Pe mada, Dewi Na i Ra ih; Hussein, Ananda Sabil; Risna Wijayan i; Ra nawa i,
Kusuma
A icle
The media ing ole o ma ke alue o company dynamic
pe o mance
Global Business & Finance Re iew (GBFR)
P o ided in Coope a ion wi h:
People & Global Business Associa ion (P&GBA), Seoul
Sugges ed Ci a ion: Pe mada, Dewi Na i Ra ih; Hussein, Ananda Sabil; Risna Wijayan i; Ra nawa i,
Kusuma (2024) : The media ing ole o ma ke alue o company dynamic pe o mance, Global
Business & Finance Re iew (GBFR), ISSN 2384-1648, People & Global Business Associa ion (P&GBA),
Seoul, Vol. 29, Iss. 6, pp. 187-200,
h ps://doi.o g/10.17549/gb .2024.29.6.187
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/306022
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by-nc/4.0/
I. In oduc ion
In he pas wo yea s, Indonesia aced economic
down u ns due o he COVID-19 pandemic, esul ing
in ins abili y and a signi ican d op in pu chasing
Recei ed: Ma . 13, 2024; Re ised: Ap . 11, 2024; Accep ed: May. 1, 2024
† Co esponding au ho : Dewi Na i Ra ih Pe mada
E-mail: dewinaubjk @s uden .ub.ac.id
powe (Qolbi, 2021). Assessing a company's com-
p ehensi e pe o mance amid hese changing
economic condi ions is c ucial. The e a e se e al
p oblems om p e ious s udy which became he
backbone o his esea ch and became he backg ound
o us ca ying ou his esea ch. Ma ke alue seems
o be he p oblem ha unde lies se e al companies'
pe o mance as esea ch subjec s which has
dec eased. The p oblem wi h ma ke alue indi ec ly
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 187-200
pISSN 1088-6931 / eISSN 2384-1648 H ps://doi.o g/10.17549/gb .2024.29.6.∣187
ⓒ2024 People and Global Business Associa ion
GLOBAL BUSINESS & FINANCE REVIEW
www.gb jou nal.o g
o inancial sus ainabili y and people-cen e ed global business1)
The Media ing Role o Ma ke Value o Company Dynamic Pe o manc
e
Dewi Na i Ra ih Pe mada
†
, Ananda Sabil Hussein, Risna Wijayan i, Kusuma Ra nawa i
B
awijaya Uni e si y, Indonesi
a
A
B S T R A C T
Pu pose: This s udy examines he pe o mance o 35 Indonesian Consume Non-Cyclical Companies h ough ixed
asse , cos o goods sold, and ope a ing expenses as independen a iables and ma ke alue as media ing a iable
o company dynamic pe o mance.
Design/me hodology/app oach: Dynamic pe o mance desc ibes how much he company's abili y o comp e-
hensi ely p ocessing hei business ( ixed asse s (FA), ope a ional expense (OE) and cos o goods sold(COGS))
o p oduce alue which signalled he ma ke as ma ke alue o capi aliza ion. Da a en elopmen analysis (DEA)
used o p oduce nume ical da a o FA, OE, and COGS. The da a collec ed h ough company's annual epo o
14 yea s.
Findings: Ou da a sugges ha all o company inpu s such as ixed asse s, ope a ional expenses and cos o goods
sold ha e a nega i e pa h coe icien o Dynamic Pe o mance. Da a sugges ha he mo e p oduc i e a company,
he smalle i s dynamic pe o mance. Mo eo e , he highe he ma ke alue o a company, he smalle he company
dynamic pe o mance. Simul aneously, media ing ole o mo e likely i is o has he e ec o educing company
dynamic pe o mance.
Resea ch limi a ions/implica ions: The media ing a iable in his s udy is ma ke alue which is no ela ed o
he inpu a iables in his s udy. Fo u he esea ch, i can use mode a ing a iables ela ed o in es men isk,
p o i p ojec ions, economic g ow h, and public policy because mac o hings a e mo e isible in he company's
ope a ions in he eyes o s akeholde s.
