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All Journal el-Jizya: Jurnal Ekonomi Islam
Wenny A. Ginting
State Polytechnic of Manado, Indonesia
Economics, Econometrics & Finance

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Financial Statements Disclosure and Leverage on Financial Performance of Consumer Goods Manufacturing Companies in Indonesia Winovel Novano Takasingking; Wenny A. Ginting; Dominikus Andreo Maryadi
el-Jizya: Jurnal Ekonomi Islam Vol. 14 No. 1 (2026): el-Jizya: Jurnal Ekonomi Islam
Publisher : Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Prof. K.H. Saifuddin Zuhri Purwokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24090/6zrf5872

Abstract

This study aims to analyze the effects of the level of financial statement disclosure (Disclosure Index) and Leverage, proxied by the Debt-to-Equity Ratio (DER), on financial performance, proxied by Return on Assets (ROA), in consumer goods companies listed on the Indonesia Stock Exchange for the period 2021–2024. This study uses a quantitative approach, with secondary data obtained from the annual reports and financial statements of 20 companies during the research period, yielding 80 observations. Data analysis was carried out using panel data regression with a Fixed Effects Model (FEM) in EViews 14. The results of the study show that the Disclosure Index has only a marginally significant effect on ROA, with a p-value of 0.3913. Meanwhile, Leverage (DER) hurts ROA, with a probability value of 0.0082. Simultaneously, the Disclosure Index and Leverage had a significant effect on the ROA as shown by the Prob(F-statistic) value of 0.0000. The Adjusted R-squared value of 0.711884 indicates that 71.19% of the variation in financial performance is explained, with 28.81% of the remaining variation attributable to other factors outside the study.
Co-Authors Maryadi, Dominikus Andreo Winovel Novano Takasingking