Global Jou nal o Economic and
Finance Resea ch
Vol. 02(10): 1015-1023, Oc obe 2025
Home Page: h ps://gje .com/
e-ISSN: 3050-5348
p-ISSN: 3050-533X
DOI URL:h ps://doi.o g/10.55677/GJEFR/04-2025-Vol02E10 pg. 1015
De e minan s o Co po a e Financial Pe o mance: A S udy in he
Indonesian Capi al Ma ke
Neni Meidawa i1, A yan o Ramadhani2
1,2Depa men o Accoun ing, Uni e si as Islam Indonesia, Sleman, Yogyaka a, Indonesia
1. INTRODUCTION
The apid g ow h o Indonesia's economy has led o he eme gence o nume ous new businesses. This in lux o new companies has
in ensi ied compe i ion ac oss a ious indus ies. To h i e in an inc easingly compe i i e en i onmen , companies mus es ablish
clea objec i es. Acco ding o Ningsih (2021) business de elopmen can be assessed h ough he capi al in es ed by in es o s.
Companies wi h s ong pe o mance a e mo e likely o gain in es o us . In es o s p io i ize co po a e pe o mance as i aligns
wi h he e u ns gene a ed om hei in es men s. In e ms o inancial pe o mance a a co po a e le el, he e ha e been se e al
cases o inancial de e io a ion. In a speci ic case, Su yahadi (2023) in a epo a kon an.co.id s a ed ha PT Ada o Ene gy Indonesia
Tbk (ADRO) expe ienced a down u n in i s pe o mance in he i s six mon hs o 2023. In i s i s six mon hs, ADRO ea ned a ne
p o i a ibu able o owne s o he pa en en i y wo h USD 873.83 million, ep esen ing a 27.9% d op when compa ed wi h a
simila pe iod in a p eceding yea , when i s ne p o i o aled USD 1.21 billion. This decline was gene a ed by a educ ion in he
a e age selling p ice and he impac o ising oyal y ees on coal mining companies.
A subs an ial po ion o pas s udies ha e examined inancial pe o mance in companies. In Indonesia, s udies ha e been conduc ed,
o ins ance, by Risna & Pu a (2021), Su isno & Riduwan (2022), Amalia & Khuzaini (2021), Fauzi & Puspi asa i (2021), and
Ind ias u i & Ruslim (2020). On he o he hand, s udies in o he in e na ional en i onmen s include wo ks such as hose conduc ed
by Ongo e & Kusa (2013), Ib ahim (2009), F iede e al., (2015), Sh ade e al., (1997), and Bacido e e al., (1997). O e all, many
ac o s ha e an impac on inancial pe o mance in companies.
A ange o s udies ha e consis en ly p o en ha inancial pe o mance in companies is impac ed by inancial pe o mance- ela ed
a iables, namely cu en and le e age- ela ed a iables (G ediani e al., 2022; Ind ias u i & Ruslim, 2020; Wulanda i e al., 2020;
Rahma in & K is an i, 2020; Ningsih, 2021), and Diana & Osesoga, 2020), capi al s uc u e- ela ed a iables, ep esen ed in e ms
o he deb - o-equi y a io (Ningsih, 2021; Wulanda i e al., 2020; A isan i, 2020; and Rahman, 2020), sales g ow h- ela ed a iables,
ep esen ed in e ms o sales g ow h (Yuliani, 2021), and a company's size- ela ed a iable, ep esen ed in e ms o he na u al
loga i hm o asse s (Gemilang & Wiyono, 2022; A isan i, 2020; Ha sono & Pamungkas, 2020; K isdamayan i & Re nani 2020;
Sa agih & Sihombing, 2021; and Lady e e al., 2020).
Howe e , nume ous s udies ha e p oduced con lic ing esul s. Fo example, Dewi & Mulyani (2020) and Ningsih (2021) de e mined
ha le e age posi i ely impac s a co po a ion's inancial pe o mance, bu Has i e al., (2022), Gemilang & Wiyono (2022), Amalia
KEYWORDS: Index, pe o mance,
le e age, asse s.
