The Effect of Liquidity, Capital Structure, and Operational Risk on the Financial Performance of Food and Beverage Companies, 2022–2025

Abstract

Financial performance in food and beverage companies depends partly on how firms manage liquidity, financing structures, and operational activities. However, inconsistent findings concerning these relationships indicate the need for recent sector-specific evidence. This study examines the effects of liquidity, capital structure, and operational risk on the financial performance of food and beverage companies listed on the Indonesia Stock Exchange during 2022–2025. A quantitative causal-comparative design was employed. Fifteen companies were selected through purposive sampling, generating 60 firm-year observations. Secondary data obtained from corporate financial statements were analyzed using multiple linear regression, t-tests, an F-test, and the coefficient of determination. The findings indicate that liquidity has a positive and significant effect on financial performance (p < .001), whereas capital structure has no significant effect (p = .473). Operational risk has a positive and significant effect on financial performance (p = .028). Collectively, the three variables significantly affect financial performance, with an adjusted R² of .420, indicating that the model explains 42.0% of the observed variation. These findings demonstrate that liquidity and operational risk are significant determinants of financial performance within the examined companies, while capital structure does not independently explain performance during the study period. The study contributes recent empirical evidence regarding firm-level financial performance in Indonesia’s food and beverage sector. Practically, managers should balance liquidity management, financing decisions, and operational control when formulating strategies to strengthen financial outcomes.