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All Journal Jurnal Pendidikan Ekonomi Undiksha Journal of Accounting and Investment Journal of Business Management Education (JBME) Jurnal Ekonomi Integra SELAPARANG: Jurnal Pengabdian Masyarakat Berkemajuan J-MAS (Jurnal Manajemen dan Sains) Owner : Riset dan Jurnal Akuntansi Surya Abdimas Jurnal Bisnis dan Kewirausahaan Jurnal Edueco Jurnal Ilmiah Manajemen dan Bisnis Economic Education and Entrepreneurship Journal Jurnal Inovasi Pendidikan Ekonomi Jurnal Ilmiah Manajemen Kesatuan Widya Akuntansi dan Keuangan Enrichment : Journal of Management Community Development Journal: Jurnal Pengabdian Masyarakat Jurnal Ecogen Jurnal Ekuilnomi Majalah Ilmiah UPI YPTK Jurnal Minfo Polgan (JMP) Jurnal Ilmiah Accusi Manajemen : Jurnal Ekonomi Jurnal Pengabdian Masyarakat Sapangambei Manoktok Hitei International Journal of Enterprise Modelling Jurnal Ilmiah Accusi Jurnal Pengabdian Masyarakat SAPANGAMBEI MANOKTOK HITEI Manajemen : Jurnal Ekonomi Jurnal Ilmiah Accusi
Wico Jontarudi Tarigan
Universitas Simalungun
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Journal : International Journal of Enterprise Modelling

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Enterprise financial performance under liquidity, solvency, and risk-based capital constraints Martina, Sri; Tarigan, Wico Jontarudi; Ferdila, Ferdila
International Journal of Enterprise Modelling Vol. 20 No. 1 (2026): January: Publishing Process (Inpress)
Publisher : International Enterprise Integration Association

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/int.jo.emod.v20i1.170

Abstract

Enterprise financial performance is a critical indicator of organizational sustainability, particularly in highly regulated and risk-sensitive industries such as insurance. Prior studies on insurance financial performance have largely emphasized profitability or macroeconomic determinants, while limited research has integrated liquidity, solvency, and risk-based capital (RBC) into a unified accounting-based framework at the enterprise level. Addressing this gap, this study investigates the financial performance effectiveness of a publicly listed Indonesian insurance company through an integrated assessment of liquidity, solvency, and regulatory capital adequacy. This research employs a quantitative descriptive approach using secondary data derived from audited annual financial statements of an insurance enterprise listed on the Indonesia Stock Exchange over the 2020–2023 period. Financial performance is evaluated using liquidity ratios (current ratio and cash ratio), solvency ratios (debt-to-assets ratio and debt-to-equity ratio), and the Risk-Based Capital ratio as a regulatory solvency benchmark. The findings reveal that the enterprise consistently maintains strong liquidity and capital adequacy above regulatory requirements, indicating effective short-term financial management and strong risk-absorption capacity. However, solvency analysis shows a relatively high reliance on debt financing, suggesting potential structural risks in long-term capital composition. This study contributes to enterprise modelling and accounting literature by proposing an integrated accounting-based framework that positions liquidity, solvency, and RBC as interrelated enterprise control mechanisms for evaluating financial performance effectiveness in regulated insurance institutions. The results provide practical implications for financial governance and regulatory compliance in emerging insurance markets. This study addresses the gap in prior insurance performance studies that examine liquidity, solvency, and capital adequacy separately by proposing an integrated accounting-based enterprise performance framework.
Co-Authors Aggiat Sinurat Anggiat Sinurat Anggiat Sinurat Anggiat Sinurat Aprilia Suhani Athina Nikitria Athina Nikitria Ayu Anggriani Ayu Anggriani Ayu Nadila Choirunisa Utami Damanik, Elfina O P Dendi Wahyudi Dendi Wahyudi Desmi Triyanti Purba Djahotman Purba Djahotman Purba Djuli Sjafei Purba Djuli Sjafei Purba Doris Yolanda Saragih Dwi Nanda Aryanti Elfina O P Damanik Elfina O.P Damanik Eva Sriwiyanti Eva Sriwiyanti Eva Sriwiyanti Eva Sriwiyanti Ferdila, Ferdila Girsang, Rosita Manawari Hengki Mangiring Parulian Simarmata Indra Gunawan Indra Gunawan Irwan M Ambarita Irwan M Ambarita Jos Martin Simanjuntak Jos Martin Simanjuntak Jusra Tampubolon Leviana Tri Sukma Leviana Tri Sukma Mahaitin H Sinaga Marintan Saragih Marintan Saragih Martina, Sri Marulam MT Simarmata Mayliza Putri Mayliza Putri Muhammad Kevin Jhody Saragih Muhammad Khoir Zulfikar Muhammad Khoir Zulfikar Nanda Asmara Nanda Asmara Netty Vera Harianja Netty Vera Harianja Nurainun Tanjung Pinondang Nainggolan Poltak Pardamean Simarmata Purba, Desmi Triyanti Purba, Djahotman Purba, Djuli Sjafei PURBA, ELIDAWATY Rai Fazran Nuarza Rai Fazran Nuarza Resna Napitu Resna Napitu Ripka Seriidahnaita Ginting Rosita Manawari Girsang Rosita Manawari Girsang Rosita Manawari Girsang Sabar Dumayanti Sihombing Saragih, Liharman Saragih, Marintan Saragih, Muhammad Kevin Jhody Semaria Eva Elita Girsang Shinta Permata Sari Shinta Permata Sari Shinta Permata Sari Simanjuntak, Demak Claudia Yosephine Simanjuntak, Jos Martin Sipayung, Tuahman Siti Purwasih Siti Suani Nababan Sri Martina Sri Martina Sri Martina Sriwiyanti, eva Tanjung, Nurainun Tarigan, Vitryani Taufik Parinduri Taufik Parinduri Tuahman Sipayung Tuahman Sipayung Tuahman Sipayung Tuahman Sipayung Vitryani Tarigan Vitryani Tarigan