Co esponding Au ho :
Neni Meidawa i
Publica ion Da e: 06 Oc obe -2025
DOI: 10.55677/GJEFR/04-2025-Vol02E10
License:
This is an open access a icle unde he CC
BY 4.0 license:
h ps://c ea i ecommons.o g/licenses/by/4.0/
ABSTRACT
This s udy aims o examine he in luence o a ious ac o s on he inancial
pe o mance o companies lis ed on he Indonesia S ock Exchange (IDX) unde
he IDXHIDIV20 index om 2015 o 2022. The esea ch employs pu posi e
sampling o collec da a, u ilizing seconda y da a sou ced om annual inancial
epo s. The independen a iables in his s udy include le e age (DER),
liquidi y (CR), capi al s uc u e (DAR), sales g ow h (SG), and i m size
(ASSETS), while he dependen a iable is e u n on asse s (ROA), which se es
as a p oxy o co po a e pe o mance. The s udy analyzes da a om 12
companies ou o a o al popula ion o 20. Mul iple linea eg ession analysis is
used o e alua e he da a. The indings e eal ha le e age, liquidi y, and capi al
s uc u e do no signi ican ly impac co po a e pe o mance. In con as , sales
g ow h has a posi i e e ec , while i m size nega i ely in luences co po a e
pe o mance.
Neni Meidawa i (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1015-1023
DOI URL:h ps://doi.o g/10.55677/GJEFR/04-2025-Vol02E10 pg. 1016
& Khuzaini (2021), Laksmi a e al., (2020), and Anandamaya & He man o (2021) de e mined a nega i e impac . In addi ion,
K isdamayan i & Re nani (2020), Cahyana & Suhendah (2020), Lu iana & He man o (2021), and Rahma in & K is an i (2020)
de e mined ha le e age ails o ha e a signi ican impac on a co po a ion's inancial pe o mance. Likewise, e en hough G ediani
e al., (2022), Ind ias u i & Ruslim (2020), Laksmi a e al., (2020), Ma daningsih e al., (2021), Wulanda i e al., (2020), Diana &
Osesoga (2020), and Yuliani (2021) de e mined a posi i e ela ionship be ween liquidi y and inancial pe o mance in a co po a ion,
Sep iano & Mulyadi (2023) and As u i e al., (2021) de e mined a nega i e impac , and Ha sono & Pamungkas (2020), A isan i
(2020), and Les a i (2020) de e mined no signi ican impac .
In addi ion, disc epancies can be seen in e ms o he impac o capi al s uc u e. Ningsih and U ami (2020) and Rahman (2020)
de e mined ha a co po a ion's inancial pe o mance is posi i ely impac ed by i s capi al s uc u e, bu As u i e al., (2021) and
Fauzi and Puspi asa i (2021) de e mined a nega i e impac . Yuliani (2021) de e mined ha sales g ow h posi i ely impac s inancial
pe o mance, bu Cahyana and Suhendah (2020) de e mined a nega i e impac , and Ma daningsih e al., (2021) de e mined no
impac . Ea lie s udies ha e also p o en ha aking a co po a ion's size in o conside a ion yields a posi i e impac on i s inancial
pe o mance, acco ding o Lady e e al., (2020) and Sa agih and Sihombing (2021). Ne e heless, Wulanda i and No i asa i (2020)
de e mined a nega i e impac , bu Ku niawa i e al., (2020) and Rambe (2020) de e mined no signi ican impac .
Due o he inconsis ency o he indings om p io esea ch, his s udy will examine he de e minan s o co po a e inancial
pe o mance. The s udy in ends o explo e he impac o le e age, liquidi y, capi al s uc u e, sales g ow h, and i m size on co po a e
inancial pe o mance. The s udy pays a en ion o IDX-lis ed co po a ions ha a e membe s o he IDXHIDIV20 index du ing he
2015 o 2022 pe iod. The s udy does no concen a e on speci ic sec o sbu includes all sec o s.
LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT
S akeholde Theo y
The p esen s udy uses S akeholde Theo y, a managemen and business e hics heo y ha ocuses on he necessi y o comp ehend
and eac o he demands o di e en g oups impac ed by an o ganiza ion's ope a ions. E ol ed in he 1970s wi hin managemen
s udies, S akeholde Theo y was u he de eloped by F eeman, who inco po a ed he idea o co po a e esponsibili y o di e en
s akeholde s (F eeman & McVea, 2001).
