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Elizabeth Sugiarto Dermawan
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Economics, Econometrics & Finance Education Social Sciences

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Kaitan Struktur Modal, Likuiditas, dan Profitabilitas dengan Nilai Perusahaan Sektor Consumer Non-cyclicals Emmanuel Tsai Adinata; Elizabeth Sugiarto Dermawan
Jurnal Paradigma Akuntansi Vol. 8 No. 3 (2026): Juli 2026
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v8i3.38859

Abstract

This study focuses on the correlation between firm value and three internal financial indicators: capital structure, liquidity, and profitability, in the non-cyclical consumer sector of issuers listed on the Indonesia Stock Exchange during the 2022–2024 period. All data analyzed is secondary data obtained from company financial reports on the official Indonesia Stock Exchange website. The research units were selected in stages using a purposive sampling technique, resulting in a sample of 97 companies. The initial data set was 291 observations, which was then reduced to 274 observations after 17 outliers were identified and removed from the test. Because the data did not meet the assumption of normality, the analysis utilized a non-parametric method using Spearman Rank correlation with the help of SPSS. The test results showed that capital structure was not significantly negatively related to firm value, while liquidity also did not show a significant positive relationship. Unlike these two indicators, profitability had a positive and significant relationship with firm value. Thus, in the non-cyclical consumer sector, firm value more strongly reflects a company's profit-generating capacity than its funding composition or liquidity adequacy..
KAITAN LEVERAGE, STRUKTUR MODAL, UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PERUSAHAAN PADA PERUSAHAAN Ahmad Farel Talmizani Fauzan; Elizabeth Sugiarto Dermawan
Jurnal Paradigma Akuntansi Vol. 8 No. 3 (2026): Juli 2026
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v8i3.38861

Abstract

The purpose of this study is to examine the relationship between leverage, capital structure, and company size and financial performance in the primary consumer goods subsector, also known as Consumer Non-Cyclicals, listed on the Indonesia Stock Exchange (IDX) for the 2022-2025 period. Return on Assets (ROA) is a proxy for financial performance, Debt to Assets Ratio (DAR) is a proxy for leverage, Debt to Equity Ratio (DER) is a proxy for capital structure, and SIZE, or the natural logarithm of total assets, is a proxy for company size. The approach used in this study is quantitative with associative or correlational methods. The sampling technique used is purposeful sampling based on specific criteria, which obtained 233 observations. Data from the company's annual financial report is used in this study as secondary data. Using SPSS software, data analysis is carried out using the Spearman’s Rank Correlation test. The findings indicate a negative and significant relationship between leverage and financial performance. Furthermore, a significant negative relationship was found between capital structure and financial performance. Meanwhile, a positive but insignificant relationship was found between financial performance and firm size. These results suggest that debt use and financing structure have a greater impact on financial success than firm size.
KAITAN PROFITABILITAS, LEVERAGE, UKURAN PERUSAHAAN DAN KEBIJAKAN DIVIDEN PADA NILAI PERUSAHAAN Dustin Huang; Elizabeth Sugiarto Dermawan
Jurnal Paradigma Akuntansi Vol. 8 No. 4 (2026): Oktober 2026
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v8i4.39043

Abstract

This study investigates how profitability, leverage, firm size, and dividen policy influence firm value. The research focuses on companies operating in the consumer non-cyclicals sector and registered on the Indonesia Stock Exchange (IDX), during the 2022 to 2024 observation period. The sample was identified through purposive sampling, yielding 48 companies with total 144 data observations. The study applies an analytical method employed in this study is Spearman’s Rank Correlation processed using IBM SPSS Statistics version 27, following the Kolmogorov-Smirno normality test, multucollinearity, Durbin-Watson autocorrelation test, and Glejser heteroscedasticity test. The findings reveal that only profitability shows a significant positive correlation with firm value. Meanwhile, leverage, firm size, dividend policy do not indicate a significant relationship with firm value.
PENGARUH LIKUIDITAS, PROFITABILITAS, DAN LEVERAGE TERHADAP KEBIJAKAN DIVIDEN Clarissa Valencia; Elizabeth Sugiarto Dermawan
Jurnal Paradigma Akuntansi Vol. 8 No. 4 (2026): Oktober 2026
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v8i4.39044

Abstract

This research aims to examine the effect of liquidity, profitability, and leverage on dividend policy in non-cyclicals consumer sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2022-2024. The sample consisted 96 companies selected using purposive sampling.. The reseacrh data were obtained from annual finansial reports available on the IDX website. The multiple regression analysis technique used was SPSS versin 30. The study found that dividend policy does not receive a significant positive influence from liquidity, dividend policy receives a significant positive influence from profitability, and dividend policy does not receive a significant positive influence from leverage. Therefore, companies need to maintain their profitability levels to sustain their dividend distribution policies to shareholders.
Co-Authors Agustin Ekadjaja Ahmad Farel Talmizani Fauzan Clarissa Valencia Dustin Huang Eistevania Aswie Emmanuel Tsai Adinata Ewaldo Evan Thosen I Cenik Ardana Irene Josephine Mettalia Chandra Tjan MF Djeni Indrajati Rendy Gunawan Rio Irwanto Sherin Kusuma Yuniarwati