Pengaruh Likuiditas dan Profitabilitas terhadap Kinerja Keuangan Perusahaan: Systematic Literature Review

Abstract

This study aims to systematically review the effect of liquidity and profitability on corporate financial performance based on previous empirical studies. This research employs a Systematic Literature Review (SLR) approach by examining relevant national journal articles related to liquidity, profitability, and corporate financial performance. The SLR process was conducted through identification, selection, and synthesis of the literature. Most of the reviewed studies adopted quantitative methods using financial ratio analysis, including the Current Ratio (CR), Return on Assets (ROA), Return on Equity (ROE), and Debt to Equity Ratio (DER). The results indicate that profitability has the most consistent and significant positive effect on corporate financial performance. High profitability reflects management’s effectiveness in utilizing assets and equity to generate earnings. Meanwhile, liquidity shows mixed effects on financial performance. Optimal liquidity supports operational stability; however, excessive liquidity may reduce efficiency due to idle funds. Therefore, appropriate liquidity management plays a supporting role in enhancing financial performance. This study provide insights for company management in formulating sound financial policies and for investors in evaluating corporate financial performance prior to making investment decisions.