Dinamika Profitabilitas pada Sektor Teknologi Periode 2021–2024: Peran Ukuran Perusahaan dalam Memoderasi Pengaruh struktur Modal, Likuiditas, dan Pertumbuhan Penjualan

Abstract

This study aims to examine the effect of capital structure, liquidity, and sales growth on profitability, with firm size as a moderating variable in technology sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. The data used are quantitative, sourced from secondary financial reports. The sample was selected using the purposive sampling method. Data analysis in this study applies panel data regression analysis using STATA 17 software. The results show that sales growth has no direct effect on profitability, and firm size is proven unable to moderate the effect of liquidity on profitability. These findings indicate that a large asset scale or aggressive turnover growth does not guarantee optimal net profit generation. In the dynamic technology industry, the ability to generate profits from liquid assets is driven more by the speed of digital innovation execution and operational efficiency. Therefore, technology company management is advised to shift strategies from merely pursuing pseudo-revenue growth toward strict operational expense management and avoiding inefficient user acquisition costs (burn money) for long-term financial performance sustainability.