SUSILO, INDERIJATI (2025) DETERMINAN KINERJA KEUANGAN DIMODERASI UKURAN PERUSAHAAN SUBSEKTOR PERKEBUNAN KELAPA SAWIT TERDAFTAR DI BURSA EFEK INDONESIA. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study aims to analyze the effects of Crude Palm Oil Price (HCPO), Corporate Social Responsibility (CSR), Leverage (DER), and Enterprise Risk Management Disclosure (ERMD) on corporate financial performance measured by Return on Assets (ROA), with Firm Size (SIZE) as a moderating variable. Employing a quantitative approach, the study utilized data from a population of 28 palm oil plantation companies listed on the Indonesia Stock Exchange (IDX) in 2024. Using a purposive sampling, a final sample of 15 companies that published sustainability report during the 2019–2023 period was selected. The regression results show that HCPO, CSR, and EMRD have no significant effect on ROA, while DER has a significant negative effect on financial performance. Furthermore, the moderation analysis reveals that SIZE significantly and positively moderates the effect of DER on ROA. These findings suggest that although high leverage generally debt poses financial pressure, largerb firms possess greater capacity to manage debt effectively, thereby transforming it into a driver of financial performance. Keywords: Crude Palm Oil Price, Corporate Social Responsibility, Debt to Equity Ratio, Enterprise Risk Management Disclosure, Company Size, Return on Assets. Penelitian ini bertujuan untuk menganalisis pengaruh Harga CPO (HCPO), Corporate Social Responsibility (CSR), Leverage (DER), dan Pengungkapan Manajemen Risiko Perusahaan (ERMD) terhadap Kinerja Keuangan perusahaan diproksikan dengan Return on Assets (ROA), dengan Ukuran Perusahaan (SIZE) sebagai variabel moderator. Menggunakan pendekatan kuantitatif, penelitian ini mengambil data dari populasi 28 perusahaan subsektor perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2024. Melalui teknik purposive sampling, diperoleh 15 perusahaan sampel yang memenuhi kriteria yaitu menyampaikan laporan keberlanjutan pada periode 2019-2023. Hasil regresi menunjukkan bahwa HCPO, CSR, dan EMRD tidak berpengaruh signifikan terhadap ROA, sedangkan DER berpengaruh negatif dan signifikan. Lebih lanjut, analisis moderasi menemukan bahwa SIZE secara signifikan dan positif memoderasi pengaruh DER terhadap ROA. Temuan ini mengindikasikan bahwa meskipun tingginya utang secara umum dapat membebani perusahaan, perusahaan besar memiliki kemampuan untuk mengelola leverage secara efektif dan menjadikannya faktor pendorong kinerja keuangan. Kata kunci: Harga CPO, Corporate Social Responsibility, Debt to Equity Ratio, Pengungkapan Manajemen Risiko Perusahaan, Ukuran Perusahaan, Return on Assets.
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