FAKTOR YANG MEMPENGARUHI PROFITABILITAS PADA SEKTOR INDUSTRI HEALTHCARE DI INDONESIA
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Devi Ramadhaningsih(1*)
Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Esa Unggul
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Menik Indrati(2)
Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Esa Unggul
(*) Corresponding Author
Keywords:
Capital Structure, Company Size, Sales Growth, Managerial Ownership, Profitability
Abstract
This study aims to investigate the impact of capital structure, company size, sales growth, and managerial ownership on profitability. In this study, the capital structure variable is measured by Debt to Equity Ratio (DER), company size is measured by the natural logarithm (Ln) of Total Assets, and sales growth is measured by the difference in the level of sales obtained this year minus the level of sales obtained last year divided by the level of sales last year, and managerial ownership is measured by the number of shares owned by management divided by the number of shares outstanding. This study uses the purposive sampling technique with the multiple linear regression analysis method using the Statistical Program for Social Science 25 (SPSS) application. The research population includes healthcare sector companies listed on the Indonesia Stock Exchange during the 2021–2023 period, with 33 companies. The results of this study indicate that capital structure has a negative effect on profitability, company size has a negative effect on profitability, sales growth has a positive effect on profitability, managerial ownership has a positive effect on profitability, and profitability is measured by Return on Assets (ROA).
Keywords: Capital Structure; Company Size; Sales Growth; Managerial Ownership; Profitability
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References
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Irawan, D. C., Pulungan, N. A., Subiyanto, B., & Awaludin, D. T. (2022). The Effect Of Capital Structure, Firm Size, And Firm Growth On Profitability And Firm Value. Quality - Access to Success, 23(187), 52–57. https://doi.org/10.47750/QAS/23.187.06
Isnaeni, D., & Mas’amah, M. (2023). Effect of Capital Structure on Profitability at PT. Indofood CBP Sukses Makmur Tbk on Indonesia Stock Exchange. Journal of Economics, Finance and Management Studies, 06(04), 1503–1510. https://doi.org/10.47191/jefms/v6-i4-12
Jolly Cyril, E., & Singla, H. K. (2020). Comparative analysis of profitability of real estate, industrial construction and infrastructure firms: evidence from India. Journal of Financial Management of Property and Construction, 25(2). https://doi.org/10.1108/JFMPC-08-2019-0069
Karismawati, N. P. A., & Suarjaya, A. A. G. (2020). The Effect Of Dividend Policy, Sales Growth, And Liquidity Of The Company’s Capital Structure. American Journal Of Humanities And Social Sciences Research, Xx(Xx).
Kasmir, S.E., M. . (2019). Analisis Laporan Keuangan. In Analisis Laporan Keuangan.
Khajar, I., Hersugondo, H., & Udin, U. (2020). Working Capital Management, Firm Size and Firm Profitability. International Journal of Economics and Management Systems, 5.
Liana, A. M. H. Y. N. (2024). The effect of capital structure, profitability, and asset structure on cash flow shock. Jurnal of Economy, Business and Accounting, 7, 5167–5178.
Mardiyanti, M., & Indrati, M. (2024). Pengaruh Ukuran Perusahaan, Profitabilitas, Likuiditas, Dan Solvabilitas Terhadap Kebijakan Deviden. Jurnal Ilmiah Wahana Pendidikan, 10(5), 555–576.
Mayasari, S., & Safina, wan dian. (2021). Pengaruh Kualitas Produk dan Pelayanan Terhadap Kepuasan Konsumen Pada Restoran Ayam Goreng Kalasan Cabang Iskandar Muda Medan. Jurnal Bisnis Mahasiswa, 215–224.
file:///Users/ajc/Downloads/319-File Utama Naskah-423-1-10-20210810.pdf
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53(3). https://doi.org/10.2307/1809167
Munandar, A., Dewi, S., K., & Putri ,W. S. (2023). Analisis Pengaruh Rasio Solvabilitas, Struktur Modal, Dan Tanggung Jawab Sosial Terhadap Kinerja Keuangan. Journal of Creative Student Research (JCSR), 1(1), 196–212.
Nathalia, J., & Saputra, W. A. (2023). Faktor-Faktor Yang Mempengaruhi Profitabilitas Perusahaan Farmasi Di Amerika Serikat Selama Pandemi. JAME : Jurnal Akuntansi Dan Manajemen Esa Unggul, Vol 11, No, 89–104.