Acco ding o S akeholde Theo y, a company is esponsible o conside ing he in e es s o all hose indi iduals o g oups who a e
connec ed o he company, no jus i s owne s. S akeholde s can in luence o be in luenced by he achie emen o he company's
objec i e. Companies mus balance he in e es s o all he pa ies in ol ed and unde s and how hey impac hem h ough hei
ac ions. Decision-making mus include social, e hical, and en i onmen al esponsibili ies o gi e long- e m sus ainabili y o he
company, in es o s, c edi o s, and o he conce ned s akeholde s.
Manage s ha e o balance he demands o di e en s akeholde s, a ask ha poses immense challenges o o ganiza ions.
S akeholde Theo y p o ides an applicable amewo k o assis companies in de eloping o e all alue o all s akeholde s, con a y
o p o i maximiza ion. Manage ial powe ypically in ol es co po a e asse s and esou ces, such as money. The e o e, manage ial
decision-making migh no always be in he bes in e es s o e e y s akeholde .
Co po a e Financial Pe o mance
In he cu en business compe i i e landscape, o ganiza ions cons an ly e alua e hei pe o mance and imp o e o ensu e
compe i i eness. Co po a e inancial pe o mance analysis is a signi ican componen in de e mining an o ganiza ion’s success and
sus ainabili y. Acco ding o Diana and Osesoga (2020), co po a e inancial pe o mance signi icance applies o bo h in e nal and
ex e nal s akeholde s.
Fo businesses, e ec i e inancial pe o mance ealiza ion ansla es o success in co po a e objec i e a ainmen and p o i -making.
Fo ex e nal s akeholde s, co po a e inancial pe o mance measu emen is i al in making decisions. S ong inancial pe o mance
is wha all s akeholde s wan since i indica es he o e all heal h o he business. Companies employ di e en s a egies ha a e
aimed a imp o ing hei inancial pe o mance, which also se es as a majo conside a ion o po en ial in es o s in deciding
whe he o no o in es in a pa icula co po a ion. Financial pe o mance is no only impo an o in es o s bu also o employees,
as poo inancial pe o mance can lead o co po a e bank up cy. The e o e, good co po a e go e nance is necessa y (Gemilang &
Wiyono, 2022).
Le e age
This g oup o inancial analyses di ec ly ela es o co po a e inancial pe o mance, and such is le e age. Le e age may be de ined
as a e lec ion o he le el o isk wi hin an o ganiza ion, necessi a ing p ope managemen . Excessi e deb may wo k agains
inancial pe o mance (Ma daningsih e al., 2021). Undeniably, one o he signi ican easons o a ailing ex e nal unding o ca e
o ope a ional needs will be o incu p o i s. In addi ion, using deb b ings isks (Anandamaya & He man o, 2021). This may be
he con inual d ain om ha ing o pay he in e es , and hence, businesses need o ake ca e o asse s and o he capi als o yield
ope a ing p o i s. High in e es expense migh lead o business ailu e i an ope a ional income does no mee i s in e es expense;
hus, businesses may ile o bank up cy. I is he e o e, impo an o do inancial analysis on co po a e inancial pe o mance.
Neni Meidawa i (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1015-1023
DOI URL:h ps://doi.o g/10.55677/GJEFR/04-2025-Vol02E10 pg. 1017
Liquidi y
A di e en way in which a company's inancial pe o mance can be looked a is he liquidi y a io. Liquidi y a io e e s o a
company's abili y o mee i s sho - e m obliga ions when hey become due (G ediani e al., 2022). S ong liquidi y indica es ha a
company has su icien cash low o mee u gen needs such as deb epaymen and ongoing ope a ional expenses. This s abili y
bene i s c edi o s, sha eholde s, and he capi al ma ke by enhancing c edi a ings, educing inancial isk, and posi i ely
in luencing s ock p ices. On he o he hand, oo li le liquidi y exposes a company o g ea inancial jeopa dy. To mee a di e inancial
equi emen , a business migh ha e o sell an asse a an excep ionally low p ice o eso o high-in e es deb , comp omising
p o i abili y and heigh ening bank up cy isk.
