Factors affecting the performance of the food and beverage companies in Indonesia
-
Fathaniyah Syahrami Putri(1*)
Department of Management, Faculty of Economics and Business, Trisakti University
-
Nur Hijrah(2)
Department of Management, Faculty of Economics and Business, Trisakti University
-
Farah Margaretha Leon(3)
Department of Management, Faculty of Economics and Business, Trisakti University
(*) Corresponding Author
Keywords:
Capital Structure, Companies Performance, Cost Leadership, Food and Beverage Sector, Inventory Turnover, Liquidity, Sales Growth
Abstract
This study evaluates the implementation of a mentoring program designed to enhance the competitiveness of Moms Nastar, a home-based pastry MSME in Banyuwangi Regency, Indonesia. Conducted as part of the Managerial Insight Development course in the Master of Management Program at the State University of Malang, the program addressed key business challenges, including limited product innovation, weak branding, the absence of business legality, underutilized digital marketing, inadequate human resource management, and the lack of financial record-keeping. Adopting a community-based intervention approach, the mentoring focused on five strategic areas: product innovation, business identity and legal registration, digital marketing optimization, human resource development, and basic financial management. The outcomes demonstrate notable improvements in product diversification, business branding, legal compliance, digital market presence, operational efficiency, and financial management practices. These enhancements contributed to increased business capacity and broader market reach, highlighting the effectiveness of integrated managerial assistance in supporting MSME development. The study contributes to the literature on entrepreneurship and MSME empowerment by demonstrating how structured mentoring can strengthen business sustainability and competitiveness through the application of practical management principles.
Keywords: Capital Structure; Companies Performance; Cost Leadership; Food and Beverage Sector; Inventory Turnover; Liquidity; Sales Growth
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References
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Caka, E., Imeraj, J., Gjonlleshaj, G., Prenaj, V. (2025). The Impact of Working Capital Management and Credit Management Policies on Kosovo Bank’s Financial Performance. Ekonomika, 104(3), 142–159. https://orcid.org/0009-0007-7862-8614
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http://dx.doi.org/10.25105/jet.v3i1.16136
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Hoang, N., Nam, P., Thi, T., & Tuyen, M. (2024). Impact of liquidity on capital structure and financial performance of non ‑ financial ‑ listed companies in the vietnam stock market. Future Business Journal. https://doi.org/10.1186/s43093-024-00412-7
Hoang, T. &. (2025). The impact of inventory management on Vietnam ’ s industrial firm performance : A double-threshold regression approach. Investment Management and Financial Innovations. https://doi.org/10.21511/imfi.22(4).2025.05
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https://doi.org/10.35912/rambis.v5i2.5248
Jaaz, A. H., Jasim, A. A., Baqer, I. J., & Abbas, Y. A. (2025). The Effect of Liquidity Ratio on the Company Financial Performance : Evidence from a Developing Economy. 6(4), 203–218. https://doi.org/10.48165/sajssh.2024.6413
Jadhav & Sowmya. (2024). A Study on Equity Analysis Of Fast Moving Consumer Goods. International Journal of Management Research & Review, 14(4), 233–241. https://ijmrr.com/index.php/ijmrr/article/view/230
Jaiswal, S., Elmarzouky, M. (2025). Capital Structure and Firm Performance : Evidence from FTSE All-Share Firms During COVID-19. Journal of Risk and Financial Management, 2019, 1–31. https://doi.org/10.3390/jrfm18110648
Katsouris, C. (2023). Optimal Estimation Methodologies for Panel Data Regression Models. (grant 347986). http://arxiv.org/abs/2311.03471
Khoza, F. (2025). The Impact of Liquidity and Leverage on the Financial Performance of the Johannesburg Stock Exchange-Listed Consumer Goods Firms. Journal of Risk and Financial Management, 1–24. https://doi.org/10.3390/jrfm18090510
Kontuš, E., Šorić, K., & Šarlija, N. (2023). Capital structure optimization: a model of optimal capital structure from the aspect of capital cost and corporate value. Economic Research-Ekonomska Istrazivanja , 36(2).
