The Effect Of Operational Efficiency, Liquidity, And Company Size On Financial Performance (A Case Study On The Pharmaceutical Sector Listed On The Indonesia Stock Exchange From 2020 To 2025)

Rani Nurapipah (Study Program Of Management, Faculty Of Economic and Business, Universitas Perjuangan Tasikmalaya)
Nita Fauziah Oktaviani (Universitas Perjuangan Tasikmalaya)
Hary Firmansyah (Universitas Perjuangan Tasikmalaya)

Journal of Business Management
Vol. 3 No. 1 (2026): November

This study aims to analyze the effect of operational efficiency, liquidity, and company size on financial performance in the pharmaceutical sector listed on the Indonesia Stock Exchange for the period 2020-2025. This study used a quantitative research method. The sampling method used in this study was Non-Probability Sampling with a Purposive Sampling technique. The type of data used was secondary data with a research sample of 11 pharmaceutical companies listed on the Indonesia Stock Exchange. The data analysis method used was panel data regression analysis assisted by Eviews 14 software, and the hypotheses were tested using the F-test and t-test with a significance level of α = 0.05 or 5%. From the regression analysis results, the simultaneous test showed that operational efficiency, liquidity, and company size simultaneously had a significant effect on financial performance. Partially, the operational efficiency variable proxied by BOPO had a significant effect on financial performance, the liquidity variable proxied by Current Ratio had a significant  effect on financial performance, while the firm size variable did not have a significant effect on financial performance.