O iginali y/ alue: This esea ch p o ides a new unde s anding ela ed o e iciency, whe e e iciency is no necessa-
ily gene a ed om a se ies o p oduc ion p ocesses, bu i needs o be obse ed ha ce ain alues o each inpu
a iable can p oduce a nega i e ela ionship o he achie emen o dynamic pe o mance.
Keywo ds: Consume Non-Cyclical Companies; dynamic pe o mance; ma ke alue; p oduc ion capabili ies
Copy igh : The Au ho (s). This is an Open Access jou nal dis ibu ed unde he e ms o he C ea i e Commons A ibu ion
ⓒ
N
on-Comme cial License (h ps://c ea i ecommons.o g/licenses/by-nc/4.0/) which pe mi s un es ic ed non-comme cial use, dis ibu ion
,
and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed.
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 187-200
188
changes he s ock ma ke pa e ns o ce ain
manu ac u ing companies (cosme ics and beau y,
household consume s, ex iles and appa el as well
as he consume elec onics indus y) p e and pos
COVID-19 (Jan, 2022), dec easing company pe -
o mance in Saudi A abia om 2009 o 2019 due
o COVID-19 became de imen al e ec which
ha med he company ma ke alue by educing bo h
hei o al in es men , le down he psychology o
in es o s decision o in es he en e p ise o company
becoming o educe o e all income (Makni, 2023).
Se e al s udies show ha i he e a e p oblems
wi h ma ke alue, such as declining s ock e u ns
e en a e he COVID-19 pandemic (Paula-Vianez,
2023), in es o s' decisions o in es in en e p ises
o companies will dec ease due o seeing u u e
unce ain y o ad e se e en s (ex. COVID-19 pandemic,
s ock ma ke dep ession, less ele ance o p oduc s
o he ma ke and a signi ican decline in p oduc i i y)
(Ha is, 2020 and Makni, 2023) will ha e an e ec
on company pe o mance, namely a signi ican
posi i e e ec on 6 di e en manu ac u ing companies
p e and pos COVID-19. 19 pandemic, he eby
making companies imp o e s able pe o mance
in ensi ely e en a e he COVID-19 pandemic ook
place (Dahan, 2024). Howe e , om all he s udies
ha ha e been e iewed, he e is s ill a lack o de ailed
discussion ega ding company dynamic pe o mance,
so i is an impo an poin in his esea ch o s udy
company dynamic pe o mance in addi ion o
s udying he media ion o ma ke alue on company
dynamic pe o mance.
Dynamic pe o mance, e lec ing adap abili y o e
ime, se es as a me ic encompassing p oduc ion
sus ainabili y, business e iciency, and economic
esilience du ing c ises (Hong e al., 2018; Lu man
e al., 2017; Fe ei a e al., 2020). This adap abili y,
measu ed h ough inancial da a pa ame e s and
i e a i e p ocesses, ensu es e icien inpu - o-ou pu
ans o ma ions, de ining a company's success (Wang
e al., 2021; Ting e al., 2020; B andenbu g & Hahn,
2021). Unlike con en ional inancial a io-based
assessmen s, dynamic pe o mance conside s inpu
changes in uns able economic si ua ions, o e ing a
mo e comp ehensi e measu e o company inpu s.
Emphasizing e iciency in p ocessing esou ces o
yield op imal ou pu s, his app oach ac o s in bo h
cu en and pas yea s' achie emen s, p o iding a
holis ic iew o a company's success (Much a e
al., 2018). Focusing on ope a ional expenses, ixed
asse s, and he cos o goods, his esea ch explo es
hei oles as inpu a iables, media ed by ma ke
alue, in de e mining dynamic pe o mance.
Ope a ional expenses, ep esen ing daily cos s o
co e business ac i i ies, impac a company's e enue
gene a ion, while e icien cos managemen enhances
ne p o i and ma ke alue (Nim akoon, 2015).
II. Li e a u e Re iew
A. Co po a e Finance Theo y and Company
Dynamic Pe o mance
The Modigliani-Mille Theo em, as elucida ed by
Copeland (1988), unde sco es he impe a i e o
companies o execu e ope a ions, inancial managemen ,
and in es men e icien ly. Ideally, a inancial
manage o CFO o e sees cash low managemen ,
while business manage s ocus on company p ocesses,
inno a ion, p oduc sales, and main aining ixed
asse s. Financial in es o s play a pi o al ole in
p o iding inancial acili ies (Ve nimmen, 2014).