https://doi.org/10.1080/1331677X.2022.2147565
Kufo, A., Gjeci, A., & Pilkati, A. (2024). Unveiling the Influencing Factors of Cryptocurrency Return Volatility. Journal of Risk and Financial Management. https://doi.org/10.3390/jrfm17010012
Kukeli, A., Widner, B., Deari, F., & Sargsyan, G. (2025). Firm Profitability and Economic Crises : The Non-Linear Role of the Cash Conversion Cycle. International Jorunal of Financial Studies, 1–17. https://doi.org/10.3390/ ijfs13020086
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https://doi.org/10.1002/bse.3060
Murti. K,. Wahyuni. P, . Iskandar. D. (2026). Analisis Pengaruh Ukuran Perusahaan Dan Profitabilitas Terhadap Kinerja ESG pada Perusahaan Pubik di Indonesia. Jurnal Akuntansi Trisakti, 27(1), 62–78. http://dx.doi.org/10.25105/jat.v13i1.26222
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Nguyen, H. T. (2024). The impact of capital structure on the performance of state-invested enterprises in Vietnam. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2399955
Panchal, S., & Chand, S. (2025). Analyzing the performance of FMCG firms : role of competitive strategies. International Journal of Productivity and Performance Management, (September). https://doi.org/10.1108/IJPPM-03-2025-0158
Rohisham, H. N., Khusna, H., & Malik, A. (2025). Towards a sustainable growth: how environmental,social,and governance (ESG) factors and firm characteristics drive financial performance in the FTSE4G bursa malaysia firms. International Journal of Business and Society, 26(2), 530–547. https://doi.org/10.33736/ijbs.8100.2025
Saeed, M. M., & Donkoh, E. (2026). Social Sciences & Humanities Open Credit risk management , bank-specific factors , and financial performance of banks : Insights from an emerging economy. Social Sciences & Humanities Open, 13(August 2025), 102523. https://doi.org/10.1016/j.ssaho.2026.102523
Sharida, N., Shah, B., Qaisara, N., Mohd, A., Azreen, S., & Zulkifli, M. (2025). Does Ownership Concentration Affect Financial Performance ? An Evidence of Malaysian Healthcare Sector. Jurnal Intelek, 20(1). http://10.0.94.127/ji.v20i1.3809
Sitorus, T. B. (2020). The Mediating Role of Investment Opportunity on the Relationship Between Capital Structure, Company Growth and Profitability of Consumer Goods Manufacturing in Indonesia. (September).
https://www.researchgate.net/publication/344431201%0AThe
Suzan, L., & Ramadhanti, A. (2022). Business Strategy , Asset Management , Capital Structure and Financial Performance of Food and Beverage Industry in Indonesia. Journal IEOM Society International, 2415–2424.
Talaei, J. & A. yang. (2024). How Does Cost Leadership Strategy Suppress the Performance Benefits of Explainability of AI Applications in Organizations. Journal of Global Information Management, 32(1), 1–23. https://doi.org/10.4018/JGIM.354062
To, U. D. (2025). Analysis of Factors Affecting Financial Distress in Vietnam – an Emerging Economy in East Asia. Investment Management and Financial Innovations, 22(1), 68–81. https://doi.org/10.21511/imfi.22(1).2025.06
Tran, L.D., Pham, T.D., Nguyen, K. . (2025). The Relationship Between Credit Supply, Capital Structure and Firm Performance of Listed Real Estate Firms; Evidence from an Emerging Country. SAGE Open, 15(2), 1–15.