Capi al S uc u e
Capi al s uc u e is a c i ical aspec o co po a e inancial managemen ha di ec ly impac s business pe o mance. I e e s o he
p opo ion o equi y and deb used by a company o inance i s ope a ions and in es men s. Capi al s uc u e decisions can
signi ican ly in luence co po a e pe o mance in bo h he sho and long e m. An op imal capi al s uc u e enables a company o
achie e an op imal e u n, bene i ing no only he business i sel bu also i s sha eholde s (Rahman, 2020).
Sales G ow h
Sales g ow h, o en measu ed by asse g ow h, is no mally conside ed o diagnosing he long- e m g ow h and p ospe i y o a
company. Co po a e asse s a e de ined as bo h angible and inancial esou ces like p ope y, equipmen , in en o y, in es men s,
and inancial asse s. Asse g ow h is usually conside ed heal hy when he company is gene a ing enough e enue o inance i s
in es men s, expansion plans, and o he s a egic decisions. Mos manage s seek ein es men o pos - ax p o i s in he g ow h o
he company and o imp o ing he o e all co po a e pe o mance (Rahman, 2020).
Fi m Size
Fi m size is one o he c i ical a ibu es ha a ec s co po a e inancial pe o mance. La ge i ms ha e highe o al asse s, which
enhances hei capabili y o manage esou ces e ec i ely and maximize p o i s (Diana & Osesoga, 2020). Fi m size is highly
co ela ed wi h inancial pe o mance because la ge i ms can access in e nal and ex e nal sou ces o unds mo e eadily as compa ed
o small i ms (Has i e al., 2022).
Hypo heses
Le e age a io e e s o he deg ee o dependence on deb inancing o he inancing needs (Risna & Pu a (2021). Low le e age
a io means he i m has a sligh chance o decline because o he minimal use o deb in he conduc o i s ope a ions. A high
business isk is indica ed in a high le e age a io. Acco ding o he s udy conduc ed by Ningsih (2021), he highe he deb le el o
a company, he wo se i s inancial pe o mance. Con e sely, companies wi h lowe deb le els end o ha e s onge inancial
pe o mance. Based on he abo e explana ion, his esea ch p oposes he ollowing hypo hesis:
H1: Le e age has a nega i e e ec on co po a e inancial pe o mance.
The liquidi y a io measu es a company's abili y o mee i s sho - e m liabili ies (A isan i, 2020). Liquidi y also de e mines a
company’s abili y o epay deb s as hey ma u e and espond o unexpec ed inancial demands. S ong liquidi y posi i ely in luences
inancial pe o mance, as an inc ease in liquidi y a ios is ypically accompanied by imp o ed co po a e pe o mance (G ediani e
al., 2022). Based on he abo e explana ion, his esea ch p oposes he ollowing hypo hesis:
H2: Liquidi y posi i ely in luences he company's inancial pe o mance.
A company's capi al s uc u e encompasses common s ock, p e e ed s ock, and all ypes o long- e m inancing sou ces, including
equi y and deb . Acco ding o Fauzi & Puspi asa i (2021), an op imal capi al s uc u e minimizes he cos o capi al and maximizes
business alue. An expanding capi al s uc u e is usually an indica ion o inc eased le els o deb . This he e o e calls o a s ong
managemen o asse s o inc eased p o i abili y (Rahman, 2020). Based on he abo e explana ion, his esea ch p oposes he
ollowing hypo hesis:
H3: Capi al s uc u e posi i ely a ec s co po a e inancial pe o mance.
