The Effect of Operational Performance on Financial Performance of Companies Listed on the Indonesia Stock Exchange

Gusti Ayu Putu Rustika Pradnyani; I Wayan Gde Wahyu Purna Anggara

doi:10.24843/EJA.2025.v35.i12.p19

Authors

Gusti Ayu Putu Rustika Pradnyani Faculty of Economics and Business, Universitas Udayana, Indonesia
I Wayan Gde Wahyu Purna Anggara Faculty of Economics and Business, Udayana University, Indonesia

DOI:

https://doi.org/10.24843/EJA.2025.v35.i12.p19

Keywords:

Financial Performance, Operational Performance, Profitability, Liquidity, Company Efficiency

Abstract

Financial performance reflects a company’s financial condition over a specific period and can be measured using profitability ratios. The profitability of companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2023 period shows a fluctuating trend, indicating challenges in maintaining financial performance amid market dynamics. This study aims to analyze the effect of operational performance on financial performance. The research population consists of all companies listed on the IDX during the 2018–2023 period. The sample was selected using a random sampling method, resulting in 1,440 observations. The analytical tool employed in this study is panel data regression analysis with a Fixed Effect Model approach, processed using Stata software. The results indicate that operational performance, proxied by liquidity and company efficiency, has a positive effect on financial performance, proxied by profitability."

References

Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442–458. https://doi.org/10.1108/JES-05-2017-0124

Al-Homaidi. (2021). Factors affecting the profitability of Indian listed firms: a panel data approach. In Int. J. Business Excellence (Vol. 23, Issue 1). AMU.

Andriana, I. K. G. S., & Wahyu, I. W. G. (2019). Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage Dan Kepemilikan Saham Publik Pada Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi, 29(1), 111. https://doi.org/10.24843/eja.2019.v29.i01.p08

Anisa, A., Mailindra, W., & Patria, N. (2024). Pengaruh Total Aset dan Liabilitas terhadap Laba Perusahaan pada PT ABM Investama Tbk. Ekonomis: Journal of Economics and Business, 8(2), 1307. https://doi.org/10.33087/ekonomis.v8i2.1752

Ashbin, M., & Sindhuja, M. (2021). Analyze Liquidity and Profitability in Organization. In Palarch’s Journal Of Archaeology Of Egypt/Egyptology (Vol. 18, Issue 8).

Bhattacheryay, S. (2023). Distinguished Competency and Efficacy of Working Capital Management Ensuing Firm Survival, Liquidity, Solvency and Profitability: A Study on Automotive Industry. American Business Review, 26(1), 19–64. https://doi.org/10.37625/abr.26.1.19-64

Dewi, N. P. I. P., & Ariyanto, D. (2018). Pengaruh Tingkat Efisiensi, Risiko Kredit, dan Tingkat Penyaluran Kredit pada Profitabilitas. E-Jurnal Akuntansi, 1164. https://doi.org/10.24843/eja.2018.v24.i02.p13

Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. In Source: The Academy of Management Review (Vol. 20, Issue 1).

Eling, M., & Jia, R. (2019). Efficiency and profitability in the global insurance industry. Pacific Basin Finance Journal, 57. https://doi.org/10.1016/j.pacfin.2019.101190

Fairfield, P. M., & Lombardi Yohn, T. (2001). Using Asset Turnover and Profit Margin to Forecast Changes in Profitability. In Review of Accounting Studies (Vol. 6).

Freeman, R. (2001). A Stakeholder Approach to Strategic Management. http://papers.ssrn.com/paper.taf?abstract_id=263511

Handayani, L. (2022). Analisis Kinerja Keuangan Menggunakan Rasio Likuiditas dan Profitabilitas. Jurnal Ekobistek, 376–381. https://doi.org/10.35134/ekobistek.v11i4.443

Herdiyana, H., Sumarno, A., & Endri, E. (2020). The Effect of Financial Performance on the Profitability of Food and Beverage Companies in Indonesia. International Journal of Financial Research, 12(1), 30. https://doi.org/10.5430/ijfr.v12n1p30

Hermanto. (2023). Pengaruh Ukuran Perusahaan, Efisiensi Perusahaan, Likuiditas, Kekuatan Pasar, Pertumbuhanperusahaan dan Leverage terhadap Profitabilitas. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 7.

