JRSSEM 2022, Vol. 02, No. 5, 875 – 883

E-ISSN: 2807 - 6311, P-ISSN: 2807 - 6494

FINANCIAL ANALYSIS THROUGH THE APPLICATION OF

GREEN GROWTH ECONOMY (GGE) AS A MODERATION

VARIABLE AFFECTS THE INCREASE IN GDP / GNP

ECONOMIC INCOME IN INDONESIA DURING THE COVID-

19 PERIOD TOWARDS THE NEW NORMAL

Margaretha Prihatiningsih

Yusup Hari Subagyo

Vitalis Ari Widyaningsih

1,2,3

State Universitas Pignatelli Triputra Solo, Jawa Tengah, Indonesia

e-mail: margarethaprihatiningsih@gmail.com, yusupharisubagyo@gmail.com,

vitalisariwidyaningsih@gmail.com

*Correspondence: margarethaprihatinin[email protected]

Submitted: 29 November 2022 Revised: 15 December 2022 Accepted: 26 December 2022

Abstract: The study aims to determine whether the company's financial performance through

financial ratio analysis and the application of GGE (Green Growth Economy) as a moderation

variable affects the increase in GDP / GNP economic income during the Covid-19 period towards

the New Normal can be achieved properly. The population in the study was 36 Main Board

Companies in the Property and Real-Estate Sub-Sector, a sample of 17 companies with a purpose

sampling method. Multiple Correlation Regression Analysis Method with t TEST and F TEST and

Classical Assumption Test using SEM Analysis Model (Structure Equation Model) & MRA Test

(Moderating Regression Analyze). Based on the Results of the Analysis of Mediation Tests With

MRA Regression (Moderating Regression Analyze), Cash Ratio, NPM with a significance value of

0.386 & 0.244 greater than 0.05 Then indirectly through GGE is not able to affect GDP / GNP which

means it is rejected. Meanwhile, DER and ROA with a significance value of 0.016 & 0.042 are able

to affect GDP / GNP. Likewise, DER & ROE with significance values of 0.002 & 0.007 < 0.05 Then

indirectly through GGE is able to affect GDP / GNP. CAR, NPM through GGE with significance values

of 0.538, 0.171 > 0.05 Then it is not able to affect GDP/GNP which means it is rejected. While DER

& ROA through GGE as a moderation variable with a significance value of 0.029 & 0.016 is indirectly

able to affect GDP / GNP. DER, ROE, NPM via GGE as moderation variables with a significance value

of 0.038; 0,002; 0.046 < 0.05 Then it can affect GDP/GNP. Sedankan Cash, DAR, NPM via GGE as

moderation variables with significance values 0.196;0.193; 0.535 > 0.05 Then it is not able to affect

GNP/GDP which means it is rejected.

Keywords: Financial Analysis of Liquidity; Solvency; Profitability; & Rentability and GGE (Green

Growth Economy) Analysis; GNP/GDP Analysis; With Multiple Correlation Regression

Analysis; SEM Model & MRA Test Results Analysis (Moderating Regression Analyze).

DOI: 10.36418/jrssem.v2i05.346 https://jrssem.publikasiindonesia.id/index.php/jrssem

877 | Financial Analysis Through The Application of Green Growth Economy (GGE) As A

Moderation Variable Affects The Increase In GDP / GNP Economic Income In Indonesia During

The Covid-19 Period Towards The New Normal

INTRODUCTION

During the current Covid-19

Pandemic, since March 2019, it has greatly

impacted the Indonesian economy,

especially felt by the lower middle class of

the economy which must be supported by

the economy of companies that have TBK.

They The Industrial Company Workers were

hit hardest by the impact but had to

continue to persevere to sustain their lives

and the sustainability of their businesses.

Culinary Merchants continue to try in

various ways and their efforts to continue

trading with different methods, including

being shown by their efforts to follow the

BUSINESS TREND TOWARDS NEW

NORMALE which is the trick, namely by

planning various forms of business that are

still selling well in their business including:

participating in marketing through online

business, grab, go food, E-Comerce, E-

Budgetting and the like.

