Analisis flektibilitas keuangan terhadap kinerja perusahaan (studi kasus sektor industri minyak bumi dan Gas di Indonesia, Malaysia dan Thailand

The petroleum and gas industry is an important sector in national development that has the task of fulfilling the needs of energy, domestic industrial raw materials and as a producer of foreign exchange. As one of the foreign exchange producers, the financial stability of this industry becomes a very important thing to be always guarantee the availability of energy and also the smooth running of its business activities. In this industry, the phenomenon of falling world oil and gas prices starting at the end of 2013 is an unexpected event that is exogenous, so this directly affects the cash flow conditions and profitability of the company. It also affects the company's financial flexibility and performance. This financial flexibility is illustrated by the company's activities to mitigate the impact of such unforeseen events through strategic actions on cash flow or the rapid and appropriate utilization of investment opportunities to minimize the risks faced by the company. If the company is able to maintain its financial flexibility, it will be able to improve the company's performance in order to increase the company's profitability both for operations, investments and to attract investors to invest in companies in these three countries. This study aims to analyze the performance conditions of petroleum and gas companies in three countries and analyze the influence of financial flexibility on the performance of petroleum and gas companies in Indonesia, Malaysia, and Thailand in the period 2011-2018. This study was conducted in April – December 2019. The data used in this study is secondary data from the financial statements of 17 sample companies from Indonesia, Malaysia and Thailand. The data was analyzed using the regression of panel data. The results showed that Thailand is the country with the highest investment average and the highest average company performance ratio (OM). Indonesia is the country with the highest average in cash flow, size of firm, leverage, sales growth and KZ Index. While Malaysia is the country with the highest average market to book. As for the answer to the second goal, it is known that KZ index has a positive and significant impact on operating margin; size of firm in this study has a positive and significant impact on operating margin; sales growth has a positive and significant impact on operating margin; leverage has a negative and and significant impact on operating margin; and the last OPEC rules has a negative and significant impact on operating margin. The implications are suggested to the company that the company needs to balance their internal and external financing so the financial flexibility can be safe. Company must to increase company’s growth especially in their asset and sales with doing an expantion or accuisition but must to consider about what they really need. Company must to pay an attention on all the rules that made by goverment or stakeholders