FINANCIAL PERFORMANCE DETERMINANTS MODERATED BY COMPANY SIZE: THE CASE OF PALM OIL PLANTATION SUB-SECTOR IN INDONESIA
DOI:
https://doi.org/10.5555/ijosmas.v6i5.535Keywords:
Keywords: Keywords: financial performance, CPO price, corporate social responsibility, leverage, risk management, firm size.Abstract
This study aims to analyze the effects of Crude Palm Oil Price (CPOP), Corporate Social Responsibility
(CSR), Leverage (DER), and Enterprise Risk Management Disclosure (ERMD) on corporate financial
performance (ROA), with Firm Size as a moderating variable. Employing a quantitative approach, the study
utilized data from a population of 28 palm oil plantation companies listed on the Indonesia Stock Exchange (IDX)
in 2024. Using a purposive sampling technique, the research sample consisted of 15 companies that met the
criteria of publishing a sustainability report during the 2019-2023 period. The regression results indicate that
CPOP, CSR, and ERMD have no significant effect on ROA. However, DER was found to have a significant
negative effect on financial performance. Furthermore, the moderation analysis reveals that Firm Size
significantly and positively moderates the effect of DER on ROA. These findings suggest that while high debt can
generally be a burden, larger firms possess the ability to manage leverage effectively, turning it into a driver of
financial performance.
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