Impact of Sales Volatility, Operating Cash Flow, and Leverage on Earnings Persistence via Slack Resources: Evidence from Indonesian Mining Firms (2013–2018)
Abstract
Studi ini dimaksudkan untuk menelaah dampak dari instabilitas penjualan, perubahan arus kas operasional, serta tingkat leverage terhadap keberlangsungan laba perusahaan, dengan slack resources diposisikan sebagai variabel mediasi. Pendekatan penelitian yang digunakan bersifat kuantitatif, dengan mengaplikasikan analisis regresi data panel serta jalur (path analysis) untuk menguji hubungan antarvariabel. Sebanyak 138 sampel berasal dari data keuangan perusahaan tambang yang telah terdaftar pada Bursa Efek Indonesia (www.idx.co.id) dalam rentang tahun 2018 hingga 2023. Temuan penelitian ini mengindikasikan bahwa baik ketidakstabilan penjualan maupun variabilitas arus kas operasi tidak ditemukan pengaruh yang bermakna secara statistik terhadap slack resources. Sebaliknya, leverage menunjukkan efek negatif yang signifikan terhadap slack resources. Secara statistik, hanya slack resources yang terbukti berperan positif terhadap keberlanjutan laba. Selain itu, variabel volatilitas penjualan, fluktuasi arus kas, dan leverage tidak menunjukkan pengaruh secara langsung maupun melalui jalur tidak langsung terhadap persistensi laba dengan perantara slack resources.
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