Sales g ow h e lec s he success o a company's pas in es men s and se es as a p edic o o u u e co po a e g ow h. A company’s
sales g ow h can also help in es o s assess i s abili y o main ain i s ma ke posi ion wi hin he indus y and adap o o e all economic
ends (Cahyana & Suhendah, 2020). Based on he abo e explana ion, his esea ch p oposes he ollowing hypo hesis:
H4: Sales G ow h Posi i ely In luences Co po a e Financial Pe o mance
In his con ex , i m size is measu ed by he ex en o a company's asse s (Sa agih & Sihombing, 2021). A company wi h mo e asse s
has mo e in es ed capi al in gene al; he highe he amoun o in es ed capi al, he highe he cash u no e a e. In a s udy by
Anandamaya & He man o (2021), i has been obse ed ha i m size in luences inancial pe o mance since la ge i ms enjoy
be e access o ex e nal sou ces o unds. Also, he la ge he i m size, he g ea e he oppo uni y o achie e compe i i e ad an age
and, hus, su i e longe in he business. In ligh o he abo e explana ion, he ollowing hypo hesis o his esea ch is p oposed:
H5: Fi m Size Posi i ely In luences Co po a e Financial Pe o mance.
Neni Meidawa i (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1015-1023
DOI URL:h ps://doi.o g/10.55677/GJEFR/04-2025-Vol02E10 pg. 1018
II. METHOD
Popula ion and Sample
This esea ch ocuses on companies lis ed in he IDXHIDIV20 Index o he Indonesia S ock Exchange du ing he 2015–2022 pe iod.
The obse a ion pe iod o 2015–2022 was chosen due o he occu ence o economic con ac ions du ing hose yea s. The sample
selec ion was conduc ed using a pu posi e sampling me hod wi h he ollowing c i e ia:
1. Companies lis ed in he IDXHIDIV20 Index o he Indonesia S ock Exchange.
2. Companies ha publish comple e and audi ed annual inancial epo s.
3. Companies whose inancial epo s ha e a iscal yea ending on Decembe 31.
Resea ch Va iables
The dependen a iable in his s udy is co po a e inancial pe o mance. Financial pe o mance is one o he main indica o s o
e alua ing he pe o mance o a company, as p esen ed in i s inancial epo s (As u i e al., 2021), and will be p oxied by Re u n
on Asse s (ROA). The ROA o mula is as ollows:
𝑅𝑂𝐴 = 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 𝑥 100%
The i s independen a iable is le e age, which e e s o a i m's policy ela ed o in es men inancing and sou ces o ex e nal
inancing. Acco ding o (Laksmi a e al., 2020), he le e age is measu ed using he Deb o Equi y Ra io (DER) showing he
p opo ion be ween equi y and deb used o inance he ac i i ies o he company. The o mula o DER is as ollows:
𝐷𝐸𝑅 = 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦 𝑥 100%
The second independen a iable is liquidi y, which is a ool o measu e he abili y o a company o mee i s sho - e m obliga ions
(Yuliani, 2021). The Cu en Ra io (CR) is used as he measu emen o he liquidi y ha explains a company's abili y o ul ill he
sho - e m liabili ies om he cu en asse s (Diana & Osesoga, 2020). The o mula o CR is:
𝐶𝑅 =𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 𝑥 100%
The hi d independen a iable is capi al s uc u e. Op imal capi al s uc u e is a balance be ween sel - inancing and long- e m
bo owing ha de e mines he p opo ion o equi y and long- e m deb ha should be used o achie e op imal pe o mance (Ri onga
e al., 2021). Capi al s uc u e is measu ed by he Deb o Asse Ra io (DAR), which shows he le el a which a company's asse s
a e inanced by deb (Rahma in & K is an i, 2020). The o mula o DAR is as ollows:
𝐷𝐴𝑅 = 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 𝑥 100%
Sales g ow h is he ou h independen a iable, and i e e s o he annual g ow h a e o he sales e enue o a i m (Yuliani,
2021). I is measu ed as ollows:
𝑆𝑎𝑙𝑒𝑠 𝐺𝑟𝑜𝑤𝑡ℎ = 𝑠𝑎𝑙𝑒𝑠 (𝑡)− 𝑠𝑎𝑙𝑒𝑠 𝑦𝑒𝑎𝑟 (𝑡 − 1)
𝑠𝑎𝑙𝑒𝑠 (𝑡 − 1) 𝑥 100%
The i h independen a iable is i m size, ep esen ing a measu emen scale ha indica es he magni ude o a company conce ning
o al asse s and o al sales. Acco ding o Wulanda i & No i asa i (2020), i m size is measu ed by he na u al loga i hm o o al
asse s exp essed as Ln To al Asse s, which includes he sum o cu en and ixed asse s ep esen ing a company's o al weal h.
