Peran Cost of Goods Sold dalam Memediasi Pengaruh Nilai Tukar Rupiah terhadap Net Profit Margin Subsektor Tekstil dan Garmen

Abstract

The purpose of this study is to examine how Cost of Goods Sold (COGS) mediates the link between changes in the rupiah exchange rate and “Net Profit Margin in textile and clothing manufacturing businesses that are listed on the Indonesia Stock Exchange between 2020 and 2025. This study used a purposive sampling strategy to choose sample firms using a quantitative approach with a causal associative design. The Indonesia Stock Exchange's yearly financial reports and Bank Indonesia's exchange rate data provided secondary data. Panel data regression using the Common Effect Model (CEM) and the Sobel Test for mediation analysis were used to analyze the data. The findings indicated that COGS had no significant impact on Net Profit Margin (p-value 0.2116) or the rupiah exchange rate (p-value 0.3662). COGS was unable to mediate the impact of the rupiah exchange rate on Net Profit Margin, according to the mediation test (p-value 0.4605). The 2.51% coefficient of determination shows that other elements such as operational effectiveness, sales volume, capital structure, and macroeconomic conditions have a significant impact on the profitability of textile and apparel businesses. This result implies that businesses have enough flexibility to mitigate exchange rate risk by diversifying their sources of raw materials and implementing cost-cutting measures.” By offering empirical evidence of the slight direct influence of exchange rate variations on production costs and profitability in the Indonesian textile and apparel industry during the post-pandemic recovery phase, this study adds to the body of knowledge.