Prasetyo, M. P., & Suhendah, R. (2023). The Effect of Profitability, Leverage, and Managerial Ownership on Earnings Management. International Journal of Application on Economics and Business, 1(1). https://doi.org/10.24912/v1i1.98-105
Priatna, H. (2016). Pengukuran Kinerja Perusahaan Dengan Rasio Profitabilitas. Jurnal Ilmiah Akuntansi, 7, 1–10. https://ejournal.unibba.ac.id/index.php/AKURAT
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Putri, I. G. A. P. T. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences. https://doi.org/10.21744/irjmis.v7n1.833
Samo, A. H., & Murad, H. (2019). Impact of liquidity and financial leverage on firm’s profitability – an empirical analysis of the textile industry of Pakistan. Research Journal of Textile and Apparel, 23(4). https://doi.org/10.1108/RJTA-09-2018-0055
Singh, N. P., & Bagga, M. (2019). The Effect of Capital Structure on Profitability: An Empirical Panel Data Study. Jindal Journal of Business Research, 8(1). https://doi.org/10.1177/2278682118823312
Soda, M. Z., Hassan, M. M., Oroud, Y., & Al Omari, R. (2022). Is firms’ profitability affected by working capital management? A novel market-based evidence in Jordan. Cogent Business and Management, 9(1).
https://doi.org/10.1080/23311975.2022.2049671
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https://doi.org/10.13106/jafeb.2020.vol7.no11.769
Susilawati, E., & Novalia, N. (2023). Pengaruh Ukuran Perusahaan, Struktur Modal Dan Pertumbuhan Aset Terhadap Profitabilitas. Manners (Management And Entrepreneurship Journal), 6(1).
Https://Doi.Org/10.56244/Manners.V6i1.662
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Wahyudi, I., & Unggul, U. E. (2023). Pengaruh Pertumbuhan Perusahaan , Struktur Modal Dan Ukuran. 1(August 2022), 1–13.
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas , Ukuran Perusahaan , Struktur Makanan Dan Minuman. E-Jurnal Manajemen, 8(4), 2297–2324.
Zega, E. H., & Wahyudi, I. (2023). Pengungkapan Corporate Social Responsibility, Struktur Modal, Likuiditas terhadap Profitabilitas. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 6(11), 9160–9166. https://doi.org/10.54371/jiip.v6i11.2936
Akhmadi. (2023). Relationship of Corporate Growth, Capital Structure, and Company Value: Test of The Significance of Profitability as a Mediation Factor. Quality - Access to Success, 24(193). https://doi.org/10.47750/QAS/24.193.32
Almomani, T. M., Obeidat, M. I. S., Almomani, M. A., & Darkal, N. M. A. M. Y. (2022). Capital Structure and Firm Value Relationship: The Moderating Role of Profitability and Firm Size Evidence from Amman Stock Exchange. WSEAS Transactions on Environment and Development, 18.
https://doi.org/10.37394/232015.2022.18.102
Anggraini, R., & Yan Nyale, M. H. (2022). Pengaruh Profitabilitas, Solvabilitas Dan Investment Opportunity Set Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi. Ekonomi, Keuangan, Investasi Dan Syariah (Ekuitas), 4(1). Https://Doi.Org/10.47065/Ekuitas.V4i1.2051
Buana M. B. L. B., & Moin, A. (2021). Ownership Structure, Debt Policy, And Financial Constraints. Sriwijaya International Journal Of Dynamic Economics And Business. Https://Doi.Org/10.29259/Sijdeb.V1i1.63-90
Clara, F. Y. & Ickhsanto, W. (2023). Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Makanan dan Minuman Yang terdaftar di Bursa Efek Indonesia Tahun 2018-2021. Jurnal Publikasi Ekonomi Dan Akuntansi, 3(1).
https://doi.org/10.51903/jupea.v3i1.580
Elisabeth, C. (2024). The Influence of Dividend Policy, Liquidity, Company Size, and Company Growth on Debt Policy in Manufacturing Companies Listed on the Indonesian Stock Exchange (BEI). Atestasi : Jurnal Ilmiah Akuntansi, 7(1), 174–186. https://doi.org/10.57178/atestasi.v7i1.760
Endang, M. W., Suhadak, S., Saifi, M., & Firdausi, N. (2020). The Effect of Ownership Structure and Leverage Towards Dividend Policy and Corporate Values. Journal of Public Administration Studies, 005(01).
https://doi.org/10.21776/ub.jpas.2020.005.01.1
Erlina, E., & Purwaningsih, E. (2023). Pengaruh Modal Kerja Bersih, Pertumbuhan Penjualan Dan Tingkat Utang Terhadap Profitabilitas. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(3), 16–36.
https://doi.org/10.31955/mea.v7i3.3300
Farida, A., & Saputra, W. A. (2020). Pengaruh Stuktur Modal, Likuiditas Dan Ukuran Perusahaan Terhadap Profitabilitas Perusahaan. Civitas Akademika Esa Unggul.
