Jakman

Article Details

Vol. 7 No. 4 (2026): September

Articles

Determinants of Financial Performance: The Role of Operating Efficiency in Indonesian Transportation and Logistics Companies

N Nila Pusvikasari A Annisa Kanti S Satriyo Wibowo P Pristanto Silalahi
02 September 2026 Vol. 7 No. 4 (2026): September https://doi.org/10.35912/jakman.v7.n4.p227-241.2026
Abstract
02 Sep 2026

Purpose: This study examines the effects of sales growth, liquidity, asset tangibility, and operating efficiency on the financial performance of transportation and logistics companies. It also assesses the moderating role of operating efficiency.
Research Methodology: A quantitative explanatory design was applied using panel data from transportation and logistics companies listed on the Indonesia Stock Exchange during 2020–2024. Companies were selected through purposive sampling, and the data were analyzed using panel regression and moderation analysis with EViews 13 software.
Results: Sales growth and operating efficiency have significant positive effects on financial performance, while asset tangibility has a significant negative effect. Liquidity has no significant effect. Operating efficiency does not significantly moderate the relationships between sales growth, liquidity, asset tangibility, and financial performance.
Conclusions: Financial performance is primarily associated with firms’ ability to sustain revenue growth and utilize assets efficiently. Operating efficiency acts as a direct determinant rather than a moderating mechanism.
Limitations: This study is limited to Indonesian transportation and logistics companies, the 2020–2024 period, and selected financial and operational factors. Future studies should examine other industries, countries, periods, and performance measures.
Contributions: This study extends corporate finance literature by providing evidence from an asset-intensive industry and offers practical guidance for improving profitability through effective asset utilization.

