The Influence of Investment Opportunity Set, Leverage and Profitability on Financial Performance Moderated by Company Size During the Covid-19 Pandemic
1Diah Iskandar, 2Ermalina
1University Mercu Buana
2Institut Teknologi dan Bisnis Ahmad Dahlan
https://doi.org/10.47191/jefms/v8-i1-30
ABSTRACT:
This research provides both analytical and experimental validation of key functions and characteristics, focusing on the impact of the Investment Opportunity Set, Leverage, and Profitability on financial performance, with company size serving as a moderating variable. The study is particularly relevant in the context of manufacturing firms during the Covid-19 pandemic. It employs a quantitative approach utilizing secondary data, specifically examining manufacturing companies listed on the Indonesia Stock Exchange (BEI) from 2020 to 2022. To select samples, the research utilizes a purposive sampling technique, yielding a final sample of 39 manufacturing companies within the consumer goods sector for the specified period. Hypothesis testing and data analysis were conducted using multiple linear regression and moderated regression analysis (MRA), supported by SPSS version 22. The findings reveal that profitability positively affects financial performance, while both the Investment Opportunity Set and Leverage have no significant impact. Additionally, company size does not serve as a moderating factor for the relationship between the Investment Opportunity Set and leverage on financial performance. However, it does moderate the relationship between profitability and financial performance.
KEYWORDS:
Investment Opportunity Set, Leverage and Profitability, financial performance, and size
REFERENCES:
1) Akbarayansyah, A. (2021). Babak baru dugaan penggelembungan laporan keuangan produsen taro. https://finance.detik.com/berita-ekonomi-bisnis/d-5326164/babak-baru-dugaan-penggelembungan-laporan-keuangan-produsen-taro
2) Alimy, J. I., & Herawaty, V. (2020, April). Pengaruh Intellectual Capital terhadap Kinerja Keuangan: Dengan Variabel Moderasi Prospector Strategy Pada Perusahaan Manufaktur yang Terdaftar di IDX Periode 2016-2018. In Prosiding Seminar Nasional Pakar (pp. 2-24).
3) Arifa, P. A., & Ahmar, N. (2017). The effect of intellectual capital on the financial performance of insurance companies listed on the Indonesia Stock Exchange (ISE). The Indonesian Accounting Review, 6(1), 45-54.
4) Buallay, Richard & Allam, (2019). Intellectual capital erfficiency and bank performance. Jurnal Pasificv Accounting Review.
5) Festa, G., Rossi, M., Kolte, A., & Marinelli, L. (2020). The contribution of intellectual capital to financial stability in Indian pharmaceutical companies. Journal of Intellectual Capital.
6) Gantion, Endang & Taufiqur. (2019). Leadership style, intellectual capital, corporate social responsibility and corporate performance. Jurnal Accounting Organization, 2(3).
7) Guthrie & Parker .1989. Corporate Social Reporting : A Rebuttal of Legitimacy Theory.
8) Himawan, F. A., & Fazriah, R. Pengaruh Intellectual Capital, Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen Dan Komite Audit Terhadap Kinerja Keuangan Dengan Ukuran Perusahaan Sebagai Variabel Pemoderasi. ESENSI: Jurnal Manajemen Bisnis, Vol. 24 No. 1 / 2021.
9) Jekwam, J. J., & Hermuningsih, S. (2018). Peran Ukuran Perusahaan (Size) Dalam Memoderasi Corporate Social Responsibility Dan Likuiditas Terhadap Kinerja Keuangan Pada Perusahaan Pertambangan Yang Terdaftar Di BEI. UPAJIWA DEWANTARA: Jurnal Ekonomi, Bisnis dan Manajemen Daulat Rakyat, 2(1), 76-85.
10) Masri, I., Frisca, D. P., Satria, I., & Bantasyam, S. (2018). The role of intellectual capital to economic value added (empirical study on manufacturing companies of consumption goods sector). Jurnal ASET (Akuntansi Riset), 10(1), 95-104.
11) Mat Nor, F., Mohd Said, R. and Redzuan, H. (1999). Structure Of Ownership And Corporate Financial Performance: A Malaysian Case. Malaysian Management Review, December, pp. 44-8.
12) Nafiroh, S., & Nahumury, J. (2017). The influence of intellectual capital on company value with financial performance as an intervening variable in financing institutions in Indonesia. The Indonesian Accounting Review, 6(2), 159-170.
13) Nurhayati, S. (2017). Analisa pengaruh intellectual capital terhadap kinerja pasar dan kinerja keuangan pada perusahaan LQ45 yang terdaftar di bursa efek indonesia Periode Tahun 2010-2013. Jurnal ASET (Akuntansi Riset), 9(1), 133-172.
14) Purwaningrat, P. A., & Oktarini, L. N. (2020). Efektifkah Firm Size Memoderasi Hubungan Antara Intellectual Capital Dengan Kinerja Keuangan Perusahaan. JUIMA: JURNAL ILMU MANAJEMEN, 10(1), 11-21.
15) Radic Sinisa. (2018). The impact of intellectual capital on the profitability of commercial bank. Ecnomic Analysis, 63(216).
16) Raharjo, S. (2017). Makna Koefisien Determinasi (R Square) dalam Analisis Regresi Linear Berganda. Diakses pada 5 Februuari 2022 dari World Wide Web: https://www.spssindonesia.com/2017/04/makna-koefisien-determinasi-r-square.html
17) Rochyawati, F. (2017). Indikator Lingkungan Intern Pada Kinerja Keuangan Dengan Intellectual Capital Dan Size Sebagai Variabel Moderasi Dan Mediasi. Jurnal Perilaku dan Strategi Bisnis, 5(1), 1-20.
18) Steiner, J. F. & G. A. Steiner. 2006. Business, Government & Society: A Managerial Perspektif. McGraw Hill Corp. New York.
19) Sugiyono. 2018. Metode Penelitian Kuantitatif, Kualitatif, R & D. Bandung: Alfabeta.
20) Surjandari, D. A., & Minanari, M. (2019). The Effect of Intellectual Capital, Firm Size and Capital Structure on Firm Performance, Evidence from Property Companies in Indonesia. Jurnal Dinamika Akuntansi, 11(2), 108-121.
21) Vladimir, Piort, Aleksandra & Nick., (2021). Intellectual capital as a longitudinal predictor of company performance in a developing economy. Jurnal Knowledge and Process Management, 29 (1), p.53-69
22) Wahyudi, S. M. (2020). The Effect of Corporate Social Responsibility, Investment Opportunity Set, Leverage, And Size of Companies on Corporate Value. European Journal of Business and Management Research, 5(4).
23) Wahyuni, F., & Erawati, T. (2019). Pengaruh Corporate Governance, Ukuran Perusahaan, Dan Leverage Terhadap Kinerja Keuangan Perusahaan Di Bursa Efek Indonesia (Studi Kasus Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017). Jurnal Akuntansi Pajak Dewantara, 1(2), 113-128.
24) Wijayani, D. R. (2017). Pengaruh intellectual capital terhadap kinerja keuangan perusahaan publik di indonesia (Studi Empiris Pada Perusahaan Manufaktur Di BEI 2012-2014). Jurnal Riset Akuntansi dan Bisnis Airlangga, 2(1).
25) Yulandari, L. F., & Gunawan, H. (2019). Pengaruh Intellectual Capital Terhadap Nilai Pasar Dan Kinerja Keuangan Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Journal of Applied Managerial Accounting, 3(1), 36-50