Ginting, M. C., & Silitonga, I. M. (2019). Pengaruh Pendanaan Dari Luar Perusahaan Dan Modal Sendiri Terhadap Tingkat Profitabilitas pada Perusahaan Property And Real Estate Yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen, 5(2), 195–204.
Hertina, D., Fauka Pranata, A., & Aulia, R. E. (2021). The Influence of Current Ratio, Debt to Equity Ratio and Company Size on Return On Assets. In Turkish Journal of Computer and Mathematics Education (Vol. 12, Issue 8).
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1). https://doi.org/10.35808/ijeba/204
Indrati et al. (2021). Corporate governance mechanisms and possible financial statements containing fraud. Budapest International Research and Critics Institute Journal, 4(4).
Indrati, M., & Artikasari, L. A. (2023). Effect of Leverage, Company Size and Working Capital Turnover on Firm Value with Profitability as Mediation Variable. Jurnal Ekonomi, 12(02), 2023.
Indrati, M., & Aulia, S. O. (2022). The Effect of Firm Size, Profitability, Leverage, and Financial Distress on Voluntary Disclosure in Annual Report. International Journal of Science and Society, 4(3), 326–340. https://doi.org/10.54783/ijsoc.v4i3.524
Indy, L. A., Uzliawati, L., & Yulianto, A. S. (2023). Managerial ownership profitability and firm value agency theory perspective. Enrichment : Journal of Management, 13(1). https://doi.org/10.35335/enrichment.v13i1.1224
Irawan, D. C., Pulungan, N. A., Subiyanto, B., & Awaludin, D. T. (2022). The Effect Of Capital Structure, Firm Size, And Firm Growth On Profitability And Firm Value. Quality - Access to Success, 23(187), 52–57. https://doi.org/10.47750/QAS/23.187.06
Isnaeni, D., & Mas’amah, M. (2023). Effect of Capital Structure on Profitability at PT. Indofood CBP Sukses Makmur Tbk on Indonesia Stock Exchange. Journal of Economics, Finance and Management Studies, 06(04), 1503–1510. https://doi.org/10.47191/jefms/v6-i4-12
Jolly Cyril, E., & Singla, H. K. (2020). Comparative analysis of profitability of real estate, industrial construction and infrastructure firms: evidence from India. Journal of Financial Management of Property and Construction, 25(2). https://doi.org/10.1108/JFMPC-08-2019-0069
Karismawati, N. P. A., & Suarjaya, A. A. G. (2020). The Effect Of Dividend Policy, Sales Growth, And Liquidity Of The Company’s Capital Structure. American Journal Of Humanities And Social Sciences Research, Xx(Xx).
Kasmir, S.E., M. . (2019). Analisis Laporan Keuangan. In Analisis Laporan Keuangan.
Khajar, I., Hersugondo, H., & Udin, U. (2020). Working Capital Management, Firm Size and Firm Profitability. International Journal of Economics and Management Systems, 5.
Liana, A. M. H. Y. N. (2024). The effect of capital structure, profitability, and asset structure on cash flow shock. Jurnal of Economy, Business and Accounting, 7, 5167–5178.
Mardiyanti, M., & Indrati, M. (2024). Pengaruh Ukuran Perusahaan, Profitabilitas, Likuiditas, Dan Solvabilitas Terhadap Kebijakan Deviden. Jurnal Ilmiah Wahana Pendidikan, 10(5), 555–576.
Mayasari, S., & Safina, wan dian. (2021). Pengaruh Kualitas Produk dan Pelayanan Terhadap Kepuasan Konsumen Pada Restoran Ayam Goreng Kalasan Cabang Iskandar Muda Medan. Jurnal Bisnis Mahasiswa, 215–224.
file:///Users/ajc/Downloads/319-File Utama Naskah-423-1-10-20210810.pdf
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53(3). https://doi.org/10.2307/1809167
Munandar, A., Dewi, S., K., & Putri ,W. S. (2023). Analisis Pengaruh Rasio Solvabilitas, Struktur Modal, Dan Tanggung Jawab Sosial Terhadap Kinerja Keuangan. Journal of Creative Student Research (JCSR), 1(1), 196–212.
