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Working Capital Management as a Mediator of the Corporate Governance–Performance Relationship: Evidence from Indonesia Priyono, Achmad Agus; Widarko, Agus; Saraswati, Ety
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 2 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i2.520

Abstract

This study examines the moderating role of working capital management in the relationship between corporate governance mechanisms, specifically independent commissioners and ownership structure, and firm performance, as measured by Return on Equity (ROE). The analysis is based on panel data from consumer goods manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using a quantitative explanatory approach and Partial Least Squares Structural Equation Modeling (PLS-SEM) via WarpPLS 7.0, this study finds that independent commissioners have a significant adverse effect on ROE. At the same time, ownership concentration shows a negative but statistically insignificant effect. Meanwhile, working capital management, proxied by the average payment period (APP), has a significant positive impact on ROE, but does not moderate the relationship between governance mechanisms and firm performance. These findings highlight that structural governance components alone do not guarantee improved financial performance unless accompanied by functional and competent internal financial practices. Theoretically, this study contributes to agency Theory and resource dependence Theory by demonstrating that symbolic governance structures tend to undermine firm value in emerging markets with weak institutional enforcement.
Working Capital Management as a Mediator of the Corporate Governance–Performance Relationship: Evidence from Indonesia Priyono, Achmad Agus; Widarko, Agus; Saraswati, Ety
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 2 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i2.520

Abstract

This study examines the moderating role of working capital management in the relationship between corporate governance mechanisms, specifically independent commissioners and ownership structure, and firm performance, as measured by Return on Equity (ROE). The analysis is based on panel data from consumer goods manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using a quantitative explanatory approach and Partial Least Squares Structural Equation Modeling (PLS-SEM) via WarpPLS 7.0, this study finds that independent commissioners have a significant adverse effect on ROE. At the same time, ownership concentration shows a negative but statistically insignificant effect. Meanwhile, working capital management, proxied by the average payment period (APP), has a significant positive impact on ROE, but does not moderate the relationship between governance mechanisms and firm performance. These findings highlight that structural governance components alone do not guarantee improved financial performance unless accompanied by functional and competent internal financial practices. Theoretically, this study contributes to agency Theory and resource dependence Theory by demonstrating that symbolic governance structures tend to undermine firm value in emerging markets with weak institutional enforcement.
Pengaruh Merek, Kualitas Produk Dan Promosi Terhadap Keputusan Pembelian Produk Eiger (Studi Kasus Pada Generasi Z Di Kecamatan Lowokwaru) Kurniawan, Hendri; Widarko, Agus; Saraswati, Ety
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 02
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract

Abstract This study aims to analyze the influence of brand, product quality and promotion on purchasing decisions for Eiger products. The population used in this study is generation Z in Lowokwaru District who have purchased Eiger products. This type of research is quantitative research with a causal associative method. The sampling technique uses non-probability with the method used purposive sampling, the determination of the number of samples is obtained using the Hair et al. formula, so that 105 respondents are obtained. The analysis method used is multiple linear regression in the SPSS program. The results of this study indicate that brand, product quality and promotion have a positive and significant effect on purchasing decisions for Eiger products. This shows that if Eiger products improve and maintain the brand, product quality and promotion, the buyer's decision to purchase Eiger products will increase. Keywords: Brand, product quality, promotion, buying decision
Analisis Perkembangan UMKM Sektor Kuliner Di Kota Malang Safira, Annisa Ayu; Nurhidayah, Nurhidayah; Saraswati, Ety
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 02
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract

Abstract The food industry in Malang City has been growing rapidly. Food vendors can be found in almost every area, indicating a high demand in this sector. Culinary MSME actors offer a variety of flavors to attract consumers who are constantly seeking new products. People also tend to purchase their food needs from local vendors. This rapid development is further driven by the city’s dense population. The research problems in this study are: 1) How do Information Technology, Business Capital, and Financial Reporting influence the development of culinary MSMEs in Malang City? 2) How can Information Technology enhance the development of culinary MSMEs in Malang City? 3) How can Business Capital enhance the development of culinary MSMEs in Malang City? 4) How can Financial Reporting enhance the development of culinary MSMEs in Malang City? The research method applied is qualitative research using NVIVO as the analytical tool. The results of the study show that: 1) The use of Information Technology by culinary MSMEs in Malang City contributes significantly to improving operational efficiency, 2) The business capital used by culinary MSMEs in Malang City is partly sourced from personal funds, 3) The financial reports prepared by culinary MSMEs in Malang City generally include the basic information required, although they are not yet detailed and comprehensive, 4) The business duration of the eight culinary MSME actors in Malang City varies, with some experiencing long-term sustainability while others face short-term business endurance. Keywords: MSME Development, Culinary
Co-Authors Abdillah, Achmad Fikri Abil Abdul Qodir Djaelani Achmad Agus Prioyono Achmad Agus Priyono Afi Racmat Slamet Agustina, Iin Ahmad Azmil Marrom Ahmad Muhayan Arif Ahmad Rifai Aisyah Wulandari Akbar, M. Ananda Fajar Akhmad Azhar Khurri Aldrian Saputra Aleria Irma Hatneny Alfi Nur Mufida Alfin Aulia Rahman Alma Tika Agustin Amalyani, Meifiana Andi Normala Dewi Andi Normaladewi Aprilia Dyah Wulandari Ari Kartiko Assagaf, Nurul Syifa Aulia Sukma Rachmawati Bagus Prasetyo Basalamah, Muhammad Ridwan Bellanti, Silvan Brian Inggrid Alvandy Budi Wahono Chamid Alif, A’an Abdul Citra Damayani Prayogiyanto Citra Nurul Hidayati Deni Irfa Yanti Dimas, Moh Fahrezi Fajjar Mustofa Fasahri, Nuril Ramadhan Fa’jiah, Cholifatul Febryansyah, Dany Ferlian Ramadhan Gilang Romadhon Hadi Sunaryo Hariri, Hariri Hariri, Hariri Hatneny, Aleria Irma Hendri Kurniawan, Hendri Iin Cahyaningsih Ilham Febriansyah Isma, Viona Aulia Isnaini Firdayanti Ita Athia Izza, Nikmatul Jeni Susyanti Jumani Jumani Kartika Rose Rachmadi Ketut Tirtayasa M. Agus Salim M. Agus Salim Al Fathoni M. Hufron Mahardani, Ahmad Subhan Malinda, Elsa Masriyani Masriyani Mas’udah, Nia Arifiana Maulana, Muhammad Naufal Aulia Mawardi, Muhammad Cholid Moh. Fathur Rozi Moh. Fathur Rozi MUHAMMAD AGUS SALIM Muhammad Fadil Muhammad Muslihul Hadi N. Rachma nanang tri haryoko Nanda Sasqia Zahro Niken Cahyani Agungtya Nindya Cahyaningrum Novitasari Novitasari Nur Diana Khalidah Nur Faidah Nur Fatimah Nur Halimatus Sa’diyah Nur Hidayati Nur Hidayati Nuratul Amaliah Nurhidayah Nurhidayah Nurmala Yunita Nurul Qomariah Priyambudi, Arif Putri Ekawati Ratma Ana Tasya Reza Audia W.A Rizal, Syarif Ali Rois Arifin Ronny Malavia Mardani Ronny Malavia Mardani Safira, Annisa Ayu Safrillia, Dea Sanjaya, Anggun Sri Tyas Listia Sujarwo, Revi Moury Putri Taufiqulhakum, M Fadhila Ubaydillah, Awaluddin Ulya, Arifah Izzatul Vachriyanti, Asma’ul Noer Vika Septirini Wahyuningtyas, Novianur Widarko, Agus Windy Tri Yuniar Wulan, Aisyah Dwi Fajar Yasmin, Raisya A Yulianti, Nur Afni Zuhri, Haszaghi Ramadhan