THE MODERATING EFFECT OF SALES VOLATILITY IN THE COMPANIES LIST OF SHARIAH SECURITIES DURING THE ERA PANDEMIC
Abstract
The volatility of sales and cash flow companies during Covid 19 in the world are unstable. This study aims to analyze the moderating effect of sales volatility in the relationship between debt level, company size, and cash flow volatility on profit persistence. We used the interaction method to analyze the companies’ list of sharia securities reports from 2018 to 2022. The results show that debt level positively affects profit persistence. Company size does not effect to profit persistence. Cash flow volatility does not effect to profit persistence. Sales volatility negatively moderates the relationship between debt level and profit persistence. This was interesting to discuss because of the pandemic.
References
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Zahid, M., Naqvi, S. U. U. B., Jan, A., Rahman, H. U., & Wali, S. (2023). The nexus of environmental, social, and governance practices with the financial performance of banks: A comparative analysis for the pre and COVID-19 periods. Cogent Economics and Finance, 11(1). https://doi.org/10.1080/23322039.2023.2183654
Appiah Kubi, S. N. K., Malec, K., Phiri, J., Krivko, M., Maitah, K., Maitah, M., & Smutka, L. (2022). Key Drivers of Public Debt Levels: Empirical Evidence from Africa. Sustainability (Switzerland), 14(3). https://doi.org/10.3390/su14031220
Awasthi, K., Yayavaram, S., George, R., & Sastry, T. (2024). Political connections and profit persistence in India. Asia Pacific Journal of Management. https://doi.org/10.1007/s10490-024-09945-5
Bai, M., & Ho, L. (2022). Corporate social performance and firm debt levels: Impacts of the covid-19 pandemic and institutional environments. Finance Research Letters, 47. https://doi.org/10.1016/j.frl.2022.102968
Chechulin, V., & Agliardi, E. (2020). Green Bonds vs Regular Bonds: Debt Level and Corporate Performance. Journal of Corporate Finance Research, 14(2). https://doi.org/10.17323/j.jcfr.2073-0438.14.2.2020.83-99
Eka Putri Zalzabela, O., & Srimindarti, C. (2021). Faktor Volatilitas Arus Kas, Tingkat Hutang, dan Siklus Operasi Terhadap Persistensi Laba pada Perusahaan Pertambangan yang Terdaftar di BEI. Jurnal Ilmiah MEA (Manajemen, Ekonomi Dan Akuntansi), 5(2).
Gugler, K., & Peev, E. (2018). The persistence of profits in banking: an international comparison. Applied Economics, 50(55). https://doi.org/10.1080/00036846.2018.1489111
Hendrianto, S., Dara, N., & Pratikto, D. F. (2022). Analysis of Cash Flow Volatility, Sales Volatility, Accrual Size and Their Effect on Earnings Persistence with Book Tax Differences as Moderating Variables in Consumer Goods Industrial Companies Listed on the Indonesia Stock Exchange. Jurnal Multidisiplin Madani (MUDIMA), 2(4), 1929–1946. https://journal.yp3a.org/index.php/mudima/index
Hirsch, S., Lanter, D., & Finger, R. (2021). Profitability and profit persistence in EU food retailing: Differences between top competitors and fringe firms. Agribusiness, 37(2). https://doi.org/10.1002/agr.21654
Hult, G. T. M. (2011). Toward a theory of the boundary-spanning marketing organization and insights from 31 organization theories. Journal of the Academy of Marketing Science, 39(4), 509–536. https://doi.org/10.1007/s11747-011-0253-6
Humayah, S., & Martini, T. (2021). Urgensi Persistensi Laba : Antara Volatilitas Penjualan, Arus Kas Operasi, Tingkat Utang, dan Ukuran Perusahaan pada Perusahaan Manufaktur Sektor Barang dan Konsumsi yang Terdaftar di ISSI Periode 2016-2019. AKTSAR: Jurnal Akuntansi Syariah, 4(1), 107. https://doi.org/10.21043/aktsar.v4i1.10601
