Manufacturing Subsectors Research Articles

Nexus Among ICT Support for Core Competencies, Competitive Advantage and Firm Performance: A Managerial Phenomenology Approach

This study analysed the nexus among ICT support for core competencies, competitive advantage and firm performance using data obtained from managers of firms in Harare, Zimbabwe. The qualitative phenomenological approach focused on the manufacturing and service sub-sectors that informed the analysis. The study used purposive sampling to select a sample of 10 participants, five business managers and five ICT experts. In-depth interviews with chosen ICT experts from business organisations in Harare, Zimbabwe, were conducted to gather qualitative data. The study's findings were from using within-case and cross-case qualitative data analysis. Key results from the study indicate that ICT support for management talent is perceived to impact business performance and competitive advantage positively. ICT support for core competencies gives businesses a competitive advantage that positively impacts operational performance. When ICT investments combine with ICT management skills, a company's value maximises. For ICT-enabled core competencies to influence firm performance, firms need complementary managerial and strategic capabilities. This study is distinctive because it addresses the dynamic organisational capabilities and resource-based perspective as the base theories. The methodology goes against the innovation adoption theories of comparable earlier studies on ICT acceptability. Thus, this study contributes to the growing body of ICT literature by demonstrating that ICT-enabled core competencies are insufficient to establish and maintain a competitive advantage and singularly influence firm performance. It made it even more essential for a firm to consider how to meet better customer needs and capture value by having a well-thought-out ICT-embedded business model, business strategy, and innovation alignment

The Effect of Management of Receivables, Payables and Inventories on Manufacturing Companies of The Pharmaceutical Sub Sector Listed on The Indonesia Stock Exchange Period 2017 – 2021

The aim of this study is to identify how receivables turnover (RTO), payable turnover (PTO), and inventory turnover (ITO) affect profitability by using return on equity (ROE) as the measurement. The samples used in this study were pharmaceutical sub-sector manufacturing companies, that were listed on the Indonesian Stock Exchange for the 2017-2021 period. The independent variables used in this study are RTO, PTO, and ITO, while the dependent variable is return on equity (ROE). The analytical method used is the multiple linear regression model. The result of this study shows that RTO partially affects ROE, while PTO does not, and ITO fully does. Meanwhile, RTO, PTO, and ITO simultaneously affect ROE.

Pengaruh Profitabilitas Dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur Subsektor Farmasi Di Bursa Efek Indonesia Tahun 2017-2019

This study aims to determine the effect of profitability by using the calculation of return on assets and firm size by using the calculation of firm size on the capital structure by using the calculation of debt to equity ratio in manufacturing companies in the pharmaceutical sub-sector on the Indonesia Stock Exchange in 2017-2019. Meanwhile, the sample to be tested is in accordance with the research criteria that have been determined and the sampling technique is purposive sampling, and the companies that meet the sampling criteria are 8 companies. The data used in this study are secondary data from the annual financial statements of pharmaceutical companies listed on the Indonesia Stock Exchange for the period 2017-2019 which were obtained from www.idx.co.id. The data management method uses multiple linear regression analysis with the help of SPPS 23 analysis tool. The results show that the profitability variable (return on assets) has a significant effect on the capital structure, while the firm size variable does not have a significant effect on the company's capital structure. pharmaceutical manufacturing sub-sector on the Indonesia Stock Exchange in 2017-2019.

PENGARUH LEVERAGE, PROFITABILITAS, UKURAN PERUSAHAAN TERHADAP KUALITAS HASIL AUDIT

This study aims to examine the effect of leverage, company size profitability on the quality of audit results in food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange. The research time period used is 5 years, namely the 2016-2021 period. The research population includes several sub-sector manufacturing companies and are listed on the stock exchange in the 2017-2021 period. The sample taken by this study used a purposive sampling method and had predetermined criteria, namely 10 companies

Impact of Human Resource Management Practices on Employees' Behavioural Outcomes in the Manufacturing Sub-Sector of South-West Nigeria

