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Pengaruh Efisiensi Operasional Dan Kebijakan Keuangan Terhadap Sustainable Growth Rate Pada Perusahaan Ritel dan Manufaktur

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"Objectives: This study aims to analyze the effect of operational efficiency through
the indicators of Net Profit Margin (NPM), Total Asset Turnover (TATO), Cash
Conversion Cycle (CCC), and financial policy with the proxy of Debt to Equity
Ratio (DER) on the Sustainable Growth Rate (SGR) in retail and manufacturing
companies listed on the LQ45 index in Indonesia. This study also considers the
context of economic recovery after the COVID-19 pandemic and the
implementation of the Job Creation Law, which affects the investment climate and
growth strategies of large companies.
Methods:. This research uses a quantitative approach with panel data regression.
The sampling technique employs purposive sampling with a total of 23 retail and
manufacturing companies from the Basic Materials, Consumer Non-Cyclicals, and
Industrials subsectors during the period 2020–2024. Secondary data were obtained
from the companies' annual financial reports published on the Indonesia Stock
Exchange website and each company's website. The analysis was conducted using
the Fixed Effect model in Eviews 12 software with the firm size (SIZE) as a control
variable.
Results/findings: The results indicate that NPM and TATO have a significant
positive effect on SGR, while DER has a significant negative effect on SGR.
Meanwhile, CCC does not have a significant effect on SGR. These findings indicate
that profitability efficiency, asset utilization efficiency, and financial policies are
the primary drivers of sustainable growth, while working capital efficiency is not a
key determinant for large companies listed in the LQ45 index."

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Availability

Detail Information

Series Title

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Call Number

REF 658.15 AKM p

Publisher

Bogor : Universitas Islam Tazkia., 2025

Collation

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Language

Indonesia

ISBN/ISSN

NIM.2110102011

Classification

658.15

Content Type

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Media Type

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Carrier Type

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Edition

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Subject(s)

Debt To Equity Ratio
Net Profit Margin
Sustainable Growth Rate
Total Asset Turnover
Cash Conversion Cycle

Specific Detail Info

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Statement of Responsibility

Aisya Putri Akmalia

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