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The Influence of Capital Structure and Sales Growth on Profitability at PT Mayora Indah Tbk From 2017 to 2024 Nafralli, Vianka Zahra; Tambi, Chika Febrine; Manurung, Elizabeth Tiur
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3115

Abstract

In the modern business world, companies are required to have strong and stable financial performance to maintain operational sustainability while winning market competition. Profitability is a key indicator that shows a company's ability to generate profits from its assets or capital. Therefore, an analysis of the factors that influence profitability is important to understand. One such internal factor is capital structure, which refers to the ratio between debt and equity in a company's financing. This st.udy aims to ana.lyze the effect of capital structure and sales growth on the profitability of PT Mayora Indah Tbk for the period 2017–2024. The method used is descriptive- verificative quanti.tative rese.arch with secondary data from financial reports. The analysis w.as co.ndu.cted using mul.tiple line.ar regr.ession and clas.sical assumption tests. The normality test results show that the data is normally distributed (Sig. 0.200 > 0.05), there is no multicollinearity (VIF 6.402), and there is no heteroscedasticity (Sig. > 0.05). The regression results show that capital structure has a positive and significant effect on profitability (coefficient 0.441; t count 7.652; Sig. 0.000). Sales growth also has a positive and significant effect (coefficient 0.408; t count 5.479; Sig. 0.000). Simultaneously, both variables h.ave a signif.icant eff.ect w.ith an F value of 530.047. The R Square value of 0.995 ind.icates that 99.5% of the va.riation in profitability is explained by these two variables. This study concludes th.at cap.ital stru.cture and sales growth play an important role in increasing company profitability.
The Effect of Changes in Long-Term Liabilities on the Share Price of PT Kalbe Farma Tbk Melodious, Heavenly; Pranoto, Madeline Guenevere; Elizabeth Tiur Manurung
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3136

Abstract

This study aims to examine the effect of long-term liabilities on the stock price of PT Kalbe Farma Tbk during the 2017–2024 period using a simple linear regression approach. The long-term liabilities variable was analyzed to determine its contribution to variations in stock price based on the company’s historical financial data. The results indicate a negative regression coefficient of –1.82849 × 10⁻¹⁰, suggesting that an increase in long-term liabilities tends to be associated with a decline in stock price. However, the p-value of 0.3860 reveals that this relationship is not statistically significant at the 5 percent significance level.  This finding is further supported by the ANOVA results, which show a Significance F value of 0.3860, confirming that the regression model as a whole does not have explanatory power. The coefficient of determination (R Square = 0.0269) demonstrates that only 2.69% of the stock price variability can be attributed to changes in long-term liabilities, while the remaining portion is influenced by other factors such as macroeconomic conditions, market sentiment, and the company’s operational performance. The negative coefficient aligns with capital structure theory, the principle of accounting conservatism, and Signaling Theory, indicating that increases in long-term obligations may raise investors’ perceptions of risk. Nonetheless, the statistical insignificance suggests that long-term liabilities are not a key determinant considered by investors when evaluating the stock price of PT Kalbe Farma Tbk.
The Impact of Changes in Long-Term Liabilities on the Stock Price of PT Aneka Tambang Tbk Pranoto, Madeline Guenevere; Melodious, Heavenly; Elizabeth Tiur Manurung
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3137

Abstract

This study aims to examine the effect of long-term liabilities on the stock price of PT Aneka Tambang Tbk using the company’s financial data. In the mining industry, which is highly affected by commodity price fluctuations and large capital requirements, long-term liabilities serve as an important financing source to support business expansion and operational activities. However, increasing long-term liabilities may also raise the company’s financial risk, which can influence investor perception and stock price movements. This research uses long-term liabilities and stock price data of PT Aneka Tambang Tbk from 2017 to 2024 with a total of 30 observations. A simple linear regression method is applied to analyze the relationship between long-term liabilities as the independent variable and stock price as the dependent variable. The results show that long-term liabilities have a negative and statistically significant effect on the stock price, with a regression coefficient of -2.53516×10⁻⁷ and a p-value of 7.0484×10⁻⁶, which is below the 0.05 significance level. This indicates that an increase in long-term liabilities tends to be negatively perceived by the market. The Adjusted R Square value of 0.5023 suggests that approximately 50.23% of the variation in PT Aneka Tambang Tbk’s stock price can be explained by changes in long-term liabilities, while the remaining variation is influenced by other factors such as global commodity prices, operational performance, government policies, and investor sentiment. Therefore, this study highlights the importance of prudent management of long-term liabilities, as it plays a significant role in maintaining the market value and investor confidence in PT Aneka Tambang Tbk
The Effect of Capital Structure on Business Risk as Measured Through the EBIT Variation Coefficient in Leading Food Companies on the IDX in the Post-Covid-19 Period of 2021–2023 Tjahjadi, Grace Natalia; Manurung, Elizabeth Tiur
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3156

