Sustainable Growth Rate and Sustainable Development Goals (SDGs): Likuidity, Leverage and Profitability, Financial Performance as an Intervening Variable

Objective: This research examines the impact of liquidity, leverage, and profitability on financial performance, with financial performance acting as an intervening variable in the sustainable growth rate (SGR) of companies listed on the Indonesia Stock Exchange from 2019-2023. Sustainable Growth Rate (SGR) and Sustainable Development Goals (SDGs) have a close relationship, because both focus on sustainable development that maintains a balance between economic, social and environmental aspects. Theoretical Framework: This research uses stakeholder theory, which explains the company's relationship with various parties who have an interest in its activities and success. Method: The study employs a quantitative approach using data from 470 companies across various sectors in Indonesia, selected through purposive sampling. Data analysis was conducted using empirical testing to assess the relationships between liquidity, leverage, profitability, financial performance, and sustainable growth. Results and Discussion: The results revealed that liquidity and profitability have a positive influence on financial performance, while leverage does not significantly affect financial performance. Financial performance, in turn, has a direct and significant effect on the sustainable growth rate. Research Implications: The findings provide practical implications for corporate management, highlighting the importance of optimizing liquidity and profitability to enhance financial performance and achieve sustainable growth. Theoretical contributions include insights into the interconnected roles of financial factors in supporting long-term growth without excessive reliance on external financing or increased leverage. Originality/Value: This study contributes to the literature by offering empirical evidence from the Indonesian context, emphasizing sustainable growth within a dynamic and competitive environment. Its originality lies in the integration of liquidity, leverage, profitability, and financial performance as key determinants of SGR, providing valuable insights for both academic and corporate stakeholders.