The Effect of Liquidity, Leverage, Efficiency, and Inflation on Financial Performance

Giany Febriyanti; Zainal Zawir Simon; Dinda Oktavia

doi:10.58777/rfb.v2i1.212

Authors

Giany Febriyanti Faculty of Economics and Bussines, YARSI University, Jakarta
Zainal Zawir Simon Faculty of Economics and Bussines, YARSI University, Jakarta
Dinda Oktavia Faculty of Economics and Bussines, YARSI University, Jakarta

DOI:

https://doi.org/10.58777/rfb.v2i1.212

Keywords:

Current Ratio, Debt to Equity Ratio, Total Asset Turnover Ratio, Debt to Total Asset Ratio, Inflation, Financial Performance

Abstract

This research investigates the influence of liquidity, leverage, total asset turnover ratio, and inflation on the financial performance of food and beverage companies listed on the Indonesia Stock Exchange from 2018 to 2022. Using a quantitative research method with secondary data and a purposive sampling method, 19 companies were selected for analysis. The research employed panel data analysis combining time series and cross-sectional data. The findings reveal that collectively, variables such as current ratio, debt to equity ratio, total asset turnover ratio, debt to total asset ratio, and inflation significantly impact financial performance. However, when examined individually, the current ratio and debt to total asset ratio show a negative and insignificant influence, while the debt to equity ratio displays a positive yet insignificant effect. Conversely, the total asset turnover ratio and inflation demonstrate a positive and significant impact on financial performance. This research underscores the managerial implications concerning the importance of monitoring specific financial ratios in decision-making processes, particularly in managing liquidity and asset efficiency. Managers are advised to consider inflation factors in financial planning and decision-making to optimize financial performance.

References

Akhmad dan Helmi Muslim Nur. (2019). Analisis Rasio Aktivitas Untuk Menilai Kinerja Keuangan Pada Toko Libra Comindo Media Komputer Di Kecamatan Masamba Kabupaten Luwu Utara. Jurnal Akuntansi.1(2).1-9. https://doi.org/10.55171/jam.v7i1.1027

Albart, N., Sinaga, B., Santosa, P. W., & Andati, T. (2020). The Controlling role of Ownership on Financial Performance and Capital Structure in Indonesia. International Journal of Finance & Banking Studies, 9(3), 15–20. https://doi.org/10.20525/ijfbs.v9i3.780

Asniwati. (2020). Pengaruh Rasio Likuiditas, Solvabilitas, Profitabilitas Terhadap Kinerja Keuangan pada PT. Midi Utama Indonesia Tbk yang Terdaftar di Bursa Efek Indonesia. Jurnal Economix 1(8). https://doi.org/10.46821/ekobis.v1i1.8

Ayu Yanita Sahara. (2022). Analisis Pengaruh Inflasi, Suku Bunga BI, dan Produk Domestik Bruto Terhadap Return On Asset Bank Syariah di Indonesia. Jurnal Ilmu Manajemen.1(1). https://api.core.ac.uk/oai/oai:ojs.journal.unesa.ac.id:article/1502

Basuki, Agus Tri dan Prawoto, Nano. (2019).Analisis Regresi Dalam Penelitian Ekonomi & Bisnis: Dilengkapi Aplikasi SPSS & EVIEWS. Depok: PT Rajagrafindo Persada.

Binangkit, A Bagas. (2018) . Pengaruh Struktur Modal Terhdap Kinerja perusahaan dan Harga Saham Pada Perusahaan Manufaktur di Bursa Efek indonesia. AKTUAL. 1(2). 24-34. https://doi.org/10.23887/jimat.v12i2.29167

Budiyono. (2017). Effect of Profit Margin, Turn Over Total Assets, Price Earnings Ratio and Caandal Structure to Profitability (Return on Equity) on Companies Listed in Indonesia Stock Exchange in 2013-2015. International Journal of Scientific Research and Education.5(4). 6339-6345. https://dx.doi.org/10.22441/jurnal_mix.2023.v13i3.010

Eprilia Intan dan Siregar Dian Lestari. (2020). Pengaruh Rasio Likuiditas, Rasio Aktivitas, Terhadap Kinerja Keuangan Perusahaan Manufaktur di Bursa Efek Indoneia. Composites Part A: Applied Science and Manufacturing. 68 (1). http://repositori.usu.ac.id/handle/123456789/32583

Esthirahayu, Dwi Putri et al. (2018). Pengaruh Rasio Likuiditas, Rasio Leverage Dan Rasio Aktivitas Terhadap Kinerja Keuangan Perusahaan (Studi Pada Perusahaan Food and Beverage Yang Listing di Bursa Efek Indonesia Tahun 2010-2012). Jurnal Administrasi Bisnis.8(1).1-9. https://doi.org/10.54367/jmb.v13i1.62f

Fahmi, Irham. (2017). Pengantar Manajemen Keuangan. Bandung: Alfabeta.

