The impact of capital structure, investment growth, and liquidity on financial performance of automotive companies and its components on the Indonesia Stock Exchange (2018-2022)

https://doi.org/10.35912/gabs.v1i3.3568
Published: Oct 15, 2025

Abstract:

Purpose: This study analyzes the influence of capital, investment, and liquidity structures on the financial performance of automotive companies and their components listed on the Indonesia Stock Exchange (IDX) between 2018 and 2022.

Research methodology: Multiple regression analysis was used, and data were obtained from the company's annual financial statements from 2018 to 2022. The findings of this study are expected to provide important insights for financial managers and stakeholders in managing company finances and serve as a reference for investors and creditors in evaluating the financial performance of a company.

Results: The results show that capital structure has a significantly positive effect on financial performance, while investment and liquidity do not significantly affect it.

Conclusion: Capital structure significantly improves the financial performance of automotive companies, whereas investment and liquidity show no significant effects. Therefore, optimizing the capital structure is crucial for strengthening financial strategies in the Indonesian automotive sector.

Limitation: The study's limitation is that it focuses solely on automotive companies listed on the Indonesia Stock Exchange during the specified time frame.

Contribution: The study's contribution is that it provides empirical evidence regarding the impact of capital structure, investment growth, and liquidity on financial performance in the Indonesian automotive industry, which can inform future research and practical applications in this context.

Keywords:
1. Automotive Industry
2. Capital Structure
3. Financial Performance
4. Investment
5. Liquidity
Authors:
1 . Riska Mandasari
Telkom University, Indonesia
2 . Brady Rikumahu
Telkom University, Indonesia
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How to Cite
Mandasari, R. ., & Rikumahu, B. . (2025). The impact of capital structure, investment growth, and liquidity on financial performance of automotive companies and its components on the Indonesia Stock Exchange (2018-2022). Global Academy of Business Studies, 1(3), 211–224. https://doi.org/10.35912/gabs.v1i3.3568
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Issue & Section
Vol. 1 No. 3 (2025): January
Articles
References

