FINANCIAL DRIVERS OF SALES GROWTH IN FOOD AND BEVERAGE COMPANIES: THE ROLE OF INVENTORY FINANCING, PROFITABILITY, AND LIQUIDITY
DOI:
https://doi.org/10.61990/ijamesc.v4i3.798Keywords:
Inventory Financing, Profitability, Liquidity, Sales Growth, Food and BeverageAbstract
This study investigates the relationship between inventory financing, profitability, and liquidity in enhancing sales growth among food and beverage companies listed on the Indonesia Stock Exchange. A quantitative explanatory design was employed using secondary data derived from published financial statements for the 2021–2024 period. The research object comprised food and beverage sector companies listed on the Indonesia Stock Exchange, with 67 observations selected as the research sample. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 by evaluating both the measurement model and the structural model. The findings reveal that inventory financing has a positive and significant effect on sales growth, indicating that effective inventory financing enables companies to maintain product availability and support operational continuity. Liquidity also demonstrates a positive and significant effect on sales growth, suggesting that adequate short-term financial capacity strengthens companies’ ability to fulfill operational needs and respond to market demand. Conversely, profitability shows a significant negative effect on sales growth, implying that higher profitability may reflect efficiency-oriented strategies rather than sales expansion. Overall, the study concludes that inventory financing, profitability, and liquidity are essential financial determinants of sales growth. These findings provide practical implications for food and beverage companies in formulating smarter financial strategies to achieve sustainable business growth.
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