HERSUGONDO, Hersugondo (2021) Artikel Dr. HERSUGONDO, SE, MM: PENGARUH PEMBIAYAAN MODAL KERJA DAN FINANCIAL CONSTRAINTS TERHADAP KINERJA PERUSAHAAN. Jurnal Ekonomi dan Bisnis, 24 (2).

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Abstract

The purpose of this study is to examine the relationship between working
capital financing and financial constraints for a sample of 109 non
financial firms in Indonesia. The study is based on secondary financial data
of 109 Indonesian non-financial companies obtained from Bloomberg,
pertaining to a period of 5 years (2015-2019). This study employs
Generalized Method of Moments (GMM) as techniques. The findings show
that working capital financing has a positive effect on firm performance.
Results of the study confirm the inverted U-shape relationship between
working capital financing and firm performance. In addition, the authors
also found that financial constraints have a simultaneous effect on firm
performance. The regression results also show the indicators of financial
constraints, size, growth, and current ratio have a positive effect on the
firm performance. Meanwhile, asset tangibility, age, and leverage have a
negative effect on firm performance

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