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Journal : Management Analysis Journal

The Impact of Corporate Funding Policies on Firm Value: A Comparative Study of Debt, Profit, and Free Cash Flow in Transportation and Logistics Companies Hadyan, Deni; P Sitorus, Alvin David; Arifin
Management Analysis Journal Vol. 14 No. 3 (2025): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v14i3.28740

Abstract

This study addressed the critical role of Indonesia's transportation and logistics sector in national economic growth, which faced significant pressure from COVID-19 impacts (15.04% decline) and state expenditure cuts (IDR 306.7 trillion). Prior research revealed inconsistent findings on how funding policies affect company value, highlighting a key knowledge gap. The study examined the comparative impact of company debt, profit, and free cash flow on firm value within this sector. Using quantitative methods, financial data from 19 Indonesian-listed transportation/logistics companies (2018–2023, n = 104 observations) were analyzed via multiple linear regression. Results indicated that debt significantly reduced firm value (β = -0.166, p = 0.006), while profit (β = 0.172, p = 0.042) and free cash flow (β = 0.042, p = 0.009) increased it. These findings suggest that optimizing profit retention and cash flow management, while minimizing excessive debt, enhances company resilience and investor appeal.
Co-Authors , Moehamad Helmy Fauzi Abdul Rizal, Abdul Abdullah, Bualkar Abubakar, Ardiansyah Agung Susanto Ahmad Hasyim AHMAD RIDUAN ahmad yani Ahmad, Rizqy Amelia Ramadhaniyah Ahmad, Zaqinah Aiman, Ummu Aji Witanto Akbari, Ummu Fajariyah Alam, Samsul Alhidri, Wahib Ali Syah Putra Alif Khanda Wicaksana Amra, Wahidah Anang Budikarso, Anang Andoko Andueriganta Fadhlihi Angela, Nofia Annysa Aprilya Antony Djong, Vanness Jan Ho APRILIA, NITA Aprilia, Nita Aprilia Arantrinita Arfa, Aryatih Arum Ratnaningsih Arwildayanto, Arwildayanto Ashari Ashoer, Muhammad Bahari, Andi Faisal Basalamah, Muhammad Syafi'i A. Baso Amang, Baso Bayu Irsandy Bestari Laia Bustami, Tira Dewi Chandra , Muhammad Chandra, Muhammad Chodir, Fatkul Ciptawan, Ciptawan Clara Nadia Yunan Damara Saputra Siregar Damis, Hasanuddin Dewi Purnama Hamid Dhani Redhono Harioputro Dian Nur Andriani Dinihari, Yulian Djara , Jean Imaniar Djiuwa, Rahmawati Djong, Vanness Jan Ho Antony Eko Budi Lelono Eko Surjadi Emirullyta Harda Ninggar Endang Susilowati Ermawati Esti Qama Eva Niamuzisilawati Exfristin Wau Fadel, Muhammad Fadila, Yulia Sari Fajar, Hafiz Abdullah Nor Faridatun Nadziroh Fathirma'ruf Fatichati Budiningsih Ferdiansyah Mahyudin Fitriansyah Gita Hilmi Prakoso Gladera Wedpavica Zealtito Zulfan Gunawan Santoso Hadyan, Deni Harnas Baharuddin, Andi Hartati, Diah Vitaloka Haryono Rinardi Has, Muh. Furqan Hasrianti Helidatasa Utami Hendy Briantoro Hidayah, Fitriah Nurul Ilyas Yasin Imam Subayil Iwan Satriyo Nugroho Ixsora Gupita Cinantya Jaya, Andi Indra Jean Imaniar Djara Jewelson M. Santos Jojo Sumarjo Jumaati Kadir, Jamaluddin Kase, Nikson M. Kendra Hosea Khasna, Fenny Tanalinal Khusnul Khatima Asrul Kohar Lafriba Devaranty Lamuru, Afrianti S Laras Putri Olivia Lestari, Ebiet Wanda Lestari, Sri Dian LETASADO, MUHAMAD RUSADI Lies Dian Marsa Ndraha Luan, Juita Lendi M. Sabran Achyar M. Yahya Ashari Mahirullah, Mahirullah Mallongi, Syahrir Manalu, Sanggam Roy I. Mapparenta Marten PUYO Martoyo Mas'ud, Masdar Masaong, Abdul Kadim Masngud Kudori Matrahman Maya Hapsari Kusumaningtyas Meyra Chusna Mayarakaca Misnawati Mohammad Yanuar Hariyawan Mouli Edward Muh. Aminullah Muh. Arif Muhamad Milchan Muhamad Ratodi Muhammad Hafidz Ilmi Muhammad Hiqqal Muhammad Naufal Saniar Muhammad Rifai Muti'ah, Titik Nabila Syahrani Nautu, Albert K. Ndraha, Lies Dian Marsya Ni Luh Ika Windayani Ni Wayan Risna Dewi Ningsih, Nining Widiana Novan Somantri Novianti, Trie Rezky Nur Hasjim Nur isnaini syaifullah Nur Wahida Yusuf Nurlailah Nurmala, Eka Nurmi Nurul Hilmi Nurwijayanto P Sitorus, Alvin David Paramitha S,Piola, Marina Prada, Emanuel Thomas Ama Pratama Saputra, Indra Pratiwi Purnama, Hukma Ratu Purwanto Putri, Vicry Kartika Putu Kerti Nitiasih Putu Nanci Riastini, Putu Nanci Rahman, Md. Mahbubur Rahmisyari Rika, Maria M. B. Ripursari, Tety Risma Sepia Riyadhi Saputra, Muhammad Robbi Tri Atmaja Roby Cahyadi Ruslan, Sry Utari Sabaruddin Salfa Seti Sanlain, Jefrianus Sari Pratiwi Apidianti Sari, Mardiana Sarmila Selong, Abbas Seran, Agustinus Setiady, Irsyandi Syifa Seuk, Beatrix Sinring, Bahar Siti Walida Mustamin Slamet, Fayrus Abadi Soi, Viktoria sukmawati Sulaiman Sulaiman Hamzani sultan Sumardi Sumaria Sumarmo Sumitro, Dewi Sari Sunarsih Sunimbar Supriyanto Kartodarsono Sya'diyah, Zahrotusy Syahnur, Muh. Haerdiansyah Syahrul Syahrul Syauqi Ramadhan Taufan Eka Putra Tien Zubaidah Tofani, Dufiana Tugiman Usman, Nur’adin Feriyanto Verawaty Abdullah Wahyu Ilham Faruq Wibawa, Iskandar Widuri, Elva Shanty Wijoyo Winarti. A Winda Purnama, Siti Wulandary, Ela Yayuk Julyyanti Yenni Yoedy Moegiharto Yoedy Moegiharto Yoedy Moegiharto, Yoedy Yohanes Joko Supriyadi Zainal Andy Saputra Zainuddin Rahman Zakiah, Raudatul