Under the leadership of Mr. President

Joko Widodo, the real estate property and

building construction sector is one of the

sectors in Indonesia that has great potential

as a place to invest. Because in 2019, the

infrastructure expenditure budget reached

up to Rp 420 trillion. This figure increased

by 157% from 2014 which was only 163

trillion. Such a large fund the government

has succeeded in carrying out various kinds

of infrastructure development for its

people. Such as: (1) dams, (2) irrigation, (3)

embung, (4) national roads, (5) toll roads,

(6) bridges, (7) suspension bridges, (8)

drinking water supply systems, (9)

sanitation & waste, (10) housing, (11) flats,

(12) special houses, and (13) self-help

houses. At this time, the government

continues to strive to encourage national

economic growth, one of which is through

the acceleration of unfinished

infrastructure development. The

acceleration of infrastructure development

is meant to be the progress of the country.

Infrastructure plays an important role in

increasing economic growth, as higher

economic growth is found in areas with

sufficient infrastructure availability

(www.cnbindonesia.com) in access 24

August 2020).

The results of this analysis also

provide an overview as well as can be used

to determine the direction and goals of the

company. This means that financial

statements can be a reference in decision

making and matters that are considered

important for management. Financial

analysis tools commonly used are financial

ratios such as: liquidity ratios (Ningsih,

2017) solvency ratio (Salim, 2016),

profitability ratio (Nurfinda, 2014), activity

ratio (Novitasari, 2020) gross profit analysis

and other ratios. (Cashmere, 2019: 5).

There are several ratios that are seen as

affecting stock returns that are important

to consider before making an investment

transaction, namely: liquidity ratio, solvency

ratio, activity ratio and profitability ratio.

According to Prastowo (2015: 73) the

company's liquidity describes the

company's ability to fulfill its short-term

obligations to short-term creditors, namely

to measure this ability, usually used

working capital ratio figures, namely: curret

ratio, acidtest ratio, quick ratio, account

receivable turnover. According to Herry

(2017: 312) the profitability ratio is a ratio

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Margaretha Prihatiningsih

Yusup Hari Subagyo

Vitalis Ari Widyaningsih

used to measure the company's ability to

generate profit from normal business

activities and also aims to measure the level

of management effectiveness in carrying

out company operations. Measurement of

the profitability ratio can be carried out by

comparing between the various

components present in the income

statement or balance sheet. In this study,

liquidity will be measured by Cash Ratio &

Current Asset Ratio (CAR), Solvency

measured by DAR (Debt To Asset Ratio) &

Debt To Equity Ratio (DER), Activity

measured by TATO (Total asset turn over).

And profitability will be measured by ROE

(Return On Equity), NPM (Net Profit

Margin). Companies that have few

investment opportunities will tend to

reduce dividends, but with a high level of

assets and investor funds, the company will

tend to increase dividends due to the

availability of more funds. The larger the

level of company size, the greater the

possibility of dividend payments. If it is

associated with an increase in GDP / GNP,

the greater the income earned by a

company with a large size, the dividend

continues to increase so that the higher

shareholder confidence will affect the

investors of its shareholders to increase

funds to be invested in the company

concerned, the management becomes

optimistic that the company's prospects are

good in the future. Thus, it will increase the

income that contributes to the higher

GNP/GDP.

