Asset Management, Debt Policy, and Capital Structure on Financial Performance in Indonesian Food and Beverage Companies
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The food and beverage subsector has demonstrated resilience in the Indonesian economy, yet company-level profitability continues to fluctuate, while previous studies have reported inconsistent findings regarding the factors associated with financial performance. This study examines the effects of asset management, debt policy, and capital structure on financial performance. An associative quantitative design was employed using panel data regression processed with EViews. The population comprised companies in the consumer non-cyclical sector, food and beverage subsector, listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Using purposive sampling, 19 companies with 95 firm-year observations were selected after the removal of outliers. Asset management, debt policy, and capital structure were measured using Total Asset Turnover (TATO), Debt to Asset Ratio (DAR), and Debt to Equity Ratio (DER), respectively, while financial performance was measured using Return on Assets (ROA). The Fixed Effect Model (FEM) was selected as the appropriate estimator. The results show that the three independent variables simultaneously have a significant effect on financial performance. Partially, TATO has a positive and significant effect, DAR has no significant effect, while DER has a negative and significant effect. The findings indicate that efficient asset utilisation supports profitability, whereas greater reliance on debt relative to equity tends to weaken financial performance. These findings provide practical implications for asset utilisation and financing decisions in the food and beverage industry.
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