Liquidity, Leverage dan Firm Performance Dengan Firm Size Sebagai Variabel Moderasi
Abstract
Firm performance is a description of the company's condition and ability in the past and current period to be evaluated. The purpose of the study was to obtain empirical evidence of the effect of liquidity and leverage on firm performance with firm size as a moderating variable. The study was conducted on companies listed on the Indonesia Stock Exchange for the period 2017-2021. The research sample was 2,033 observations. The data were processed by multiple linear regression and moderated regression analysis. The results of liquidity research have a positive effect on firm performance with firm size moderation. Leverage has no effect on firm performance.
Keywords: Liquidity, Leverage, Firm Performance, Firm Size.
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References
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Desideria, E., & Tanusdjaja, H. (2021). Pengaruh Leverage, Liquidity, Firm Size, Free Cash Flow Terhadap Firm Performance Dengan Agency Cost Sebagai Pemoderasi. Jurnal Kontemporer Akuntansi, 1(1), 50. https://doi.org/10.24912/jka.v1i1.15073
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Lloren-alcantara, P. A. S. (2020). Determinants of Dividend Payout Policy : Evidence from a Philippine Context. 27, 1–16.
López-de-Foronda, Ó., López-de-Silanes, F., López-Iturriaga, F. J., & Santamaría-Mariscal, M. (2019). Overinvestment, leverage and financial system liquidity: A challenging approach. BRQ Business Research Quarterly, 22(2), 96–104. https://doi.org/10.1016/j.brq.2018.08.001
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Mamaro, L. P., & Legotlo, T. G. (2021). The Financial Performance and Financial Leverage of Retail Listed Firms in South Africa. Acta Universitatis Danubius. Œconomica, 17(6), 115–130. https://www.ceeol.com/content-files/document-1048435.pdf
Marpaung, E. I. (2019). Pengaruh Leverage, Likuiditas dan Ukuran Perusahaan Sebagai Variabel Moderasi Terhadap Kualitas Laba. Journal of Accounting, Finance, Taxation, and Auditing (JAFTA), 1(1), 1–14. https://doi.org/10.28932/jafta.v1i1.1524
Muarak, D. S. dan H. (2020). Pengaruh Profitabilitas dan Likuiditas terhadap Kinerja Perusahaan pada BPJS Ketenagakerjaan. Studi Manajemen, 2(465), 106–111.
Nur, T. (2019). Pengaruh profitabilitas, dan likuiditas terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi. Jurnal Ilmu Dan Riset Akuntansi, 22(1), 1–11.
Perera, T. R. (2022). Healthcare Sector in Sri Lanka by Fixed Cost Coverage Ratio Chamil W . Explaining the Impact of Financial Leverage on Firm Performance in the Healthcare Sector in Sri Lanka by Fixed Cost Coverage Ratio. 1142(March).
Putu, N., Kartika, E., & Budiasih, I. G. A. N. (2017). Firm Size Sebagai Pemoderasi Pengaruh Likuiditas, Leverage, Dan Operating Capacity Pada Financial Distress. E-Jurnal Akuntansi, 20(3), 2187–2216.
Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244. https://doi.org/10.1108/IJMF-07-2017-0144
Rao, M., Khursheed, A., & Mustafa, F. (2020). The impact of concentrated leverage and ownership on firm performance: A case in Pakistan. Logforum, 16(1), 15–31. https://doi.org/10.17270/J.LOG.2020.375
Reysa, R., Fitroh, U., Wibowo, C. R., & Rustanti, D. (2022). Determinasi Kebijakan Dividen Dan Kinerja Perusahaan : Kepemilikan Manajerial Dan Kinerja Keuangan ( Literature Review Manajemen Keuangan ). Jurnal Manajemen Pendidikan Dan Ilmu Sosial, 3(1), 364–374.
Rivandi, M., & Septiano, R. (2021). Pengaruh Intellectual Capital Disclosure Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Akuntansi Trisakti, 8(1), 123–136. https://doi.org/10.25105/jat.v8i1.7631
Shibutse, R. lukhanda, Kalunda, E., & Achoki, G. (2019). Effect of leverage and firm size on financial performance of deposit taking savings and credit cooperatives in Kenya. International Journal of Research in Business and Social Science (2147- 4478), 8(5), 182–193. https://doi.org/10.20525/ijrbs.v8i5.462
Tousek, Z., Hinke, J., Malinska, B., & Prokop, M. (2021). The performance determinants of trading companies: A stakeholder perspective. Journal of Competitiveness, 13(2), 152–170. https://doi.org/10.7441/JOC.2021.02.09
Ulfa, R., & Asyik, N. F. (2018). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi Nur Fadjrih Asyik Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya. Jurnal Ilmu Dan Riset Akuntansi, 7(10), 1–21.
