PENGARUH STRUKTUR MODAL, LIKUIDITAS, DAN PERTUMBUHAN PENJUALAN TERHADAP PROFITABILITAS PADA PERUSAHAAN INVESTASI DAN HOLDING YANG TERCATAT DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.54964/manajemenusni.v12i1.779Keywords:
Capital Structure, Liquidity, Sales Growth, Profitability, Return on AssetsAbstract
This study aims to examine the effects of capital structure, liquidity, and sales growth on the profitability of investment and holding companies listed on the Indonesia Stock Exchange. Profitability is measured by Return on Assets (ROA), capital structure by the Debt-to-Equity Ratio (DER), liquidity by the Current Ratio (CR), and sales growth by Sales Growth. The study adopts a quantitative approach using secondary data obtained from companies’ financial statements for the 2015–2021 period. The sample was selected using purposive sampling, resulting in eight companies and 43 firm-year observations. The analysis employs panel data regression using the Fixed Effects Model. Given the presence of heteroskedasticity and the limited number of clusters, statistical inference was conducted using cluster-robust standard errors and further assessed through wild cluster bootstrap with Webb weights. The results indicate that DER and CR provide no robust statistical evidence of an effect on ROA. In contrast, Sales Growth has a positive and statistically significant effect on ROA based on the wild cluster bootstrap results. These findings suggest that sales growth is the strongest factor in explaining profitability, particularly when supported by cost efficiency and effective asset management.
References
Ananto, Prabowo. 2025. “Capital Structure Effects: The Role of Sales Growth in Shaping Firm Performance Across Southeast Asia.” Journal of Accounting and Strategic Finance 8(2):344–62. doi: 10.33005/jasf.v8i2.645.
Arwani, Agus, Muhamad Masrur, and Rifqi Muhammad. 2024. “Profit Growth: Redefining Success with an Advanced ROA Model.” Owner 8(4):4507–23. doi: 10.33395/owner.v8i4.2489.
Benny Setiawan, and Thio Lie Sha. 2022. “Pengaruh Cash Turnover, Firm Size, Leverage, Dan Sales Growth Terhadap Profitabilitas.” Jurnal Paradigma Akuntansi 4(3):976–85. doi: 10.24912/jpa.v4i3.19713.
Bressan, Silvia, Margarethe Rammerstorfert, and Karl Weinmayer. 2021. “Internal Capital Markets and Bank Holding Company Efficiency.” Review of Financial Economics 39(2):163–77. doi: 10.1002/rfe.1116.
Diaz, John Francis, and Rudresh Pandey. 2019. “FACTORS AFFECTING RETURN ON ASSETS OF US TECHNOLOGY AND FINANCIAL CORPORATIONS.” Jurnal Manajemen Dan Kewirausahaan 21(2):134–44. doi: 10.9744/jmk.21.2.134-144.
Djaya, Tawi, and Carunia Mulya Firdausy. 2023. “Pengaruh Pertumbuhan Penjualan Terhadap Profitabilitas Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia.” Jurnal Manajemen Bisnis Dan Kewirausahaan 7(4):760–69. doi: 10.24912/jmbk.v7i4.25362.
Frank, Murray Z., and Vidhan K. Goyal. 2009. “Capital Structure Decisions: Which Factors Are Reliably Important?” Financial Management 38(1):1–37. doi: 10.1111/j.1755-053X.2009.01026.x.
Hapsoro, Dody, and Zaki Naufal Falih. 2020. “The Effect of Firm Size, Profitability, and Liquidity on The Firm Value Moderated by Carbon Emission Disclosure.” Journal of Accounting and Investment 21(2). doi: 10.18196/jai.2102147.
Hidayat, Riskin, Adi Wijaya, Sri Hermuningsih, and Saizal Bin Pinjaman. 2025. “Determinants of Funding Sources, Profitability, Size, and Firm Value: Empirical Evidence on Companies in Indonesia.” Journal of Accounting and Investment 26(3):1010–36. doi: 10.18196/jai.v26i3.25681.
De Jong, Abe, Marno Verbeek, and Patrick Verwijmeren. 2010. “The Impact of Financing Surpluses and Large Financing Deficits on Tests of the Pecking Order Theory.” Financial Management 39(2):733–56. doi: 10.1111/j.1755-053X.2010.01090.x.
Karim, Abdul, Endang Tri Widyarti, and Aprih Santoso. 2023. “Effect of Current Ratio, Total Asset Turnover, and Size on Profitability: Evidence from Indonesia Manufacturing Companies.” Diponegoro International Journal of Business 6(1):57–63. doi: 10.14710/dijb.6.1.2023.57-63.
Khanna, Tarun, and Jan W. Rivkin. 2001. “Estimating the Performance Effects of Business Groups in Emerging Markets.” Strategic Management Journal 22(1):45–74. doi: https://doi.org/10.1002/1097-0266(200101)22:1<45::AID-SMJ147>3.0.CO;2-F.
Lin, Chinho, Hoang Cong Nguyen, and Ha Hoang Tran. 2019. “Comparative Review of Business Group Affiliates and Firms’ Performance.” Baltic Journal of Management 14(4):616–40. doi: 10.1108/BJM-03-2018-0105.
Luciano, Elisa, and Clas Wihlborg. 2023. “Why Are BHCs Organized as Parent-Subsidiaries? How Do They Grow in Value?” Journal of Financial Stability 67:101155. doi: 10.1016/j.jfs.2023.101155.