Ikram, M. (2023). Pengaruh Leverage, Modal kerja, Efesiensi Perusahaan dan Ukuran Perusahaan terhadap Profitabilitas BUMN yang Terdaftar di BEI. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen , 4(2), 361–386. http://jim.usk.ac.id/ekm

Isayas, Y. N. (2022). Determinants of banks’ profitability: Empirical evidence from banks in Ethiopia. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2031433

Jayanti, E., Sukarno, D., & Sudiyono. (2020). Pengaruh Leverage, Ukuran Perusahaan dan Pertumbuhan Perusahaan terhadap profitabilitas. Jurnal Ilmiah Manajemen Ekonomi Dan Akuntansi.

Kasmir. (2019). Analisi Laporan Keuangan (12th ed.). PT Rajagrafindo Persada.

Kawedar, W. (2020). Analisis Pengaruh Kinerja Keuangan, Kinerja Operasional, Biaya ekuitas dalam Pengungkapan Emisi Karbon untuk Menciptakan Nilai Perusahaan. DIPONEGORO JOURNAL OF ACCOUNTING, 9(2), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting

Le, T. N., Mai, V. A., & Nguyen, V. C. (2020). Determinants of profitability: Evidence from construction companies listed on Vietnam Securities Market. Management Science Letters, 10(3), 523–530. https://doi.org/10.5267/j.msl.2019.9.028

Lim, H., & Rokhim, R. (2020). Factors affecting profitability of pharmaceutical company: an Indonesian evidence. Journal of Economic Studies, 48(5), 981–995. https://doi.org/10.1108/JES-01-2020-0021

Maulana, B., & Rahayu, Y. (2022). Pengaruh Ukuran Perusahaan, Likuiditas, dan Leverage terhadap Profitabilitas.

Meisa, N., Friska, D., Purwanto, D., Ardia, H., & Pajriyanti, V. (2024). Pengaruh Likuiditas, Solvabilitas, dan Efektivitas Modal Kerja terhadap Profitabilitas Perusahaan. Business Perspective Journal.

Nguyen, T. T. C., Le, A. T. H., & Nguyen, C. Van. (2024). The Impact of Liquidity and Corporate Efficiency on Profitability. Emerging Science Journal, 8(1), 180–191. https://doi.org/10.28991/ESJ-2024-08-01-013

Nirawati, L. (2022). Profitabilitas dalam Perusahaan. Journal Manajemen Dan Bisnis, 5.

Osho, O., Omankhanlen, A. E., Fasanmi, M., & Akinjare, V. (2021). Liquidity and the performance of the nigerian manufacturing firms: An economic value-added approach. WSEAS Transactions on Environment and Development, 17, 47–55. https://doi.org/10.37394/232015.2021.17.5

Paramita, P. W. A., & Putri, I. G. A. M. A. D. (2020). Intellectual Capital, Leverage dan Profitabilitas Perusahaan Sub-Sektor Asuransi di Bursa Efek Indonesia. E-Jurnal Akuntansi, 30(12), 3110. https://doi.org/10.24843/eja.2020.v30.i12.p09

Rivona Yuniska Qilmi. (2021). Pengaruh Corporate Social Responsibility (Csr), Profitabilitas, dan Leverage Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2019). Jurnal Akuntansi Terapan.

Sandopart, D. (2023). Analisis Efisiensi Biaya Produksi pada Kegiatan Perusahaan Manufaktut dengan Teknologi Artificial Intelligence (Vol. 3, Issue 1).

Sipayung, T., Zulfikar, M., & Tarigan, W. J. (2023). Pengaruh Likuiditas Dan Struktur Modal Terhadap Profitabilitas Perusahaan (Studi Kasus Perusahaan Pabrik Semen Yang Terdaftar Di Bursa Efek Indonesia Periode 2018 - 2022). Jurnal Ilmiah Accusi, 5(2), 146–155. https://doi.org/10.36985/jia.v5i2.813

Soviana, H. (2022). Kinerja Keuangan ditinjau dari Analiis Rasio Profitabilitas(Studi pada PT Erajaya Swasembada Periode 2018-2021). In Jurnal Ilmiah Akuntansi dan Bisnis (Vol. 7, Issue 2). http://journal.undiknas.ac.id/index.php/akuntansi

Syahrani, S. (2024). Analisis Pengaruh Likuiditasterhadap Kinerja Keuangan Perusahaan. Jurnal Media Akademik (JMA), 2(11), 3031–5220. https://doi.org/10.62281