"Most authors agree that Human Resources is the most crucial input to any organisation. As such, scholars generally believe that Human Resource Management (HRM) practices positively impact firm performance. This belief persists because positive HRM practices strengthen competence, motivation, commitment and other employee outcomes leading to improved organisational performance. However, limited empirical evidence connects HRM practices to employee outcomes. This study investigated the impact of HRM practices on competence, commitment, job satisfaction, motivation, Cooperation with management, Cooperation with co-workers, employee presence and Compliance in the manufacturing sub-sector of South–Western Nigeria. To this end, the study adopted a cross-sectional survey research design which involved the collection of data from 381 middle-level managers of manufacturing companies in Lagos, Nigeria, selected using stratified and random sampling techniques. A Structural Equation Model (SEM) was used to analyse the data. Results show that HRM practices determine and predict components of employee outcomes. In other words, recruitment and selection, training and development, performance appraisal, compensation management, occupational health and safety, and career growth and development all determine competence, commitment, job satisfaction, motivation, Cooperation with management, Cooperation with co-workers, and Presence and Compliance all in varying degrees. The study justified investment in HRM and recommended a bundled approach to applying HRM practice."

Faktor-Faktor yang Mempengaruhi Agresivitas Pajak dengan Dimoderasi oleh Ukuran Perusahaan

The highest tax revenue comes from income tax. The higher the taxable income of a company, it will affect the greater the cost of debt tax a company. It encourages companies to perform aggressive tax action. This study is conducted to test the audit committe independence, institutional ownership, corporate social responsibility, and leverage on tax aggressiveness moderated by firm size. The company's food and beverage subsector manufacturing listed in the Indonesian Stock Exchange for 2018-2021 and 32 served as a population for the study. The sample was taken using an purposive sampling technique which resulted in 63 units of analysis from 18 company's food and beverage subsector manufacturing. The data analyst technique used moderated regression analysis with IBM SPSS software version 25. The research result show that the corporate social responsibility has a negative effect on tax aggressiveness, while the audit committee independence, institutional ownership, and leverage do not affect on tax aggressiveness. Firm size has been proven to moderate the effect of corporate social responsibility on tax aggressiveness, but firm size can not moderate the effect of audit committee independence, institutional ownership, and leverage on tax aggressiveness. There are 7 companies that do not comply with OJK Regulation No. 55/PJOK.04/2015 concerning the formation and implementation guidelines of the audit committee so that the 7 companies are expecteded to be able to comply with the applicable regulations.

THE ROLE OF PROFITABILITY AS AN INTERVENING VARIABLE ON THE EFFECT OF INFLATION, INTEREST RATES, AND EXCHANGE RATES ON STOCK RETURNS (STUDY ON CONSUMER GOODS INDUSTRY SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2017-2020 PERIOD)

Purpose: This study aims to look into and evaluate the overall effects of inflation, interest rates and currency rates on stock returns through profitability.
 Methodology/approach: The research firm used a purposive sample of 26, using secondary data and causality research methodologies with a quantitative approach. The population of the study consists of 41 companies. Using E-views V.11 software, the data analysis method employed is panel data analysis and path analysis.
 Results/Findings demonstrate that exchange rates, interest rates, and inflation negatively impact profitability. Furthermore, profitability directly has a significant positive impact on stock returns, but inflation, interest rates, and currency rates have a significant negative impact. The path analysis's findings demonstrate that profitability cannot mitigate the stock return effects of inflation, interest rates, and currency rates.
 Limitations: during the research period 2017-2020, using one sample from the manufacturing subsector, namely the consumer goods industry subsector.
 Contribution: it is expected that investors need to consider macroeconomic aspects such as inflation, interest rates, and exchange rates, which are announced every month because they will pose an investment risk. Then investors need to consider profitability because high profitability will increase stock prices and provide investors with profits.
 Novelty: inconsistencies in previous studies made the authors add profitability as a mediating factor and data processing using panel data on the consumer goods industry subsector in this study.

The impact of green technology innovation on global value chain upgrading in China’s equipment manufacturing industry

