THE ROLE OF R&D INVESTMENT IN MODERATING THE EFFECT OF ROA, DER, CR ON FINANCIAL SUSTAINABILITY IN FOOD AND BEVERAGE MANUFACTURING COMPANIES

Abstract

This study aims to analyze the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and Current Ratio (CR) on Financial Sustainability, as well as to examine the role of Research and Development (R&D) Investment as a moderating variable in food and beverage manufacturing companies listed on the Indonesia Stock Exchange. The research method used is a quantitative approach with secondary data obtained from the company's financial statements. Data analysis techniques use multiple linear regression and Moderated Regression Analysis (MRA) to test the direct effect and interaction between variables. The results of the study indicate that ROA and DER do not have a positive and significant effect on Financial Sustainability, while CR has a positive and significant effect. In addition, the results of the moderation test indicate that R&D Investment is able to significantly moderate the effect of ROA, DER, and CR on Financial Sustainability. These findings indicate that investment in research and development plays an important role in strengthening the relationship between financial performance and financial sustainability, so that companies that are active in R&D activities tend to have better capabilities in maintaining long-term financial growth and stability.