The Effect of Financial Performance on Sustainable Growth Rate with Leverage as a Moderating Variable in Consumer Goods Industry Companies Listed on the Indonesia Stock Exchange During 2021–2024

Dola Resiya Br Tarigan; Dompak Pasaribu; Merry Anna Napitupulu; Duma Megaria Elisabeth

doi:10.59890/ijma.v4i3.12

Authors

Dola Resiya Br Tarigan Universitas Metodis Indonesia Medan
Dompak Pasaribu Universitas Metodis Indonesia Medan
Merry Anna Napitupulu Universitas Metodis Indonesia Medan
Duma Megaria Elisabeth Universitas Metodis Indonesia Medan

DOI:

https://doi.org/10.59890/ijma.v4i3.12

Keywords:

Return on Assets, Total Asset Turnover, Debt to Equity Ratio, Sustainable Growth Rate

Abstract

This study aims to investigate the effect of financial performance, as measured by Return on Assets (ROA) and Total Assets Turnover (TATO), on the Sustainable Growth Rate (SGR) among consumer goods companies listed on the Indonesia Stock Exchange between 2021 and 2024, using the Debt-to-Equity Ratio (DER) as a moderating variable. The study's sample consists of twelve companies that meet the criteria using the purposive sampling technique. The research data came from www.idx.co.id and the companies' official websites. The data was then assessed using SPSS version 26. The findings show that whereas Financial Performance (TATO) has a positive but negligible impact on the Sustainable Growth Rate, Financial Performance (ROA) has a positive and considerable impact. The Sustainable Growth Rate is significantly impacted by both factors at the same time. According to the R2 coefficient of determination test results, 55.8% of the variation in the Sustainable Growth Rate can be explained by Financial Performance (ROA and TATO), with other factors not included in the regression model accounting for the remaining 44.2%. The results of the moderation test showed that the Leverage (DER) variable might moderate the relationship between Financial Performance (TATO) and the Sustainable Growth Rate, but not the relationship between Financial Performance (ROA) and the Sustainable Growth Rate.

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