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All Journal Escalate : Economics and Business Journal
Nur Fadilah
Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas pamulang
Economics, Econometrics & Finance

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The Effect of Excise Tax and Capital Structure on Profitability of Cigarette Subsector Companies Listed on the Indonesia Stock Exchange Nur Fadilah; Wirawan Suryanto
Escalate : Economics and Business Journal Vol. 4 No. 4 (2026): Escalate : Economics and Business Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/escalate.v4i4.707

Abstract

This study examines the relationship between excise tax burden, capital structure, and profitability in four cigarette subsector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. A quantitative associative approach was employed using secondary data from company annual financial reports. The data were analyzed using panel data regression with EViews 12 and a Random Effect Model (REM). The results show that excise tax burden is not significantly associated with profitability (p = 0.3652), whereas capital structure has a significant positive association with profitability (p = 0.0145). The F-test indicates that excise tax burden and capital structure are jointly significant in relation to profitability (F = 6.297094; p = 0.022771). These findings highlight the different statistical relationships of the two independent variables with profitability during the observation period
Co-Authors Wirawan Suryanto