Sustainability Disclosure Moderating Capital Structure, Sales Growth, and Asset Turnover on Profitability
Keywords:
Capital Structure; Sales Growth; Asset Turnover; Sustainability Disclosure; ProfitabilityAbstract
This study aims to examine the effect of capital structure, sales growth, and asset turnover on profitability, as well as the moderating role of sustainability disclosure in manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employs a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sample consists of 49 manufacturing companies selected through purposive sampling, resulting in 147 firm-year observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS software. The results show that capital structure, sales growth, and asset turnover have a positive effect on profitability. Furthermore, sustainability disclosure strengthens the positive effect of capital structure and asset turnover on profitability, indicating that higher transparency in sustainability reporting enhances the effectiveness of leverage and asset utilization in generating profits. However, sustainability disclosure does not moderate the relationship between sales growth and profitability. These findings indicate that effective financial management and efficient asset utilization are important determinants of profitability, while sustainability disclosure plays a strategic role in reinforcing certain financial relationships in manufacturing firms.
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