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All Journal INTERNATIONAL JOURNAL OF SOCIETY REVIEWS (INJOSER)
Muhammad Al Faridho Awwal
DMS, Kazian School of Management, India
Religion Humanities Social Sciences

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THE ROLE OF FINANCIAL LEVERAGE IN PREDICTING EARNINGS PER SHARE: A PANEL DATA APPROACH Muhammad Al Faridho Awwal
INTERNATIONAL JOURNAL OF SOCIETY REVIEWS Vol. 4 No. 1 (2026): INTERNATIONAL JOURNAL OF SOCIETY REVIEWS (INJOSER)
Publisher : Adisam Publisher

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Abstract

This study aims to analyze the role of financial leverage in predicting earnings per share (EPS) using a panel data approach. Leverage is measured using the Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR), while EPS is used as the main indicator of the company's profitability performance. The research sample consists of non-financial sector companies listed on the Indonesia Stock Exchange during the period 2018–2023, selected using purposive sampling technique. The analysis method used is panel data regression with the Fixed Effect Model (FEM) approach, which was chosen based on the results of the Hausman test. The research results indicate that leverage has a negative and significant impact on EPS, which suggests that excessive use of debt can reduce earnings per share due to high interest expenses. These findings have important implications for company management in optimally managing capital structure and for investors in assessing the company's financial risk.
THE INFLUENCE OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY: EVIDENCE FROM THE MANUFACTURING SECTOR Muhammad Al Faridho Awwal
INTERNATIONAL JOURNAL OF SOCIETY REVIEWS Vol. 4 No. 1 (2026): INTERNATIONAL JOURNAL OF SOCIETY REVIEWS (INJOSER)
Publisher : Adisam Publisher

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Abstract

This study aims to examine the effect of working capital management on the profitability of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. Working capital is proxied through three main components, namely accounts receivable turnover, inventory turnover, and accounts payable, while profitability is measured using Return on Assets (ROA) and Net Profit Margin (NPM). The research method used is a quantitative approach with a causal- comparative type of research and panel data regression analysis techniques to identify cause-and-effect relationships between variables. The research results indicate that the effectiveness of managing receivables and inventory significantly positively affects the company's profitability, while the use of trade credit as short-term financing also contributes positively if managed proportionally. This research emphasizes the importance of integrated working capital management strategies to enhance operational efficiency and the competitiveness of companies in the manufacturing sector. The implications of these findings provide practical guidance for financial managers in designing optimal working capital policies to achieve sustainable profitability.
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