Abstract
The study utilizes data collected from annual reports to investigate factors influencing the financial performance of businesses in the transportation and warehouse sector during the period from 2019 to 2021, specifically focusing on organizational culture factors. To achieve the research objectives, various estimation methods were employed, including Ordinary Least Squares (OLS), Fixed Effects Model (FEM), and Random Effects Model (REM) regression models. Through relevant tests, the study determined that the FEM model was most suitable. Subsequently, the model's shortcomings were addressed, and adjustments were made using Feasible Generalized Least Squares (FGLS) method. Based on the estimation results, the author identified statistically significant characteristics, including the market culture and hierarchical culture, which positively influence the financial performance of companies as measured by the Return on Assets (ROA) ratio.
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