Moderasi Ukuran Perusahaan pada Pengaruh Leverage, Likuiditas dan Efisiensi Operasional Terhadap Profitabilitas

Abstract

This study aims to obtain empirical evidence regarding the effect of leverage, liquidity and operational efficiency on profitability, with firm size as a moderating variable. The population of this study consisted of 59 non-financial companies included in the LQ45 index obtained from the IDX website and several official company websites using the purposive sampling method during the 2020–2024 period. The statistical analysis methods used in this study were multiple linear regression analysis and Moderated Regression Analysis (MRA). Data were processed using SPSS version 24. The data analysis procedures included descriptive statistical analysis, hypothesis testing using multiple linear regression, and moderation testing using MRA. The partial test results indicate that liquidity and operational efficiency have a positive effect on profitability, while leverage has no effect on profitability. The moderation results show that firm size strengthens the positive effect of operational efficiency on profitability and strengthens the negative effect of leverage and liquidity on profitability. The results of this study can serve as a reference for future researchers. The limitation of this study lies in the limited number of company samples used in the research.