Profitability, Leverage, and Liquidity on Foreign Ownership in Non-Financial Sector Companies

This study aims to analyze the effect of profitability, leverage, and liquidity on foreign ownership in non-financial companies in Indonesia. The research sample consists of 30 companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. This study uses secondary data from company financial reports and official IDX information, and applies panel data regression with a fixed effect model to analyze the effect of independent variables on foreign ownership. The results show that profitability has a positive and significant effect, while leverage and liquidity do not have a significant effect on foreign ownership. These findings indicate that foreign investors prioritize a company's profit performance as the basis for their investment decisions. This study has implications for company management to focus on improving profitability, as well as for regulators to encourage transparency and good governance. The limitations of this study include the limited sample coverage in the non-financial sector and other variables that have not been analyzed, so further research is recommended to expand the variables and sectors to obtain a more comprehensive picture.