INTELLECTUAL CAPITAL MODERATES FINANCIAL EFFICIENCY AND DIGITAL TRANSFORMATION WITH SUSTAINABLE GROWTH RATE

This study aimed to examine the effect of financial efficiency and digital transformation on the sustainable growth rate, with intellectual capital as a moderating variable, in non-cyclical consumer companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The study employed a quantitative approach with a causal-associative design. The population consisted of 131 non-cyclical consumer companies, and a sample of 50 companies was selected through purposive sampling, resulting in 200 firm-year observations over four years. Secondary data were collected from annual reports published on the Indonesia Stock Exchange website. The data were analyzed using panel data regression and Moderated Regression Analysis with the assistance of EViews 13. The results showed that financial efficiency had no significant effect on the sustainable growth rate, with a regression coefficient of −0.358 and a significance value of 0.379. Digital transformation had a significant positive effect on the sustainable growth rate, with a regression coefficient of 0.022 and a significance value of 0.040. Intellectual capital did not moderate the relationship between financial efficiency and the sustainable growth rate, with a significance value of 0.486, nor the relationship between digital transformation and the sustainable growth rate, with a significance value of 0.190. The F-test confirmed that financial efficiency and digital transformation simultaneously affected the sustainable growth rate with a significance value of 0.048. These findings implied that digital transformation served as a key driver of sustainable growth, while financial efficiency and intellectual capital did not strengthen the sustainable growth rate in the non-cyclical consumer sector during the study period.