Pengaruh Leverage Terhadap Profitabilitas Pada PT.Pabrik Kertas Tjiwi Kimia Tbk
DOI:
https://doi.org/10.58192/ebismen.v3i4.2738Keywords:
Leverage, Profitability, Debt to Equity Ratio, Return on Assets, Financial RiskAbstract
This study examines the effect of leverage on the profitability of PT Pabrik Kertas Tjiwi Kimia Tbk during the 2020–2024 period. Using a causal research method with secondary data obtained from financial reports published on the Indonesia Stock Exchange (IDX), the study analyzes the relationship between Debt to Equity Ratio (DER) as the leverage indicator and Return on Assets (ROA) as the profitability indicator. The results indicate a significant negative relationship between leverage and profitability. Increased DER is associated with a decrease in ROA, suggesting that excessive debt reduces financial performance due to higher interest costs and financial risks. This study contributes to the understanding of leverage's impact on profitability in the manufacturing sector, offering valuable insights for corporate management, investors, and academics. Recommendations include enhancing operational efficiency and optimizing debt management strategies to improve long-term profitability
References
Brigham, E. F., & Houston, J. F. (2021). Fundamentals of Financial Management (16th ed.). Cengage Learning.
Kasmir. (2018). Analisis Laporan Keuangan. Jakarta: Rajawali Pers.
Kasmir. (2019). Pengantar Manajemen Keuangan. Jakarta: Prenada Media.
Munawir, S. (2014). Analisis Laporan Keuangan. Yogyakarta: Liberty.
Riyanto, B. (2015). Dasar-dasar Pembelanjaan Perusahaan (Edisi Revisi). Yogyakarta: BPFE.
Sartono, A. (2016). Manajemen Keuangan: Teori dan Aplikasi (Edisi 4). Yogyakarta: BPFE.
Sudana, M. (2015). Manajemen Keuangan Perusahaan (Edisi 2). Jakarta: Erlangga.
Horne, J. C. V., & Wachowicz, J. M. (2014). Fundamentals of Financial Management (14th ed.). Pearson Education.
Supriati, R. (2018). Analisis Pengaruh Leverage terhadap Kinerja Keuangan Perusahaan. Jurnal Manajemen dan Keuangan, 6(1), 45–52.
Susilawati, E., & Purnomo, A. K. (2023). Pengaruh Leverage terhadap Profitabilitas pada Perusahaan Manufaktur. Jurnal Ekonomi dan Bisnis Indonesia, 18(3), 102–115.
Febriani, D. (2020). Rasio Keuangan sebagai Indikator Keberhasilan Perusahaan. Jakarta: Media Pustaka.
Pradana, D. A., & Aksari, K. (2022). Hubungan Leverage dan Profitabilitas di Perusahaan Manufaktur. Jurnal Akuntansi Indonesia, 10(2), 56–68.
Amelia, R., & Anhar, A. (2019). Analisis Profitabilitas dalam Industri Manufaktur. Jurnal Akuntansi dan Keuangan, 14(2), 67–78.
Brahmana, L. (2018). Pengaruh Leverage dan Aktivitas terhadap Profitabilitas pada Perusahaan Sub Sektor Tekstil dan Garmen. Jurnal Manajemen Bisnis, 9(3), 45–60.
Sari, D. P. (2021). Analisis Pengaruh Leverage terhadap Profitabilitas pada PT Gudang Garam Tbk. Jurnal Ekonomi dan Manajemen, 8(1), 89–102.
Afrianti, D., & Purwaningsih, E. (2022). Pengaruh Leverage, Likuiditas, dan Pertumbuhan Aset terhadap Profitabilitas. Jurnal Keuangan dan Perbankan, 19(4), 103–118.
Zulkarnaen, W., et al. (2020). Metode Kuantitatif dalam Penelitian Manajemen Keuangan. Jurnal Riset Keuangan dan Akuntansi, 12(1), 23–35.
Manalu, N. S., & Ardiyanto, M. D. (2019). Pengaruh Financial dan Operating Leverage terhadap Profitabilitas. Jurnal Ekonomi dan Keuangan Indonesia, 16(2), 78–90.
Bursa Efek Indonesia (BEI). (2024). Laporan Keuangan PT Pabrik Kertas Tjiwi Kimia Tbk. Diakses dari: www.idx.co.id.
Oktafian, D. N., & Muchtar, S. (2024). Pengaruh Leverage terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu Ekonomi dan Keuangan, 10(1), 123–136.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Jurnal Ekonomi, Bisnis dan Manajemen
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