Ti ole (2006) adds key ac o s o he heo em,
including he impac o company-owned asse s,
e e ed o as bubbles, on cos s o goods sold and
ma ke alue. Balancing ixed asse s is c ucial,
conside ing he co ela ion wi h main enance cos s
and he isk o a bubble collapse. E icien ly managing
company ope a ions, encompassing in es men s,
ope a ional expenses, ixed asse s, and acili y
main enance, becomes pa amoun o su i al in he
business ealm, acco ding o company beha iou al
inance. Ve nimmen (2014) emphasizes h ee main
ene s in co po a e inance e u n, isk, and alue
――
essen ial o e ec i e and e icien company ope a ions.
This esea ch aligns wi h hese p inciples, in eg a ing
Dewi Na i Ra ih Pe mada, Ananda Sabil Hussein, Risna Wijayan i, Kusuma Ra nawa i
189
hem in o bo h company inpu ( ixed asse s, cos
o goods sold, and ope a ional expenses) and ou pu
(ma ke alue) o gauge dynamic pe o mance.
Dynamic pe o mance o a company o i m is
in luenced by se e al ac o s, be i he company's
inpu o he company's ou pu . Ope a ional expenses
o he company as company's inpu ha e a posi i e
in luence on company dynamic pe o mance based
on Pehli an (2020) h ough ine ec i e R&D and
ma ke ing expendi u e whe e i he company o en
ca ies ou ope a ing expenses in he o m o
ine ec i e R&D and ma ke ing expendi u e i will
make he company in ensi y i s dynamic pe o mance
o main ain i 's business ope a ions (Zehi , 2018).
Fixed asse s also ha e a signi ican impac on business
pe o mance. Se e al p e ious s udies p esen ed
esul s ha he e is a nega i e ela ionship be ween
ixed asse in es men and en e p ise pe o mance
(Zheng, 2021 and Lin, 2022).
Added alue and sus ainable compe i i e ad an age
can imp o e a company's dynamic pe o mance.
Company capabili ies a e suppo ed by esou ces ha
ha e hei own uniqueness, in he sense ha hey
a e aluable, a e, cos ly o imi a e and non-
subs i u able (Ba ney, 2021). Fo his eason, ma-
nagemen mus con inue o inc ease i s esou ces,
especially in angible esou ces (Company Dynamic
Pe o mance), so ha i is able o p oduce dynamic
pe o mance om yea o yea . Wha needs o be
emphasized in his esea ch is ha his esea ch applies
a concep whe e dynamic pe o mance is he
dependen a iable which will hen be media ed by
media ing a iables in he o m o ou pu (Sales and
Ma ke Value). The independen a iables in his
esea ch a e inpu (Ope a ional Expense, Fixed Asse ,
and Cos o Goods Sold).
Company dynamic pe o mance is an assessmen
o e iciency and e ec i eness ca ied ou a one
ime so ha pe o mance is a unc ion o wo a iables,
e iciency, and empowe men (Siminica, e al., 2008).
Human esou ces and o he esou ces o c ea e
e iciency wi hin he company. The pe o mance
measu emen sys em is a se o concise and clea
measu es o he inancial sec o and non- inancial
sec o ha suppo s he o ganiza ional decision-
making p ocess by managemen by collec ing,
p ocessing, and analysing measu able da a om
pe o mance in o ma ion (Gimbe e al., 2010).
The e o e, one way o measu e and assess company
pe o mance is h ough DEA analysis on he company's
inpu and ou pu aspec s.
B. E ec o Company Inpu s Towa d he
Company Dynamic Pe o mance
Company inpu s, encompassing ope a ional expenses,
ixed asse s, and cos o goods sold (COGS), plays
a pi o al ole in shaping dynamic pe o mance.
Ope a ional expenses, i al o suppo ing company
ope a ions, include cos s like sales and adminis a ion,
dis inc om COGS o dep ecia ion. Examples ange
om machine dep ecia ion o aw ma e ial pu chases
and employee sala ies.