In recent years, China’s equipment manufacturing industry has been actively embedded in the global value chain (GVC), but pollution emission has become an important factor hindering the industry from climbing to the high-end link of GVC. How to break through this restriction through green technology innovation is exactly urgent for the Chinese government and manufacturers. Therefore, using the panel data of China’s equipment manufacturing industry and its subsectors from 2007 to 2019, this paper constructs an econometric model to investigate the impact of green technology innovation on the GVC upgrading, and further examines the mediating effect through stepwise regression method. The results show that for the full samples of China’s equipment manufacturing industry, there is a U-shaped relationship between green technology innovation and the promotion of GVC status; and for basic metals and metal products manufacturing subsector and transport equipment manufacturing subsector, the conclusion is same with the whole industry; but for machinery equipment manufacturing subsector and electrical, electronic and optical equipment manufacturing subsector, the trend is opposite, that is, an inverted U-shaped relationship which first rises and then declines. Additionally, green technology innovation in China’s equipment manufacturing industry can promote GVC upgrading by reducing its dependence on GVC, optimizing export trade, reducing pollution costs, and promoting green product and process innovation. Based on the above, this paper finally proposes targeted policy implications to provide theoretical basis and experience reference for China’s equipment manufacturing industry to promote the GVC upgrading through green technology innovation.

Analisis Pengaruh Kinerja Keuangan Terhadap Harga Saham (Studi Pada Perusahaan Sub Sektor Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014 – 2018)

ABSTRACT In this study, the aim is to obtain evidance regarding the analysis of the effect of finansial performance on stock prices. The independent variable used in this study is Current Ratio, Return on Equity, Debt to Equity Ratio and Total Assets Turnover. While the dependent variable used in this study is the share price measured using Moving Average 200 (MA200).The population in this study is all pharmaceutical sub-sector manufacturing companies that have been listed on the Indonesia Stock Exchange in the 2014 – 2018 period. In determining the sample of this study using the purposive sampling method and has obtained a sample of 7 pharmaceutical sub-sector manufacturing companies based on predermined criteria. The analysis technique used in this study isu sing multiple regression analysis through SPSS version 26.The result of this study indicate that: (1) Current Ratio has no influence on stock prices, (2) Return on Equity has a positive and significant effect on stock prices, (3) Debt to Equity Ratio has no influence on stock prices, (4) Total Assets Turnover has a positive and significant effect on stock prices. Keywords: Stock Price, Current Ratio, Return on Equity, Debt to Equity Ratio and Total Assets Turnover

Pengaruh Profitabilitas, Kepemilikan Institusional, Kebijakan Deviden, dan Ukuran Perusahaan Terhadap Kebijakan Hutang

This research aims to examine the influence of profitability, institutional ownership, and dividend policy on debt policy on companies from automotive sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX). The research period used is 7 years which is the period 2015-2021. The research population includes all automotive sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2015-2021. Sampling techniques use purposive sampling techniques. Based on the established criteria obtained 6 samples of companies from automotive sub-sector manufacturing companies. The type of data used is secondary data obtained from the Indonesia Stock Exchange website. The method of analysis used is the regression analysis of the data panel. The result showed the Return On Asset has a significant positive effect on debt policy. Institutional ownership that has no effect on the debt policy. The dividend policy has no effect on the debt policy. Firm size has no effect on the debt policy. Return On Asset, Institutional ownership, and Dividend policis Jointly affect Debt policy. 
 

The Influence of Dividend Policy and Net Profit Margin on Stock Prices in Pharmaceutical Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX)

This study aims to determine the effect of the dividend policy on stock prices of pharmaceutical sub-sector manufacturing companies on the Indonesia Stock Exchange; to determine the effect of NPM on stock prices of pharmaceutical sub-sector manufacturing companies on the Indonesia Stock Exchange, and to determine the effect of both the dividend policy and NPM together on stock prices of pharmaceutical sub-sector manufacturing companies on the Indonesia Stock Exchange. The population in this study are pharmaceutical companies that carry out dividend policies and net profit margins for the 2016-2020 period by selecting samples using the purposive sampling method so that a sample of five pharmaceutical companies is taken. This research uses the literature study and documentation method. The results showed that the dividend policy (DPR) had a positive and significant effect on the stock prices of pharmaceutical companies listed on the Indonesia Stock Exchange, while net profit margin (NPM) had no positive and significant effect on the stock prices of pharmaceutical companies listed on the Indonesia Stock Exchange, and the dividend policy (DPR) and net profit margin (NPM) simultaneously had a significant effect on the stock prices of pharmaceutical companies listed on the Indonesia Stock Exchange.

The diminishing marginal contribution of R&D investment on green technological progress: a case study of China's manufacturing industry.

