Pengaruh Capital Expenditure dan Operating Efficiency Terhadap ROA dengan Firm Age Sebagai Variabel Moderasi
DOI:
https://doi.org/10.35870/jemsi.v12i5.7522Keywords:
Capital Expenditure, Operating Efficiency, Firm Age, Return on AssetsAbstract
This study is designed to examine the association between Capital Expenditure and Operating Efficiency on Return on Assets, with Firm Age positioned as a moderating factor among chemical subsector issuers listed on the Indonesia Stock Exchange during 2020–2024. A quantitative approach was applied by utilizing secondary data derived from companies’ annual financial statements. Through purposive sampling, 35 observational data points were obtained from 7 companies. Data processing was carried out using panel data regression and Moderated Regression Analysis (MRA) with EViews 13. The analytical results indicate that Capital Expenditure does not exert a significant effect on Return on Assets, while Operating Efficiency contributes positively and significantly. Firm Age has not demonstrated a strong moderating role in the linkage between Capital Expenditure and Return on Assets; however, it is able to weaken the relationship between Operating Efficiency and Return on Assets. These findings imply that the length of a firm’s establishment may shape the connection between operational efficiency and financial performance outcomes.
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