H1a.
posi s ha ope a ional expenses, iewed as
company liabili ies, nega i ely impac dynamic
pe o mance. Fixed asse s, cha ac e ized by
hei aluable and ixed na u e, con ibu e
long- e m inancial bene i s o business
ope a ions.
H2a.
asse s ha ixed asse s, ep esen ing company
liabili ies, nega i ely a ec dynamic pe -
o mance. COGS, in eg al o cos mana-
gemen , signi ican ly in luences dynamic
pe o mance. Resea ch indica es ha lowe
le e age in managing COGS enhances dynamic
pe o mance, highligh ing he impo ance o
e icien cos low managemen .
H3a.
sugges s ha COGS as a company liabili y
nega i ely a ec s dynamic pe o mance. In
summa y, he o al di ec e ec on dynamic
pe o mance s ems om ope a ional expenses,
ixed asse s, and COGS as independen
a iables.
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 187-200
190
C. Media ing E ec o Ma ke Value Towa d
he Company Dynamic Pe o mance
One pa o he company's ou pu ha is emphasized
in his esea ch is ma ke alue. The company ou pu
emphasized in his esea ch ac s as a media ing
a iable o he company's dynamic pe o mance
a iables. The company's dynamic pe o mance does
no only assess he company's achie emen s om
inancial a ios in he cu en yea bu also conce ns
he achie emen s o he p e ious yea , so i is e y
impo an o main ain luc ua ions/dynamics o
success om yea o yea . The use o dynamic
pe o mance e e s o he le el o e iciency ha
can be achie ed o e a ce ain pe iod. The e o e,
discussions abou dynamic pe o mance will always
in ol e p e ious pe o mance achie emen s which
in luence he cu en yea 's pe o mance assessmen
(Much a e al., 2018). Ma ke alue, which is pa
o he company's ou pu , is di ec ly p opo ional o
he sha e p ice. A dec ease in sha e p ices causes
ma ke alue o dec ease u he . This will a ec
he le el o in es o con idence which is inc easingly
dec easing. And i he le el o in es o con idence
dec eases, he company will lose he oppo uni y o
ob ain addi ional capi al om in es o s (Na eed e
al., 2020) o in es and de elop he business. The
ollowing is he s ock p ice index o companies in
he p ima y consume goods sec o based on he IDX
Indus ial Classi ica ion as in he image below.
This esea ch unde sco es ma ke alue as a
signi ican componen o company ou pu , ac ing as
a media ing a iable o dynamic pe o mance.
Beyond assessing cu en inancial a ios, dynamic
pe o mance e alua es achie emen s om bo h he
p esen and p eceding yea s, emphasizing he
impo ance o main aining success luc ua ions
annually (Much a e al., 2018). Ma ke alue, in eg al
o he company's ou pu , is di ec ly linked o sha e
p ices. A dec ease in sha e p ices leads o a u he
decline in ma ke alue, diminishing in es o
con idence. Reduced in es o con idence hinde s he
company's abili y o secu e addi ional capi al o
business in es men and de elopmen (Na eed e al.,
2020). The s ock p ice index o p ima y consume
goods sec o companies, based on he IDX Indus ial
Classi ica ion, e eals a decline a ibu ed o dec easing
sales and p oduc i i y, e lec ing he impac o
educed ma ke demand on company income (Qolbi,
2021). Figu e 1 desc ipe he decline in s ock p ices
since 2018. In na iga ing dynamic en i onmen s,
companies mus implemen e ec i e s a egies o
emain compe i i e (Chand a, 2018).
H4a.
posi s ha ma ke alue, as a media o ,
in luences company inpu owa d dynamic
pe o mance. In summa y, he o al di ec
in luence o company ou pu as a mode a ing
a iable on dynamic pe o mance is depic ed
in he model.
Figu e 1. P ima y consume goods sec o company sha e p ice index (Indonesia s ock exchange, 2021)
Dewi Na i Ra ih Pe mada, Ananda Sabil Hussein, Risna Wijayan i, Kusuma Ra nawa i
191
F om he hypo he ical amewo k, dynamic
pe o mance in his esea ch is he ou come a iable,
measu ed by inpu s, sales and ha ma ke alue as
ou pu s is a media o .