One of the ways to fight against global warming is by means of green technological progress. This paper explores the nonlinear relationship between R&D investment and green technological progress based on panel threshold regression model using panel data of 26 manufacturing sub-sectors in China from 2004 to 2017. The results show that the double-threshold model can better explain the nonlinear relationship between the two, and the R&D investment in the three ranges of low, medium, and high levels can significantly promote green technological progress in China's manufacturing industry. However, with the improvement of R&D investment level, the promotion effect of R&D investment on the progress of manufacturing green technology is decreasing, which explains the low R&D intensity of China's manufacturing industry to a certain extent. When the level of R&D investment reaches a certain level, its promoting effect on manufacturing industry's green technological progress will be greatly reduced, and the motivation of enterprises to invest in R&D based on self-interest will decrease, so that the scale of R&D investment will be lower than the optimal scale of society. R&D investment can also improve green technical efficiency change. In addition, environmental regulation can promote green technological progress in manufacturing industry. However, due to the implementation of output-oriented environmental regulation policies, China's environmental regulation can inhibit the improvement of green technical efficiency change. Based on the conclusion, this paper argues that China should implement differentiated R&D subsidy policies for manufacturing enterprises, especially to increase R&D subsidies for enterprises with a medium level of R&D investment, and formulate appropriate environmental regulatory policies, to promote green and low-carbon transformation of China's manufacturing sector.

COVID-19 Pandemic's Effect on Performance and Acceleration of Performance Recovery: A Study on Manufacturing Industry in Bangladesh

Research aims: The primary aim of this study is to examine the effect of the COVID-19 pandemic during and after this pandemic on manufacturing sectors in Bangladesh. In the context mentioned above, some issues are then taken as the specific objectives.Design/Methodology/Approach: The study was conducted on the manufacturing sectors listed under Dhaka Stock Exchange (DSE). The study's target population was 42 manufacturing companies out of 153 listed on Dhaka Stock Exchange (DSE). Four research variables were used to evaluate sample companies' financial performance and financial position. Documentary analysis, descriptive analysis, data normality test, and Wilcoxon Signed–Rank Test were employed to evaluate the hypotheses. The years of annual reports, 2018-2019 to 2020-2021, were utilized for the documentary analysis of sample companies' financial performance and financial position.Research findings: The study's conclusions demonstrated that this pandemic significantly impacted Bangladeshi companies' financial performance (essentially ROA and ROE) at a 5% significance level compared to before the pandemic. In addition, the recovery growth rate of financial performance of sample companies increased optimistically, and the growth of liquidity position of manufacturing companies was also seen in an advantageous position after the COVID-19 pandemic compared to during the COVID-19 pandemic based on Wilcoxon statistical test tool.Theoretical contribution/Originality: The findings of this study can be used as a source of relevant data by investors or future investors for their investment decisions shortly. The findings of this study will also assist the government in determining or preparing the appropriate tax incentive scheme for the impacted industries and whether the correct sector would profit from the tax incentive scheme.Practitioner/Policy implication: Considering that the COVID-19 pandemic has significantly impacted the import process of raw materials for production from China in specific and from other countries generally, the study advised the government of Bangladesh to boost its logistic and financial support for the local facility of raw materials.Research limitation/Implication: More extensive research is projected to be conducted on the recovery growth rate of financial performance in Bangladesh's sub-sector manufacturing industries.

Understanding the Green Total Factor Productivity of Manufacturing Industry in China: Analysis Based on the Super-SBM Model with Undesirable Outputs

Total factor productivity (TFP) is considered a source of economic growth, and as the constraints of climate change and energy security gradually increase, green total factor productivity (GTFP) is also included in the meaning of the topic. In this study, we combine the super-SBM model with the GML index and include undesirable outputs to measure the GTFP of 26 manufacturing sub-sectors in China from 2004 to 2017. The results show that in the sample period, the GTFP growth rate of China’s manufacturing continues to accelerate, and the driving force is mainly from green technological progress change (GTC), while the green technical efficiency change (GEC) generally declines. After entering the 13th Five-Year Plan period, GEC also began to show a growth trend. The acceleration of green technological progress and the improvement of green technical efficiency jointly drove the GTFP of China’s manufacturing industry to enter a rapid upward trajectory during the 13th Five-Year Plan period, with an average annual growth rate of 5.16%. In addition, different categories of China’s manufacturing industry have begun to develop in a different manner in recent years, which is mainly caused by the difference in the growth rate of green technological progress in the manufacturing industry. Specifically, the GTFP growth rate of equipment and high-tech manufacturing is the highest, followed by consumer goods manufacturing and energy-intensive manufacturing. Accordingly, this paper suggests that the manufacturing industry should further increase investment in R&D, optimize resource allocation, and formulate differentiated policies for different industries, so as to improve the GTFP of the manufacturing industry and promote the green and low-carbon transformation of China’s manufacturing industry.