From the Background Description of

the Research, the Researcher took the

Research Title: "Financial Ratio Analysis

through the Application of Green Growth

Economy (GGE) Its Effect on Increasing

GDP/GNP Economic Income in Indonesia

MasaCovid-19 Towards New Normal

(Empirical Study on Property & Real Estate

Sub-Sector Companies Whose Shares Are

Listed on the Main Board of the Indonesia

Stock Exchange) 2019 to 2021. From this

title, it contains meaning: How to recover

the economy by increasing GDP / GNP to

towards the Green Growth Economy of

Companies - Property and Real Estate Sub-

Sector on the IDX whose shares are listed

on the Main Stock List (36), Development

Stocks (27) And Accelerated Stocks (0)

Observation Period 2019 to 2021. This

study aims to find out whether the Financial

Ratio of Liquidity Cash Ratio, CAR

Moderated by GGE (Green Growth

Economy) Affects the Increase in GDP /

GNP ? , so that it can be used as a reference

for improvement and better decision

making of managers & management in the

future. Research Benefits The results of the

analysis are expected to make a positive

contribution to the Company and the

Wider Community in order to overcome the

Impact of COVID-19 Prevention, Especially

Improving Income so that the Results can

be used as Additions and Payments for

Health Costs for Employee Leaders and the

user community at least help in the

financial sector for purchasingn prevention

tools COVID-19 Towards a New Normale.

879 | Financial Analysis Through The Application of Green Growth Economy (GGE) As A

Moderation Variable Affects The Increase In GDP / GNP Economic Income In Indonesia During

The Covid-19 Period Towards The New Normal

MATERIALS AND METHODS

This research includes quantitative

research type research by conducting

Hypothesis Test. The type of data used in

this study is secondary data, by looking at

the ICMD (Indonesian Market Directory) of

Companies Listed on the IDX (Indonesia

Stock Exchange) during the period 2019 to

2021 whose shares are listed on the Main

Board, which is contained on the official IDX

website, namely www.idx.co.id.

RESULTS AND DISCUSSION

Description of the object of study

The object of this study uses a

sample of Companies Listed on the IDX

whose Shares are listed on the Main

Board, Development and acceleration of

the Property & Real Estate Sub-Sector

for the 2019 – 2021 Period. Of all the

samples found, not all were sampled in

the study. This means that the sample

found was 20 companies used in this

study only 17 companies, because there

were 3 companies that did not fully

report Financial Statements with Anual

reports. So the sample used is Financial

& Company Data which has complete

Data on Financial Statements in IDR and

has an Annual Report from 2019 to

2021. In total the companies studied

there were 17 companies that met all the

research requirements related to the

variables GDP/GNP, GGE, Liquidity,

Solvency, Profitability, Rentability &

Activity. Some samples were aborted

because they did not meet the

established criteria and incomplete data

so that the number of data from 2019-

2021 was 51 data.

Data Analysis.

Results of Mediation Test With MRA

(Moderating Regression Analyze) (1)

Effect of Cash Ratio (X1) on GDP (Y)

through GGE (Z) as a mediation variable.

The mra's regression count t value X1Z

of -0.463 is greater than that of -2.010 (-

0.463 > -2.010) with a significant value

of 0.646 above 0.05. It is concluded

indirectly that the Cash Ratio (X1)

through GGE (Z) is not capable of

affecting GDP (Y) which means it is

rejected. (2) Effect of DAR (X2) on GDP

(Y) via GGE (Z) as a mediation variable

The value of t regression calculation of

MRA X2Z of -1.016 is greater than that

of t table of -2.010 (-1.016 > -2.010) with

a significant value of 0.316 above 0.05. It

is inferred indirectly DAR (X2) through

GGE (Z) is not capable of affecting GDP

(Y) which means it is accepted. (3) Effect

of ROE (X3) on GDP (Y) via GGE (Z) as a

mediation variable The mra's regression

t value of X3Z of -3,391 is smaller than

that of -2,010 (-3,391 < -2,010) with a

significant value of 0.002 below 0.05. It is

concluded that indirectly ROA (X3)

through GGE (Z) is able to affect GDP (Y)

which means it is accepted. (4) Effect of

NPM (X4) on GDP (Y) via GGE (Z) as a

mediation variable The value of the MRA

X4Z regression calculation t of 1.209 is

smaller than that of the table t of 2.010

(1.209 < 2.010) with a significant value of

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Margaretha Prihatiningsih

Yusup Hari Subagyo

Vitalis Ari Widyaningsih

0.234 above 0.05. It is concluded

indirectly that NPM (X4) through GGE (Z)

is not capable of influencing GDP (Y)

which means it is rejected. Effect of Cash

Ratio, DAR, ROA, NPM on GDP/GNP

with GEE as a moderation variable.

