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All Journal Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management Determinasi: Jurnal Penelitian Ekonomi Manajemen dan Akuntansi
Cantika, Rizkha Arum
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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ANALISIS DAMPAK INDUSTRI MIKRO DAN KECIL TERHADAP PERTUMBUHAN EKONOMI INDONESIA DENGAN PENDEKATAN EKONOMETRIK REGRESI SPASIAL PADA DATA PANEL Ningrum, Ameylia Daniek Setiya; Cantika, Rizkha Arum; Oktafianto, Ifan Surya Dwi; Saputra, Aryogi Adi; Farhan, Muhammad; Ayu, Delonika Diah
Determinasi: Jurnal Penelitian Ekonomi Manajemen dan Akuntansi Vol. 3 No. 3 (2025)
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/determinasi.v3i3.485

Abstract

One way to evaluate a country's economic condition is by examining the Gross Domestic Product (GDP) at the national level or the Gross Regional Domestic Product (GRDP) at the regional level. In Indonesia, the manufacturing industry is the largest contributor to GDP. Within this sector, micro and small-scale industries (MSIs) play a vital role. MSIs significantly drive economic development, with their impact varying across different geographical locations, thus influencing the GRDP of various regions. Therefore, it is essential to analyze GRDP with spatial considerations, examining how the MSI sector affects economic growth in Indonesia through spatial panel data regression. This study employs spatial models such as the Spatial Autoregressive Model (SAR) and the Spatial Error Model (SEM) with fixed effects to understand these dynamics. The research aims to identify and describe the MSI-related factors that affect economic growth in Indonesia's provinces. The findings indicate that the most suitable model is the Spatial Autoregressive Model Fixed Effect (SAR-FE). The study identifies two significant independent variables influencing economic growth: the number of micro and small-scale industries (X1) and inflation (X6). The results demonstrate that increases in these variables correlate with a decrease in the economic growth rate.
Analysis of the Effect of Cash Management on Profit Performance with Liquidity as a Moderating Variable in Pharmacy Companies in Indonesia Cantika, Rizkha Arum; Rosyadi, Imron
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.660

Abstract

This study investigates how cash management influences profit performance in Indonesian pharmacy companies, with liquidity positioned as a moderating factor. Using a quantitative approach rooted in the positivist paradigm, the research analyzes secondary data obtained from audited financial statements of pharmacy firms listed on the Indonesia Stock Exchange for the 2021–2024 period. Cash Turnover, Return on Assets (ROA), and the Current Ratio (CR) were used as key indicators to represent cash management, profit performance, and liquidity. Multiple linear regression and Moderated Regression Analysis (MRA) were applied after meeting classical assumption requirements, including tests for normality, multicollinearity, heteroskedasticity, and autocorrelation. The empirical findings indicate that cash management significantly and negatively affects profit performance, suggesting that overly rapid cash turnover may reflect insufficient cash reserves and can weaken profitability. Liquidity shows a positive and significant effect on profit performance, demonstrating its role in supporting operational stability. Additionally, liquidity moderates the relationship between cash management and profit performance by reducing the strength of this influence. These results highlight the importance of balanced cash management and optimal liquidity conditions in ensuring financial sustainability within pharmacy companies. The study also recommends expanding future research through additional variables, broader samples, and alternative analytical frameworks.
Analysis of the Effect of Cash Management on Profit Performance with Liquidity as a Moderating Variable in Pharmacy Companies in Indonesia Cantika, Rizkha Arum; Rosyadi, Imron
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i4.660

Abstract

This study investigates how cash management influences profit performance in Indonesian pharmacy companies, with liquidity positioned as a moderating factor. Using a quantitative approach rooted in the positivist paradigm, the research analyzes secondary data obtained from audited financial statements of pharmacy firms listed on the Indonesia Stock Exchange for the 2021–2024 period. Cash Turnover, Return on Assets (ROA), and the Current Ratio (CR) were used as key indicators to represent cash management, profit performance, and liquidity. Multiple linear regression and Moderated Regression Analysis (MRA) were applied after meeting classical assumption requirements, including tests for normality, multicollinearity, heteroskedasticity, and autocorrelation. The empirical findings indicate that cash management significantly and negatively affects profit performance, suggesting that overly rapid cash turnover may reflect insufficient cash reserves and can weaken profitability. Liquidity shows a positive and significant effect on profit performance, demonstrating its role in supporting operational stability. Additionally, liquidity moderates the relationship between cash management and profit performance by reducing the strength of this influence. These results highlight the importance of balanced cash management and optimal liquidity conditions in ensuring financial sustainability within pharmacy companies. The study also recommends expanding future research through additional variables, broader samples, and alternative analytical frameworks.
Co-Authors Ayu, Delonika Diah Imron Rosyadi Muhammad Farhan Ningrum, Ameylia Daniek Setiya Oktafianto, Ifan Surya Dwi Saputra, Aryogi Adi