Ullah, K., & Bagh, T. (2019). Finance and Management Scholar at Riphah International University Islamabad, Pakistan, Faculty of Management Sciences. 10(8), 91–100. https://doi.org/10.7176/RJFA
Viriany, A. D. (2020). Faktor-Faktor Yang Mempengaruhi Firm Performance. Jurnal Paradigma Akuntansi, 2(2), 518.https://doi.org/10.24912/jpa.v2i2.7615
Wardani, D., & Rudolfus, M. Y. (2015). Dampak Leverage , Kepemilikan Institusional dan Ukuran Perusahaan terhadap Kinerja Perusahaan. Jurnal Keuangan Dan Perbankan, 13(1), 1–16.
Waswa, C. W., Mukras, M. S., & Oima, D. (2018). Effect of Liquidity on Financial Performance of the Sugar Industry in Kenya. International Journal of Education and Research, 6(6), 29–44.
Yessica Delvia, & Nico Alexander. (2019). the Effect of Size, Firm Age, Growth, Audit Reputation, Ownership and Financial Ratio on Intellectual Capital Disclosure. Jurnal Bisnis Dan Akuntansi, 20(1), 69–76. https://doi.org/10.34208/jba.v20i1.410
Abu-Abbas, B. M., Alhmoud, T., & Algazo, F. A. (2019). Financial leverage and firm performance evidence from amman stock exchange. European Journal of Comparative Economics, 16(2), 207–237. https://doi.org/10.25428/1824-2979/201902-207-237
Alfraih, M. M. (2018). What drives intellectual capital reporting? Evidence from Kuwait. International Journal of Productivity and Performance Management, 67(3), 571–589. https://doi.org/10.1108/IJPPM-07-2016-0132
Astuti, R. N., Fachrurrozie, F., Amal, M. I., & Zahra, S. F. (2020). Does audit committee quality mediate determinants of intellectual capital disclosure? Journal of Asian Finance, Economics and Business, 7(7), 199–208. https://doi.org/10.13106/jafeb.2020.vol7.no7.199
Budagaga, A. R. (2020). Determinants of banks’ dividend payment decisions: evidence from MENA countries. International Journal of Islamic and Middle Eastern Finance and Management, 13(5), 847–871. https://doi.org/10.1108/IMEFM-09-2019-0404
Danso, A., Lartey, T. A., Gyimah, D., & Adu-Ameyaw, E. (2020). Leverage and performance: do size and crisis matter? Managerial Finance, 47(5), 635–655. https://doi.org/10.1108/MF-10-2019-0522
Desideria, E., & Tanusdjaja, H. (2021). Pengaruh Leverage, Liquidity, Firm Size, Free Cash Flow Terhadap Firm Performance Dengan Agency Cost Sebagai Pemoderasi. Jurnal Kontemporer Akuntansi, 1(1), 50. https://doi.org/10.24912/jka.v1i1.15073
Dzikir, A. N., Syahnur, & Tenriwaru. (2020). Pengaruh Corporate Social Resposibility Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi (Studi Empiris Pada Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2016 - 2018). Ajar, 3(2), 219–235.
Hussain, S., Quddus, A., Tien, P. P., Rafiq, M., & Pavelková, D. (2020). The moderating role of firm size and interest rate in capital structure of the firms: Selected sample from sugar sector of Pakistan. Investment Management and Financial Innovations, 17(4), 341–355. https://doi.org/10.21511/imfi.17(4).2020.29
Ifada, L. M., & Inayah, N. (2017). Analisis Pengaruh Tingkat Leverage Terhadap Kinerja Perusahaan (Studi Kasus Pada Perusahaan Food and Beverage Yang Terdaftar di BEI Tahun 2011-2013. Fokus Ekonomi, 12(1), 19–36.
Iqbal, U., & Usman, M. (2018). Impact of Financial Leverage on Firm Performance. SEISENSE Journal of Management, 1(2), 70–78. https://doi.org/10.33215/sjom.v1i2.13
Kemnaker. (2020). Survei Kemnaker : 88 Persen Perusahaan Terdampak Pandemi Covid-19 : Berita : Kementerian Ketenagakerjaan RI. https://kemnaker.go.id/news/detail/survei-kemnaker-88-persen-perusahaan-terdampak-pandemi-covid-19
Lestari, D. D. A., & Mochlasin, M. (2021). Peran Moderasi Ukuran Perusahaan Terhadap Faktor-Faktor Yang Mempengaruhi Islamic Social Reporting. JAS (Jurnal Akuntansi Syariah), 5(2), 110–125. https://doi.org/10.46367/jas.v5i2.387
Lloren-alcantara, P. A. S. (2020). Determinants of Dividend Payout Policy : Evidence from a Philippine Context. 27, 1–16.