Jaisinghani, D., & Sekhon, A. K. (2022). CSR disclosures and profit persistence: evidence from India. International Journal of Emerging Markets, 17(3). https://doi.org/10.1108/IJOEM-03-2020-0246
Lasrya, E., & Ningsih, O. (2020). Analisis Faktor-Faktor yang Mempengaruhi Persistensi Laba pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2013 – 2017. Research in Accounting Journal (RAJ), 1(1). https://doi.org/10.37385/raj.v1i1.31
Liu, A. Z., Pincus, M., & Xu, S. X. (2023). Enterprise system implementation and cash flow volatility. Contemporary Accounting Research, 40(3). https://doi.org/10.1111/1911-3846.12872
Mandiri, S., & Sebrina, N. (2023). Analisis Kualitas Laba Perusahaan Sebelum dan Selama Pandemi Covid-19 pada Perusahaan yang Terdampak Besar Pandemi Covid-19. JURNAL EKSPLORASI AKUNTANSI, 5(2). https://doi.org/10.24036/jea.v5i2.733
Marta Sugema Dasuki, T., Maulana, R. M., Novita Nurjanah, A., Ekonomika dan Bisnis, F., Majalengka, U., & Abdul Halim, J. K. (2023). Pengaruh Volatilitas Arus Kas, Tingkat Hutang, Ukuran Perusahaan Terhadap Persistensi Laba (Studi pada Perusahaan Indeks LQ 45 yang Terdaftar di Bursa Efek Indonesia Periode 2018-2020). Jurnal Akuntansi Dan Sistem Informasi, 4(2). https://ejournal.unma.ac.id/index.php/jaksi
Menguc, B., & Barker, A. T. (2003). The Performance effects of outcome-based incentive pay plans on sales organizations: A contextual analysis. Journal of Personal Selling and Sales Management, 23(4). https://doi.org/10.1080/08853134.2003.10749008
Nahak, K. H. T., Ekayani, N. N. S., & Riasning, N. P. (2021). Pengaruh Volatilitas Arus Kas, Volatilitas Penjualan, Tingkat Hutang dan Ukuran Perusahaan Terhadap Persistensi Laba pada Perusahaan Pertambangan Batu Bara yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2014-2018. Jurnal Riset Akuntansi Warmadewa, 2(2), 92–97. https://doi.org/10.22225/jraw.2.2.3360.92-97
Pervana, M., Pelivan, I., & Arnerić, J. (2015). Profit persistence and determinants of bank profitability in croatia. Economic Research-Ekonomska Istrazivanja , 28(1). https://doi.org/10.1080/1331677X.2015.1041778
Sayre, G. M. (2022). The Costs of Insecurity: Pay Volatility and Health Outcomes. Journal of Applied Psychology, 108(7). https://doi.org/10.1037/apl0001062
Shubita, M. F. (2023). Cash flow volatility and leverage: Evidence from non-financial Jordanian companies. Investment Management and Financial Innovations, 20(2). https://doi.org/10.21511/imfi.20(2).2023.24
Sihotang, B. (2023). Pengaruh Ukuran Perusahaan, Kepemilikan Manajerial, Fee Audit, Tingkat Hutang dan Arus Kas Operasi terhadap Persistensi Laba pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2018-2022. Jurnal Bisnis Mahasiswa, 3(3), 126–140. https://doi.org/10.60036/jbm.v3i3.124
Yoshida, S., & Yagi, H. (2021). Long-term development of urban agriculture: Resilience and sustainability of farmers facing the covid-19 pandemic in japan. Sustainability (Switzerland), 13(8). https://doi.org/10.3390/su13084316
Zahid, M., Naqvi, S. U. U. B., Jan, A., Rahman, H. U., & Wali, S. (2023). The nexus of environmental, social, and governance practices with the financial performance of banks: A comparative analysis for the pre and COVID-19 periods. Cogent Economics and Finance, 11(1). https://doi.org/10.1080/23322039.2023.2183654
Published
2024-09-26
How to Cite
MURSID, Mansur Chadi; AISAH, Nur; TAMAMUDIN, Tamamudin.
THE MODERATING EFFECT OF SALES VOLATILITY IN THE COMPANIES LIST OF SHARIAH SECURITIES DURING THE ERA PANDEMIC.
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 10, n. 1, p. 1037-1044, sep. 2024.
ISSN 2541-3333.
Available at: <https://conferences.uin-malang.ac.id/index.php/iconies/article/view/2910>. Date accessed: 15 may 2026.
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