Analysis Me hod
A eg ession model is used o es he hypo heses o mula ed in his s udy. The in luence o independen a iables on he dependen
a iable will be es ed using a mul iple eg ession model. The eg ession equa ion p oposed in his s udy is as ollows:
Y = α + β1 X1 + β2 X2 + β3 X3 + β4 X4 + β5 X5 + ε
Desc ip ion:
Y = Co po a e inancial pe o mance
X1 = Le e age
X2 = Liquidi y
X3 = Capi al S uc u e
X4 = Sales G ow h
X5 = Fi m Size
α = Cons an
β1, β2, β3, β4, β5 = Reg ession coe icien alues
ε = S anda d e o
Neni Meidawa i (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1015-1023
DOI URL:h ps://doi.o g/10.55677/GJEFR/04-2025-Vol02E10 pg. 1019
III. RESULTS
Resea ch Sample
Table 1. Sample Selec ion C i e ia
NO.
Sample Selec ion C i e ia
Numbe
1.
Companies lis ed in he IDXHIDIV20 index om 2015 o 2022.
20
2.
A e excluding companies wi h incomple e da a based on he esea ch
c i e ia, he emaining companies a e classi ied as ollows:
a. Companies ha do no ollow he inancial epo ing o ma
ending on Decembe 31 each yea .
b. Companies wi h ou lie da a.
1
7
To al numbe o sample companies
12
To al sample used (numbe o samples × 8 yea s o s udy)
96
Desc ip i e S a is ics o Resea ch Va iables
Table 2. Desc ip i e S a is ics Resul s
Desc ip i e S a is ics
S a is ics
F equency
Minimum Value
Maximum Value
Mean
S anda d De ia ion
DER
96
0.19
3.17
0.82
0.55
CR
96
0.67
6.57
1.82
0.94
DAR
96
0.16
0.76
0.42
0.12
SG
96
-33.00
1.22
0.14
0.29
ASET
96
28.51
33.66
31.42
1.27
ROA
96
0.00
0.59
0.12
0.11
Classical Assump ion Tes Resul s
No mali y es ing using he Kolmogo o -Smi no Tes wi h Mon e Ca lo simula ion yielded a Mon e Ca lo Sig. (2- ailed) alue o
0.2, which is g ea e han 0.05, indica ing ha he da a used in his s udy ollows a no mal dis ibu ion. The mul icollinea i y es
shows ha he ole ance alues o all independen a iables exceed 0.1, and he VIF alues a e below 10, con i ming ha
mul icollinea i y is no p esen in he da a. The he e oscedas ici y es esul s show ha he Spea man-Rho es alue is g ea e han
0.05, indica ing no he e oscedas ici y. The Du bin-Wa son alue o 1.810 alls wi hin he ange dU = 1.7785 ange and dU 4-1.7785
is 2.215, hus 1.7785 < 1.810 < 2.2215 con i ming ha he e is no au oco elion.
F-Tes Resul s
The F- es esul s indica e a signi icance alue o <5% o all a iables, con i ming ha he model used in his s udy is app op ia e.
Hypo hesis Tes ing Resul s
Table 3. Mul iple Linea Reg ession Resul s
Va iables
Reg ession Coe icien (β)
T
Sig.
Desc ip ion
(Cons an )
0.617
2.941
0.004
DER
-0.019
-0.337
0.737
H1 no suppo ed
CR
0.026
1.974
0.051
H2 no suppo ed
DAR
-0.120
-0.412
0.682
H3 no suppo ed
SG
0.189
6.730
0.000
H4 suppo ed
ASET
-0.016
-2.069
0.041
H5 no suppo ed
R = 0.705
R Squa e = 0.497
Adj R Squa e = 0.469
F-s a is ic = 17.793
Sig. F = 0.000
IV. DISCUSSION
Hypo hesis 1 p edic s a signi ican nega i e ela ionship be ween le e age (DER) and inancial pe o mance (ROA). The da a
analysis esul s indica e ha he signi icance alue o le e age’s e ec on inancial pe o mance is 0.737 > 0.05, meaning le e age
does no in luence inancial pe o mance. Thus, Hypo hesis 1, s a ing ha le e age (DER) nega i ely a ec s inancial
pe o mance (ROA), is no suppo ed. This implies ha a high deb a io does no necessa ily e lec a high o low e u n le el.