Results of mediation test with MRA

regression.

(Source: Primary data processed, 2022)

(1) Effect of Cash Ratio (X1) to GDP (Y)

through GGE (Z) as a mediation

variable. The mra's regression count

t value X1Z of -0.750 is greater than

that of the table t of -2.010 (-0.750

> -2.010) with a significant value of

0.458 above 0.05. It is concluded

indirectly that the Cash Ratio (X1)

through GGE (Z) is not capable of

affecting GDP (Y) which means it is

rejected. (2) Effect of DAR (X2) on

GDP (Y) via GGE (Z) as a mediation

variable. The mra's regression

calculation t value X2Z of -1.086 is

greater than that of the table t of -

2.010 (-1.086 > -2.010) with a

significant value of 0.284 above

0.05. It is inferred indirectly DAR

(X2) via GGE (Z) is not capable of

influencing GDP (Y) which means it

is rejected. (2) Effect of ROA (X3) on

GDP (Y) via GGE (Z) as a mediation

variable The value of t regression

calculation of MRA X3Z of -2.082 is

smaller than that of t table of -2.010

(-2.082 < -2.010) with a significant

value of 0.044 below 0.05. It is

concluded that indirectly ROA (X3)

through GGE (Z) is able to affect

GDP (Y) which means it is accepted.

(3) Effect of NPM (X4) on GDP (Y) via

GGE (Z) as a mediation variable The

value of t regression calculation of

MRA X4Z of 0.162 is smaller than

that of t table of 2.010 (0.162 <

2.010) with a significant value of

0.872 above 0.05. It is concluded

indirectly that NPM (X4) through

GGE (Z) is not capable of influencing

GDP (Y) which means it is rejected.

Effect of CAR, DAR, ROE, NPM On

GDP/GNP With GGE As a

moderation variable.

MRA

Regression Mediation Test Results

881

Zulpardisyah

(Source: Primary data processed, 2022)

(1) Effect of CAR (X1) on GNP (Y) via

GGE (Z) as a mediation variable

The mra's X1Z regression count t value of -

0.621 is greater than that of -2.010 (-0.621

> -2.010) with a significant value of 0.538

above 0.05. It is inferred indirectly that CAR

(X1) through GGE (Z) is not capable of

affecting GNP (Y) which means it is rejected.

(2) Effect of DER (X2) on GNP (Y) via GGE (Z)

as a mediation variable

The mra's X2Z regression count t

value of -2.260 is smaller than that of -2.010

(-2.260 < -2.010) with a significant value of

0.029 below 0.05. It is inferred indirectly

that DER (X2) through GGE (Z) is capable of

influencing GNP (Y) which means it is

accepted. (3) Effect of ROA (X3) on GNP (Y)

via GGE (Z) as a mediation variable. The

mra's X3Z regression count t value of -2.510

is smaller than that of -2.010 (-2.510 < -

2.010) with a significant value of 0.016

below 0.05. It is concluded that indirectly

ROA (X3) through GGE (Z) is able to

influence GNP (Y) which means it is

accepted. (4) Effect of NPM (X4) on GNP (Y)

via GGE (Z) as a mediation variable The

mra's regression count value of X4Z of

1.394 is smaller than that of the table t of

2.010 (1.394 < 2.010) with a significant

value of 0.171 above 0.05. It is inferred

indirectly that NPM (X4) through GGE (Z) is

not capable of influencing GNP (Y) which

means it is rejected. Effect of CAR, DAR,

ROA, NPM On GDP. With GGE as a

moderation variable. Results of mediation

tests with MRA regression.

