Pengaruh Leverage dan Ukuran Perusahaan terhadap Kinerja Keuangan dengan Dewan Komisaris Independen sebagai Variabel Moderasi pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia Periode 2022–2024
DOI:
https://doi.org/10.58258/mykcgy44Abstract
This study examines the effect of leverage and firm size on financial performance and tests whether the independent board of commissioners moderates both effects. The sample consists of 47 infrastructure companies listed on the Indonesia Stock Exchange during 2022–2024, selected through purposive sampling, resulting in 141 firm-year observations. Leverage is measured by the debt to equity ratio, firm size by the natural logarithm of total assets, financial performance by return on assets, and the independent board of commissioners by the proportion of independent commissioners. The data were analyzed using panel data regression with the fixed effect model and moderated regression analysis in EViews 14. The results show that leverage has a negative and significant effect on financial performance, while firm size has a positive and significant effect. The independent board of commissioners does not moderate the effect of leverage or the effect of firm size on financial performance, as both interaction terms are insignificant and adding them does not increase the explanatory power of the model. These findings indicate that infrastructure companies need to keep debt at a level that does not erode profits and that board independence should be strengthened beyond the minimum regulatory requirement.References
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