Determinants of Financial Performance on Profit Growth with Company Size as a Moderating Variable (Case Study of a Food and Beverage Sub-Sector Company)
Main Article Content
Achmad Ludvy*
Rizka Wahyuni Amelia
Lina Nofiana
Employing a quantitative framework and panel data regression, this study explores how profit growth is affected by the Quick Ratio, Debt to Equity Ratio, and Net Profit Margin, while company size acts as a moderating variable. The research is confined to food and beverage subsector entities listed on the Indonesia Stock Exchange across the 2019-2024 timeframe. A balanced panel of 102 observations, drawn from a sample of 17 companies, underpins the analysis over the six complete fiscal years. Based on the results of the Chow and Hausman tests, the Fixed Effect Model (FEM) is identified as the most appropriate framework. Moderated Regression Analysis (MRA) is used to test for moderation effects. Partial coefficient estimates indicate a negative and significant relationship between the Debt to Equity Ratio and profit growth. In contrast, the Net Profit Margin exhibits a positive and significant relationship with profit growth. The Quick Ratio, however, does not significantly influence profit growth. Findings from the moderation test suggest that company size cannot moderate the effects of QR, DER, or NPM on profit growth. With an R² value of 42.68 percent, the independent variables in this study explain 42.68 percent of the variability in profit growth, while other factors not included in the model account for the remaining 57.32 percent. The findings provide practical implications for managers by emphasizing that improving profitability and maintaining an optimal capital structure are more important for enhancing profit growth than simply increasing company size.
Agustin, M., Indah, Y., & Kartika, N. (2020). Analisis faktor–faktor yang mempengaruhi pertumbuhan laba dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan manufaktur periode 2015–2019. JAKUMA: Jurnal Akuntansi Dan Manajemen Keuangan, 1(2), 26–45. https://doi.org/10.31967/jakuma.v1i2.405
Amaroh, R., Osta Nababan, B., & Deswardi, R. (2022). Pengaruh Quick Ratio, Debt to Equity Ratio, Total Assets Turnover, Return on Assets terhadap Pertumbuhan Laba pada Perusahaan Sub-Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2015–2020. Economicus, 13(1), 76–87. https://doi.org/10.47860/economicus.v13i1.65
Ardiansyah, A., & Anabas, N. A. (2023). Analisis Pengaruh Current Ratio, Cash Ratio, dan Quick Ratio terhadap Pertumbuhan Laba pada Perusahaan Sektor Pertambangan di Bursa Efek Indonesia Periode 2019–2021. MRBEST: Media Riset Bisnis Ekonomi Sains Dan Terapan, 1(2), 112–121. https://doi.org/10.71312/mrbest.v1i2.55
Dianitha, K. A., Masitoh, E., & Siddi, P. (2020). The Effect Of Financial Ratio on Profit Growth in Food and Beverage Companies in IDX. Berkala Akuntansi Dan Keuangan Indonesia, 5(1), 14–30. https://doi.org/10.20473/baki.v5i1.17172
Hartono, J. (2022). Portofolio dan analisis investasi: Pendekatan modul (2nd ed.). Andi Yogyakarta.
Herianti, D. P., & Anggrainie, N. (2025). Pengaruh Quick Ratio, Debt to Equity Ratio, Net Profit Margin, dan Return On Investment Terhadap Pertumbuhan Laba Perusahaan Manufaktur (Subsektor Food and Beverage) Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023. Jurnal Ekonomi Manajemen Dan Bisnis (JEMB), 4(2), 398–407. https://doi.org/10.47233/jemb.v4i2.3362
Hery. (2023). Analisis Laporan Keuangan: Intergrated and Comperhesive Edition. Gramedia Widiasarana Indonesia.
Hung, A. E., & Viriany, V. (2023). The effect of financial ratios on profit growth among manufacturing companies. International Journal of Application on Economics and Business, 1(2), 248–256. https://doi.org/10.24912/ijaeb.v1i2.248-256
Jaesa, N. (2024). Analisis Implementasi Strategi Manajemen dan Dampaknya terhadap Kinerja Perusahaan: Studi Kasus PT Indofood CBP Sukses Makmur Tbk Industri FMCG Indonesia Tahun 2022. Paulus Journal of Accounting (PJA), 5(2). https://ojs.ukipaulus.ac.id/index.php/pja/article/view/639
Juwari, J., & Mustika Zulviani, A. (2020). Pengaruh Debt to Equity Ratio, Return on Assets, Return on Equity, dan Net Profit Margin terhadap Pertumbuhan Laba pada Perusahaan Subsektor Konstruksi Bangunan yang Terdaftar di BEI. Jurnal GeoEkonomi, 11(2), 188–201. https://doi.org/10.36277/geoekonomi.v11i2.131
Kasmir. (2015). Analisis Laporan Keuangan. PT Raja Grafindo Persada.