Fahmi, Irham. (2019). Analisis Laporan Keuangan. Bandung: Alfabeta.

Farhan, Ika. (2017). Pengaruh Rasio Keuangam Terhadap Return Saham Perusahaan Manufaktur di Bursa Efek Indonesia (Studi Kasus Pada Perusahaan Manufaktur Sektor Food And Beverage. Jurnal Ekonomi. 9(1). http://dx.doi.org/10.29406/jpr.v10i1.6037

Faryani, Ni Luh Gede Sri dan Suryani, Elly. (2018). Struktur Modal Iikuitas dan Perusahaan Terhadap Kinerja Keuangan Perusahaan.10(2088). 74-79. https://doi.org/10.23969/jrak.v10i2.1370

Ghozali, Imam. (2019).Aplikasi Analisis Multivariate denganProgram IBM SPSS 23. Edisi Kedelapan. Semarang: Universitas Diponegoro.

Gilarso, T. 2022. Pengantar IlmuEkonomi Mikro. Yogyakarta: Kanisisus

Hani, Syafrida. (2017). Teknik Analisis Laporan Keuangan. Medan: UMSU PRESS.

Harianto, A. S. (2020) . Pengaruh Pengawasan Kerja dan Disiplin Kerja Terhadap Kinerja Karyawan Pada PT Centric Powerindo di Kota Batam. Jurnal EMBA ; Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 8 (1). 672-683. https://doi.org/10.35794/emba.v8i1.28037

Indriastuti, Anneka, Maria dan Ruslim Herman. (2020). Pengaruh Rasio Likuiditas, Rasio Solvabilitas, dan Rasio Aktivitas Terhadap Kinerja keuangan Perusahaan. 2(4). https://doi.org/10.24912/jmk.v2i4.9864

Islamiyati, D., & Faruqi, F. (2023). Effect of Financial Performance and Company Size on Share Value. Research of Accounting and Governance, 1(1), 33–42. https://doi.org/10.58777/rag.v1i1.10

Kamaludin. 2011. Manajemen Keuangan: Konsep Dasar Dan Penerapannya. Bandung: Erlangga

Kasmir. (2018). Manajemen Sumber Daya Manusia (teori dan praktik). Depok: PT Raja Grafindo Persada.

Kasmir. (2022). Analisis Laporan Keuangan Edisi Pertama Cetakan Ketujuh. Jakarta: PT Raja Grafindo Persada

Khan, Waseem Ahmad et al. (2019). Impacts of Inflationary Trends on Banks’ Performance (Large Banks Segment) in Pakistan. International Journal of Accounting and Financial Reporting.4(1). 296-306. https://doi.org/10.5296/ijafr.v4i1.6083

Moeherino. (2017). Pengukuran Kinerja Berbasis Kompetensi. Jakarta; PT Raja Grafindo Persada.

Munawir, S. (2022). Analisis Informasi Keuangan. Yogyakarta : Liberty.

Muriithi, Jane Gathigia dan Kennedy Munyua Waweru. (2017). Liquidity Risk and Financial Performance of Commercial Banks in Kenya. International Journal of Economics and Finance.9(3). 256-265. https://doi.org/10.5539/ijef.v9n3p256

Narwastu, N., & Rusli, D. (2023). The Influence of Corporate Social Responsibility on Financial Performance with Good Corporate Governance as Moderating Variable. Research of Finance and Banking, 1(1), 47–60. https://doi.org/10.58777/rfb.v1i1.35

Nimer, Munther Al, Lina Warrad, Rania Al Omari. (2017). The Impact of Liquidity on Jordanian Banks Profitability Through Return on Assets. Interdisciplinary Journal of Contemporary Research and Business.5(7). 70-76.

