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All Journal Nominal: Barometer Riset Akuntansi dan Manajemen JURNAL AKUNTANSI DAN AUDITING Jurnal Ekonomi & Studi Pembangunan Owner : Riset dan Jurnal Akuntansi International Journal of Supply Chain Management BJRA (Bongaya Journal of Research in Accounting) Jesya (Jurnal Ekonomi dan Ekonomi Syariah) JIA (Jurnal Ilmiah Akuntansi) International Journal of Economics Development Research (IJEDR) Jurnal Ilmiah Akuntansi Peradaban Nusantara Hasana Journal Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi (JEBMA) JSAP : Journal Syariah and Accounting Public Akuntansi'45 EKONOMIKA45 Agrikan: Jurnal Agribisnis Perikanan International Journal of Multidisciplinary Sciences and Arts Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-commerce Economics, Business, Accounting & Society Review Moneter : Jurnal Ekonomi dan Keuangan Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Inovasi Sosial : Jurnal Pengabdian Kepada Masyarakat JER International Journal of Economics, Business and Innovation Research
Zamzam, Irfan
Departement Of Management, Khairun University, Ternate, Indonesian
Agriculture, Biological Sciences & Forestry Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Library & Information Science Mechanical Engineering Nursing Social Sciences Transportation Other

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Financial Performance of a Regional Water Utility: The Role of Good Corporate Governance, Liquidity, and Operational Efficiency Pora, Alfian A.N.; Soleman, Rusman; Zamzam, Irfan
International Journal of Economics, Business and Innovation Research Vol. 5 No. 02 (2026): February - March, International Journal of Economics, Business and Innovation
Publisher : Cita konsultindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63922/ijebir.v5i02.3084

Abstract

This study aims to analyze the role of Good Corporate Governance (GCG), liquidity conditions, and operational efficiency in reflecting financial performance at the Ake Gaale Regional Water Supply Company in Ternate City. Regional State-Owned Enterprises (BUMDs) play a strategic role in providing public services while also being expected to maintain sustainable financial performance. However, various regional water supply companies still face challenges related to operational efficiency, financial management, and corporate governance. This study employs a qualitative descriptive approach using secondary data in the form of financial statements and corporate governance documents for the period 2019–2024. The data analysis techniques used include descriptive analysis, financial ratio analysis comprising the Current Ratio (CR), the Operating Expense to Operating Revenue Ratio (BOPO), and Return on Assets (ROA), as well as trend analysis. The results indicate that the implementation of GCG falls into the “highly reliable” category, with an index value ranging from 90% to 100%. The company’s liquidity level is classified as very high, with a CR ranging from 361% to 766%; however, this condition is largely influenced by high accounts receivable. Operational efficiency, as measured by BOPO, shows fluctuating conditions, while financial performance, as measured by ROA, shows a downward trend after 2019. The findings of this study indicate that the implementation of strong governance and liquidity does not necessarily lead to improved financial performance if operational efficiency is not yet functioning optimally.
Co-Authors Abdul Hadi Sirat Abdullah, Sehat Abi Suar Abu, Zulkifli Amin, Chairullah Anis Nurjanah Anwar, Cep Jandi B. Maramis, Joubert Bustami Abdul Rajak Chairul Abd. Halik Chairullah Amin Daud, Nahu de Breving, Gilang Dukalang, Erfina Duko, Firdaus Dukomalamo, Rismi A. Dukomalamo Dwi Yana Amalia Sari Fala E. Hartaty Hadady Fabanyo, Musdalifa Faradila, Desi Tiara Hadi, Lisma Taher Hamidin Rasulu Hartaty Hadady Hasan, M. Husaini Nain hasnin, muhammad Herman Karamoy Hormati, Asrudin Iqbal M. Aris Ali Ivanka, Vivi Johan Fahri Junaidi Yakub Muhammad, Nurdin I Mukarramah, Sitti Mutia M. Papuke Najla Syifa Y. Ichsan Nurjanah, Anis Ohorella, Rizki Wahyu Utami P. E. Saerang, David Pora, Alfian A.N. Putri Kharisma Mochtar Resmiyati Ansar Resmiyati Ansar Reviane, Indraswati Tri Abdi Romi Bhakti Hartarto Rusman Soleman, Rusman Serli Rusli Sharina Osman Sinen, Kasim Siska Purnamalita May Suriana AR. Mahdi, Suriana AR. Suwito Suwito Syahdan, Rinto Tamaela, Fatimah Azzahra F. Tri Ayu Yulianti Kotta Yetty Zainuddin Zainuddin Zainuddin, Zainuddin Zulkifli Abu