Keywords: Asset Tangibility Financial Performance Liquidity Operating Efficiency Sales Growth
How to Cite
“
Pusvikasari, N., Kanti, A., Wibowo, S., & Silalahi, P. (2026). Determinants of Financial Performance: The Role of Operating Efficiency in Indonesian Transportation and Logistics Companies. Jurnal Akuntansi, Keuangan, Dan Manajemen, 7(4), 227–241. https://doi.org/10.35912/jakman.v7.n4.p227-241.2026
Endnote/Zotero/Mendeley (RIS) BibTeX
References
  1. Abusharbeh, M. T. (2022). Determinants of credit risk in Palestine: Panel data estimation. International Journal of Finance & Economics, 27(3), 3434-3443. https://doi.org/10.1002/ijfe.2329
  2. Alathamneh, M., Obeidat, M. I., Almomani, M. A., Almomani, T. M., & Darkal, N. (Mohammed A. (2025). The mediating role of profitability in the impact relationship of assets tangibility on firm market value. Journal of Risk and Financial Management, 18(2), 104. https://doi.org/10.3390/jrfm18020104
  3. Anokhin, S., Spitsin, V., Vukovic, D. B., & Maiti, M. (2026). Unpacking the relationship between sales growth and profitability. Strategic Business Research, 2(1), 100101. https://doi.org/10.1016/j.sbr.2026.100101
  4. Baltagi, B. H. (2021). Econometric analysis of panel data.
  5. Barney, J. B., Ketchen, D. J., & Wright, M. (2011). The future of resource-based theory: Revitalization or decline?. Journal of Management, 37(5), 1299-1315. https://doi.org/10.1177/0149206310391805
  6. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
  7. Bhat, D. A. R., & Sharma, V. (2021). Dimensionality and consequences of service innovation: An empirical study of hospitality industry. Cogent Business & Management, 8(1), 1924931. https://doi.org/10.1080/23311975.2021.1924931
  8. Bukhori, I., Kusumawati, R., & Meilani, M. (2022). Prediction of financial distress in manufacturing companies: Evidence from Indonesia. Journal of Accounting and Investment, 23(3), 588-605. https://doi.org/10.18196/jai.v23i3.15217
  9. Chia, Y. E., Lim, K. P., & Goh, K. L. (2020). Liquidity and firm value in an emerging market: Nonlinearity, political connections and corporate ownership. The North American Journal of Economics and Finance, 52, 101169. https://doi.org/10.1016/j.najef.2020.101169
  10. Dao, B. T. T., & Ta, T. D. N. (2020). A meta-analysis: Capital structure and firm performance. Journal of Economics and Development, 22(1), 111-129. https://doi.org/10.1108/JED-12-2019-0072
  11. Dinarjito, A., & Wibowo, P. (2026). Environmental, social, and governance and firm value: The mediating role of financial performance in Indonesia. Jurnal Akuntansi, Keuangan, dan Manajemen, 7(3), 341-355. https://doi.org/10.35912/jakman.v7i3.6517
  12. Djaya, T., & Firdausy, C. M. (2023). Pengaruh pertumbuhan penjualan terhadap profitabilitas perusahaan farmasi yang terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Bisnis dan Kewirausahaan, 7(4), 760-769. https://doi.org/10.24912/jmbk.v7i4.25362
  13. Donaldson. (2001). The contingency theory of organizations.
  14. Essel, R. E. (2023). The effect of capital structure on corporate performance: Panel empirical evidence of an emerging capital market. Journal of African Business. https://doi.org/10.1080/15228916.2023.2170856
  15. Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market liquidity and firm value. Journal of Financial Economics, 94(1), 150-169. https://doi.org/10.1016/j.jfineco.2008.08.007
  16. Fatima, K., & Yasmin, S. (2022). The determinants of capital structure of companies in an emerging economy: A critical review. International Journal of Business & Management Studies, 03(11), 41-52. https://doi.org/10.56734/ijbms.v3n11a4
  17. Hasanudin, H. (2021). Analysis of the effect of sales growth, inventory turnover and growth opportunities on profitability and stock return. ATESTASI : Jurnal Ilmiah Akuntansi, 4(2), 282-290. https://doi.org/10.33096/atestasi.v4i2.837
  18. 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
  19. IDX. (2024). Indonesia Stock Exchange.
  20. Ingracia, M., Wijayanto, A., & Saryadi, S. (2022). The mediating effect of company performance on the relationship between capital structure and firm value in food and beverage industry. Jurnal Administrasi Bisnis, 11(2), 35-44. https://doi.org/10.14710/jab.v11i2.45445
  21. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
  22. Karim, A., Widyarti, E. T., & Santoso, A. (2023). Effect of current ratio, total asset turnover, and size on profitability: Evidence from Indonesia manufacturing companies. Diponegoro International Journal of Business, 6(1), 57-63. https://doi.org/10.14710/dijb.6.1.2023.57-63
  23. Kraus, A., & Litzenberger, R. H. (1973). A state‐preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
  24. Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance & Economics, 26(2), 1871-1885. https://doi.org/10.1002/ijfe.1883
  25. Li, K., Musah, M., Kong, Y., Mensah, I. A., Antwi, S. K., Bawuah, J., Donkor, M., Coffie, C. P. K., & Osei, A. A. (2020). Liquidity and firms' financial performance nexus: Panel evidence from non-financial firms listed on the Ghana Stock Exchange. SAGE Open, 10(3), 2158244020950363. https://doi.org/10.1177/2158244020950363
  26. Maulana, Y., & Mesyani, E. (2023). Effect of sales growth, profitability, liquidity, and leverage on profit growth. Jurnal Akuntansi dan Pajak, 24(1), 1-7. https://doi.org/10.29040/jap.v24i1.6687
  27. Michael, M., Widjaja, W., & Simon, F. (2025). Firm performance: A panel study on the Indonesian food and beverage industry. Jurnal Akuntansi, Keuangan, dan Manajemen, 6(4), 1093-1105. https://doi.org/10.35912/jakman.v6i4.4888
  28. Mohsin, A., Rashed, Md., Gerschberger, M., Plasch, M., Ahmed, S. F., Dritan, O., & Islam, M. F. (2025). Smart supply chains: How do resilience and dynamic capabilities drive corporate performance?. The International Journal of Logistics Management, 36(7), 330-363. https://doi.org/10.1108/IJLM-12-2024-0783
  29. Narundana, V. T., Barusman, Y. S., Defrizal, D., Waskito, B., & Habiburahhman, H. (2026). Financial literacy as a mediator of Gen Z's financial management behavior. Jurnal Akuntansi, Keuangan, dan Manajemen, 7(2), 63-79. https://doi.org/10.35912/jakman.v7i2.5461
  30. Nguyen, P. A., & Dao, T. T. B. (2022). Liquidity, corporate governance and firm performance: A meta-analysis. Cogent Business & Management, 9(1), 2137960. https://doi.org/10.1080/23311975.2022.2137960
  31. OECD. (2023). OECD Economic Outlook, Volume 2023 Issue 1: Preliminary version (Vol 2023).
  32. Oganda, A. J. (2023). Asset tangibility and financial performance: The moderating role of economic growth and earnings volatility. Journal of Finance and Accounting, 7(1), 139-164. https://doi.org/10.53819/81018102t2125
  33. Pangestuti, I. R. D., Pridarsanti, K. Y., & Robiyanto, R. (2021). Location, working capital, corporate governance, and profitability: The case of Indonesian manufacturing firms. International Journal of Business and Society, 22(2), 881-900. https://doi.org/10.33736/ijbs.3765.2021
  34. Pridarsanti, K. Y. (2021). Location, working capital, corporate governance, and profitability: The case of Indonesian manufacturing firms. International Journal of Business and Society, 22(2), 881-900. https://doi.org/10.33736/ijbs.3765.2021
  35. Sa'diyah, D. Z. M., Isthika, W., Triono, H., & Oktafiyani, M. (2025). Profitability, liquidity, board size, and gender diversity: Their impact on financial distress. Jurnal Akuntansi, Keuangan, dan Manajemen, 7(1), 51-64. https://doi.org/10.35912/jakman.v7i1.4714
  36. Shafitranata, S., & Octavia, R. (2025). Financial distress on Islamic banks in Indonesia: Impact of Covid-19 pandemic and economic recession. Jurnal Akuntansi, Keuangan, dan Manajemen, 6(2), 435-449. https://doi.org/10.35912/jakman.v6i2.3706
  37. Wasiuzzaman, S. (2018). Determinants of liquidity in Malaysian SMEs: A quantile regression approach. International Journal of Productivity and Performance Management, 67(9), 1566-1584. https://doi.org/10.1108/IJPPM-12-2017-0354
  38. World Bank. (2023). Towards a green and just transition.
  39. Xu, J., Akhtar, M., Haris, M., Muhammad, S., Abban, O. J., & Taghizadeh-Hesary, F. (2022). Energy crisis, firm profitability, and productivity: An emerging economy perspective. Energy Strategy Reviews, 41, 100849. https://doi.org/10.1016/j.esr.2022.100849
  40. Yadav, I. S., Pahi, D., & Gangakhedkar, R. (2022). The nexus between firm size, growth and profitability: New panel data evidence from Asia–Pacific markets. European Journal of Management and Business Economics, 31(1), 115-140. https://doi.org/10.1108/EJMBE-03-2021-0077
License & Copyright
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.