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All Journal LOBI: Jurnal Ekonomi, Manajemen, Bisnis Islam
Hellida Poetry Revaline
UIN Sunan Gunung Djati Bandung
Economics, Econometrics & Finance

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COST STRUCTURE AND PROFITABILITY: COST OF GOODS SOLD AND OPERATING EXPENSES IN PLASTIC AND PACKAGING FIRMS LISTED ON THE INDONESIAN SHARIA STOCK INDEX Hellida Poetry Revaline; Ahmad Mudzakir; Ateng Kusnandar Adisaputra
Lobi Vol. 3 No. 02 (2026): LOBI: Jurnal Ekonomi, Manajemen, Bisnis Islam
Publisher : Laboratorium FEBI UIN SGD Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/lobi.v3i02.3739

Abstract

The plastic and packaging sub-sector faces persistent cost pressure from imported resin prices and exchange rate volatility, which makes cost structure a central determinant of profitability. This study examines the partial and simultaneous effects of Cost of Goods Sold (COGS) and Operating Expenses (OE) on Return on Assets (ROA) in plastic and packaging companies consistently listed on the Indonesia Sharia Stock Index (ISSI) during 2015–2024. Secondary panel data from four companies, comprising 40 firm-year observations, were analysed using des­crip­tive statistics, classical assumption tests, and panel data regression estimated with a fixed effect model. Partially, COGS has a significant negative effect on ROA, while OE has a significant positive effect, and the two cost components also affect ROA jointly. The fixed effect specification as a whole explains 72.47% of the variation in ROA (adjusted R² = 68.42%). The results provide empirical evidence that the two cost components move profitability in opposite directions, departing from the uniformly negative effect implied by cost theory; because OE was meas­ured in aggregate, however, the positive coefficient is not evidence about any specific expense item. The findings are relevant for cost management and for investors assessing asset efficiency in the sharia capital market.
Co-Authors Ahmad Mudzakir Ateng Kusnandar Adisaputra