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  1. Aditia, D., Dharma, F., & Nur, R. Y. (2022). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan pada Perusahaan Digital Startup. Goodwood Akuntansi dan Auditing Reviu, 1(1), 15-28 https://doi.org/10.35912/gaar.v1i1.1454.
  2. Akbar, F., & Fahmi, I. (2020). Pengaruh ukuran perusahaan, profitabilitas dan likuiditas terhadap kebijakan dividen dan nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia. Jurnal ilmiah mahasiswa ekonomi manajemen, 5(1), 62-81.
  3. Anozie, O. R., Muritala, T. A., Ininm, V. E., & Yisau, N. S. (2023). Impact of capital structure on financial performance of oil and gas firms in Nigeria. Future Business Journal, 9(1), 1-9 https://doi.org/10.1186/s43093-023-00186-4.
  4. Astuti, N. K. B., & Yadnya, I. P. (2019). Pengaruh profitabilitas, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan melalui kebijakan dividen. Udayana University https://doi.org/10.24843/EJMUNUD.2019.v08.i05.p25.
  5. Brigham, E. F., & Houston, J. F. (2019). Dasar-Dasar Manajemen Keuangan, Buku 2.
  6. Darmawan, J., & Roba’in, H. (2022). Pengaruh Keberagaman Gender dan Pengungkapan Risiko Terhadap Efisiensi Investasi. Goodwood Akuntansi dan Auditing Reviu, 1(1), 29-47 https://doi.org/10.35912/gaar.v1i1.1484.
  7. Ghozali, I. (2016). Aplikasi analisis multivariete dengan program IBM SPSS 23.
  8. Hizazi, A., & Safelia, N. (2020). Analisis Komparatif Kinerja Keuangan PT Telekomunikasi Indonesia Tbk dan PT XL Axiata Tbk Periode 2014-2018. Jambi Accounting Review (JAR), 1(1), 35-43 https://doi.org/10.22437/jar.v1i1.10943.
  9. Kesuma, A. (2009). Analisis faktor yang mempengaruhi struktur modal serta pengaruhnya terhadap harga saham perusahaan real estate yang go public di Bursa Efek Indonesia. Jurnal manajemen dan Kewirausahaan, 11(1), 38-45 https://doi.org/10.9744/jmk.11.1.pp.%2038-45.
  10. Lestari, I. H., & Asyik, N. F. (2023). Pengaruh Profitabilitas, Size, Dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening. Jurnal Ilmu dan Riset Akuntansi (JIRA), 12(6).
  11. Niar, H. (2019). The impact of decision investment, capital structure and growth on profitability and company value in manufacturing sector of firms in indonesia. International Journal of Accounting & Finance in Asia Pasific (IJAFAP), 2(1).
  12. Ningsih, Y. M. (2022). Tingkat Kedisiplinan dalam Menegakkan Aturan Pegawai Dinas Sekretariat Daerah Kabupaten Sleman Yogyakarta. Universitas Teknologi Yogyakarta.
  13. Pamungkas, I. D., Ghozali, I., Achmad, T., Khaddafi, M., & Hidayah, R. (2018). Corporate governance mechanisms in preventing accounting fraud: A study of fraud pentagon model. Journal of Applied Economic Sciences, 13(2), 549-560.
  14. Pramono, A., & Indriyani, R. (2019). Pengaruh Motivasi dan Kompetensi Terhadap Kinerja Pegawai pada PDAM Way Rilau Bandar Lampung. Jurnal Relevansi: Ekonomi, Manajemen dan Bisnis, 3(1), 20-29 https://doi.org/10.61401/relevansi.v3i1.29.
  15. Pramono, A., & Pratama, R. R. G. P. (2020). Pengaruh Kompetensi Pegawai dan Komitmen Organisasi Terhadap Kinerja Pegawai pada Dinas Perindustrian dan Perdagangan Kabupaten Pesawaran. Jurnal Relevansi: Ekonomi, Manajemen dan Bisnis, 4(2), 1-13 http://dx.doi.org/10.35912/ajh.v2i1.1802.
  16. Pramono, A., & Susilo, A. S. (2022). Pengaruh Budaya organisasi dan Motivasi kerja terhadap Kinerja Pegawai pada Dinas Perikanan Kabupaten Lampung Utara. Jurnal Relevansi: Ekonomi, Manajemen dan Bisnis, 6(1), 1-13 https://doi.org/10.61401/relevansi.v6i1.73.
  17. Putra, N. P., & Herawati, H. (2017). Pengaruh Kepemimpinan Dan Lingkungan Kerja Terhadap Kinerja Karyawan Pada PT. Provis Garuda Service Di Pelabuhan Bakauheni Lampung Selatan. Jurnal Relevansi: Ekonomi, Manajemen dan Bisnis, 1(1), 16-29 https://doi.org/10.61401/relevansi.v1i1.8.
  18. Putra, N. P., & Suprapti, R. (2019). Pengaruh Kepemimpinan Terhadap Kinerja Pegawai pada Dinas PUPR Kabupaten Pesawaran. Jurnal Relevansi: Ekonomi, Manajemen dan Bisnis, 3(1), 39-44 https://doi.org/10.61401/relevansi.v3i1.31.
  19. Putri, T. C., & Puspitasari, R. (2022). Pengaruh Struktur Modal, Keputusan Investasi, Profitabilitas Sebagai Variabel Intervening Terhadap Nilai Perusahaan. Jurnal Ilmiah Manajemen Kesatuan, 10(2), 255-272 https://doi.org/10.37641/jimkes.v10i2.1437.
  20. Sherine, C., Wiyanto, H., & Budiono, H. (2022). The Effect of Investment Decision, Funding Decision, and Profitability on the Firm Value of Consumer Goods Industry Registered in Indonesia Stock Exchange During 2017-2020. Paper presented at the Tenth International Conference on Entrepreneurship and Business Management 2021 (ICEBM 2021).
  21. Surya, A., Sagita, H., Wa, A. R., Cn, Y., Hasbullah, H., & Yulistina, Y. (2024). The influence of professionality, work culture and competence on the quality of services at the personnel and training agency of Lampung Province. Journal of Multidisciplinary Academic Business Studies, 2(1), 35-46. doi:https://doi.org/10.35912/jomabs.v2i1.2509
  22. Susianti, I. (2018). Analisis Laporan Keuangan Untuk Menilai Kinerja Keuangan Pada Pt. Gudang Garam Tbk. Pada Periode 2013–2015. Jurnal Simki-Economic, 2(02), 2599-0748.
  23. Sutarni, S., & Maharati, P. N. (2023). Analisis Kinerja Keuangan Menggunakan Rasio Likuiditas, Solvabilitas, dan Aktivitas pada Badan Usaha Milik Desa (Bum Desa) Tridadi Makmur Tahun 2018-2020. Studi Akuntansi, Keuangan, dan Manajemen, 2(2), 147-160 . https://doi.org/10.35912/sakman.v2i2.1613
  24. Tabrani, M., Satriawan, B., & Indrawan, M. G. (2024). The effect of competency, education and training, workload on functional employee performance with work motivation as a variable intervening at regional government secretariat of the Riau Island Province. Journal of Multidisciplinary Academic Business Studies, 1(3), 207-220. doi:https://doi.org/10.35912/jomabs.v1i3.2398
  25. White, T. L., & McBurney, D. H. (2012). Research methods: Cengage Learning.
  26. Wulandari, D. A. (2023). Pengaruh Kebijakan Hutang, Likuiditas dan Profitabilitas Terhadap Kebijakan Dividen: Studi pada Perusahaan Farmasi yang Terdaftar di BEI Tahun 2017-2020. Studi Ekonomi dan Kebijakan Publik, 1(2), 109-122 https://doi.org/10.35912/sekp.v1i2.1224.
  27. Yanti, N. R., Komalasari, A., & Andi, K. (2022). Pengaruh Profitabilitas, Leverage, dan Struktur Modal terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Moderasi (Effect of Profitability, Leverage, and Capital Structure on Firm Value with Dividend Policy as Moderating Variable). Goodwood Akuntansi dan Auditing Reviu, 1(1), 49-65 https://doi.org/10.35912/gaar.v1i1.1476.
  28. Yuliansyah, H. (2023). Value proposition design at training and consulting services company in Sharia financial banking Lampung Province at CV. Acceleration Indonesia Juara. Journal of Multidisciplinary Academic Business Studies, 1(2), 139-153. doi:https://doi.org/10.35912/jomabs.v1i2.1817