Dampak Pembayaran Uang Muka terhadap Arus Kas dan Kinerja Proyek Konstruksi

Abstract

The construction sector is one of the key economic sectors that significantly contributes to a country’s growth. The smooth disbursement of advance payments greatly influences financial management, particularly cash flow and construction project performance. Research on the impact of advance payments on cash flow and project performance remains limited. Therefore, this study aims to fill that gap. This research identifies the factors that influence the smooth disbursement of advance payments and examines their impact on cash flow and project performance, based on previous literature. Data were collected through questionnaires using a Likert scale. The study employs a quantitative analysis approach using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with the SMART PLS 3 software to evaluate the outer and inner models as well as the overall model fit. The findings indicate that the factors influencing the smooth disbursement of advance payments include the client’s financial strength, clarity of contractual agreements, and the contractor’s reputation. The impact of advance payments on cash flow involves ensuring timely payment for materials, labor, and equipment mobilization. Meanwhile, the impact on project performance includes efficient equipment mobilization, adherence to equipment specifications, and the reduction of cost overruns caused by fluctuations in material prices.