DOI: 10.36418/jrssem.v2i05.346 https://jrssem.publikasiindonesia.id/index.php/jrssem

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Margaretha Prihatiningsih

Yusup Hari Subagyo

Vitalis Ari Widyaningsih

(Source: Primary data processed, 2022)

(1) Effect of CAR (X1) on GDP (Y) via GGE (Z) as

a mediation variable

The mra's regression count t value

X1Z of -0.508 is greater than that of table t

of -2.010 (-0.508 > -2.010) with a significant

value of 0.614 above 0.05. It is inferred

indirectly that CAR (X1) through GGE (Z) is

not capable of affecting GDP (Y) which

means it is rejected. (2) Effect of DAR (X2)

on GDP (Y) via GGE (Z) as a mediation

variable. The mra's regression calculation t

value X2Z of -0.963 is greater than that of

table t of -2.010 (-0.963 > -2.010) with a

significant value of 0.341 above 0.05. It is

inferred indirectly DAR (X2) via GGE (Z) is

not capable of influencing GDP (Y) which

means it is rejected. (3) Effect of ROA (X3)

on GDP (Y) via GGE (Z) as a mediation

variable. The mra's X3Z regression count t

value of -2.344 is smaller than that of -2.010

(-2.344 < -2.010) with a significant value of

0.024 below 0.05. It is concluded that

indirectly ROA (X3) through GGE (Z) is able

to affect GDP (Y) which means it is

accepted. (4) Effect of NPM (X4) on GDP (Y)

via GGE (Z) as a mediation variable The

mra's mrake X4Z regression value of 0.349

is smaller than that of the table t of 2.010

(0.349 > 2.010) with a significant value of

0.729 above 0.05. It is concluded indirectly

that NPM (X4) through GGE (Z) is not

capable of influencing GDP (Y) which

means it is rejected. Test Results With

Variable Y2 namely GNP (Gross National

Product). Effect of Cash Ratio (X1), DER (X2),

ROA (X3), NPM (X4) on GNP (Y) via GGE (Z)

as mediation variables. The results of the

mediation test with MRA regression: (1)

Effect of Cash Ratio (X1) on GNP (Y) via GGE

(Z) as a mediation variable The value of t

calculate MRA regression X1Z of -0.877 is

greater than that of t table of -2.010 (-0.877

> -2.010) with a significant value of 0.386

above 0.05. It is concluded indirectly that

the Cash Ratio (X1) through GGE (Z) is not

capable of affecting GNP (Y) which means

it is rejected. (2) Effect of DER (X2) on GNP

(Y) via GGE (Z) as a mediation variable The

value of t regression calculation of MRA

X2Z of -2.525 is smaller than that of t table

of -2.010 (-2.525 < -2.010) with a significant

value of 0.016 below 0.05. It is inferred

indirectly that DER (X2) through GGE (Z) is

capable of influencing GNP (Y) which

883 | Financial Analysis Through The Application of Green Growth Economy (GGE) As A

Moderation Variable Affects The Increase In GDP / GNP Economic Income In Indonesia During

The Covid-19 Period Towards The New Normal

means it is accepted. (3) Effect of ROA (X3)

on GNP (Y) via GGE (Z) as a mediation

variable The value of t regression

calculation of MRA X3Z of -2.097 is smaller

than that of t table of -2.010 (-2.097 < -

2.010) with a significant value of 0.042

below 0.05. It is concluded that indirectly

ROA (X3) through GGE (Z) is able to

influence GNP (Y) which means it is

accepted. (4) Effect of NPM (X4) on GNP (Y)

via GGE (Z) as a mediation variable The

value of t regression calculation of MRA

X4Z of 1.183 is smaller than that of t table

of 2.010 (1.183 < 2.010) with a significant

value of 0.244 above 0.05. It is inferred

indirectly that NPM (X4) through GGE (Z) is

not capable of influencing GNP (Y) which

means it is rejected.

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