<![CDATA[This study aims to examine the effects of capital structure, liquidity, and sales growth on the profitability of investment and holding companies listed on the Indonesia Stock Exchange. Profitability is measured by Return on Assets (ROA), capital structure by the Debt-to-Equity Ratio (DER), liquidity by the Current Ratio (CR), and sales growth by Sales Growth. The study adopts a quantitative approach using secondary data obtained from companies’ financial statements for the 2015–2021 period. The sample was selected using purposive sampling, resulting in eight companies and 43 firm-year observations. The analysis employs panel data regression using the Fixed Effects Model. Given the presence of heteroskedasticity and the limited number of clusters, statistical inference was conducted using cluster-robust standard errors and further assessed through wild cluster bootstrap with Webb weights. The results indicate that DER and CR provide no robust statistical evidence of an effect on ROA. In contrast, Sales Growth has a positive and statistically significant effect on ROA based on the wild cluster bootstrap results. These findings suggest that sales growth is the strongest factor in explaining profitability, particularly when supported by cost efficiency and effective asset management.]]>
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