This study aims to examine whether growth variables (i.e., sustainable growth rate (SGR), actual growth rate (AGR), and leverage ratio) and firm’s characteristics (i.e. company size, ownership, age listing, and business sector grouping) are the determinants of the company’s financial performance (ROI). This study used the LQ45’s listed companies in the 2006-2012 period and applied analysis of variance, multiple regression analysis, and panel data analysis. The study showed SGR, AGR, and DER had the same average between the observed years and company cross-listed in LQ 45 Indonesia Stock Exchange. Also, it showed that SGR, AGR, and DER are the better explanatory variables of a firm’s financial performance, compared to the firm’s characteristics.?