Nathalia, J., & Saputra, W. A. (2023). Faktor-Faktor Yang Mempengaruhi Profitabilitas Perusahaan Farmasi Di Amerika Serikat Selama Pandemi. JAME : Jurnal Akuntansi Dan Manajemen Esa Unggul, Vol 11, No, 89–104.
Prasetyo, M. P., & Suhendah, R. (2023). The Effect of Profitability, Leverage, and Managerial Ownership on Earnings Management. International Journal of Application on Economics and Business, 1(1). https://doi.org/10.24912/v1i1.98-105
Priatna, H. (2016). Pengukuran Kinerja Perusahaan Dengan Rasio Profitabilitas. Jurnal Ilmiah Akuntansi, 7, 1–10. https://ejournal.unibba.ac.id/index.php/AKURAT
Purwaningsih, E. (2019). Struktur Kepemilikan Memoderasi Pengaruh Profitabilitas Terhadap Kebijakan Dividen. Jurnal of Economic, 10(2).
Purwaningsih, E., & Gulo, Z. G. (2021). Pengaruh Struktur Kepemilikan, Struktur Aset dan Profitabilitas Terhadap Kebijakan Hutang. JAZ:Jurnal Akuntansi Unihaz, 4(2), 157. https://doi.org/10.32663/jaz.v4i2.2439
Purwaningsih, E., & Kurniawati, E. (2022). Pengaruh Modal Intelektual, Struktur Modal dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan. Tirtayasa Ekonomika, 17(1), 15. https://doi.org/10.35448/jte.v17i1.12291
Putri, I. G. A. P. T. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences. https://doi.org/10.21744/irjmis.v7n1.833
Samo, A. H., & Murad, H. (2019). Impact of liquidity and financial leverage on firm’s profitability – an empirical analysis of the textile industry of Pakistan. Research Journal of Textile and Apparel, 23(4). https://doi.org/10.1108/RJTA-09-2018-0055
Singh, N. P., & Bagga, M. (2019). The Effect of Capital Structure on Profitability: An Empirical Panel Data Study. Jindal Journal of Business Research, 8(1). https://doi.org/10.1177/2278682118823312
Soda, M. Z., Hassan, M. M., Oroud, Y., & Al Omari, R. (2022). Is firms’ profitability affected by working capital management? A novel market-based evidence in Jordan. Cogent Business and Management, 9(1).
https://doi.org/10.1080/23311975.2022.2049671
Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants of Firm Value and Profitability: Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 7(11).
https://doi.org/10.13106/jafeb.2020.vol7.no11.769
Susilawati, E., & Novalia, N. (2023). Pengaruh Ukuran Perusahaan, Struktur Modal Dan Pertumbuhan Aset Terhadap Profitabilitas. Manners (Management And Entrepreneurship Journal), 6(1).
Https://Doi.Org/10.56244/Manners.V6i1.662
Undang-Undang Republik Indonesia Nomor 20 Tahun. (2008). Undang-Undang Republik Indonesia Nomor 20 Tahun 2008. 1.
Wahyudi, I., & Unggul, U. E. (2023). Pengaruh Pertumbuhan Perusahaan , Struktur Modal Dan Ukuran. 1(August 2022), 1–13.
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas , Ukuran Perusahaan , Struktur Makanan Dan Minuman. E-Jurnal Manajemen, 8(4), 2297–2324.
Zega, E. H., & Wahyudi, I. (2023). Pengungkapan Corporate Social Responsibility, Struktur Modal, Likuiditas terhadap Profitabilitas. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 6(11), 9160–9166. https://doi.org/10.54371/jiip.v6i11.2936
Published
2024-07-18
How to Cite
Ramadhaningsih, D., & Indrati, M. (2024). FAKTOR YANG MEMPENGARUHI PROFITABILITAS PADA SEKTOR INDUSTRI HEALTHCARE DI INDONESIA. Journal of Management : Small and Medium Enterprises (SMEs), 17(2), 719-735. https://doi.org/10.35508/jom.v17i2.17437
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Articles
