ANALISIS INVESTASI ASET, STRUKTUR KEPEMILIKAN, ARUS KAS OPERASI, STRUKTUR MODAL TERHADAP PERTUMBUHAN PERUSAHAAN DENGAN GCG (GOOD CORPORATE GOVERNANCE) SEBAGAI INTERVENING PADA PERUSAHAAN TEXTILE & GARMENT YANG TERDAFTAR DI BEI TAHUN 2021–2024
DOI:
https://doi.org/10.61722/jaem.v2i4.7576Keywords:
Pertumbuhan Perusahaan, Investasi Aset, Arus Kas Operasi, GCG, Struktur Kepemilikan, Struktur modal, Iindustri Tekstil dan GarmenAbstract
This study aims to analyze the effect of asset investment, ownership structure, operating cash flow, and capital structure on firm growth, with Good Corporate Governance (GCG) as an intervening variable in textile and garment companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The research employs a quantitative approach using Partial Least Square–Structural Equation Modeling (PLS-SEM). The findings show that asset investment has no significant effect on firm growth but has a significant negative effect on operating cash flow. Ownership structure does not significantly affect either operating cash flow or firm growth. Capital structure has a significant negative effect on operating cash flow, yet it does not significantly influence firm growth. Operating cash flow also shows no significant effect on firm growth. Furthermore, GCG does not strengthen the relationship between operating cash flow and firm growth. Overall, the study concludes that most internal factors have not been able to serve as the main drivers of firm growth within the textile industry during 2021–2024 due to high cost pressures, market instability, and substantial financial burdens
References
Adnan, G. (2021). Pengaruh Good Corporate Governance terhadap Kinerja Perusahaan. Jurnal Akuntansi dan Keuangan, 19(2), 45–56. Diakses dari https://journal.untar.ac.id/index.php/jpa/article/view/7622
Andrews, K. R. (1965). The Theory of the Growth of the Firm. Oxford University Press. Diakses dari https://books.google.co.id/books/about/The_Theory_of_the_Growth_of_the_Firm.html
Baturaja Multi Usaha. (2023). Effect of Operating Cash Flow and Profit Management on Company’s Profitability and Growth. ResearchGate. https://www.researchgate.net/publication/372712703
Baumol, W. J. (1984). Contestable Markets: An Uprising in the Theory of Industry Structure. Journal of Financial Economics, 13(1), 1–20. https://www.sciencedirect.com/science/article/abs/pii/0304405X84900230
Booth, P. (1996). Firm Size and Growth in the United Kingdom Life Insurance Industry. University of Bath Research Portal. https://researchportal.bath.ac.uk/en/publications/firm-size-and-growth-in-the-united-kingdom-life-insurance-industr
Chen, H., & Chen, S. (2011). Investment–cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series. Journal of Financial Economics, 103(2), 393–410. https://doi.org/10.1016/j.jfineco.2011.08.009
Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301–325. https://www.sfu.ca/~wainwrig/Econ400/jensen-meckling.pdf
Goh, B. W., Lee, J., Lim, C. Y., & Shevlin, T. (2016). The effect of corporate governance on growth opportunities. Journal of Accounting and Economics, 61(2–3), 341–383. https://doi.org/10.1016/j.jacceco.2015.11.002
Gusti, A. & Sari, P. (2021). Analisis Kinerja Keuangan dan Pertumbuhan Perusahaan. Scribd. https://id.scribd.com/document/700759393/Sari-Dkk-2021
Hariyanto, D., & Suyono, E. (2019). Analisis Arus Kas dan Pertumbuhan pada Perusahaan Manufaktur. Google Scholar. https://scholar.google.com/citations?view_op=view_citation&hl=id&user=QpQjp4kAAAAJ
Hermawan, A. (2020). Pengaruh Struktur Kepemilikan dan Kebijakan Utang terhadap Pertumbuhan Perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 8(1), 15–27. https://jurnal.ibik.ac.id/index.php/jimkes/article/view/269
Ismail, R. (2022). Analisis Pengaruh Good Corporate Governance terhadap Value Creation. JIAKES, 4(2), 77–88. https://jurnal.ibik.ac.id/index.php/jiakes/article/view/346
Jensen, M. C., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://www.sfu.ca/~wainwrig/Econ400/jensen-meckling.pdf
Li, K., Lu, L., Mittoo, U. R., & Zhang, Z. (2015). Board independence, ownership structure, and firm performance. Journal of International Financial Markets, Institutions and Money, 37, 1–16. https://doi.org/10.1016/j.intfin.2015.02.003
Maria R. U. D. Tambunan. (2022). How is the Concept “Arm’s Length Principle” Applied in Indonesia? Jurnal Bina Bisnis, 29(3), 229–246. https://scholarhub.ui.ac.id/jbb/vol29/iss3/1/
Myers, S. C. (1984). Capital structure puzzle. The Journal of Finance, 39(3), 575–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
OECD. (2015). G20/OECD Principles of Corporate Governance. OECD Publishing. https://www.oecd.org/en/publications/g20-oecd-principles-of-corporate-governance-2015
Prasetyo, A. (2020). Peran Praktek Corporate Governance sebagai Determinan Nilai Perusahaan. Neliti. https://media.neliti.com/media/publications/75901-ID
Putri, S. A., & Nugraha, F. (2021). Pengaruh Arus Kas Operasi terhadap Pertumbuhan Perusahaan. Indo-Intellectual Journal, 5(3), 120–130. https://ejournal.indo-intellectual.id/index.php/ifi/article/download/4404/2987/35277
Rahman, A., & Lestari, Y. D. (2020). Pengaruh struktur modal dan kinerja keuangan terhadap pertumbuhan perusahaan manufaktur di Indonesia. Jurnal Ekonomi dan Bisnis, 15(2), 112–124.
Rahmawati, A. (2020). Analisis Pertumbuhan Perusahaan Publik Indonesia. Universitas Airlangga Repository. https://repository.unair.ac.id/106171/
Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2–3), 159–189. https://doi.org/10.1007/s11142-006-9012-1
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Singh, A. (1987). Corporate Financial Patterns and Industrial Development. SCIRP. https://www.scirp.org/reference/referencespapers?referenceid=1920780
Tjandra, S. (2021). Good Corporate Governance dan Pertumbuhan Perusahaan. Google Scholar. https://scholar.google.com/citations?view_op=view_citation&hl=id&user=TtJbgGkAAAAJ