Maharani, R. I. T., & Rosdiana, M. (2026). The Effect Of Financial Ratios On Profit Growth In Manufacturing Companies In The Food And Beverage Sector Listed On The Indonesia Stock Exchange (IDX) in 2021-2023. INCOME, 7(1), 64–83. https://doi.org/10.38156/akuntansi.v7i1.635
Mariam, M., & Munandar, A. (2023). Pengaruh Current Ratio Dan Quick Ratio Terhadap Pertumbuhan Laba Pada Perusahaan Sektor Pertambangan (Sub Sektor Minyak Dan Gas Bumi) Yang Terdaftar Di Bursa Efek Indonesia. Innovative: Journal of Social Science Research, 3(2), 12918–12929. https://j-innovative.org/index.php/Innovative/article/view/1879
Maryanti, E., Nabila, A. M., Hermawan, S., & Rahayu, R. A. (2026). Firm Size as a Moderator in the Relationship Between Leverage, Cash Flow, Profitability, and Cash Holding: Evidence from Indonesia’s Food and Beverage Sector. Owner: Riset Dan Jurnal Akuntansi, 10(1), 234–248. https://doi.org/10.33395/owner.v10i1.2864
Meidiyustiani, R., Oktaviani, R. F., & Niazi, H. A. (2021). Analisis Profitabilitas, Likuiditas, Leverage dan Ukuran Perusahaan terhadap Pertumbuhan Laba. AKUNSIKA: Jurnal Akuntansi Dan Keuangan, 2(2), 49–59. https://doi.org//10.31963/akunsika.v2i2.2695
Mumpuni, Y. T., & Hapsari, D. W. (2025). The Moderating Effect of Firm Size on the Relationship Between Capital Structure and Profitability Toward Firm Value. American Journal of Economic and Management Business (AJEMB), 4(7), 1040–1050. https://doi.org/10.58631/ajemb.v4i7.285
Nasution, Y., & Sitorus, G. (2022). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), dan Total Assets Turnover (TATO) terhadap Pertumbuhan Laba pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia Tahun 2017–2020. Jurnal Manajemen, 6(2), 61–72. https://doi.org/10.54964/manajemen.v6i2.204
Nioko, R., & Hendrani, A. (2024). Pengaruh Profitabilitas, Aktivitas, Leverage, Ukuran Perusahaan, Dewan Direksi Dan Komite Audit Terhadap Pengungkapan Sustainability Report. Journal of Economic, Bussines and Accounting (COSTING), 7(3), 5780–5801. https://doi.org/10.31539/costing.v7i3.9262
Panjaitan, R. Y. (2018). Pengaruh Current Ratio, Debt to Equity Ratio, Net Profit Margin dan Return On Asset terhadap pertumbuhan laba pada perusahaan consumer goods yang terdaftar di bursa efek indonesia periode 2013-2016. Jurnal Manajemen, 4(1), 61–72. https://ejournal.lmiimedan.net/index.php/jm/article/view/39/
Putri, A. A., & Wicaksari, E. A. (2026). The Moderating Effect of Firm Size on The Relationship Between Capital Structure and Profitability: Indonesian Manufacturing Firms (2020–2024). Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(2), 11459–11480. https://doi.org/10.31538/iijse.v9i2.9903
Rudangga, I. G. N. G., & Sudiarta, G. M. (2016). Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas terhadap Nilai Perusahaan. E-Jurnal Manajemen, 5(7), 4394–4422. https://ojs.unud.ac.id/index.php/Manajemen/article/view/21920
Rustianawati, M., Perwitasari, D. A., Lidyana, N., & Haidiputri, T. A. N. (2023). Pengaruh Quick Ratio, Net Profit Margin, dan Total Asset Turnover terhadap Pertumbuhan Laba pada Perusahaan Sektor Perdagangan Besar. JUMAD : Journal Management, Accounting, & Digital Business, 1(3), 301–310. https://doi.org/10.51747/jumad.v1i3.1503
Simatupang, J. (2022). Pengaruh Rasio Likuiditas dan Profitabilitas terhadap Pertumbuhan Laba pada Perusahaan Sektor Konstruksi dan Bangunan yang Terdaftar di BEI Periode 2016–2020. Accumulated Journal (Accounting and Management Research Edition), 3(2), 119–131. https://doi.org/10.22303/accumulated.3.2.2021.119-131
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Alfabeta.
Sujarweni, V. W. (2017). Manajemen Keuangan: Teori Aplikasi dan Hasil Penerapan. Pustaka Baru Press.
Vensca, S. N., Mas’ adah, N., & Astuti, S. Y. (2024). Can financial ratios affect profit growth in food and beverage companies. AKSY Jurnal Ilmu Akuntansi Dan Bisnis Syariah, 6(2), 270. https://doi.org/10.15575/aksy.v6i2.34721
Widiyanti, M. (2019). Pengaruh Net Profit Margin, Return On Assets Dan Debt To Equity Ratio Terhadap Pertumbuhan Laba Pada Perusahaan LQ-45. Jurnal Riset Akuntansi Dan Keuangan, 7(3), 545–554. https://doi.org/10.17509/jrak.v7i3.17826
Yuniarto, A. E., Asmara, E. N., & Herbowo, H. (2022). Pertumbuhan Laba pada Perusahaan Pertambangan di Indonesia. Owner: Riset Dan Jurnal Akuntansi, 6(3), 2446–2456. https://doi.org/10.33395/owner.v6i3.952
