Article Sidebar

Download
View Article
Statistic
Read Counter : 327 Download : 140

Downloads

Download data is not yet available.

Main Article Content

Abstract

This study aims to determine the effect of sales growth, inventory turnover, and growth opportunities on profitability and stock returns in manufacturing companies in the fast-moving consumer goods sub-sector. For the independent variables, sales growth (X1), inventory turnover (X2), and growth opportunities (X3). The dependent variable is the return on assets (Y1), return on equity (Y2), and stock returns (Y3). The analytical method used is descriptive analysis with Structural Equation Model (SEM) using the financial statements of six fast-moving consumer goods sub-sector manufacturing companies from 2014 – 2018. This study finds that Sales Growth has a positive but not significant effect on Return on Assets. Return on Equity and Stock Return of the company. Inventory Turnover has a positive impact on Return on Assets and Return on Equity of the company, while Inventory Turnover does not affect Stock Return. And Growth Opportunities have a negative influence on Return on Assets, Return on Equity, and Stock Returns.

Keywords

Sales Growth Inventory Turnover Growth Opportunity Return on Assets Return on Equity Stock Return

Article Details

Creative Commons License

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

How to Cite
Hasanudin. (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. Retrieved from https://jurnal.feb-umi.id/index.php/ATESTASI/article/view/420
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Akmese, H., Aras, S., & Akmese, K. (2016). Financial Performance and Social Media: A Research on
  2. Tourism Enterprises Quoted in Istanbul Stock Exchange (BIST). Procedia Economics and Finance, 39,
  3. –710. https://doi.org/https://doi.org/10.1016/S2212-5671(16)30281-7
  4. Billio, M., Casarin, R., Costola, M., & Iacopini, M. (2021). COVID-19 spreading in financial networks: A
  5. semiparametric matrix regression model. Econometrics and Statistics.
  6. https://doi.org/https://doi.org/10.1016/j.ecosta.2021.10.003
  7. Chen, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities:
  8. Evidence from China. Journal of Accounting and Economics, 65(1), 169–190.
  9. https://doi.org/10.1016/j.jacceco.2017.11.009
  10. Erdogan, M., & Yamaltdinova, A. (2019). A Panel Study of the Impact of R&D on Financial Performance:
  11. Evidence from an Emerging Market. Procedia Computer Science, 158, 541–545.
  12. https://doi.org/https://doi.org/10.1016/j.procs.2019.09.087
  13. Jo, H. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility.
  14. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y
  15. Kaniyamattam, K., Block, J., Hansen, P. J., & De Vries, A. (2017). Comparison between an exclusive in
  16. vitro–produced embryo transfer system and artificial insemination for genetic, technical, and financial
  17. herd performance. Journal of Dairy Science, 100(7), 5729–5745.
  18. https://doi.org/https://doi.org/10.3168/jds.2016-11979
  19. Lins, K. V. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social
  20. Responsibility during the Financial Crisis. Journal of Finance, 72(4), 1785–1824.
  21. https://doi.org/10.1111/jofi.12505
  22. Mahoney, L. S., Thorne, L., Cecil, L., & LaGore, W. (2013). A research note on standalone corporate social
  23. responsibility reports: Signaling or greenwashing? Critical Perspectives on Accounting, 24(4–5),
  24. –359. https://doi.org/10.1016/J.CPA.2012.09.008
  25. Newton, S. K., Gilinsky, A., & Jordan, D. (2015). Differentiation strategies and winery financial
  26. performance: An empirical investigation. Wine Economics and Policy, 4(2), 88–97.
  27. https://doi.org/https://doi.org/10.1016/j.wep.2015.10.001
  28. Ozkan, N., Cakan, S., & Kayacan, M. (2017). Intellectual capital and financial performance: A study of the
  29. Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190–198.
  30. https://doi.org/https://doi.org/10.1016/j.bir.2016.03.001
  31. Pantea, M., Gligor, D., & Anis, C. (2014). Economic Determinants of Romanian Firms’ Financial
  32. Performance. Procedia - Social and Behavioral Sciences, 124, 272–281.
  33. https://doi.org/https://doi.org/10.1016/j.sbspro.2014.02.486
  34. Raithatha, M., & Haldar, A. (2021). Are internal governance mechanisms efficient? The case of a
  35. developing economy. IIMB Management Review, 33(3), 191–204.
  36. https://doi.org/https://doi.org/10.1016/j.iimb.2021.08.004
  37. Saeidi, P., Robles, L. A. A., Saeidi, S. P., & Zamora, M. I. V. (2021). How does organizational leadership
  38. contribute to the firm performance through social responsibility strategies? Heliyon, 7(7), e07672.
  39. https://doi.org/https://doi.org/10.1016/j.heliyon.2021.e07672
  40. Servaes, H. (2013). The impact of corporate social responsibility on firm value: The role of customer
  41. awareness. Management Science, 59(5), 1045–1061. https://doi.org/10.1287/mnsc.1120.1630
  42. Spatacean, I.-O. (2014). Investigations Upon the Correlations between the Efficiency of Investment
  43. Strategies and the Market Performances of the Romanian Financial Investment Companies. Procedia
  44. Economics and Finance, 15, 609–616. https://doi.org/https://doi.org/10.1016/S2212-5671(14)00529-2
  45. Torugsa, N. A. (2012). Capabilities, Proactive CSR and Financial Performance in SMEs: Empirical
  46. Evidence from an Australian Manufacturing Industry Sector. Journal of Business Ethics, 109(4), 483–
  47. https://doi.org/10.1007/s10551-011-1141-1
  48. Vătavu, S. (2015). The Impact of Capital Structure on Financial Performance in Romanian Listed
  49. Companies. Procedia Economics and Finance, 32, 1314–1322.
  50. https://doi.org/https://doi.org/10.1016/S2212-5671(15)01508-7
  51. Wahba, H., & Elsayed, K. (2015). The mediating effect of financial performance on the relationship
  52. between social responsibility and ownership structure. Future Business Journal, 1(1), 1–12.
  53. https://doi.org/https://doi.org/10.1016/j.fbj.2015.02.001