https://doi.org/10.1177/21582440251339290
Yusuf, M., & Dyarini, D. (2025). Liquidity and Company Size Impact on Capital Structure with Profitability Mediation. International Journal of Law Policy and Governance, 4(2), 150–165. https://doi.org/10.54099/ijlpg.v4i2.1339
https://doi.org/10.47772/IJRISS
Alathamneh, M., Obeidat, M. I., Almomani, M. A., Almomani, T. M., Mohammed, N., & Darkal, A. (2025). The Mediating Role of Profitability in the Impact Relationship of Assets Tangibility on Firm Market Value. Risk and Financial Management, 1–17. https://doi.org/10.3390/ jrfm18020104
Alfio, A., Fettry, S., & Maratno, E. (2023). Pengaruh Inventory Turnover terhadap Return on Total Assets ( ROA ) dalam Industri Ritel di Indonesia. Jurnal Bisnis Mahasiswa. https://doi.org/10.60036/jbm.535
Alnaim, M., & Kouaib, A. (2023). Inventory Turnover and Firm Profitability: A Saudi Arabian Investigation. Processes, 11(3), 1–14.
https://doi.org/10.3390/pr11030716
Alrobai, F., Alrashed, A. A., & Albaz, M. M. (2025). Earnings Quality Drivers: Do Firm Attributes and Ownership Structure Matter in Emerging Stock Markets? Risks, 13(1), 1–25. https://doi.org/10.3390/risks13010006
Amanj, D. A., & Nugraha. (2023). The Relationship between Capital Structure and Firm Performance; The Moderating Role of Agency Cost. Risk, 1–17. https://doi.org/10.3390/risks 11060102
Andiransyah, R., Fauzi, R., Leon, M. F. (2025). Dampak Risiko Likuiditas terhadap Profitabilitas yang terdaftar di Bank Indonesia. 10(1), 25–36.
Anokhin, S., Spitsin, V., Vukovic, D. B., & Maiti, M. (2026). Unpacking the relationship between sales growth and profitability. Strategic Business Research, 2(1), 100101. https://doi.org/10.1016/j.sbr.2026.100101
Arvenita, A., Wijayanto, A. (2025). Impact Of Cost Leadership And Differentiation On Profitability In Indonesia Consumer Goods. Quantum Journal Of Social Sciences And Humanities, 6(3), 434–444. https://doi.org/10.55197/qjssh.v6i3.712
Caka, E., Imeraj, J., Gjonlleshaj, G., Prenaj, V. (2025). The Impact of Working Capital Management and Credit Management Policies on Kosovo Bank’s Financial Performance. Ekonomika, 104(3), 142–159. https://orcid.org/0009-0007-7862-8614
Cao, Y., Chen, J., Lu, M. (2024). Compromise in hard time? The impact of deglobalization on corporate social responsibility in the US-China supply chain. Jbfa, (March), 127–157. https://doi.org/10.1111/jbfa.12803
Cavaliere, A., Crea, G. (2022). Brand premia driven by perceived vertical differentiation in markets with information disparity and optimistic consumers. In Journal of Economics (Vol. 135, Number 3). Springer Vienna.
https://doi.org/10.1007/s00712-021-00761-9
Chandra, K., Margaretha, F., Purba, E.Y., Nalurita, F. (2023). The Effect of Leverage on Company Value in Consumer Goods Industry Companies. (Icelbi 2022), 380–387. https://doi.org/10.2991/978-94-6463-350-4_37
Doğan, B., & Ekşi, I. H. (2020). Economics and Business Review leadership. Economics and Business Review, 6(3), 88–104. https://doi.org/10.18559/ebr.2023.3
Ekiti, A. (2024). Investigating Inventory Management and Profitability of Listed Consumer Goods Companies in Nigeria. Journal of Accounting and Financial Management E-ISSN, 10(1), 98–109. https://doi.org/10.56201/jafm.v10.no1.2024.pg98.109
Erisa, R., Henny, D. (2023). Pengaruh Growth of Sales, Profitabilitas, dan Likuiditas terhadap Struktur Modal dengan Ukuran Perusahaan sebagai Variabel Moderasi. Jurnal Ekonomi Trisaktirisakti, 3(1), 1319–1328.
