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All Journal IIJSE Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Henny Setyo Lestari
Universitas Trisakti, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Impact of Working Capital on Financial Performance Moderated by Dividend Policy and Financial Ratios: A Study of Manufacturing Companies in Indonesia Lutfi Adnan Affif; Asfina Nor Husna; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.732

Abstract

This study aims to analyze the impact of working capital on financial performance moderated by dividend policy and financial ratios at manufacturing companies in Indonesia. This research method uses a panel data regression, utilizing Eviews 9.0 software for data processing. The sample for this study includes 47 technology and manufacturing companies listed on the IDX with consistent data available for the 2020–2024 observation period. This study adopts a hypothesis-testing design to analyze the effects of the Cash Conversion Cycle, Leverage, Sales Growth, and Investment Policy on Financial Performance (ROA). Additionally, the model incorporates Size and Inflation as control variables and Dividend Payout Ratio as the moderating variable.
The Impact of Risk Management and Capital Adequacy Ratio on Banking Performance in Indonesia Kurrota A'yuni Aisy; Elfrida Eufunny; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.744

Abstract

This research examines the impact of risk management practices and capital adequacy on banking performance in Indonesia. Bank performance is measured by Return on Assets, while risk management is represented by credit, market, liquidity, and operational risk indicators. Capital Adequacy Ratio is used as a proxy for capital strength, with firm size and firm growth rate serving as control variables. The study applies a quantitative approach using secondary data from the financial statements of 43 commercial banks listed on the Indonesia Stock Exchange during the 2020–2024 period and employs panel data regression with a fixed effects model. The results indicate that the variables jointly have a significant effect on banking performance. Partially, Loan Loss Provision, Operating Expense Ratio, Efficiency Ratio, and Capital Adequacy Ratio have a positive and significant impact on Return on Assets, while the remaining risk indicators and control variables do not show significant effects. These findings indicate that effective credit provisioning, operational efficiency, productive cost management, and adequate capital strength are key factors in improving banking performance and maintaining sector stability.
The Moderating Effect of Market Power on Financial Policies, Cash Conversion Cycle, and Debt Capital Toward Firm Value in Cyclical Industries Oppie Junia Purnamasari Oppie; Fajar Nur Cholis Fajar; Henny Setyo Lestari; Farah Margaretha
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.751

Abstract

This study aims to examine the effect of working capital investment policy, working capital financing policy, cash conversion cycle (“CCC”), and debt capital on firm value, as well as to analyze the moderating role of market power in these relationships. The research focuses on non-financial companies operating in cyclical industries listed on the Indonesia Stock Exchange (“IDX”) during the period 2020–2024. Using a quantitative approach, the study employs panel data regression analysis with a total sample of 40 firms observed over five years, resulting in 200 firm-year observations. Firm value is proxied by Tobin’s Q, while market power is proxied by the firm’s market share, measured as the ratio of firm sales to total sales of all firms in the sample. The empirical analysis is conducted using EViews software with fixed effect and random effect model selection procedures. This research contributes to the financial management literature by integrating working capital policies, debt capital, and market power within a comprehensive framework, particularly in the context of emerging markets and cyclical industries.
The Effect of Liquidity, Leverage, Sales Growth, and Cost-to-Revenue on the ROA of Indonesian Consumer Goods Companies Bhimo Fadhel Musyaffa; Wahyu Ramadhan; Henny Setyo Lestari; Farah Margaretha Leon
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9626

Abstract

This research aims to analyze the effect of Liquidity Ratio, Leverage Ratio, Sales Growth, and Cost to Revenue Ratio on Return on Assets (ROA) in consumer goods companies listed on the Indonesia Stock Exchange (IDX) for the period 2019–2024. The primary research problem focuses on how liquidity management, funding structure, sales growth, and cost efficiency determine profitability amidst intense competition and economic dynamics.Using an explanatory quantitative method, this research involves 53 companies selected through purposive sampling, resulting in a total of 318 observations. Secondary data were analyzed using panel data regression through software, with model selection procedures including the Hausman test and redundant fixed effects test.Theoretically, liquidity and sales growth are predicted to have a positive effect, while leverage and cost-to-revenue are expected to have a negative impact on ROA. This study also integrates control variables such as inventory turnover, Net Profit Margin (NPM), Average Collection Period (ACP), and firm size. In conclusion, operational efficiency and financial stability are crucial for management and investors in optimizing asset utilization to improve the financial performance of consumer goods companies in Indonesia.
Co-Authors Akmal Sulistomo Amalia Mega Berliana Asfina Nor Husna Bhimo Fadhel Musyaffa Elfrida Eufunny Elvira Julianti Erina Yanti Fajar Nur Cholis Fajar Farah Margaretha Farah Margaretha Leon Grecia Alvionita Simanjorang Hartini Hartini Kelvin Pratama Kurrota A'yuni Aisy Lutfi Adnan Affif M. Hussin Abdullah Muhammad Ismi Hizana Muhammad Royyan Arrosyid Niken Yuni Astuti Oppie Junia Purnamasari Oppie Pu Libing Rifqi Abdullah Risa Alex Wibowo Stefani Dyah Retno Pudyanti Susy Muchtar Syntia Feby Berliana Villia Nikmatul Khasanah Wafi Suryo Laksono Wahyu Ramadhan