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Financial performance serves as a benchmark to assess the success of a company’s business operations, including non-cyclical consumer sector companies in Indonesia. This study analyses the impact of sustainable growth, good corporate governance, employee productivity, executive incentives, and business growth on the financial performance of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Sustainable growth and business growth are growth strategies. Financial performance is proxied with Return on Capital Employed (ROCE) through a panel data regression analysis approach. Research data from 59 companies and 236 observation data were obtained by purposive sampling. The results indicate that sustainable growth, executive incentives, and business growth positively impact financial performance. These findings signal to investors that business strategies and employee incentives determine whether a company performs well. The recommendation for the next researcher is to re-examine the factors that determine financial performance, as the results of this study by considering information technology as a moderating factor.

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Growth Strategies and Executive Incentives as Determinants of Financial Performance: Evidence from Indonesia’s Consumer Non-cyclicals Sector

  • 章节

  • 发表日期：

    2026年

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  • Angelina Limbong,
  • Majidah Majidah

摘要

Financial performance serves as a benchmark to assess the success of a company’s business operations, including non-cyclical consumer sector companies in Indonesia. This study analyses the impact of sustainable growth, good corporate governance, employee productivity, executive incentives, and business growth on the financial performance of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Sustainable growth and business growth are growth strategies. Financial performance is proxied with Return on Capital Employed (ROCE) through a panel data regression analysis approach. Research data from 59 companies and 236 observation data were obtained by purposive sampling. The results indicate that sustainable growth, executive incentives, and business growth positively impact financial performance. These findings signal to investors that business strategies and employee incentives determine whether a company performs well. The recommendation for the next researcher is to re-examine the factors that determine financial performance, as the results of this study by considering information technology as a moderating factor.