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Research Article Open access CC BY 4.0

Analysis of Profit Growth with Firm Size as a Moderating Variable in Transportation and Logistics Companies on the Indonesian Stock Exchange from 2021 to 2024

Farchan Candra Utama, Yuniningsih Yuniningsih

Asian Journal of Economics, Business and Accounting · pp. 253–262 · Published 2 Dec 2025

10.9734/ajeba/2025/v25i122089

Abstract

This study aims to analyze the effect of liquidity, leverage, and activity on profit growth with firm size as a moderating variable in transportation and logistics companies listed on the Indonesia Stock Exchange for the period 2021-2024. The phenomenon in this study is that the transportation and logistics sector contributed to Indonesia's economic growth in 2022 and 2023, but firm profit growth tended to decline. The dependent variable used is profit growth. The independent variables consist of liquidity, leverage, and activity, as well as firm size as a moderating variable. This study uses a quantitative method with purposive sampling and 28 companies as the research population, with a final sample that meets the criteria. Data analysis was performed using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS software. The results show that liquidity and activity have a significant positive effect on profit growth, while leverage has a negative effect on profit growth. In addition, firm size is able to moderate the relationship between liquidity, leverage, and activity on profit growth. Based on these findings, companies are recommended to maintain adequate liquidity, optimize asset utilization, control debt levels, and leverage firm size strategically

Liquidity leverage activity profit growth

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