III. Me hodology
The esea ch app oach applied a quan i a i e
me hodology based on an explana o y and posi i is
pa adigm also media es heo y ha ha e a ela ion
o a iable o esea ch as a basis o cons uc a hinking
amewo k o de elop hypo heses. The esea ch used
pa h analysis using Sma PLS. The popula ion o
his esea ch a e 111 company which lis ed on he
Indonesia S ock Exchange (IDX) and sample in his
esea ch conduc 35 Consume Non-Cyclical Com-
panies o manu ac u ing company lis ed on IDX using
panel da a eg ession sampling me hod o 35 company
om 2009 o 2020.
To analyze he da a, p econdi ion needed o be
applied o he aw da a. We used da a en elopmen
analysis me hod o e alua e he dynamic pe o mance
o company a he i ha e e icien o ine icien
pe o mance o he esea ch. Resea ch by Wang e
al. (2021) de eloped he con en ional DEA me hod
in o Dynamic-DEA ollowing p e ious esea ch
conduc ed by Tone & Tsu sui (2010) which s a ed
ha Dynamic-DEA was able o e alua e pe o mance
p ecisely because i chose mo e han one a iable
in i s measu emen . The p oduc ion capabili y
a iables a e he ixed asse , cos o goods sold and
ope a ional cos s, while he p oduc ion alue a iable
is he company's ma ke alue. Dynamic-DEA
calcula ions p o ide use ul weigh s o ensu e
objec i i y and p o ide sugges ions o imp o emen s
o pe o mance calcula ions using inancial a ios.
E icien ly managing p oduc ion cos componen s
can enhance a company's g oss p o i (Sal i, 2020).
Table 1 is desc ibe inpu and ou pu a ibles ha
became Dynamic pe o mance whices coun ed wi h
DEA me hodically. Main aining low ope a ional cos s
is c ucial when a company achie es a high g oss
p o i o ensu e sus ained high ne p o i (Baima,
2020). E iciency, in his con ex , ex ends beyond
he p oduc ion p ocess and necessi a es e ec i e
managemen o o e all company ope a ions.
The dynamic pe o mance scope closely aligns
wi h accoun ing da a used in DEA, as accoun ing
in o ma ion is comp ehensi e and se es as a p ima y
sou ce o e alua ing company pe o mance (Ha ison,
J., & Rouse, P., 2016). DEA s ands ou as a sophi-
Va iables Desc ip ion
P oduc i i y
Fixed Asse s (FA) The sum o land, p ope y, equipmen , and o he in he p e ious yea .
Cos o Goods Sold (COGS/CGS) Cos o sales less dep ecia ion, amo iza ion, and esea ch and de elopmen expenses.
Ope a ing Expenses (OE) The sum o adminis a i e expenses, ad e ising expenses, and esea ch and de elopmen
expenses.
Ma ke Signal
Ma ke Value The mul iplica ion o he ma ke p ice pe -sha e and he o al numbe o common sha es.
Table 1. De ini ion o inpu and ou pu a iables in company dynamic pe o mance
Figu e 2. Hypo he ical amewo k
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 187-200
192
s ica ed me hod o assessing company pe o mance,
o e ing nuanced ankings beyond simple pe o mance
a ios and e iciency models (Büschken, 2009). As
demons a ed in he image, DEA analyses bo h inpu
and ou pu in assessing company pe o mance.
Ano he me hod commonly used o measu e
company e iciency in o de o assess he company's
dynamic pe o mance apa om using DEA is
h ough he s ochas ic on ie e iciency me hod and
econome ic models. The s ochas ic on ie e iciency
me hod emphasizes wo main ac o s, namely
in eg a ing ela i e e iciency and s ochas ic in imida ion
o measu e company pe o mance (Eling, 2010). In
o he wo ds, he s ochas ic on ie e iciency me hod
pays a en ion o de ia ions om bes p ac ices
consis ing o whi e "noise" o andom e o s and
company ine iciency (Theodo idis, 2008). The essen ial
di e ence unde lying he s ochas ic on ie analysis
e iciency me hod and he DEA me hod lies in he
e iciency o ien a ion, whe e DEA is non-pa ame ic
ocuses mo e on he company's inpu and ou pu
o ien a ion o assess company pe o mance. This is
an ad an age o using he DEA me hod compa ed
o o he me hods in esea ch needs o analyze dynamic
pe o mance by ocusing on he inpu and ou pu
aspec s o companies whose u no e ends o be
dynamic om ime o ime.
