The Role of Operational Performance in Mediating the Effects of Solvency, Efficiency, Liquidity, and Cash Flow on Profitability in the Farm Sector (2016–2025)
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Abstract
This study analyzes the role of Operational Performance (Gross Profit Margin, GPM) in mediating the effects of Solvency (DER), Efficiency (BOPO), Liquidity (CR), and Cash Flow (AKO) on Profitability (ROE) in farm sector companies listed on the Indonesia Stock Exchange (IDX) over the period 2016–2025. A quantitative approach was employed using panel data regression via the Common Effect Model (CEM), processed with EViews 12. The sample comprised four companies CPIN, JPFA, MAIN, and SIPD—selected through purposive sampling, yielding 40 observations. Results show that Solvency and Liquidity negatively and significantly affect Operational Performance, while Cash Flow has a positive and significant effect; Efficiency has no significant effect. Regarding Profitability, Solvency and Liquidity have positive and significant effects, Efficiency has a negative and significant effect, Cash Flow has no direct significant effect, and Operational Performance has the largest positive and significant effect. Mediation analysis (Sobel test) reveals that Operational Performance partially mediates the effects of Solvency and Liquidity, fully mediates the effect of Cash Flow, and does not mediate the effect of Efficiency on Profitability. These findings confirm that Operational Performance occupies a strategic position as the primary link between financial factors and corporate profitability in the Indonesian farm sector.
Keywords:
Solvency Efficiency Liquidity Cash Flow Operational Performance ProfitabilityReferences
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