<![CDATA[This study examines the determinants of financial performance by investigating the effects of firm size, liquidity, and sales growth, while simultaneously assessing the moderating role of the board of directors. Using a quantitative approach and purposive sampling, this study analyzed 162 firm-year observations from food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. The Fixed Effect Model (FEM) was selected based on the Chow and Hausman tests as the most appropriate estimation model. Estimation results demonstrate that firm size and sales growth exert a statistically significant positive influence on financial performance, whereas liquidity yields no significant effect. The Moderated Regression Analysis (MRA) reveals a dualistic moderating role of the board of directors: it amplifies the positive impact of firm size on performance, yet conversely attenuates the beneficial effects of sales growth, while its moderating function on the liquidity–performance relationship proves statistically insignificant.]]>
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