Leverage, intellectual capital, and corporate governance on financial performance: The moderating role of firm size

Sa'adah, Alya Monika and Rochayatun, Sulis ORCID: https://orcid.org/0000-0001-5798-7502 (2026) Leverage, intellectual capital, and corporate governance on financial performance: The moderating role of firm size. Account: Jurnal Akuntasi, Keuangan dan Perbankan, 13 (1). pp. 2838-2855. ISSN 2549-0575

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Abstract

Companies operating in the basic materials sector and listed on the Indonesia Stock Exchange encounter various challenges resulting from fluctuations in global commodity prices and increasing energy costs, both of which may influence the level of corporate financial performance. This study aims to examine the effect of leverage, intellectual capital, the board of directors, and the audit committee on financial performance by incorporating firm size as a moderating variable. A quantitative research approach was applied through panel data regression analysis using 164 observations collected from 41 companies in the basic materials sector over the 2021–2024 period. The empirical results demonstrate that intellectual capital and the board of directors significantly influence financial performance, whereas leverage and the audit committee do not exhibit a significant effect. Furthermore, firm size is capable of strengthening the relationship between intellectual capital and the audit committee with financial performance, but it is unable to moderate the relationship between leverage and the board of directors with financial performance. The novelty of this study lies in the integrated examination of leverage, intellectual capital, and Good Corporate Governance mechanisms within a single empirical framework by positioning firm size as a moderating variable. The findings are expected to contribute to the development of accounting and finance literature, particularly regarding determinants that influence corporate financial performance.

Item Type:	Journal Article
Keywords:	financial performance; firm size; corporate governance; intellectual capital; leverage
Subjects:	14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics
Divisions:	Faculty of Economics > Department of Accounting
Depositing User:	Sulis Rochayatun
Date Deposited:	22 Jun 2026 13:22

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