THE INFLUENCE OF INTELLECTUAL CAPITAL, BUSINESS RISK, AND INVESTMENT DECISIONS ON FINANCIAL PERFORMANCE (AN EMPIRICAL STUDY ON FOOD AND BEVERAGE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2019–2023)
Abstrak
Financial performance is an evaluation conducted by companies to assess their ability to generate profits and to examine their prospects, growth potential, and development potential. It reflects a company’s capability to earn income and manage resources efficiently. In an increasingly competitive business environment, companies can no longer rely solely on physical assets; instead, they must effectively manage intellectual capital, operational risk, and make sound investment decisions. This study aims to examine the influence of intellectual capital, business risk, and investment decisions on the financial performance of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. Intellectual capital is measured using the Value Added Intellectual Coefficient (VAIC™), business risk is proxied by the Degree of Operating Leverage (DOL), and investment decisions are measured using the Price Earning Ratio (PER). Financial performance is proxied by Return on Assets (ROA). The research adopts a quantitative approach with multiple linear regression analysis conducted on a sample of 40 food and beverage companies selected through purposive sampling. The results indicate that intellectual capital and investment decisions do not have a statistically significant effect on financial performance. In contrast, business risk has a positive and significant effect on financial performance. These findings suggest that companies with high fixed cost structures that are able to optimize their sales volume tend to exhibit superior financial performance.
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