Markman, Gideon D., and William B. Gartner. 2002. “Is Extraordinary Growth Profitable? A Study of Inc. 500 High–Growth Companies.” Entrepreneurship Theory and Practice 27(1):65–75. doi: 10.1111/1540-8520.t01-2-00004.
Munawar, Andri Helmi, Ageng Asmara Sani, Dede Arif Rahmani, Cindera Syaiful, and Mira Rahmawati. 2026. “Operational Efficiency and Financial Structure as Determinants of Return on Assets : Panel ARDL Estimation in the Banking Industry.” Jurnal Manajemen Bisnis 13(1):801–16.
MYERS, STEWART C. 1984. “The Capital Structure Puzzle.” The Journal of Finance 39(3):574–92. doi: 10.1111/j.1540-6261.1984.tb03646.x.
Myers, Stewart C., and Nicholas S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics 13(2):187–221. doi: 10.1016/0304-405X(84)90023-0.
Prasetio, A. E., A. Azizah, U. Salma, and Y. Daulay. 2021. “The Effect of Total Assets Turnover on Profitability.” International Journal of Economics and Business 5(2):100–110.
Ramli, Nur Ainna, Hengky Latan, and Grace T. Solovida. 2019. “Determinants of Capital Structure and Firm Financial Performance—A PLS-SEM Approach: Evidence from Malaysia and Indonesia.” The Quarterly Review of Economics and Finance 71:148–60. doi: 10.1016/j.qref.2018.07.001.
Sany, Sany, and Natanael Yonatan. 2023. “Liquidity and Profitability of Retail Companies: Evidence from Indonesia.” International Journal of Organizational Behavior and Policy 2(2):77–86. doi: 10.9744/ijobp.2.2.77-86.
Sari, Evi Puspita, and Nisfu Fhitri. 2026. “DuPont Decomposition of Return on Assets in Indonesian Retail Firms, 2022–2024.” Priviet Social Sciences Journal 6(5):443–62. doi: 10.55942/pssj.v6i5.1926.
Sari, Putu Ratih Puspita, and Anak Agung Ngurah Bagus Dwirandra. 2019. “Pengaruh Current Ratio Dan Debt To Equity Ratio Terhadap Profitabilitas Dengan Intellectual Capital Sebagai Pemoderasi.” E-Jurnal Akuntansi 851. doi: 10.24843/EJA.2019.v26.i02.p01.
Sari, Ratih Komala, Sunaryo -, and Euis Bandawaty. 2025. “PENGARUH STRUKTUR MODAL, PERTUMBUHAN PENJUALAN DAN LIKUIDITAS TERHADAP PROFITABILITAS.” AKRUAL : Jurnal Akuntansi Dan Keuangan 7(1):182–92. doi: 10.34005/akrual.v7i1.5082.
Sarpong‐Danquah, Beatrice, Michael Adusei, and Joseph Magnus Frimpong. 2023. “The Capital Structure–Firm Performance Nexus: The Role of Judicial Efficiency.” Managerial and Decision Economics 44(3):1585–1600. doi: 10.1002/mde.3768.
Sutari Sri rejeki, Dwi Astutik, Sabtarini Kusumaningsih, Titik Rianawati, and Arini Novandalina. 2026. “Capital Expenditure, Sales Growth, and Corporate Profitability: Panel Data Evidence from Indonesian Manufacturing Companies for the Period 2021–2024.” Jurnal of Management and Social Sciences 4(3):152–62. doi: 10.59031/jmsc.v4i3.880.
Totok Susilo. 2025. “Analysis of the Factors Affecting Profitability in Trade, Service, and Investment Companies Listed on the Indonesia Stock Exchange in 2023–2024.” Journal of Applied Accounting and Taxation Research (JAATR) 1(2):86–100. doi: 10.21831/jaatr.v1i2.2283.
Udayat, U., Martha Ayerza Esra, and B. Brastoro. 2026. “The Effect of Current Ratio on Return on Assets in Consumer Goods Companies Listed on the Indonesia Stock Exchange.” Golden Ratio of Data in Summary 6(1):240–51. doi: 10.52970/grdis.v6i1.1830.
Wianta Efendi, Azzalia Feronicha, and Seto Sulaksono Adi Wibowo. 2017. “PENGARUH DEBT TO EQUITY RATIO (DER) DAN DEBT TO ASSET RATIO (DAR) TERHADAP KINERJA PERUSAHAAN DI SEKTOR KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA.” JOURNAL OF APPLIED MANAGERIAL ACCOUNTING 1(2):157–63. doi: 10.30871/jama.v1i2.503.
Wibowo, Wadudi. 2025. “The Effect Of Working Capital Efficiency And Liquidity On Profitability.” Jurnal Ilmiah Manajemen Kesatuan 13(1):39–56. doi: 10.37641/jimkes.v13i1.2976.
Wijaya, Hanna, and Rita Juliana. 2023. “ANALYZING THE RELATIONSHIP BETWEEN PROFITABILITY AND CAPITAL STRUCTURE OF COMPANIES IN THE INTRODUCTION AND MATURE PHASES.” Klabat Accounting Review 4(2):132. doi: 10.60090/kar.v4i2.1013.132-143.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Netti Natarida Marpaung, Roy Marcelius Perdana Naibaho
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
