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All Journal Global Academy of Business Studies Journal of Digital Business and Marketing Review of Multidisciplinary Academic and Practice Studies
Brady Rikumahu
Telkom University, Indonesia
Economics, Econometrics & Finance Other

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The impact of capital structure, investment growth, and liquidity on financial performance of automotive companies and its components on the Indonesia Stock Exchange (2018-2022) Riska Mandasari; Brady Rikumahu
Global Academy of Business Studies Vol. 1 No. 3 (2025): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/gabs.v1i3.3568

Abstract

Purpose: This study analyzes the influence of capital, investment, and liquidity structures on the financial performance of automotive companies and their components listed on the Indonesia Stock Exchange (IDX) between 2018 and 2022. Research methodology: Multiple regression analysis was used, and data were obtained from the company's annual financial statements from 2018 to 2022. The findings of this study are expected to provide important insights for financial managers and stakeholders in managing company finances and serve as a reference for investors and creditors in evaluating the financial performance of a company. Results: The results show that capital structure has a significantly positive effect on financial performance, while investment and liquidity do not significantly affect it. Conclusion: Capital structure significantly improves the financial performance of automotive companies, whereas investment and liquidity show no significant effects. Therefore, optimizing the capital structure is crucial for strengthening financial strategies in the Indonesian automotive sector. Limitation: The study's limitation is that it focuses solely on automotive companies listed on the Indonesia Stock Exchange during the specified time frame. Contribution: The study's contribution is that it provides empirical evidence regarding the impact of capital structure, investment growth, and liquidity on financial performance in the Indonesian automotive industry, which can inform future research and practical applications in this context.
Prediction of financial distress in transportation and logistics companies before, during and after the Covid-19 pandemic listed on the Indonesia Stock Exchange Sinta Dewi; Brady Rikumahu
Global Academy of Business Studies Vol. 1 No. 2 (2024): October
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/gabs.v1i2.3576

Abstract

Purpose: This study aims to predict financial distress in transportation and logistics companies before, during, and after the Covid-19 pandemic. Research Methodology: A total of 23 transportation and logistics companies were selected as the research sample using purposive sampling method. Secondary data from audited financial statements for 2019–2023 were analyzed. Three financial ratios—Current Ratio (CR), Return on Assets (ROA), and Debt-to-Asset Ratio (DAR)—were used as input variables. An Artificial Neural Network (ANN) with a multilayer perceptron backpropagation algorithm was employed to train and test the prediction models. The best architecture was identified by comparing the model performance across variations in hidden neurons. Results: The results reveal that companies reported as financially distressed have lower average values for the three ratios than companies not experiencing financial distress, making them suitable input variables. The best artificial neural network architecture in this study included an input layer with 60 neurons, a hidden layer with 15 neurons, and an output layer with a single neuron. This architecture achieved a training performance mean square error (MSE) of 0.125004 and an R-value of 50.00%. The study's findings suggest that 12 companies are likely to experience financial distress. Conclusions: Financial ratios are effective indicators of distress, and ANN models can predict potential bankruptcy with a reasonable accuracy. Limitations: This study is limited to three financial ratios and a single sector, which may not fully capture the broader determinants of financial distress. Contribution: This study contributes to the financial distress prediction literature by applying ANN to transportation and logistics firms in Indonesia and offers practical tools for stakeholders to anticipate risks and design preventive strategies.
Financial contagion analysis on asset return of S&P 500 Index, Shanghai Index, and Hang Seng Index with Jakarta Composite Index for the period 2017 – 2023 Ferdy Fardian; Brady Rikumahu
Journal of Digital Business and Marketing Vol. 1 No. 1 (2025): February
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jdbm.v1i1.3316

Abstract

Purpose: This study investigates financial contagion—the transmission of risk and instability between markets and using the co-volatility contagion test method developed by Fry-McKibbin (2018). This study aims to analyze the volatility linkages among major global stock markets and their impact on Indonesia’s market during economic crises. Research Methodology: This study examines daily asset returns from January 2017 to December 2023 for the S&P 500 Index (SPX, United States), Shanghai Composite Index (SCI, China), Hang Seng Index (HSI, Hong Kong), and Jakarta Composite Index (JCI, Indonesia). The co-volatility contagion framework measures changes in market correlations between crisis and non-crisis periods. Results: The findings reveal contagion from SPX, SCI, and HSI to the JCI, with varying co-volatility patterns. The SPX–JCI relationship shows significantly positive co-volatility differences that decline during crises, indicating synchronized but independent movements under global uncertainty. The SCI–JCI differences were significantly negative with low magnitudes, suggesting opposite movement tendencies during crises. HSI–JCI differences were also significantly negative, reflecting reduced connectivity and divergent responses to global risks. Conclusions: Distinct co-volatility patterns indicate different market sensitivities to global uncertainty, emphasizing the importance of tailored investment and policy strategies. Limitations: This study focuses on four markets and a defined time span, potentially limiting generalizability. However, it does not account for sector-specific contagion effects. Contribution: This study provides empirical evidence of volatility transmission mechanisms, offering valuable insights for investors, market participants, and policymakers to enhance risk assessment and investment strategies.
The impact of capital structure, investment growth, and liquidity on financial performance of automotive companies and its components on the Indonesia Stock Exchange (2018-2022) Riska Mandasari; Brady Rikumahu
Review of Multidisciplinary Academic and Practice Studies Vol 1 No 2 (2024): August
Publisher : LPPM STIE KRAKATAU

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61401/rmaps.v1i2.131

Abstract

Purpose: This study analyzes the influence of capital, investment, and liquidity structures on the financial performance of automotive companies and their components listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. Research methodology: Multiple regression analysis was used and data were obtained from the company's annual financial statements from 2018 to 2022. The findings of this study are expected to provide important insights for financial managers and stakeholders in managing company finances, and serve as a reference for investors and creditors in evaluating the financial performance of a company. Results: The results show that capital structure has a significantly positive effect on financial performance, while investment and liquidity do not significantly affect financial performance. Limitation: The study's limitation is that it focuses solely on automotive companies listed on the Indonesia Stock Exchange during the specified timeframe. Contribution: The study's contribution is that it provides empirical evidence regarding the impact of capital structure, investment growth, and liquidity on financial performance in the Indonesian automotive industry, which can inform future research and practical applications in this context. Implementation: Capital structure refers to the combination of debt and equity used to finance a company's operations, whereas investment refers to the use of funds or fixed assets to increase the value of the company's products. Liquidity refers to the ability of a company to meet its financial obligations in a timely manner. Multiple linear regression analysis was used in this study, and a sample of 15 companies was selected using purposive sampling.
Co-Authors Ferdy Fardian Riska Mandasari Sinta Dewi