This inding aligns wi h p e ious s udies by Cahyana & Suhendah (2020) and Rahma in & K is an i (2020). The hypo hesis is no
Neni Meidawa i (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1015-1023
DOI URL:h ps://doi.o g/10.55677/GJEFR/04-2025-Vol02E10 pg. 1020
suppo ed because a company's p o i abili y is no solely dependen on deb bu can also come om equi y capi al.
Hypo hesis 2 p edic s a signi ican posi i e ela ionship be ween liquidi y (CR) and inancial pe o mance (ROA). The esul s
indica e a signi icance alue o 0.051 > 0.05, meaning liquidi y does no signi ican ly in luence inancial pe o mance (ROA). Thus,
Hypo hesis 2, s a ing ha liquidi y (CR) posi i ely a ec s inancial pe o mance (ROA), is no suppo ed. This means ha
changes in he cu en a io (CR) do no impac he company’s p o i abili y. This inding is consis en wi h Ha sono & Pamungkas
(2020). The hypo hesis is no suppo ed due o he s akeholde heo y, which sugges s ha companies do no ope a e solely o hei
own bene i bu also conside ex e nal s akeholde s. This implies ha unding sou ces beyond deb con ibu e o inancial
pe o mance.
Hypo hesis 3 p edic s a signi ican posi i e ela ionship be ween capi al s uc u e (DAR) and inancial pe o mance (ROA). The
da a analysis esul s show ha he signi icance alue is 0.682 > 0.05, meaning capi al s uc u e does no signi ican ly a ec inancial
pe o mance (ROA). Thus, Hypo hesis 3, s a ing ha capi al s uc u e (DAR) posi i ely in luences inancial pe o mance
(ROA), is no suppo ed. This sugges s ha he p opo ion o deb in a company's asse s does no de e mine i s inancial
pe o mance. Companies wi h high o low deb a ios do no necessa ily ha e s ong o weak inancial pe o mance. This esul is
consis en wi h Has i e al., (2022). The hypo hesis is no suppo ed because companies in he sample may ha e low deb bu high
p o i abili y, o ice e sa. Thus, i can be concluded ha he e is no impac o capi al s uc u e on he company's pe o mance.
Hypo hesis 4 p edic s a signi ican posi i e ela ionship be ween sales g ow h (SG) and inancial pe o mance (ROA). The esul s
indica e a signi icance alue o 0.000 < 0.05, wi h a coe icien alue o 0.189, meaning sales g ow h posi i ely a ec s inancial
pe o mance (ROA). Thus, Hypo hesis 4, s a ing ha sales g ow h (SG) posi i ely impac s inancial pe o mance (ROA), is
suppo ed. This means ha as sales inc ease, inancial pe o mance imp o es due o mo e e icien and e ec i e inancial
managemen . Con e sely, a decline in sales leads o lowe inancial pe o mance. This inding aligns wi h Yuliani (2021). The
hypo hesis is suppo ed because sales le els a e a key de e minan o inancial pe o mance, and he sample da a show a consis en
inc ease in sales o e he yea s.
Hypo hesis 5 p edic s a signi ican posi i e ela ionship be ween i m size and inancial pe o mance (ROA). Howe e , he da a
analysis esul s show ha he signi icance alue o he e ec o i m size on inancial pe o mance is 0.041 < 0.05, wi h a coe icien
alue o -0.016, indica ing ha i m size nega i ely a ec s inancial pe o mance (ROA). The e o e, Hypo hesis 5, which s a es ha
i m size posi i ely a ec s inancial pe o mance (ROA), is no suppo ed.
