LIKUIDITAS, LEVERAGE, PERTUMBUHAN PENJUALAN, DAN PROFITABILITAS PERUSAHAAN FARMASI

Abstract

This study aims to examine the effect of liquidity, leverage, and sales growth on profitability with firm size as a moderating variable in pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during the 2019–2024 period. The pharmaceutical industry was selected because it requires substantial investment, operates under strict regulations, and relies on effective financial management to maintain profitability. This quantitative study employed secondary data collected from annual financial statements. The sample consisted of eight pharmaceutical companies selected using purposive sampling, resulting in 48 firm-year observations. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with EViews 13. The results indicate that liquidity has no significant effect on profitability, leverage has a significant negative effect on profitability, while sales growth has a significant positive effect on profitability. Furthermore, firm size does not moderate the relationship between liquidity and profitability or between leverage and profitability. However, firm size significantly moderates the relationship between sales growth and profitability by weakening its positive effect. These findings provide practical implications for managers in improving profitability through better liquidity management, capital structure decisions, and sales growth strategies.