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All Journal JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN
Satriyo Wibowo
Trisakti School of Management, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics

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Determinants of Financial Performance: The Role of Operating Efficiency in Indonesian Transportation and Logistics Companies Nila Pusvikasari; Annisa Kanti; Satriyo Wibowo; Pristanto Silalahi
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p227-241.2026

Abstract

Purpose: This study examines the effects of sales growth, liquidity, asset tangibility, and operating efficiency on the financial performance of transportation and logistics companies. It also assesses the moderating role of operating efficiency.Research Methodology: A quantitative explanatory design was applied using panel data from transportation and logistics companies listed on the Indonesia Stock Exchange during 2020–2024. Companies were selected through purposive sampling, and the data were analyzed using panel regression and moderation analysis with EViews 13 software.Results: Sales growth and operating efficiency have significant positive effects on financial performance, while asset tangibility has a significant negative effect. Liquidity has no significant effect. Operating efficiency does not significantly moderate the relationships between sales growth, liquidity, asset tangibility, and financial performance.Conclusions: Financial performance is primarily associated with firms’ ability to sustain revenue growth and utilize assets efficiently. Operating efficiency acts as a direct determinant rather than a moderating mechanism.Limitations: This study is limited to Indonesian transportation and logistics companies, the 2020–2024 period, and selected financial and operational factors. Future studies should examine other industries, countries, periods, and performance measures.Contributions: This study extends corporate finance literature by providing evidence from an asset-intensive industry and offers practical guidance for improving profitability through effective asset utilization.
Peran Mediasi TATO dan Moderasi Firm Size pada Pengaruh ERM dan Sales Growth terhadap ROA Satriyo Wibowo; Farah Margaretha Leon; Henny Setyo Lestari; Elwi Syam; Agustinus Sri Wahyudi; Nila Pusvikasari
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p335-356.2026

Abstract

Purpose: This study examines whether asset turnover mediates the effects of Enterprise Risk Management (ERM) and sales growth on profitability, while assessing the role of firm size in influencing this relationship.Research Methodology: The study analyzes 143 non-financial listed firms on the Indonesia Stock Exchange during 2018–2025, producing a balanced panel of 1,144 observations. The analysis employs a Fixed Effects Model, with mediation tested through causal path analysis and moderation examined using the interaction term between TATO and firm size.Results: The findings show that ERM and sales growth positively affect Total Asset Turnover (TATO). TATO is the strongest predictor of Return on Assets (ROA) and partially mediates the relationship between ERM, sales growth, and profitability. However, the interaction between TATO and firm size has a negative and significant effect, indicating that larger firms experience reduced efficiency in converting asset utilization into profitability.Conclusion: Operational efficiency serves as a key channel through which risk management and sales growth enhance profitability. However, increasing firm size may weaken this conversion process due to greater organizational complexity.Limitations: The study is limited to 143 non-financial firms and uses an aggregate ERM disclosure index, which may not fully capture implementation maturity.Contribution: This study contributes to the Resource-Based View and Contingency Theory by identifying asset efficiency as an overlooked mechanism in the ERM–performance relationship and demonstrating firm size as a boundary condition that influences efficiency-based value creation.
Co-Authors Agustinus Sri Wahyudi Annisa Kanti Elwi Syam Farah Margaretha Leon Henny Setyo Lestari Nila Pusvikasari Pristanto Silalahi