The DEA calcula ion model, de i ed om p e ious
esea ch by Wang e al. (2021a), u ilizes ixed asse s,
cos o goods sold, and ope a ing cos s as inpu p oxies
o dynamic pe o mance. Ou pu p oxies include
sales and ma ke alue o he company. These p oxies
collec i ely ep esen company e iciency. Howe e ,
e en hough DEA is a me hod ha is easy o use
in analysing e iciency and measu ing company
dynamic pe o mance, he DEA me hod also has
sho comings in i s applica ion, namely ha he DEA
me hod only measu es ela i e e iciency wi hou
di ec ion o causali y so i canno di ec ly in o m
use s abou he bes solu ion o inc easing e iciency.
and he dynamic pe o mance o a company (Chen,
2021) as well as DEA's dependence on app op ia e
inpu and ou pu company da a so ha i can p o ide
eliable esul s (Cos a, 2023). DEA does no ake
in o accoun di e ences in he scale o ope a ions
be ween he uni s analysed. As a esul , uni s wi h
di e en ope a ing scales may ecei e un ai
e iciency sco es (Chen, 2021).
Da a, collec ed om IDX o e ou een yea s o
company pe o mance, was chosen o i s subs an ial
ime span, allowing o in-dep h analysis o dynamic
pe o mance changes. The h ee-yea ope a ional
cycle o DEA applica ion o e 12 yea s enabled
he calcula ion o dynamic pe o mance en imes.
The da a, in he o m o a ios o sco es, will be
p ocessed in Pa h Analysis using Sma PLS 3.0.
IV. Resul s and Discussion
A. Desc ip i e
The ou comes o he Da a En elopmen Analysis
(DEA) a e ep esen ed h ough sca e plo g aphs (see
Figu e 3), di iding companies in o ou quad an s
based on e iciency and ma ke alue. Quad an 4,
wi h 43% o he companies, showcases a scena io
whe e i ms possess low ma ke alue ye demons a e
high dynamic pe o mance. In con as , quad an 3,
comp ising 74% o companies, e lec s ins ances
whe e companies exhibi bo h low ma ke alue and
dynamic pe o mance. Quad an 1, wi h only 0.028%
o companies, signi ies a si ua ion whe e i ms ha e
bo h high ma ke alue and dynamic pe o mance.
Ope a ional expenses, as a company inpu , show a
end in quad an 4 (43% o companies) wi h low
ope a ional expenses and high dynamic pe o mance,
while quad an 3 (46% o companies) indica es low
ope a ional expenses and dynamic pe o mance.
Fixed asse s, ano he company inpu , display a end
in quad an 4 (48.5% o companies) wi h low ixed
asse s and high dynamic pe o mance, and quad an
3 (46% o companies) e lec s low ixed asse s and
dynamic pe o mance. Las ly, cos o goods sold,
as a company inpu , indica es a end in quad an
4 (23% o companies) wi h low cos s bu high dynamic
pe o mance, while quad an 3 (65.7% o companies)
Dewi Na i Ra ih Pe mada, Ananda Sabil Hussein, Risna Wijayan i, Kusuma Ra nawa i
193
shows low cos s and dynamic pe o mance.
A key componen o business alua ion, ixed
asse s, a y g ea ly among he es ed companies, om
millions o billions o dolla s. This a iabili y
highligh s how di e en sec o pa icipan s ha e
di e en asse holding sizes and s a egic esou ce
alloca ion plans. The dis ibu ion is no ably skewed
o he igh by ou lie s wi h unusually high ixed
asse alues, sugges ing he exis ence o businesses
wi h sizable asse bases ha ha e a majo impac
on he sec o 's o e all asse alua ion. Cos o goods
sold (COGS), a c ucial indica o o cos con ol and
ope a ional e ec i eness, displays high spending
le els among businesses. The COGS dis ibu ion
exhibi s a modes igh skew, indica ing di e se
spending habi s and di e ing deg ees o cos
conse a ion ac ics employed by indus y playe s.
