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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis The Asian Journal of Technology Management (AJTM) Journal of Economic, Bussines and Accounting (COSTING) JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) International Journal of Applied Business Research International Journal Of Science, Technology & Management (IJSTM) Journal of Economics and Business UBS Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Co-Value : Jurnal Ekonomi, Koperasi & Kewirausahaan Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Jurnal Transportasi Multimoda Journal of Social And Economics Research Journal of Accounting and Finance Management (JAFM) Return : Study of Management, Economic and Bussines International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) IIJSE El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Journal Integration of Management Studies journal of social and economic research Journal of Ekonomics, Finance, and Management Studies Journal of Digital Business and Marketing Journal of Rural Development and Applied Technology
Sudrajad, Oktofa Yudha
School Of Business And Management Institut Teknologi Bandung
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DETERMINING OPTIMUM CAPITAL STRUCTURE (CASE STUDY: PT MMS) Hapsari, Rr. Amirah Puspita; Sudrajad, Oktofa Yudha
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 3 (2025): June
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i3.3140

Abstract

This study analyzes the optimal capital structure for PT MMS, a high-precision steel cutting service company using EDM wire technology. From 2019 to 2024, the company operated without long-term debt, reflecting a conservative but potentially underleveraged position. Using a descriptive quantitative approach with embedded mixed methods, data were gathered from financial reports, customer surveys, and internal interviews. The analysis covered financial performance (profitability, liquidity, activity) and organizational environment (PESTEL, Porter's Five Forces, SWOT). Capital structure optimization was conducted through WACC simulations, with the cost of equity estimated via CAPM and cost of debt derived synthetically using the Damodaran approach. Results show that the optimal capital structure is 25% debt and 75% equity, achieving the lowest projected WACC of 10.105% in 2025, compared to 11.05% under a 100% equity scenario. A high Interest Coverage Ratio (ICR) of 19.21 further supports the firm’s capacity to adopt debt financing. However, since the firm’s ROC and ROE remain below its capital costs, moderate leverage should only be implemented once project returns improve to ensure value creation.
ANALYSIS OF MARGIN, ASSET TURNOVER, AND FINANCIAL LEVERAGE ON PROFITABILITY OF AN AGRICULTURE COMPANY Alhania Farahanny Sofyan; Oktofa Yudha Sudrajad; Erman Arif Sumirat
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 2 (2025): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i2.2607

Abstract

The agricultural industry plays a crucial role in Indonesia’s economy, contributing to both economic growth and food security. This research determines the effect of margin, asset turnover, and financial leverage on the profitability of PT. Japfa Comfeed Indonesia from 2015 to 2024 period. PT. Japfa Comfeed Indonesia is a leading agri-food company in Indonesia. Profitability in this research is measured using Return on Equity. This research employs explanatory research with a quantitative approach. Data analysis is conducted using the Multiple Linear Regression method, along with F-tests and t-tests, applied through the SPSS version 29 software. The findings indicate that margin, asset turnover, and financial leverage simultaneously have a significant effect on the company’s profitability. Margin has a significant positive effect on profitability, asset turnover has a significant positive effect on profitability, while financial leverage has a negative but not significant effect on profitability.
Co-Authors Adrian Ariatin Ahmad Fajri Prabowo Airlangga, Thomas Akhmad Rizal Arifudin Akila Badzlina Putri Alhania Farahanny Sofyan Ana Noveria Anzy Indrashanty Apri, Mochamad Astri Budiarti Belgiawan, Prawira Fajarindra Bintang Raihandika, Arya Boni Susanto Chintia Rudiyanto Dedy Cahyadi Elviana R. Simbolon Erman Arif Sumirat Faturohman, Taufik . Fidinilah, Efi Ginanjar, Tetep Hapsari, Rr. Amirah Puspita Harimukti Wandebori Hasriwan Putra Herawati Herawati Herma Juniati Irawan, Atika Irawati Andriani Isrochmani Murtaqi Kabir, Rezaul Liane Okdinawati Listantari Listantari Maharani, Auryn Khansa Maria Magdalena Marlia Herwening MUHAMAD RIZKI Muhammad Hanivan Titunanda Muhammad Rafif Adiguna Muhammad Reihant Muzadi Namira Jayarachman, Marsha Novia Zayetri Noviana, Zelika R Panca, Aqilla Dhianir Rahman Pandumulia Segalapuja Hasayangan Purnamawati, Rizka Putri, Jessica Amanda Reslyana Dwitasari Rita Pasaribu Rizkyani, RR. Deby A Salsabila, Unik Hanifah Satriawan, Rizki Subiakto Soekarno Suci Susanti Sugiyanto Sugiyanto Sushandoyo, Dedy Syafiq Ziyad Tasya Ravida Ayu Padantya Taufikurahman, Taufik Ulfa, Nanda Shofiyah Umiyatun hayati Triastuti Wawan Dhewanto Win Akustia Wiranti Wiranti Yessi Gusleni Yos Sunitiyoso yuveline aurora Zayetri, Novia