The Effect of Leverage, Sales Growth, and Growth Opportunity on Financial Performance in the Property Sector Listed on the Indonesia Stock Exchange in 2021–2025

Insan Alfaqih; Surono; Muzayanah

doi:10.63922/ijbqr.v4i03.5892

Insan Alfaqih Universitas Muhammadiyah Cirebon
Surono Universitas Muhammadiyah Cirebon
Muzayanah Universitas Muhammadiyah Cirebon

DOI: https://doi.org/10.63922/ijbqr.v4i03.5892

Keywords: Leverage, Sales Growth, Growth Opportunity, Financial Performance

Abstract

Financial performance is an important indicator in assessing a company's ability to generate profits, manage resources, and maintain business sustainability. In property sector companies, financial performance is influenced by various factors, such as leverage, sales growth, and growth opportunities, which reflect the effectiveness of the capital structure, sales growth, and the company's development prospects. This study aims to analyze the influence of Leverage, Sales growth, and Growth opportunity on financial performance in property sector companies listed on the Indonesia Stock Exchange for the 2021–2025 period. The research uses a quantitative approach with an associative research design. The data used is in the form of secondary data obtained from the company's annual financial statements. The research sample was determined using purposive sampling techniques, so that 50 companies were obtained with 250 observation data over five years. Data analysis was carried out using multiple linear regression with the help of IBM SPSS Statistics, through classical assumption tests, partial tests (t), simultaneous tests (F), and determination coefficient tests (R²). The results of the study showed that Leverage had a positive and significant effect on financial performance with a value of t = 2.513 and sig. = 0.015, Sales growth has a positive and significant effect with a value of t = 3.021 and sig. = 0.002, and Growth opportunity has a positive and significant effect with a value of t = 2.625 and sig. = 0.011. Simultaneously, the three variables had a significant effect on financial performance with values F = 40.163 and sig. = 0.000. The R-Square value of 0.507 indicates that 50.7% of the variation in financial performance can be explained by all three independent variables, while 49.3% is influenced by other factors outside the research model. These findings show that managing capital structures, increasing sales growth, and optimizing growth opportunities play an important role in improving the financial performance of companies in the property sector.

References

Anandamaya, L. P. V, & Hermanto, S. B. (2021). Pengaruh good corporate governance, ukuran perusahaan dan Leverage terhadap kinerja keuangan. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 10(5).
Brigham, E. F., & Houston, J. F. (2019). Dasar-Dasar Manajemen Keuangan (Edisi 14). Jakarta: Salemba Empat.
Deli, E. P. I. N., & Kurnia, K. (2017). Pengaruh Struktur Modal, Profitabilitas, Growth opportunity Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi (Jira), 6(7).
Gitayuda, M. B. S., Kamandanu, M. A., & Hidayat, R. (2025). Kinerja Keuangan Perusahaan: Rasio Keuangan, Modal Kerja, hingga Likuiditasnya. CV Eureka Media Aksara.
Gultom, J. (2021). Pengaruh profitabilitas, Leverage, dan likuiditas terhadap tax avoidance. Jurnal Akuntansi Berkelanjutan Indonesia, 4(2), 239–253.
Hasan, J., Soleman, R., & Hadady, H. (2021). Analisis Kinerja Keuangan Pada Perusahaan Daerah Air Minum (PDAM) Kabupaten Pulau Morotai. Jurnal Ilmiah Wahana Pendidikan, 7(6), 287–294.
Karlina, L., Nugraha, N., & Sugiharti, H. (2023). Pengaruh Leverage, Pertumbuhan Aset, dan Pertumbuhan Penjualan Terhadap Profitabilitas pada Perusahaan Holding Company (Studi pada Perusahaan yang Terdaftar di BEI Periode 2017–2021). Jurnal Pendidikan Akuntansi & Keuangan, 11(2), 208–223.
Maharani, E. N., Akbar, A. M., Maheswari, J. L., & Suwarsit, S. (2024). Penerapan good corporate governance dalam meningkatkan kinerja keuangan perusahaan. Jurnal Riset Ekonomi Dan Akuntansi, 2(4), 384–393.
Marella, T. N., Putri, A. C., & Amelia, Z. P. (2023). The effect of sales growth and DAR on the profitability of infrastructure sector companies listed on the IDX in 2020-2022. Journal of Governance, Taxation and Auditing, 1(3), 399–404.
Putri, Z., Kusufiyah, Y. V, & Anggraini, D. (2021). Dampak Debt To Equity Ratio, Pertumbuhan Penjualan dan Ukuran Perusahaan pada Penghindaran Pajak. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 23(2), 407–421.
Rachmah, N. A., & Susilawati, C. D. K. (2024). Likuiditas, Leverage, dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan Perusahaan Otomotif. Jurnal Ilmiah Akuntansi Dan Keuangan, 13(2), 128–140.
Ramdhan, M. (2021). Metode penelitian. Cipta Media Nusantara.
Sari, T. D., Titisari, K. H., & Nurlaela, S. (2020). Pengaruh kepemilikan manajerial, komite audit, leverage dan ukuran perusahaan terhadap kinerja keuangan. Upajiwa Dewantara, 4(1), 15–26.
Spence, M. (1978). Job market signaling. In Uncertainty in economics. Academic Press.
Supriatal, S., Maulana, R., & Haryadi, R. N. (2025). Strategi Pengelolaan Sumber Daya untuk Menciptakan Keunggulan Bersaing pada UMKM. Dynamic: Jurnal Inovasi Dan Dinamika Ekonomi, 1(1).
Syahrani, S., & Sisdianto, E. (2024). Analisis Pengaruh Likuiditas Terhadap Kinerja Keuangan Perusahaan. Jurnal Media Akademik (JMA), 2(11).
Widjayanti, P. F. S., Saputra, K. A. K., & Larasdiputra, G. D. (2024). The influence of profitability, company size, and growth opportunity on the quality of profits in property and real estate companies listed on the indonesian stock exchange (bei) year 2019-2022. Journal of Governance, Taxation and Auditing, 2(4), 239–245.
Yuliani, E. (2021). Pengaruh struktur modal, likuiditas dan pertumbuhan penjualan terhadap kinerja keuangan. Jurnal Ilmu Manajemen, 10(2), 111–122.