data analysis technique in this study uses panel data regression with Chow and Hausman tests. The hypothesis testing series consisted of the F test, the test, and the coefficient of determination (R2). The results of this study prove that partial foreign direct investment does not have a positive and significant effect on economic growth. Net exports do not have a positive and significant effect on economic growth. Inflation has a significant positive effect on economic growth. Based on the results of the Chow test, Hausman test, and LM test, the Common Effect model is more appropriate for use in this study. The conclusion is that, simultaneously, foreign direct investment, net exports, and inflation have a significant effect on economic growth in the ASEAN-5 emerging market countries from 2020 to 2024  
Co-Authors Elsa Okta Akila Mia Selvina Siska Yuli Anita Ulfa Nur Halimah Ulfa