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All Journal Escalate : Economics and Business Journal
Kartono
Pamulang University
Economics, Econometrics & Finance

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The Effect of Financial Leverage and Operational Efficiency on Profitability at PT Astra Agro Lestari Tbk for the 2015-2025 Period Amelia Risma Busyra; Kartono
Escalate : Economics and Business Journal Vol. 4 No. 3 (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.v4i3.753

Abstract

This research is motivated by changes in the financial condition of PT Astra Agro Lestari Tbk from 2015 to 2025 and the differences in research results regarding the effect of financial leverage and operational efficiency on profitability. This study aims to analyze the effect of Debt to Asset Ratio (DAR) and Total Asset Turnover (TATO) on Return on Assets (ROA), both partially and simultaneously. The study uses a quantitative approach with multiple linear regression. The population and sample are the annual financial statements of PT Astra Agro Lestari Tbk for the period 2015 to 2025, with 11 observations. Data were analyzed through descriptive statistics, classical assumption tests, multiple linear regression, correlation coefficients, coefficients of determination, t-tests, and F-tests. The results show that DAR and TATO do not have a significant effect on ROA, either partially or simultaneously. In conclusion, these two variables are not yet the main factors in explaining changes in the company's ROA
Analysis of Profitability, Solvency, and Activity Ratios on Financial Performance at PT Kalbe Farma Tbk for the 2016-2025 Period Yuda Arnanda Nikola; Kartono
Escalate : Economics and Business Journal Vol. 4 No. 3 (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.v4i3.808

Abstract

The pharmaceutical industry faces dynamic changes in demand, production costs, and resource management that can affect the company's financial performance. This study aims to analyze the financial performance of PT Kalbe Farma Tbk for the period 2016 to 2025 based on profitability, solvency, and activity ratios. The study uses a quantitative approach with a descriptive method. The research population is the financial statements of PT Kalbe Farma Tbk listed on the Indonesia Stock Exchange, while the sample consists of the financial position report and income statement for the period 2016 to 2025. The research instrument is financial report documentation, with data collection techniques through documentation studies and literature studies. Data analysis was carried out using Return on Assets (ROA), Return on Equity (ROE), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Inventory Turnover (ITO), and Receivable Turnover (RTO), then compared with Kasmir industry standards. The results showed an average ROA of 12.77%, ROE of 15.45%, DAR of 17.33%, DER of 21.00%, TATO of 1.12 times, ITO of 3.02 times, and RTO of 13.44 times. In conclusion, the company has a healthy solvency structure and relatively efficient operations, but profitability still needs to be improved
The Influence of Liquidity Ratio and Solvency Ratio on Company Value at PT Adi Sarana Armada Tbk for the 2016-2025 Period Shabrina Wardah; Kartono
Escalate : Economics and Business Journal Vol. 4 No. 3 (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.v4i3.854

Abstract

This study aims to determine the effect of Current Ratio (CR) and Debt to Equity Ratio (DER) on Price to Book Value (PBV) at PT Adi Sarana Armada Tbk for the 2016-2025 period, both partially and simultaneously. This study uses a quantitative method with an associative approach. The data used are secondary data in the form of the company's annual financial reports obtained from the Indonesia Stock Exchange and the company's official website for the 2016-2025 period. Data analysis techniques used include descriptive statistical analysis, classical assumption tests, multiple linear regression, coefficient of determination, and hypothesis testing through SPSS Version 27. The results of the study indicate that partially Current Ratio and Debt to Equity Ratio have a positive and significant effect on Price to Book Value, Debt to Equity Ratio have a positive and significant effect on Price to Book Value. Simultaneously Current Ratio and Debt to Equity Ratio have a significant effect on Price to Book Value at PT Adi Sarana Armada Tbk for the 2016-2025 period. The results of the study show that managing current assets to meet short-term liabilities and managing the right funding structure are important factors in increasing investor confidence in the company, which can ultimately increase Price to Book Value (PBV).
Co-Authors Amelia Risma Busyra Shabrina Wardah Yuda Arnanda Nikola