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All Journal Journal of Islamic Studies and Humanities Pena Justisia: Media Komunikasi dan Kajian Hukum Jurnal Mantik Journal of Digital Marketing and Halal Industry Akuntansi Bisnis & Manajemen (ABM) International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) International Journal Mathla'ul Anwar of Halal Issues Islamiconomic: Jurnal Ekonomi Islam Journal of Artificial Intelligence and Digital Business Indonesia Auditing Research Journal Nanggroe: Journal Of Scholarly Service (JUMPER) Nanggroe: Journal of Scholarly Service IIJSE Mawaddah: Jurnal Hukum Keluarga Islam Digital Muslim Review Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah LAN TABUR: JURNAL EKONOMI SYARIAH Jurnal Manajemen dan Ilmu Administrasi
HADI PERISTIWO, HADI
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The Impact of Working Capital Management, Cash Flow Volatility, and Leverage on Financial Sustainability Mulyono, Sri; Rachman, Zamhuri; Septiatin, Aziz; Peristiwo, Hadi
Journal Management & Economics Review (JUMPER) Vol. 3 No. 10. 1 (2026): Special Issue: Call For Paper JUMPER
Publisher : Malaqbi Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59971/jumper.v3i10. 1.1032

Abstract

This study aims to examine the impact of working capital management, cash flow volatility, and leverage on financial sustainability. In an increasingly uncertain and competitive business environment, financial sustainability has become a critical objective for firms seeking long-term stability and growth. This research adopts a quantitative approach using panel data collected from companies listed on the Indonesia Stock Exchange (IDX) over the period 2020–2024. The sample was selected using purposive sampling, resulting in firm-year observations that meet the research criteria. Data were analyzed using panel data regression with the Fixed Effect Model, following the results of model selection tests. The findings reveal that working capital management has a positive and significant effect on financial sustainability, indicating that efficient management of short-term assets and liabilities enhances liquidity and supports long-term financial stability. In contrast, cash flow volatility has a negative and significant effect, suggesting that fluctuations in cash flows increase financial uncertainty and weaken a firm’s ability to sustain operations. Similarly, leverage is found to have a negative and significant impact on financial sustainability, implying that excessive reliance on debt increases financial risk and reduces resilience. Additionally, control variables such as firm size, profitability, and growth are shown to positively influence financial sustainability. Overall, this study highlights the importance of effective financial management practices in achieving financial sustainability. Firms are encouraged to optimize working capital efficiency, stabilize cash flows, and maintain prudent leverage levels to enhance long-term performance and resilience. This research contributes to the literature by providing an integrated analysis of key financial determinants of sustainability and offers practical implications for managers and policymakers in improving financial decision-making.
Co-Authors Abdullah Lawang, Karimuddin Adhariah, Ade Anugrah, Ahlam Tri ASEP DADAN SUGANDA Budi Sudrajat EFI SYARIFUDIN, EFI Farhan Firdaus, Farhan Habib, Muhamad Hanuddin, La HENDRIETA FERIEKA, HENDRIETA I, Itang Itang Itang Karomah Karomah M, Muhajiroh Madani Amir, Moch. Sayyid Salsabila Maskuroh, Nihayatul Masykuroh, Nihayatul Mubarok, Khamdi Najmudin Nurdin, Nurdianasari Prayogo, Rahmat Tri Putri, Nurwahyu Hasanah Rachman, Zamhuri Salsabila, Amalia Septiatin, Aziz Sri Haryati Sri Mulyono Sudrajat, Oman Suja'i, Suja'i Sukron, Jaenudin Suryani Suryani Syarifudin , Efi Uyun, Yuyun Rohmatul Wahyuddin, Wawan Wasehudin, Wasehudin Wazin Wazin WAZIN WAZIN, WAZIN Yama, Arifeen Zafran Akbar, Hanif ZAINI IBRAHIM, ZAINI Zohriah, Anis Zulfikri Zulfikri, Zulfikri