Journal of Management Research and Review (JMRR) · Research article · Open access
The Role of Downstreaming Policies in Regulating the Interaction Between Liquidity, Solvability, and Firm Size on the Financial Situation. (of Companies IDX Nickel Mining Sector)
Akbar Hilman, Masno Marjohan, Sri Retnaning Sampurnaningsih
24 November 2025 · Vol. 1, Issue 5, pp. 202-207
DOI: 10.65150/EP-jmrr/V1E5/2025-05
Download full text (PDF)Cite this article
What is this article about?
The purpose of this study to analyze the impact of liquidity, solvability, and firm size, as well as the moderating role of downstreaming policy (or hilirisasi policy), on corporate financial performance. This stuy fills a vacuum in the literature by focusing specifically on the Indonesian nickel mining sector.
Article at a glance
- Published
- 24 November 2025
- Volume / issue / pages
- Vol. 1, Issue 5, pp. 202-207
- ISSN
- 3051-3588 (online) · 3051-357X (print)
- Licence
- CC BY 4.0 — free to read and reuse with attribution
- Peer review
- Double-blind, at least two independent reviewers
- Publisher
- EP Journals Group
Abstract
The purpose of this study to analyze the impact of liquidity, solvability, and firm size, as well as the moderating role of downstreaming policy (or hilirisasi policy), on corporate financial performance. This stuy fills a vacuum in the literature by focusing specifically on the Indonesian nickel mining sector. The research method employs moderated regression analysis and panel data regression to test these relationships. The sample selection was conducted through the use of purposive sampling. technique, resulting 6 nickel mining firms that are listed on the Indonesia Stock Exchange (IDX) comprise the sample. with financial report periods spanning 2015–2024. The results indicate that liquidity, solvability, and firm size collectively possess an important influence on corporate financial results. However, partially, only solvability, which is viewed in the context of efficient debt management according to the Capital Structure Theory, is proven to have a significant influence. Conversely, liquidity and firm size partially exhibit no significant influence, supported by the Trade-Off Theory and the concept of diseconomies of scale. Furthermore, the moderated regression test results show that the downstreaming policy is not capable of significantly moderating the relationship between the three independent variables and financial performance, consistent with the Institutional Theory, which considers the policy merely a bureaucracy of compliance. This set of findings holds substantial relevance for both investors and policymakers.
Keywords: Liquidity, solvability, firm size, financial performance, downstreaming policy.
Cite this article
Akbar Hilman, Masno Marjohan, & Sri Retnaning Sampurnaningsih (2025). The Role of Downstreaming Policies in Regulating the Interaction Between Liquidity, Solvability, and Firm Size on the Financial Situation. (of Companies IDX Nickel Mining Sector). Journal of Management Research and Review, 1(5), 202-207. https://doi.org/10.65150/EP-jmrr/V1E5/2025-05
@article{Akbar2025,
title = {The Role of Downstreaming Policies in Regulating the Interaction Between Liquidity, Solvability, and Firm Size on the Financial Situation. (of Companies IDX Nickel Mining Sector)},
author = {Akbar Hilman and Masno Marjohan and Sri Retnaning Sampurnaningsih},
journal = {Journal of Management Research and Review},
year = {2025},
volume = {1},
number = {5},
pages = {202-207},
doi = {10.65150/EP-jmrr/V1E5/2025-05},
url = {https://doi.org/10.65150/EP-jmrr/V1E5/2025-05}
}Questions about this article
Who wrote this article?
Akbar Hilman, Masno Marjohan, Sri Retnaning Sampurnaningsih.
Where and when was it published?
In Journal of Management Research and Review, Volume 1, Issue 5, pages 202-207, published by EP Journals Group on 24 November 2025.
Is this article free to read?
Yes. It is open access under a Creative Commons Attribution 4.0 (CC BY 4.0) licence, so anyone can read, share and reuse it with attribution.
What is the DOI of this article?
10.65150/EP-jmrr/V1E5/2025-05 (https://doi.org/10.65150/EP-jmrr/V1E5/2025-05).
How do I cite this article?
APA: Akbar Hilman, Masno Marjohan, & Sri Retnaning Sampurnaningsih (2025). The Role of Downstreaming Policies in Regulating the Interaction Between Liquidity, Solvability, and Firm Size on the Financial Situation. (of Companies IDX Nickel Mining Sector). Journal of Management Research and Review, 1(5), 202-207. https://doi.org/10.65150/EP-jmrr/V1E5/2025-05
More research from JMRR
- Responsible Governance of Artificial Intelligence in the Design and Delivery of Higher Education Curricula in Vietnam
Nguyễn Văn Thản · Oct 2026
- From Open Educational Resources to an Open Learning Resource Ecosystem in the AI Era: Policy Implications for Vietnamese Higher Education
Nguyễn Thị Tuyết · Oct 2026
- University Lecturers’ Digital Competence and Training Quality in the Context of Generative Artificial Intelligence: An Integrative Review and Proposed Impact Framework
Lý Bích Ngọc · Oct 2026
- Challenges Analysis on Digitalization and Digital Platforms Adoption of Small Business Enterprises That Engaged in the Takeaway Industry—Evidence from Auckland
Kassim M. Mohammed · Oct 2026
- The Effect of Green Human Resource Management on Green Work Performance in Manufacturing Enterprises in Ho Chi Minh City
Le Thi Cam Tu · Oct 2026