Penerapan Model Altman Z-Score Dalam Memprediksi Potensi Kebangkrutan Perusahaan Sub Sektor Otomotif dan Komponen Pada Bursa Efek Indonesia

The failure of a company from external factors that affect the company's condition as happened in 2020, the largest decline occurred because Indonesia was hit by the corona virus outbreak (COVID-19) which had a negative impact on the economy, including the growth of the domestic automotive market. The demand for the product decreased, and the production process of the producers was disrupted and even suffered losses. Analysis of the company's financial statements is very important to minimize the risk of company bankruptcy. The potential for bankruptcy can be identified early using a predictive model that can provide early warning for companies formulated by several experts, one of which is the Altman Z-Score. This study aims to determine the results of bankruptcy analysis in automotive sub-sector manufacturing companies and their components listed on the Indonesia Stock Exchange in 2016-2020 with the Altman Z-Score prediction model. The type of research used is descriptive quantitative research. This study uses secondary data from 12 company financial statements with modified Altman Z-Score model analysis techniques. The results of research conducted on 12 automotive and component sub-sector companies listed on the Indonesia Stock Exchange in 2016-2020 using the Altman Z-Score research model on average show that the 12 companies studied are in the safe zone.

Penerapan Model Altman Z-Score Dalam Memprediksi Potensi Kebangkrutan Perusahaan Sub Sektor Otomotif dan Komponen Pada Bursa Efek Indonesia

The failure of a company from external factors that affect the company's condition as happened in 2020, the largest decline occurred because Indonesia was hit by the corona virus outbreak (COVID-19) which had a negative impact on the economy, including the growth of the domestic automotive market. The demand for the product decreased, and the production process of the producers was disrupted and even suffered losses. Analysis of the company's financial statements is very important to minimize the risk of company bankruptcy. The potential for bankruptcy can be identified early using a predictive model that can provide early warning for companies formulated by several experts, one of which is the Altman Z-Score. This study aims to determine the results of bankruptcy analysis in automotive sub-sector manufacturing companies and their components listed on the Indonesia Stock Exchange in 2016-2020 with the Altman Z-Score prediction model. The type of research used is descriptive quantitative research. This study uses secondary data from 12 company financial statements with modified Altman Z-Score model analysis techniques. The results of research conducted on 12 automotive and component sub-sector companies listed on the Indonesia Stock Exchange in 2016-2020 using the Altman Z-Score research model on average show that the 12 companies studied are in the safe zone.

CUSTOMER INTEGRATION AND COMPETITIVE ADVANTAGE OF FOOD AND BEVERAGES MANUFACTURING FIRMS IN KENYA

Purpose: The purpose of this study was to assess the effect of customer integration on the competitive advantage of food and beverages manufacturing firms in Kenya.
 Methodology: A cross-sectional survey was used in this investigation. Managers from 270 food and beverage production companies in Kenya were targeted as part of the study. A sample size of 146 comprising of supply chain, procurement, operations and finance managers was obtained using two-stage sampling design. Cluster random sampling was utilized in the first stage to find 73 food and beverage production companies. In the second stage, convenience sampling was employed to choose two participants from among the 73 firms that had been chosen. Research questionnaires were used to collect primary data. The drop-and-pick approach, along with emailing the questionnaires, were used to obtain data. The quantitative and qualitative data were analyzed by utilizing descriptive statistics in SPSS version 28. Inferential analysis was carried out, with a focus on correlation as well as regression analysis, and also hypothesis testing. Tables were used to display the findings.
 Results: Customer integration and competitive advantage of food and beverage manufacturing enterprises in Kenya had a positive significant association (R =.661, p =.000), according to the data. This meant that consumer integration boosted the competitiveness of Kenyan food and beverage manufacturers. Customer integration and competitive advantage of food and beverage manufacturing enterprises in Kenya were also shown to have a positive and statistically significant association (R =.661, R2 =.379), according to the study. As a result, customer integration accounted for 66.1 percent of the variation in food and beverage manufacturing enterprises' competitive advantage.
 Unique contribution to theory, practice and policy: While existing theory was validated, the study recommends that managers of food and beverages manufacturing firms should build procedures and policies that link to a superior understanding of the customer in order to meet their expectations. The study also recommends that the food and beverages industry regulators should devise policies that would allow food and beverage manufacturers to integrate with customers and thus help avoid losses that impact the efficiency of these businesses and eventually the economy as a whole. The study suggests that the government takes a more systematic approach to ensuring the growth and development of customer integration in Kenyan food and beverage manufacturing firms in order to maintain a competitive edge. Moreover, empirical research needs to be conducted to establish the effect of customer integration on the competitive advantage of other sub-sectors of manufacturing in the economy.

