The Effect of Liquidity, Profitability, Capital Structure, and Working Capital Management on Operational Performance Through Operational Efficiency as an Intervening Variable in Construction Companies Listed on the Indonesia Stock Exchange

Danang Artdy Santoso; Mulyanto Nugroho; Nekky Rahmiyati

doi:10.59890/ijaamr.v4i7.246

Authors

Danang Artdy Santoso Universitas 17 Agustus 1945 Surabaya
Mulyanto Nugroho Universitas 17 Agustus 1945 Surabaya
Nekky Rahmiyati Universitas 17 Agustus 1945 Surabaya

DOI:

https://doi.org/10.59890/ijaamr.v4i7.246

Keywords:

Liquidity, Profitability, Capital Structure, Working Capital Management, Operational Efficiency, Operational Performance.

Abstract

This study examines the effects of liquidity, profitability, capital structure, and working capital management on operational performance through operational efficiency in construction companies listed on the Indonesia Stock Exchange (IDX). Using a quantitative approach, the study analyzed secondary data from 20 construction companies selected through purposive sampling. Data were processed using SEM-PLS with SmartPLS 4.0. The findings reveal that liquidity, profitability, capital structure, and working capital management positively and significantly influence operational efficiency. In addition, profitability, capital structure, working capital management, and operational efficiency have a positive and significant effect on operational performance, while liquidity does not directly affect operational performance. Operational efficiency mediates the effects of liquidity, profitability, and working capital management on operational performance, but does not mediate the relationship between capital structure and operational performance. These results highlight the importance of effective financial resource management and operational efficiency in improving operational performance and sustaining business competitiveness.

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