Abstract

The post-COVID-19 pandemic period of 2021–2023 has brought significant changes to the business world, including the food industry, which had previously been considered relatively stable and resilient to crises. This situation requires companies to adopt adaptive financial management, particularly in terms of capital structure. Capital structure, the balance of debt and equity funding, is a strategic aspect that determines a company's ability to maintain liquidity, operational flexibility, and profit stability. This study aims todetermine the effect of capital structure on business risk infood companies listed on the Indonesia Stock Exchange in the post-pandemic period.Business risk is measured using the EBIT Variation Coefficient, while capitalstructure is measured using the leverage ratio. The analysis is conducted usinglinear regression with a series of classical assumption tests. The results show thatcapital structure has a positive and significant effect on business risk. The results of thet-test indicate that capital structure has a significant effect with a t-value of1.902 and a significance value of 0.023. The F-test also shows that the regression model issignificant with a significance value of 0.002, making the model suitable for use.Meanwhile, the coefficient of determination R² value of 0.195 shows thatcapital structure can explain 19.5% of business risk, while the rest isinfluenced by other factors outside the model. This finding confirms that the higherthe level of debt usage, the greater the risk of EBIT fluctuations that must beborne by the company.
The Effect of Excise Tax Stamps on Total Sales and Net Profit: A Case Study of PT. Gudang Garam Tbk and PT Hanjaya Mandala Sampoerna Tbk Lim, Louis; Oktaviani, Shelinda; Manurung, Elizabeth Tiur
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3173

Abstract

This study aims to analyze the influence of excise stamps and total sales on net profit at PT Gudang Garam Tbk (GGRM) and PT HM Sampoerna Tbk (HMSP), the two largest cigarette companies in Indonesia. Using a quantitative approach based on secondary data from financial reports during the study period, this study processed the variables of excise stamps, total sales, and net profit through multiple linear regression after natural logarithm transformation and classical assumption tests. Data were analyzed to test the partial and simultaneous effects of the independent variables on the dependent variable. The results showed that excise stamps had a negative and significant effect on the company's net profit, confirming that increasing excise burdens are a factor that can suppress the profitability of the cigarette industry. Meanwhile, total sales had a positive and significant effect on net profit, indicating that increasing sales volume can improve the company's financial performance despite facing high excise burdens. Simultaneously, both variables also had a significant effect with an R Square value of 0.593. These findings confirm that excise burdens and sales performance are important factors in determining the profitability of cigarette companies in Indonesia. Meanwhile, sales growth is an important strategy to maintain profits. The research results are expected to serve as a reference for industry, academics, and the government in formulating business strategies and fiscal policies in the tobacco sector.
Dampak Pajak Karbon terhadap Laporan Keuangan dan Strategi Bisnis Perusahaan Manufaktur : (Studi Kasus Pada Perusahaan PT Mustika Ratu TBK) Bunga Syalaisha Putri; Elizabeth Tiur Manurung
Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan Vol. 5 No. 1 (2026): Januari: Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jempper.v5i1.5957

Abstract

This study aims to analyze the impact of carbon tax implementation on the financial statements and business strategies of PT Mustika Ratu Tbk, a primary consumer goods company listed on the Indonesia Stock Exchange. The data used is secondary data obtained from the company's 2022 annual report and sustainability report. The research method used is a descriptive quantitative approach, by calculating the amount of carbon tax and analyzing its implications for the company's financial performance and sustainability strategy. The results show that the company's energy consumption in 2022 reached 1,077,438.6 kWh, with total carbon emissions of 991.24 tons of CO2. Based on a carbon tax rate of IDR 30,000 per ton of CO2, the total carbon tax payable by the company is IDR 29,737,305.36 or around 0.044% of the company's net profit, so the impact on the financial statements is still relatively small. This study confirms that carbon tax is not only an additional burden, but also an opportunity for companies to strengthen their competitiveness, support the transition to sustainable business, and reinforce their image as entities that are responsible for the environment.
Pengaruh Perubahan Liabilitas Jangka Panjang terhadap Harga Saham PT Astra International Tbk Christopher Ariel Djaya; Vannia Angela Cahya; Elizabeth Tiur Manurung
Jurnal Pendidikan Tambusai Vol. 9 No. 3 (2025): Desember
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

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Abstract

Studi ini bertujuan untuk mengevaluasi pengaruh liabilitas jangka panjang terhadap harga saham PT Astra International Tbk dengan memanfaatkan data keuangan terbaru. Dalam industri otomotif dan diversifikasi bisnis yang kompetitif, liabilitas jangka panjang menjadi salah satu sumber pendanaan yang penting. Namun demikian, peningkatan liabilitas jangka panjang berpotensi mempengaruhi persepsi investor serta pergerakan harga saham. Penelitian ini menggunakan data liabilitas jangka panjang dan harga saham dari laporan keuangan PT Astra International Tbk periode 2017 hingga 2024. Analisis dilakukan dengan metode regresi linier sederhana untuk menguji keterkaitan antar variabel. Hasil penelitian menunjukkan adanya hubungan negatif yang signifikan antara liabilitas jangka panjang dengan harga saham, dengan koefisien regresi sebesar -0,067 dan nilai p (p-value) 0,000783. Hal ini mengindikasikan bahwa setiap peningkatan liabilitas jangka panjang akan menurunkan harga saham sebesar 0,067 poin. Nilai Adjusted R-square sebesar 0,3126 menunjukkan bahwa sekitar 31,26% variasi harga saham dapat dijelaskan oleh liabilitas jangka panjang, sedangkan sisanya dipengaruhi oleh faktor eksternal lainnya. Dengan demikian, temuan penelitian ini menekankan pentingnya manajemen liabilitas jangka panjang yang hati-hati, karena berimplikasi langsung terhadap nilai pasar perusahaan.
Analisis Pengaruh Debt to Equity Ratio (DER) terhadap Profitabilitas (ROA) PT Mayora Indah Tbk Michelle Angela Gunawan; Gita Paskah Melania; Elizabeth Tiur Manurung
Jurnal Pendidikan Tambusai Vol. 9 No. 3 (2025): Desember
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Debt to Equity Ratio (DER) terhadap profitabilitas perusahaan yang diproksikan dengan Return on Assets (ROA) pada PT Mayora Indah Tbk selama periode 2017–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi linier sederhana, di mana DER berperan sebagai variabel independen dan ROA sebagai variabel dependen. Data yang digunakan merupakan data kuartalan yang diperoleh dari laporan keuangan perusahaan, sehingga menghasilkan 30 observasi yang dianalisis. Hasil estimasi regresi menunjukkan bahwa DER memiliki koefisien negatif sebesar –0,0262, yang mengindikasikan bahwa peningkatan tingkat leverage perusahaan cenderung diikuti oleh penurunan profitabilitas. Namun demikian, nilai p-value sebesar 0,3925 menunjukkan bahwa pengaruh DER terhadap ROA tidak signifikan secara statistik pada tingkat signifikansi 5%. Temuan ini diperkuat oleh hasil uji ANOVA yang menunjukkan nilai Significance F sebesar 0,3925, sehingga model regresi secara keseluruhan belum mampu menjelaskan hubungan yang signifikan antara DER dan ROA. Selain itu, nilai koefisien determinasi (R Square) sebesar 0,0262 mengindikasikan bahwa DER hanya mampu menjelaskan sekitar 2,62% variasi profitabilitas, sementara sisanya dipengaruhi oleh faktor lain seperti efisiensi operasional, strategi pemasaran, kondisi makroekonomi, serta dinamika industri makanan dan minuman. Secara teoretis, arah hubungan negatif antara DER dan ROA sejalan dengan Trade-Off Theory dan Pecking Order Theory, yang menyatakan bahwa penggunaan utang yang berlebihan dapat meningkatkan beban keuangan dan risiko perusahaan, sehingga berpotensi menekan kinerja profitabilitas. Namun, ketidaksignifikanan hasil penelitian ini menunjukkan bahwa struktur modal, khususnya DER, bukan merupakan faktor dominan dalam menentukan profitabilitas PT Mayora Indah Tbk selama periode pengamatan. Dengan demikian, penelitian ini memberikan implikasi bahwa investor dan manajemen perusahaan perlu mempertimbangkan indikator keuangan lain di luar DER dalam menilai dan meningkatkan kinerja profitabilitas perusahaan.
Pengaruh Earning per Share (EPS) terhadap Harga Saham pada PT Bank Mandiri Tbk Tahun 2018 (Q1-Q4) Hingga Tahun 2025 (Q1-Q2) Aurelia La Rizki; Ariel Waluya; Elizabeth Tiur Manurung
Jurnal Pendidikan Tambusai Vol. 9 No. 3 (2025): Desember
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

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Abstract

Penelitian ini bertujuan untuk menganalisis dan menguji pengaruh Earning per Share (EPS) terhadap Harga Saham PT Bank Mandiri Tbk (BMRI) selama periode kuartalan dari tahun 2018 hingga 2024. Harga saham diketahui dipengaruhi oleh berbagai faktor fundamental perusahaan, di mana EPS dianggap sebagai indikator kunci profitabilitas korporasi dan prospek di masa depan. Data yang digunakan adalah angka kuartalan yang bersumber dari laporan keuangan resmi perusahaan dan data harga saham penutupan di Bursa Efek Indonesia (BEI). Penelitian ini menggunakan metode analisis Regresi Linear Sederhana. Hasilnya diharapkan dapat menunjukkan bahwa EPS memiliki pengaruh yang signifikan dan positif terhadap harga saham BMRI, yang mengindikasikan bahwa investor pasar modal menerima dan bereaksi secara positif terhadap peningkatan profitabilitas perusahaan. Penelitian ini dimaksudkan untuk memberikan kontribusi yang berharga bagi investor dalam pengambilan keputusan investasi di sektor perbankan.
Pengaruh Rasio Total Asset Turnover terhadap Kenaikan Laba Bersih (%) PT Bank Mandiri Tbk Kuartal dari Tahun 2018 (Q2-Q4) Hingga Tahun 2025 (Q1-Q3) Nahwa Zhafarina; Aurelia La Rizki; Elizabeth Tiur Manurung
Jurnal Pendidikan Tambusai Vol. 9 No. 3 (2025): Desember
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

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Abstract

Rasio Total Asset Turnover (TATO) merupakan salah satu metode pengukuran yang mengukur seberapa efisien sebuah perusahaan dalam memanfaatkan total asetnya untuk menghasilkan pendapatan. Penelitian ini bertujuan untuk menganalisis pengaruh rasio TATO terhadap Tingkat Kenaikan Laba Bersih (%) (Net Income Growth Rate) PT Bank Mandiri Tbk (BMRI) selama periode kuartalan dari 2018 Q2 hingga 2025 Q3. Metode penelitian yang digunakan adalah analisis Regresi Linier Sederhana pada data time-series kuartalan. Variabel dependen, Tingkat Kenaikan Laba Bersih (%), mencerminkan kinerja pertumbuhan dinamis perusahaan. Hasil penelitian ini diharapkan dapat menunjukkan bahwa rasio TATO memiliki pengaruh yang signifikan dan positif terhadap Tingkat Kenaikan Laba Bersih PT Bank Mandiri Tbk. Hal ini mengindikasikan bahwa peningkatan efisiensi aset berkorelasi langsung dengan kemampuan perusahaan dalam mengakselerasi pertumbuhan labanya. Temuan ini diharapkan dapat memberikan wawasan berharga bagi manajemen Bank Mandiri dan investor mengenai peran efisiensi operasional sebagai pendorong pertumbuhan dinamis korporasi.
Co-Authors Abigail Tabitha Adriano, Mayang Gitakusumah Agave, Gabriella Laura Agnes Bintang Aguw , Anastasia Nicholine Christina Aguw, Anastasia Nicholine Christina Aisyah, Shiva Fitri Alexander Sandhika Putera Laudhisa Alexandra, Geraldine Eileen Alexandra, Leia Alicya Ketrin Cecilia Alya Syifa Rahman Amanda Mechtildis Christiani Amelia Setiawan Anastasia Steffi Anastasia, Cindy Andra Prabowo , Chaidir Andra, Chaidir Angela Felicitas Dei Angela Novita Sutanto Angeline Suhandra Dharma Anthony, Frankie Antonio Alfio Ariel Waluya Arnola Raisha Abdillah Arthur Purboyo Athalya Edgina Auryn Kanuau Atty Yuniawati Aulia, Yovanka Ghina Aurelia Eka Padma Sari Aurelia La Rizki Bunga Syalaisha Putri Camillo, Catherine Octaviani Carin Calista Kurniawan Caroline Winey Sutejo Catherine Yohanes Charmayne Nelvina Sugiarto Chintia Tanjung Kumala Chintia Tanjung Kumala Christian C. Henry Christian Sardjono, Nicholas Christie, Florentina Brenda Christine Evangeline Patricia Christopher Ariel Djaya Christopher Chandra, Jhonathan Christy, Fransisca Ardieta Amabel Claudia Aurora Sembiring Darmawan, Lauwrencia Darren Fabian Setiawan Darwin Darwin Dea Alvindha Delfiana, Yemima Desy Marisi Josephine Devi Roma Uli Sihombing Devina Alvero Onanis Dewanti, Monica Paramita Ratna Putri Dhafin, Fadhlan Dominique Angelene Juliani Dumanauw, Ecclesia Natalia Ellenora Deanne Setiawan Elvina Putri, Anastasia Elvira Yapi Elvy Maria Manurung Erica Waluya Eveline Joychristy Farren Febrina Felicia Christie Felicia Tirta Kelana Felisia . Felisia Mileta Fidelis Apriani Fiona Angie Tanuatmadja Flinneta Anabel Pranoto Floren Suryati Florence Phoebe Judihardjo Francisca Widianti Oetomo Fransisca Elza Fransisca, Helena Fransiska Natalie Agnesia Gabriela Natalia Gabriella Marchella Gandi, Georgiana Charisima Ghalen Wharton Gina Oktafiyanti Giovina Gloria Giselle Chang Giselle Chang Gita Paskah Melania Gleashella Aurellya Gretha Margaretha Lo Gunawan, Michelle Angela Hapsari, Caecilia Niken Ignatius Rafael Inge Barlian Irma Kristin Sagala Iskandar, Sesilia Abigail Janet Revasapphira Susanto Janet Revasapphira Susanto Janice Fedora Lisani Javier, Laurentius Raymond Jeanette Rachelina Kurniawan Jesa Alexandra Louis Jesselyn Sumadihardja Jessica Andrianne Jonathan, Robert Junus, Clarissa Aleta Hartono Kathleen Isabelle Husen Kayla Sondra Verinka Keisha Stephanie Kelly Lim Kelvin Daniel Setiawab Kenneth Lee Kezia Loerencia Khaliza, Lidya Adisti Ghaida Nur Kinanti Permata Wiharja Kinesha Millie Halim Kurnia, Josefina Aurelia Kurniati, Finy Destina Laudhisa, Alexander Sandhika Putera Laurencia Setiawan Laurentius Raymond Javier Levithia Rinas Lianty, Fannyra Lijaya, Imelda Lili, Athanasia Adela Pratama Lim, Louis Lohy , Felicia Karen Annabel Madeleine Sharlene Marciano, Christian Margareta Jane Widyawan Margareta Jane Widyawan Mariana Cyntia Kustiawan Marshanda Salma Yolanda Marshaulina Sekar Mangunsong Marvin Kristian Maureen, Sharon Melania, Gita Paskah Melina BR Marbun Melodious, Heavenly Mesya Situngkir Meta Aulia Rizqi Michael Surya Saputra Ziliwu Michella Aurelia Michelle Angela Gunawan Michelle Angela Gunawan Milian, Michelin Muliawati Muliawati Mulyawan, Sean Adi Nafralli, Vianka Zahra Nahwa Zhafarina Naomi Arthaprillia Purba Nathanael Gunawan, Aurelius Nathanael Hermawan Nathania Amanda Muljadi Nathaniel Yo Naura Dyananda Yusup Neyna Maharani Bahtiar Nicolas Nathaniel Irawa Nurzahrani, Siti Fathiyyah Oktaviani, Shelinda Oktavianus, Gevin Cristian Oktavianus, Yuliana Pandjaitan, Shilo Hasiholan Partadisastra, Aldo Erfolga Paulina Permatasari Pranoto, Madeline Guenevere Priscilla Faustine Santoso Puji Astuti Rahayu Purba , Grace Amanda Sonata Putu Jovita Nareswary Rachel Nur Ruhama Simatupang Rachel Nur Ruhama Simatupang Rahadi, Tanu Raissa Amanda Haryono Retno Aulia Nur Alifa Riffat Arrazi, Muhammad Sabella, Maria Emily Sean Adi Mulyawan Setiawan, Aloysius Stanly Setiawan, Olivia Kristanti Sheila Virginia Sheila Virginia Sherly Mardina Lodani Sherly Ristafani Silvia Silvia Simatupang, