Liquidity, Operating Expense Ratio, and Asset Turnover on Corporate Risk: Moderating Role of Governance in Indonesian Food and Beverage Companies
DOI:
https://doi.org/10.24905/icobis.v2i1.89Keywords:
Liquidity, Operating Expense Ratio, Asset Turnover, Corporate Risk, Good Corporate GovernanceAbstract
Post-pandemic, food and beverage companies face financial risk pressures stemming from cash flow shocks, rising production costs, and global economic uncertainty. This study analyzes the effects of the current ratio (CR), operating expense ratio (OER), and asset turnover (TATO) on corporate risk, and examines the moderating role of good corporate governance (GCG). A quantitative associative-causal approach was applied using secondary data from 31 food and beverage companies listed on the Indonesia Stock Exchange during 2021–2025, selected through purposive sampling from a population of 83 companies. The data were analyzed using multiple linear regression and moderated regression analysis (MRA) in SPSS 25. The results show that CR and OER have a significant negative effect on corporate risk, while TATO has no significant effect. GCG significantly moderates all three relationships by weakening the effect of each variable on corporate risk, and the model explains 66.4% of the variance in corporate risk. These findings underscore the importance of strong corporate governance in controlling the impact of liquidity and operational efficiency policies on corporate financial risk.
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