http://dx.doi.org/10.25105/jet.v3i1.16136
Evoney, G. D., & Margaretha, F. (2024). The Effect of Credit Risk Management on the Financial Performance of Banks Listed on the IDX. Jurnal Ilmiah Manajemen Kesatuan, 933–938. https://doi.org/10.37641/jimkes.v12i4.2670
Garba, M. S. (2026). Impact of firm size , firm age on the profitability of listed consumer goods firms in Nigeria. Journal of Accounting and Finance Research, 4(1), 104–117. https://doi.org/10.33003/fujafr-2026.v4i1.293.104-117
Gazzola, P., Pavione, E., Amelio, S., & Mauri, M. (2024). Sustainable Strategies and Value Creation in the Food and Beverage Sector : The Case of Large Listed European Companies. Sustainability. https://doi.org/10.3390/su16229798
Hendrawan, M. H., Defung, F., & Wardhani, W. (2023). Un/desired impact of capital buffers: Evidence from Indonesian bank profitability and risk-taking. Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2245217
Hoang, N., Nam, P., Thi, T., & Tuyen, M. (2024). Impact of liquidity on capital structure and financial performance of non ‑ financial ‑ listed companies in the vietnam stock market. Future Business Journal. https://doi.org/10.1186/s43093-024-00412-7
Hoang, T. &. (2025). The impact of inventory management on Vietnam ’ s industrial firm performance : A double-threshold regression approach. Investment Management and Financial Innovations. https://doi.org/10.21511/imfi.22(4).2025.05
Istiana, N., & Rolanda, I. (2025). Analysis of Factors Affecting Return on Assets. Reviu Akuntansi, Manajemen, Dan Bisnis, 5(2), 325–341.
https://doi.org/10.35912/rambis.v5i2.5248
Jaaz, A. H., Jasim, A. A., Baqer, I. J., & Abbas, Y. A. (2025). The Effect of Liquidity Ratio on the Company Financial Performance : Evidence from a Developing Economy. 6(4), 203–218. https://doi.org/10.48165/sajssh.2024.6413
Jadhav & Sowmya. (2024). A Study on Equity Analysis Of Fast Moving Consumer Goods. International Journal of Management Research & Review, 14(4), 233–241. https://ijmrr.com/index.php/ijmrr/article/view/230
Jaiswal, S., Elmarzouky, M. (2025). Capital Structure and Firm Performance : Evidence from FTSE All-Share Firms During COVID-19. Journal of Risk and Financial Management, 2019, 1–31. https://doi.org/10.3390/jrfm18110648
Katsouris, C. (2023). Optimal Estimation Methodologies for Panel Data Regression Models. (grant 347986). http://arxiv.org/abs/2311.03471
Khoza, F. (2025). The Impact of Liquidity and Leverage on the Financial Performance of the Johannesburg Stock Exchange-Listed Consumer Goods Firms. Journal of Risk and Financial Management, 1–24. https://doi.org/10.3390/jrfm18090510
Kontuš, E., Šorić, K., & Šarlija, N. (2023). Capital structure optimization: a model of optimal capital structure from the aspect of capital cost and corporate value. Economic Research-Ekonomska Istrazivanja , 36(2).
https://doi.org/10.1080/1331677X.2022.2147565
Kufo, A., Gjeci, A., & Pilkati, A. (2024). Unveiling the Influencing Factors of Cryptocurrency Return Volatility. Journal of Risk and Financial Management. https://doi.org/10.3390/jrfm17010012
Kukeli, A., Widner, B., Deari, F., & Sargsyan, G. (2025). Firm Profitability and Economic Crises : The Non-Linear Role of the Cash Conversion Cycle. International Jorunal of Financial Studies, 1–17. https://doi.org/10.3390/ ijfs13020086
Leon, F. M., Suryaputri, R., Purnamaningrum, K. T. (2023). Metode Penelitian Kuantitatif: Manajemen,Keuangan, dan Akuntansi.
https://www.myedisi.com/salemba/220000/metode-penelitian-kuantitatif#
Lestari, A., Ichsanti, N. K., & Ningsih, S. (2025). Capital Structure and Its Effects on Firm Performance and Value : Evidence from Non-Financial Firms in Southeast Asia. 9(3), 503–511.
