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All Journal Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan) Multifinance
Anggi Putri Kusuma Wardini
Universitas Sangga Buana YPKP
Economics, Econometrics & Finance

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THE EFFECT OF POLITICAL CONNECTIONS ON FINANCIAL PERFORMANCE: AN EMPIRICAL STUDY OF STATE-OWNED ENTERPRISES LISTED ON THE INDONESIAN STOCK EXCHANGE Anggi Putri Kusuma Wardini; Alia Wulan Febrianti; Erik Nugraha; R. Rita Avianty
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.520

Abstract

This study examines the influence of political connections on the financial performance of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange. Political connections are considered an external factor that may provide firms with strategic advantages, such as access to government projects, regulations, and financial support, but may also create governance risks. The research employed a quantitative method with a descriptive-associative approach, using panel data from 15 SOEs over the 2020–2023 period. Data were collected from annual reports and financial statements, while financial performance was measured by Return on Assets (ROA). The results of regression analysis indicate that political connections have a positive and significant effect on financial performance, implying that the presence of politically connected individuals within the board of directors or commissioners enhances efficiency and profitability. These findings confirm the hypothesis that political connections play a strategic role in shaping SOEs’ financial outcomes. The study concludes that while political connections can be an intangible asset, their benefits should be balanced with strong corporate governance to minimize risks of political dependency and conflicts of interest.
INVENTORY TURNOVER SEBAGAI DETERMINAN RETURN ON ASSETS PADA PERUSAHAAN CONSUMER NON-CYCLICALS YANG TERDAFTAR DI BURSA EFEK INDONESIA Ajeng Intan Putri Nurhanifah; Sukadwilinda; Anggi Putri Kusuma Wardini; Muhammad Taofik Ismail
Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan) Vol 10 No 2 (2026): April
Publisher : Universitas Sangga Buana

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Abstract

Inventory management is an important aspect of improving corporate profitability, particularly in the Consumer Non-Cyclicals sector, where maintaining product availability is essential to meet stable market demand. This study aims to examine the effect of Inventory Turnover on Return on Assets (ROA) of IDX-IC Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employed a quantitative approach using secondary data obtained from annual financial reports. A total of 58 companies, representing 174 observations, were selected through purposive sampling. Data were analyzed using panel data regression with the Random Effect Model (REM). The findings indicate that Inventory Turnover has a negative and insignificant effect on ROA, with a probability value of 0.7636 (>0.05). These results suggest that inventory turnover is not the primary determinant of profitability in the Consumer Non-Cyclicals sector, indicating that other operational and financial factors play a more significant role in explaining corporate profitability
Co-Authors Ajeng Intan Putri Nurhanifah Alia Wulan Febrianti Erik Nugraha Muhammad Taofik Ismail R. Rita Avianty Sukadwilinda