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Jurnal Dinamika Manajemen
Published by Universitas Negeri Semarang
ISSN : -     EISSN : 23375434     DOI : https://doi.org/10.15294/jdm
Core Subject : Science,
Decision Sciences, Operations Research & Management
JDM (Jurnal Dinamika Manajemen) is an international journal, that provides a forum for publishing original research articles, review articles from contributors, and novel technology news related to management that accepts papers from all countries.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
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Search results for , issue "Vol. 17 No. 1 (2026): March" : 1 Documents clear
Capital Efficiency Based on Payment Capability (CEPac) as a Mediator Between Asset Structure, Sales Growth, and Firm Value: Evidence from Indonesian Manufacturing Firms Rahman, Faisal Riza; Widowati, Maduretno; Wahyudi, Sugeng
Jurnal Dinamika Manajemen Vol. 17 No. 1 (2026): March
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v17i1.32114

Abstract

This study introduces and empirically validates CEPac as a mediating construct linking asset structure and sales growth to firm value. Grounded in Trade-Off Theory, Resource-Based View, and Signaling Theory, CEPac integrates the inverse of the Weighted Average Cost of Capital (1/WACC) and Times Interest Earned (TIE) to capture financing efficiency and debt-servicing capacity. Using panel data from 75 manufacturing firms listed on the Indonesia Stock Exchange (2019–2023), seven hypotheses were tested through fixed-effects regression and Sobel mediation analysis in STATA. The results show that asset structure and sales growth significantly increase firm value, both directly and through CEPac (p<0.01), with mediation effects accounting for 18%–32% of the total influence. The model demonstrates strong explanatory power. Overall, the findings provide actionable insights for managers seeking to optimize capital allocation and operational growth, and position CEPac as a reliable financial assessment tool for capital-intensive industries.

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