<![CDATA[This study aims to analyze the effect of Tracking Error and Total Volume Activity on Firm Size, with the Consumer Confidence Index (CCI) and Prompt Manufacturing Index (PMI) as moderating variables. This study focuses on issuers in the basic material sector listed on the Indonesia Stock Exchange (IDX) during the 2020-2022 period. Tracking Error measures the level of mismatch between portfolio performance and the expected benchmark, while Total Volume Activity indicates the number of stock transactions that can reflect market liquidity. The study results indicate that tracking error and total volume activity significantly affect firm size as measured by the expected return indicator and Tobins Q. In addition, the interaction with CCI and PMI strengthens the influence of independent variables on Firm Size. This research provides essential contributions for investors, asset managers, and financial market stakeholders in understanding the dynamics between market liquidity, company size, and macroeconomic indicators. The findings also provide practical implications for investment management strategies in the Basic Material Sector in Indonesia.]]>
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