PENGARUH EFISIENSI OPERASIONAL DAN INTENSITAS MODAL TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN MANUFAKTUR SUBSEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

This study aims to analyze the effect of operational efficiency and capital intensity on the financial performance of food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The research employed a quantitative approach using secondary data obtained from annual financial reports. The sample consisted of 15 companies with 75 observations selected through purposive sampling. Data analysis was conducted using panel data regression. The results indicate that, simultaneously, operational efficiency and capital intensity have a significant effect on financial performance. Partially, operational efficiency has a negative and significant effect on financial performance, while capital intensity has a positive but insignificant effect. These findings suggest that controlling operational costs is an important factor in improving a company’s financial performance.

Keywords: Operational Efficiency, Capital Intensity, Financial Performance.