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All Journal Jelajah Ekonomi: Jurnal Ekonomi dan Bisnis Indonesia
Maesaroh
Universitas La Tansa Mashiro, Rangkasbitung, Banten
Economics, Econometrics & Finance

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Pengaruh Leverage dan Efisiensi Biaya Operasional terhadap Kinerja Keuangan dengan Ukuran Perusahaan sebagai Variabel Mediasi Susana Dewi; Maesaroh; Sri Juminawati; Firmansyah; Sri Intan Purnama; Shopiyatul Ummah; Herlina
JKEN: Jurnal Kajian Ekonomi Nasional Vol 2 No 1 (2026): Jelajah Ekonomi: Jurnal Ekonomi dan Bisnis
Publisher : PT Bukuloka Literasi Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65307/je.v2i1.305

Abstract

The financial performance of food and beverage companies fluctuated during 2020–2025, highlighting the need to examine factors associated with corporate profitability. This study aimed to analyze the relationships of leverage and the operational cost ratio with financial performance and to examine the mediating role of firm size among food and beverage companies listed on the Indonesia Stock Exchange (IDX). A quantitative approach was employed using secondary data from annual financial statements covering 2020–2025. Purposive sampling yielded 21 companies from an initial population of 42, resulting in 126 firm-year observations. The data were analyzed using panel data regression in EViews 13, while the Sobel test was used to assess mediation effects. The results showed that leverage was negatively and significantly associated with firm size (p = 0.0006), whereas the operational cost ratio was not significantly associated with firm size (p = 0.2173). Leverage (p = 0.2050), the operational cost ratio (p = 0.0562), and firm size (p = 0.6148) did not have statistically significant effects on financial performance. The Sobel test also indicated that firm size did not significantly mediate the relationships of either independent variable with financial performance. These findings highlight the importance of jointly evaluating financing decisions, operational cost control, and asset productivity to support corporate profitability. Keywords: Leverage, Operational Cost Efficiency, Firm Size, Financial Performance.
Co-Authors Firmansyah Herlina Shopiyatul Ummah Sri Intan Purnama Sri Juminawati Susana Dewi