The  effect of working capital management and intellectual capital on firm performance in food and beverages industry listed in Indonesia stock exchange

Inrico Inrico; Sulastri Sulastri; Shelfi Malinda

doi:10.21744/ijbem.v6n3.2152

Authors

Inrico Universitas Sriwijaya, South Sumatera, Indonesia
Sulastri
sulastri@unsri.ac.id
Universitas Sriwijaya, South Sumatera, Indonesia
Shelfi Malinda Universitas Sriwijaya, South Sumatera, Indonesia

Keywords:

firm performance, firm value, human capital efficiency (HCE), intellectual capital (IC), return on assets (ROA), return on equity (ROE), working capital management (WCM)

Abstract

The aim of this study is to analyze the impact of working capital management and intellectual capital on the performance of food and beverage companies listed on the Indonesia Stock Exchange (IDX) before and during the Covid-19 pandemic. This study utilizes panel data consisting of financial information from 21 sample companies in the food and beverage sector obtained from the official website of the Indonesia Stock Exchange from 2017 to 2022. The analysis method employed is panel data regression analysis using the statistical software Stata 17. The measurement of firm performance includes profitability ratios proxied by return on assets (ROA) and return on equity (ROE), while firm value is proxied by Tobin's Q. The measurement for the working capital management (WCM) variables consists of days of inventory outstanding (DIO), days of sales outstanding (DSO), and days of payable outstanding (DPO). On the other hand, the measurement for the intellectual capital (IC) variables consists of human capital efficiency (HCE), structural capital efficiency (SCE), and capital employed efficiency (CEE).

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