Pengaruh Capital Expenditure, Leverage, dan Firm Size Terhadap Kinerja Keuangan Evidence from Energy Sector in China Period 2021-2023

Abstract

Penelitian ini dilakukan untuk enguji pengaruh capital expenditure, leverage dan firm size terhadap kinerja keuangan. Jenis data yang digunakan pada penelitian adalah data kuantitatif yang bersumber dari data sekunder. Sampel penelitian ini terdiri dari 93 perusahaan yang terdaftar pada website Osiris pada sektor energi di China selama periode 2021-2023. Teknik pengambilan sampel pada penelitian menggunakan purposive sampling. Tekniknalisis data yaitu menggunakan analisis regresi data panel  dengan menggunakan STATA 17. Hasil yang diperoleh mengatakan pengaruh variabel capital expenditure berpengaruh negatif terhadap kinerja keuangan perusahaan sektor energi di China periode 2021-2023. Variabel leverage dan firm size tidak berpengaruh terhadap kinerja keuangan perusahaan sektor energi di China periode 2021-2023.This study aims to examine the effect of capital expenditure, leverage, and firm size on corporate financial performance. A quantitative approach was used with secondary data sourced from companies in the energy sector in China listed on the Osiris website during the period 2021–2023. The sample consisted of 78 companies selected through purposive sampling. Data analysis was conducted using panel data regression with STATA version 17. The findings indicate that capital expenditure has a negative effect on financial performance. Leverage does not have an effect on financial performance. Firm size also does not have a significant effect on financial performance. Based on these results, companies are advised to manage and allocate capital expenditure and leverage carefully. Management's primary focus should not only be on growth in size but also on optimizing cost structure, leveraging technology, and fostering innovation that can enhance overall efficiency and profitability of the company.