Leverage, Managerial Efficiency, Firm Size, and Sales Growth as Determinants of Corporate Performance in IDX-Listed Manufacturing Firms (2020–2024)

Muhammad Iman; Khoirul Hikmah; Hendro Widjanarko

doi:10.59890/ijma.v4i1.228

Authors

Muhammad Iman Universitas Pembangunan Nasional Veteran Yogyakarta
Khoirul Hikmah Universitas Pembangunan Nasional Veteran Yogyakarta
Hendro Widjanarko Universitas Pembangunan Nasional Veteran Yogyakarta

DOI:

https://doi.org/10.59890/ijma.v4i1.228

Keywords:

Leverage, Managerial Efficiency, Firm Size, Sales Growth, Firm Performance

Abstract

This study examines the effects of leverage, managerial efficiency, firm size, and sales growth on the performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Using quantitative methods with panel data from 161 firms (805 observations) and applying the Fixed Effect Model (FEM), the findings show that leverage has no significant impact on firm performance. Conversely, managerial efficiency, firm size, and sales growth each have a positive and significant effect. These results indicate that firms with efficient cost management, larger asset scale, and increasing sales tend to achieve higher profitability. Overall, operational capability and structural advantages play a more crucial role than debt financing in enhancing firm performance.

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