The non-cyclical consume goods sec o 's dynamic
p oduc ion and ope a ional s a egies a e e lec ed
in he unp edic abili y o COGS. Ano he impo an
inancial s a is ic, ope a ional expenses, shows a
signi ican a ia ion in spending pa e ns among he
o ganiza ions unde s udy. This a iance highligh s
he a ying inancial commi men s and ope a ional
echniques ha companies in he sec o ha e chosen
o employ. The ope a ional expense dis ibu ion
Figu e 3. Desc ip i e mapping
Sum Min Max Mean Skewness Ku osis
In housands (USD)
Fixed Asse 2,068,569.309 5.446 5,2081.133 3,693.874 4.079 18.669
Cos o Goods Sold 5,486,010.718 10.803 110,608.655 9,796.448 2.720 8.274
Ope a ional Expense 853,875.014 -92.405 15,831.694 1,524.777 2.763 7.921
Sales 7,182,737.171 4.412 124,881.266 12,826.316 2.596 7.004
Ma ke Value 13,448,425.750 0.024 5,793.650 24,015.046 4.914 27.170
Table 2. Desc ip i e s a is ics o all da a en elopmen analysis (DEA) a iables
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 187-200
194
shows a pa e n ha is igh -skewed, indica ing he
exis ence o businesses wi h abo e-a e age ope a ing
cos s ha impac pa e ns in spending ac oss he
indus y.
Wi hin he non-cyclical consume goods sec o ,
a obus ma ke p esence and cus ome demand a e
indica ed by he subs an ial a e age sales olume.
The sales da a dis ibu ion does, howe e , skew
sligh ly o he igh , sugges ing ha while he majo i y
o businesses ha e sales igu es below a e age, a
small numbe o en e p ises ou pe o m he a e age
in e ms o sales, maybe as a esul o c ea i e
ma ke ing app oaches o unique p oduc o e ings.
Ma ke alues show no able di e ences in alua ion
amongs pa icipan s in he indus y. The ma ke alue
dis ibu ion is s ongly skewed o he igh , highligh ing
he exis ence o companies wi h ex ao dina ily high
ma ke alua ions ha ha e a signi ican impac on
he ma ke capi aliza ion o he en i e sec o .
B. Hypo hesis Tes ing
Da a sugges ha he company ou pu (ma ke
alue) pa h coe icien alue which in his s udy ac s
as a media ing a iable on company dynamic
pe o mance is -0.064 wi h he in e p e a ion ha
he highe he ma ke alue owned by he company,
he mo e likely i is o has he e ec o educing
company dynamic pe o mance. The o e all company
inpu pa h coe icien (ope a ional expense, ixed
asse s and Cos o goods sold) has a nega i e
coe icien so i can be in e p e ed ha he highe
he company inpu o a company, he lowe he
company's dynamic pe o mance.
Then, o es whe he ma ke alue as company
ou pu is a media ing a iable on company dynamic
pe o mance, a coe icien compa ison is ca ied ou
be ween he pa h coe icien o inpu company on
a iable Y (company dynamic pe o mance) and he
pa h coe icien o company inpu on company ou pu
which ac s as a media ing a iable (ma ke alue).
I is known ha he pa h coe icien o company
inpu o he media ing a iable is g ea e han he
pa h coe icien o company inpu o company
dynamic pe o mance, hus indica ing ha company
ou pu (ma ke alue) is a ull media ing a iable
on company dynamic pe o mance
C. Company Inpu s and Dynamic Pe o mance
The impac o ope a ional expenses on company
ou pu , speci ically educing ma ke alue, is
subs an ia ed by Uddin's (2020) esea ch, highligh ing
an in e se ela ionship be ween ope a ional expenses
Figu e 4. Pa h analysis using Sma PLS
