Apakah Pertumbuhan Penjualan Mampu Berperan dalam Memoderasi Pengaruh Arus Kas Bebas dan Belanja Modal terhadap Kinerja Keuangan

Putri Karisma (Universitas Pamulang)
I Ketut Wenten (Universitas Pamulang)

Jurnal Mahasiswa Manajemen dan Akuntansi
Vol. 5 No. 2 (2026): Oktober : JUMMA'45: Jurnal Mahasiswa Manajemen dan Akuntansi

This study examines the effects of free cash flow and capital expenditure on financial performance, with sales growth as a moderating variable. Financial performance indicates a company’s ability to manage resources and achieve its objectives. The study focuses on Consumer Non-Cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024, using secondary data from annual financial reports. The population comprised 128 companies, of which 66 were selected through purposive sampling. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA), supported by EViews 12. Model selection tests identified the Fixed Effect Model (FEM) as the most appropriate model. The findings reveal that free cash flow and capital expenditure significantly affect financial performance. Sales growth moderates the effect of free cash flow on financial performance but does not moderate the relationship between capital expenditure and financial performance. These findings imply that companies should optimize free cash flow management, investment decisions, and sales growth strategies to improve their financial performance.