The s udy esul s indica e ha la ge i ms end o exhibi wo se inancial pe o mance compa ed o smalle i ms. The es esul s
con i m ha o al asse s nega i ely a ec inancial pe o mance. This inding demons a es ha he o al asse s owned by a company
can be used o p edic and explain i s inancial pe o mance. A company’s inancial pe o mance, assessed based on i s e ec i eness
in gene a ing p o i , is di ec ly in luenced by he o al asse s i possesses. The s udy con ibu es o he unde s anding ha a high o al
asse alue nega i ely impac s inancial pe o mance, as companies may ail o maximize asse u iliza ion o inc ease sales, he eby
educing p o i abili y.
A high o al asse alue can become a bu den i he company canno u ilize hese asse s e ec i ely. Meanwhile, expenses ela ed o
asse main enance, epai s, eplacemen s, and addi ions emain obliga o y. Mo eo e , companies wi h high o al asse alues
expe ience high dep ecia ion expenses, which can educe p o i s and e en lead o inancial losses i e enue does no co e
dep ecia ion and o he ope a ional cos s.
La ge companies, iden i ied by high o al asse alues, a e ypically pe cei ed as s able and capable o gene a ing subs an ial p o i s.
Howe e , in imes o economic down u n, la ge i ms ace a highe isk o inancial dis ess han smalle i ms. This obse a ion is
suppo ed by esea ch da a om 2015 o 2022, which includes he COVID-19 pandemic pe iod—a ime o ex eme dis up ion in
business ac i i ies. E en la ge co po a ions encoun e ed inancial di icul ies du ing his pe iod.
This s udy suppo s he indings o Wu on (2017), which s a e ha i m size, measu ed by o al asse s, nega i ely a ec s inancial
pe o mance. Howe e , i con adic s he indings o Dahlia (2019), which sugges a posi i e impac o i m size on inancial
pe o mance.
V. CONCLUSION
Based on he s udy analyzing he ac o s o Le e age, Liquidi y, Capi al S uc u e, Sales G ow h, and Fi m Size in companies lis ed
in he IDXHIDIV20 index om 2015 o 2022, he esul s p o ide e idence ha Le e age (DAR), Liquidi y (CR), and Capi al
S uc u e (DAR) do no a ec inancial pe o mance. Howe e , Sales G ow h (SG) posi i ely a ec s inancial pe o mance, whe eas
Fi m Size (To al Asse s) nega i ely a ec s inancial pe o mance.
The s udy con i ms ha sales le els and o al asse s in luence inancial pe o mance, aligning wi h S akeholde Theo y, which
highligh s he in e connec edness o all in e nal and ex e nal s akeholde s. Businesses mus conside hei ela ionships wi h a ious
s akeholde s, who can di ec ly o indi ec ly in luence he company. Economic condi ions a e an ex e nal ac o ha a ec s a
company's inancial pe o mance and, consequen ly, i s s akeholde s. This s udy also p o ides e idence ha e en la ge co po a ions
expe ience inancial de e io a ion du ing economic down u ns. Mo eo e , he COVID-19 pandemic demons a ed ha small-scale
en e p ises we e mo e esilien du ing economic shocks.
Neni Meidawa i (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1015-1023
DOI URL:h ps://doi.o g/10.55677/GJEFR/04-2025-Vol02E10 pg. 1021
This s udy has se e al limi a ions, including:
1. The a ailable da a o analyzing all companies lis ed in he IDXHIDIV20 index is limi ed, and no all companies in he
index a e ele an o his esea ch.
2. The s udy could no con ol all ex e nal ac o s ha may in luence inancial pe o mance, such as co po a e policies, deb
policies, inancing decisions, egula o y changes, and global/na ional e en s ha impac co po a e sales and o he ele an
ac o s.
The e o e, he ollowing ecommenda ions a e sugges ed o u u e esea ch:
1. Ex ending he esea ch pe iod o ob ain mo e comp ehensi e esul s ha cap u e he o e all occu ences in he s udy.
Addi ionally, u u e esea ch could conside a di e en popula ion, as his s udy speci ically ocused on 12 companies
lis ed in he IDXHIDIV20 index.
2. Inco po a ing o he a iables, such as co po a e owne ship ac o s, deb policy, and simila a iables, o iden i y addi ional
ac o s ha may in luence co po a e inancial pe o mance.
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