THE EFFECT OF CAPITAL STRUCTURE, SALES GROWTH, AND BOARD GENDER DIVERSITY ON FINANCIAL PERFORMANCE WITH FIRM SIZE AS A MODERATOR

Feny Septiana Anggun Sari, Maya Novitasari, Juli Murwani

Abstract


This study aims to analyze the influence of capital structure, sales growth, and board gender diversity on company financial performance, with firm size as a moderating variable. This research is motivated by the phenomenon of declining net profits in several food and beverage companies listed on the Indonesia Stock Exchange during the 2020–2024 period, indicating a decline in financial performance due to an imbalance between revenue and expenses. The independent variables in this study consist of capital structure, sales growth, and board gender diversity, while firm size serves as a moderating variable, and financial performance serves as the dependent variable. This study uses a quantitative approach using multiple linear regression and moderated regression analysis (MRA). The population of this study is all 94 companies listed on the Indonesia Stock Exchange in the food and beverage subsector, and a sample of 33 companies was selected using a purposive sampling technique. The research results show that capital structure, sales growth, and board gender diversity significantly influence financial performance. Firm size moderates the effect of capital structure and sales growth on financial performance, but does not moderate the effect of board gender diversity on financial performance. These findings have implications for company management and investors in considering internal company factors to improve financial performance and strengthen investment attractiveness.

Keywords: Capital structure, sales growt.h, board gender diversity, firm size, financial performance


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