DETERMINAN KINERJA KEUANGAN: PERAN LEVERAGE, KEPEMILIKAN MANAJERIAL, DAN KINERJA LINGKUNGAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

Company Size; Environmental Performance; Financial Performance; Leverage; Managerial Ownership; Moderation

Abstrak

Financial performance reflects a company's achievements in effectively and efficiently managing its financial resources. This study aims to examine the influence of leverage, managerial ownership, and environmental performance on financial performance, with firm size moderating this relationship. This research uses secondary data from companies in the Processed Food and Soft Drinks subsector listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024, totalling 21 companies. The sample selection used a purposive sampling technique, resulting in 9 companies being selected as the sample. The analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA). The research results indicate that leverage has a significant negative impact on financial performance, while managerial ownership has a significant positive impact. Environmental performance has a negative and non-significant effect. Firm size only moderates the influence of leverage on financial performance, while the influence of managerial ownership and environmental performance is independent of firm size. These findings emphasise the importance of applying the principle of prudence in debt management, increasing managerial ownership, and designing environmental investment strategies that provide long-term added value.