Lenny Nur Ikhwan, Indarto Indarto, Yuli Budiati

PENGARUH ARUS KAS KEGIATAN OPERASI, SIKLUS OPERASI, TINGKAT HUTANG, DAN VOLATILITAS PENJUALAN TERHADAP EARNING PERSISTENCE

Introduction

Pengaruh arus kas kegiatan operasi, siklus operasi, tingkat hutang, dan volatilitas penjualan terhadap earning persistence. Teliti pengaruh arus kas, siklus operasi, hutang, & volatilitas penjualan pada earning persistence perusahaan real estate & properti (2016-2021). Volatilitas penjualan signifikan, komite audit memoderasi.

Abstract

This study aims to determine the effect of operating cash flow, operating cycle, debt level and sales volatility on earning persistence with the audit committee as a moderating variable. The population in this study consisted of 62 real estate and property sector companies listed on the Indonesia Stock Exchange with an observation period starting from 2016-2021. The sampling method used purposive sampling. The number of samples of companies that meet the research criteria are 36 companies. The data analysis technique used is multiple linear regression analysis. The statistical tool used is SPSS 23. The results showed that operating cash flow, operating cycle, level of debt had no effect on earning persistence, while sales volatility had an effect on earning persistence. The audit committee as a moderating variable is not able to moderate the effect of operating cash flow, operating cycle, and debt level, while the audit committee as a moderating variable is able to moderate the effect of sales volatility on earning persistence.Penelitian ini bertujuan untuk mengetahui pengaruh arus kas operasi, siklus operasi, tingkat hutang dan volatilitas penjualan terhadap earning persistence dengan komite audit sebagai variabel moderasi. Populasi dalam penelitian ini terdiri dari 62 perusahaan sektor real estate dan properti yang terdaftar di Bursa Efek Indonesia dengan periode pengamatan mulai dari 2016-2021. Metode pengambilan sampel menggunakan purposive sampling. Jumlah sampel perusahaan yang memenuhi kriteria penelitian adalah sebanyak 36 perusahaan. Teknik analisis data yang digunakan adalah analisis regresi linier berganda. Alat statistik yang digunakan yaitu SPSS 23. Hasil penelitian menunjukkan bahwa arus kas kegiatan operasi, siklus operasi, tingkat hutang tidak berpengaruh terhadap earning persistence, sedangkan volatilitas penjualan berpengaruh terhadap earning persistence. Komite audit sebagai variabel moderasi tidak mampu memoderasi pengaruh arus kas kegiatan operasi, siklus operasi, dan tingkat hutang, sedangkan Komite audit sebagai variabel moderasi mampu memoderasi pengaruh volatilitas penjualan terhadap earning persistence.

Review

This study meticulously examines the factors influencing earning persistence within the Indonesian real estate and property sector, specifically focusing on operating cash flow, operating cycle, debt level, and sales volatility. A key strength lies in its exploration of the audit committee's moderating role, adding a layer of corporate governance to the analysis. The authors appropriately selected a sample of 36 companies from the Indonesia Stock Exchange over a six-year period (2016-2021) and applied multiple linear regression, a standard technique for this type of quantitative financial research. The research question is well-defined, addressing a relevant area for investors and stakeholders interested in the stability and predictability of earnings. The findings offer a nuanced perspective on the determinants of earning persistence. Interestingly, the study found no significant direct effect from operating cash flow, operating cycle, or debt level. In contrast, sales volatility was identified as a significant factor influencing earning persistence. Regarding the moderating role of the audit committee, the results were equally specific: the audit committee did not moderate the effects of operating cash flow, operating cycle, or debt level. However, it *did* significantly moderate the relationship between sales volatility and earning persistence, highlighting a critical area where governance mechanisms play a role. While the study successfully identifies specific drivers and moderating influences in the chosen context, the absence of significant effects for several commonly theorized variables (e.g., operating cash flow, debt level) warrants deeper theoretical discussion within the paper. Further exploration of potential industry-specific characteristics or alternative measurement approaches could strengthen the interpretation of these non-findings. Nevertheless, the identification of sales volatility's direct impact and the audit committee's selective moderating role represents a valuable contribution to understanding earning persistence in the Indonesian real estate market. Future research could benefit from examining these relationships with a larger sample or extended time frame, or by incorporating additional corporate governance variables to provide a more comprehensive picture.

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