PENGARUH STRUKTUR MODAL DAN LIKUIDITAS TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN SUB-SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BEI TAHUN 2022–2025

Abstract

This study aims to examine the effect of capital structure and liquidity on financial performance in food and beverage sub-sector companies listed on the Indonesia Stock Exchange for the 2022–2025 period. Capital structure is proxied by the Debt to Equity Ratio, liquidity by the Current Ratio, and financial performance by Return on Assets. This research employs a quantitative approach using secondary data in the form of audited annual financial statements. The sample was determined using a purposive sampling technique, resulting in 88 observations over a four-year observation period, which were then analyzed using multiple linear regression with SPSS software. The results indicate that capital structure has no significant effect on financial performance with a significance value of 0.199, and liquidity likewise has no significant effect with a significance value of 0.144. Simultaneously, both variables have no significant effect with a significance value of 0.175. The Adjusted R Square value of 0.018 indicates that both variables explain only 1.8 percent of the variation in financial performance. These findings suggest that the profitability of food and beverage companies is determined more by operational factors than by financing decisions or liquidity levels.