López-de-Foronda, Ó., López-de-Silanes, F., López-Iturriaga, F. J., & Santamaría-Mariscal, M. (2019). Overinvestment, leverage and financial system liquidity: A challenging approach. BRQ Business Research Quarterly, 22(2), 96–104. https://doi.org/10.1016/j.brq.2018.08.001
Lotto, J. (2020). On an ongoing corporate dividend dialogue: Do external influences also matter in dividend decision? Cogent Business and Management, 7(1), 1–14. https://doi.org/10.1080/23311975.2020.1787734
Mamaro, L. P., & Legotlo, T. G. (2021). The Financial Performance and Financial Leverage of Retail Listed Firms in South Africa. Acta Universitatis Danubius. Œconomica, 17(6), 115–130. https://www.ceeol.com/content-files/document-1048435.pdf
Marpaung, E. I. (2019). Pengaruh Leverage, Likuiditas dan Ukuran Perusahaan Sebagai Variabel Moderasi Terhadap Kualitas Laba. Journal of Accounting, Finance, Taxation, and Auditing (JAFTA), 1(1), 1–14. https://doi.org/10.28932/jafta.v1i1.1524
Muarak, D. S. dan H. (2020). Pengaruh Profitabilitas dan Likuiditas terhadap Kinerja Perusahaan pada BPJS Ketenagakerjaan. Studi Manajemen, 2(465), 106–111.
Nur, T. (2019). Pengaruh profitabilitas, dan likuiditas terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi. Jurnal Ilmu Dan Riset Akuntansi, 22(1), 1–11.
Perera, T. R. (2022). Healthcare Sector in Sri Lanka by Fixed Cost Coverage Ratio Chamil W . Explaining the Impact of Financial Leverage on Firm Performance in the Healthcare Sector in Sri Lanka by Fixed Cost Coverage Ratio. 1142(March).
Putu, N., Kartika, E., & Budiasih, I. G. A. N. (2017). Firm Size Sebagai Pemoderasi Pengaruh Likuiditas, Leverage, Dan Operating Capacity Pada Financial Distress. E-Jurnal Akuntansi, 20(3), 2187–2216.
Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244. https://doi.org/10.1108/IJMF-07-2017-0144
Rao, M., Khursheed, A., & Mustafa, F. (2020). The impact of concentrated leverage and ownership on firm performance: A case in Pakistan. Logforum, 16(1), 15–31. https://doi.org/10.17270/J.LOG.2020.375
Reysa, R., Fitroh, U., Wibowo, C. R., & Rustanti, D. (2022). Determinasi Kebijakan Dividen Dan Kinerja Perusahaan : Kepemilikan Manajerial Dan Kinerja Keuangan ( Literature Review Manajemen Keuangan ). Jurnal Manajemen Pendidikan Dan Ilmu Sosial, 3(1), 364–374.
Rivandi, M., & Septiano, R. (2021). Pengaruh Intellectual Capital Disclosure Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Akuntansi Trisakti, 8(1), 123–136. https://doi.org/10.25105/jat.v8i1.7631
Shibutse, R. lukhanda, Kalunda, E., & Achoki, G. (2019). Effect of leverage and firm size on financial performance of deposit taking savings and credit cooperatives in Kenya. International Journal of Research in Business and Social Science (2147- 4478), 8(5), 182–193. https://doi.org/10.20525/ijrbs.v8i5.462
Tousek, Z., Hinke, J., Malinska, B., & Prokop, M. (2021). The performance determinants of trading companies: A stakeholder perspective. Journal of Competitiveness, 13(2), 152–170. https://doi.org/10.7441/JOC.2021.02.09
Ulfa, R., & Asyik, N. F. (2018). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi Nur Fadjrih Asyik Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya. Jurnal Ilmu Dan Riset Akuntansi, 7(10), 1–21.
Ullah, K., & Bagh, T. (2019). Finance and Management Scholar at Riphah International University Islamabad, Pakistan, Faculty of Management Sciences. 10(8), 91–100. https://doi.org/10.7176/RJFA
Viriany, A. D. (2020). Faktor-Faktor Yang Mempengaruhi Firm Performance. Jurnal Paradigma Akuntansi, 2(2), 518.https://doi.org/10.24912/jpa.v2i2.7615
Wardani, D., & Rudolfus, M. Y. (2015). Dampak Leverage , Kepemilikan Institusional dan Ukuran Perusahaan terhadap Kinerja Perusahaan. Jurnal Keuangan Dan Perbankan, 13(1), 1–16.
Waswa, C. W., Mukras, M. S., & Oima, D. (2018). Effect of Liquidity on Financial Performance of the Sugar Industry in Kenya. International Journal of Education and Research, 6(6), 29–44.
Yessica Delvia, & Nico Alexander. (2019). the Effect of Size, Firm Age, Growth, Audit Reputation, Ownership and Financial Ratio on Intellectual Capital Disclosure. Jurnal Bisnis Dan Akuntansi, 20(1), 69–76. https://doi.org/10.34208/jba.v20i1.410
Published
2022-09-26
How to Cite
TANG, Sukiantono.
Liquidity, Leverage dan Firm Performance Dengan Firm Size Sebagai Variabel Moderasi.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 9, p. 2239-2250, sep. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/90264>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i09.p01.
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