Nurjanah, L., & Fijrijanti, T. (2023). Analysis of the Impact of Acquisition on Firm Financial Performance. Research of Finance and Banking, 1(1), 13–21. https://doi.org/10.58777/rfb.v1i1.32

Oktavianto Nur Muhammad Rizal, Paramita Patricia Dhiana, dan Oemar Abrar . (2018). Pengaruh Rasio Likuiditas, Rasio Solvabilitas, Rasio Aktivitas Terhadap Kinerja Keuangan Dengaan Rasio Profitabilitas Sebagai Variabel Moderating.4(4). http://dx.doi.org/10.32497/keunis.v8i2.2115

Panjaitan, I. V., & Supriyati, D. (2023). The Effect of Profitability and Leverage on Firm Value with Firm Size as a Moderating Variable. Research of Finance and Banking, 1(1), 34–46. https://doi.org/10.58777/rfb.v1i1.34

Periansyah.(2018) . Analisis Laporan Keuangan. Palembang: Politeknik Negeri Sriwijaya.

Pinto, Prakash et al.(2017). An Evaluation of Financial of Commercial Banks. International Journal of Applied Business and Economic Research.15(22). 605-618.

Putong, Iskandar. (2018). Economics: Pengantar Mikro dan Makro, Edisi Kelima. Jakarta: Mitra Wacana Media.

Rudianto. (2020). Akuntansi Manajemen Informasi untuk Pengambilan Keputusan Strategis. Jakarta: Erlangga.

Saputri, N. A., & Santoso, P. R. (2023). Influence of Profitability, RETA, Liquidity, Leverage, Company Size, and Corporate Governance on Financial Distress. Research of Accounting and Governance, 1(1), 1–12. https://doi.org/10.58777/rag.v1i1.6

Santosa, P. W., Rahayu, S. I., Simon, Z. Z., & Tambunan, M. E. (2022). Related Party Transactions and Corporate Governance in Business Group: Evidence from Indonesia. Journal of Economics, Business, & Accountancy Ventura, 25(1), 10. https://doi.org/10.14414/jebav.v25i1.2719

Santosa, P. W., Setianingrum, A., & Yusuf, C. (2022). Corporate governance and leverage on firm value : Evidence of Indonesian large firms. Jurnal Keuangan Dan Perbankan, 26(4), 862–873. https://doi.org/10.26905/jkdp.v26i4.7764

Sihombing, P., Edi Santoso, & Dini Hariyanti. (2023). Macroeconomic Variables Effect on 10-Year Tenor Government Bonds Yield. Research of Economics and Business, 1(2), 57–67. https://doi.org/10.58777/reb.v1i2.83

Sudana, I Made. (2017). Manajemen Perusahaan Keuangan. Edisi Kedua. Jakarta: Erlangga

Sugiarto, M., & Santosa, P. W. (2018). Pengaruh indikator makroekonomi, kinerja keuangan, dan tata kelola terhadap nilai perusahaan sektor properti di bursa efek Indonesia. Journal of Economics and Business Aseanomics, 2(2), 288–312. https://doi.org/10.33476/jeba.v2i2.487

Sujarweni, V. Wiratna. (2017) . Analisis Laporan Keuangan ; Teori, Aplikasi, dan Hasil Penelitian. Yogyakarta : Pustaka Baru Press.

Sukandar, P.P & Rahardja. (2019). Pengaruh Ukuran Dewan Direksi dan Dewan Komisaris serta Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan.

Warrad, Lina dan Rania Al Omari. (2017). The Impact of Activity Ratios among Industrial Sectors’ Performance: Jordanian Case. Research Journal of Finance and Accounting.6(6).173-178.

Wulandari, Bayu; Siantur, Nico Geraldo; Hasibun Nici Tasya Edeline dan Ginting. (2020). Pengaruh Likuiditas Manajemen Aset, Perputaran Kas dan Struktur Modal Terhadap Kinerja Keuangan Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia.4 (1). https://doi.org/10.33395/owner.v4i1.186

Yuliana. (2022). Pengaruh Rasio Likuiditas, Solvabilitas, Aktivitas, Dan Tingkat Inflasi Terhadap kinerja Keuangan Pada Pdam Kota Surakarta. Jurnal Akuntansi Dan Sistem Teknologi Informasi.11(1).86-93. http://dx.doi.org/10.56341/amj.v3i1.190