Mahmoudian, F., & Jermias, J. (2022). The influence of governance structure on the relationship between pay ratio and environmental and social performance. Business Strategy and the Environment, (March), 1–22.
https://doi.org/10.1002/bse.3060
Murti. K,. Wahyuni. P, . Iskandar. D. (2026). Analisis Pengaruh Ukuran Perusahaan Dan Profitabilitas Terhadap Kinerja ESG pada Perusahaan Pubik di Indonesia. Jurnal Akuntansi Trisakti, 27(1), 62–78. http://dx.doi.org/10.25105/jat.v13i1.26222
Navaia, Eurico, Moreira, Antonio, Ribau, & Claudia. (2024). The mediating roles of cost leadership and cost focus strategies on innovation capabilities and export performance. Result from an emerging country. Cogent Business & Managementanagement. https://doi.org/10.1080/23311975.2024.2375410
Nguyen, T. X., Tran, D. M., Do, T. D. (2025). Structure and Performance : The Case of Vietnam. SAGE Open, (June), 1–14. https://doi.org/10.1177/21582440251343950
Nguyen, H. T. (2024). The impact of capital structure on the performance of state-invested enterprises in Vietnam. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2399955
Panchal, S., & Chand, S. (2025). Analyzing the performance of FMCG firms : role of competitive strategies. International Journal of Productivity and Performance Management, (September). https://doi.org/10.1108/IJPPM-03-2025-0158
Rohisham, H. N., Khusna, H., & Malik, A. (2025). Towards a sustainable growth: how environmental,social,and governance (ESG) factors and firm characteristics drive financial performance in the FTSE4G bursa malaysia firms. International Journal of Business and Society, 26(2), 530–547. https://doi.org/10.33736/ijbs.8100.2025
Saeed, M. M., & Donkoh, E. (2026). Social Sciences & Humanities Open Credit risk management , bank-specific factors , and financial performance of banks : Insights from an emerging economy. Social Sciences & Humanities Open, 13(August 2025), 102523. https://doi.org/10.1016/j.ssaho.2026.102523
Sharida, N., Shah, B., Qaisara, N., Mohd, A., Azreen, S., & Zulkifli, M. (2025). Does Ownership Concentration Affect Financial Performance ? An Evidence of Malaysian Healthcare Sector. Jurnal Intelek, 20(1). http://10.0.94.127/ji.v20i1.3809
Sitorus, T. B. (2020). The Mediating Role of Investment Opportunity on the Relationship Between Capital Structure, Company Growth and Profitability of Consumer Goods Manufacturing in Indonesia. (September).
https://www.researchgate.net/publication/344431201%0AThe
Suzan, L., & Ramadhanti, A. (2022). Business Strategy , Asset Management , Capital Structure and Financial Performance of Food and Beverage Industry in Indonesia. Journal IEOM Society International, 2415–2424.
Talaei, J. & A. yang. (2024). How Does Cost Leadership Strategy Suppress the Performance Benefits of Explainability of AI Applications in Organizations. Journal of Global Information Management, 32(1), 1–23. https://doi.org/10.4018/JGIM.354062
To, U. D. (2025). Analysis of Factors Affecting Financial Distress in Vietnam – an Emerging Economy in East Asia. Investment Management and Financial Innovations, 22(1), 68–81. https://doi.org/10.21511/imfi.22(1).2025.06
Tran, L.D., Pham, T.D., Nguyen, K. . (2025). The Relationship Between Credit Supply, Capital Structure and Firm Performance of Listed Real Estate Firms; Evidence from an Emerging Country. SAGE Open, 15(2), 1–15.
https://doi.org/10.1177/21582440251339290
Yusuf, M., & Dyarini, D. (2025). Liquidity and Company Size Impact on Capital Structure with Profitability Mediation. International Journal of Law Policy and Governance, 4(2), 150–165. https://doi.org/10.54099/ijlpg.v4i2.1339
Published
2026-07-13
How to Cite
Putri, F., Hijrah, N., & Leon, F. (2026). Factors affecting the performance of the food and beverage companies in Indonesia. Journal of Management : Small and Medium Enterprises (SMEs), 19(2), 1455-1469. https://doi.org/10.35508/jom.v19i2.28717
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Articles
