The Effect Of Capital Structure And Asset Management Effectiveness On Financial Performance With Firm Size As A Moderating Variable

Dewi Suliyana; Jaenal Abidin

doi:10.63922/ijebir.v5i05.6025

Dewi Suliyana Universitas Pamulang, Suryakencana Street, Pamulang, South Tangerang, Banten
Jaenal Abidin Universitas Pamulang, Suryakencana Street, Pamulang, South Tangerang, Banten

DOI: https://doi.org/10.63922/ijebir.v5i05.6025

Keywords: Financial Performance, Capital Structure, Asset Management Effectiveness, Firm Size

Abstract

Amid growing economic uncertainty, firms in the property and real estate sector face increasing pressure to balance financing decisions with efficient resource utilization. This study investigates two such decisions capital structure and asset management effectiveness and their combined effect on financial performance, with firm size tested as a conditioning factor. The object of analysis comprises companies in the property and real estate subsector listed on Indonesia's stock exchange. Through purposive sampling, fifteen firms meeting the established criteria were selected, generating a panel of 75 firm year observations across a five-year span. The Fixed Effects Model was selected as the most suitable panel estimation approach following diagnostic testing, with Moderated Regression Analysis applied to examine interaction effects; all computations were performed in EViews 12. Results indicate that capital structure exerts a statistically significant adverse influence on financial performance, whereas asset utilization efficiency contributes positively and significantly. Firm size was found to weaken the detrimental link between capital structure and financial performance, confirming its role as a pure moderating factor, yet it showed no statistically meaningful moderating influence on the relationship between asset utilization and financial performance.

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