GPM dan OPM terhadap Harga Saham

This study was conducted with the aim of knowing the effect of Gross Profit Margin (GPM) and Operating Profit Margin (OPM) partially or simultaneously on Stock Prices in Pulp and Paper Sub-Sector Manufacturing Companies listed on the Indonesia Stock Exchange for the 2015-2018 period. The research method used is descriptive verification with data analysis using Multiple Linear Regression analysis. The technique used to determine the sample in this study is purposive sampling and obtained 7 companies during 4 years of research. The results of the study show that partially GPM and OPM have an effect on stock prices. Simultaneously GPM and OPM have an effect on stock prices. In conclusion, GPM and OPM partially and simultaneously affect stock prices in manufacturing companies in the pulp and paper sub-sector.
 
 Keywords: GPM, Stock Price, OPM

ANALYSIS OF FINANCIAL PERFORMANCE: A STUDY ON MANUFACTURING COMPANIES IN INDONESIA BEFORE AND AT THE BEGINNING OF THE COVID-19 PANDEMIC

The objective of this research was to explore the financial performance of manufacturing companies that registered on the Indonesia Stock Exchange in 2017-2020. The focuses of financial performance investigated were the ratio of profitability, activity and liquidity. The research was conducted at Supreme Cable Manufacturing and Commerce, Sky Energy Indonesia, and Satnusa Persada. A quantitative descriptive method was adopted in the electronics and cable sub-sector manufacturing unit to achieve the objective. The research found that the company's financial performance at the beginning of the Covid-19 pandemic in 2020 was better than before the pandemic in 2017-2019. It was revealed that the profitability ratio fell in 2019, which was influenced by capital in 2017 and 2019 and increased in 2020. The activity ratio improved in 2019 and 2020 due to receivables turnover in utilizing assets to generate profit. The liquidity ratio was relatively good in 2020 by the average value of 2 times better than before. While in 2017 to 2019, the results showed that the average value was two times lower.

Analisis Rasio Profitabilitas Dan Likuiditas Untuk Menilai Kinerja Keuangan Perusahaan (Studi Kasus Pada Perusahaan Sub Sektor Itobacco Manufacture Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2019)

Analysis of the company's financial statements is basically a calculation of ratios to assess the company's financial condition in the past, present, and possibly in the future. By analyzing the company's financial statements, it can be seen the financial position and performance of a company and whether the company has succeeded in achieving its goals. Tobacco manufacturing sub-sector companies or tobacco industry are shares of companies whose business units sell cigarettes in the community. The Ministry of Industry noted that the total workforce absorbed by the cigarette industry was 5.98 million people, consisting of 4.28 million workers in the manufacturing and distribution sector, and the remaining 1.7 million working in the plantation sector. Based on the level of profitability of PT H.M. Sampoerna Tbk is the company with the best performance compared to other tobacco manufacturing sub-sector companies. Based on the level of liquidity during the 2017-1019 period in terms of the current ratio, the overall tobacco manufacturing sub-sector companies have good financial performance. This is because the average current ratio produced is already above the industry standard average. Based on the quick ratio of PT H.M. Sampoerna Tbk and PT Wismilak Inti Makmur are the companies with the best financial performances because they have a quick ratio that is already above the industry standard average. Meanwhile, PT Gudang Garam Tbk and PT Bentoel Internasional Investama Tbk are companies with poor financial performance because they have a quick ratio that is still below the industry standard average.
 Keywords: Financial Performance, Liquidity, Profitability.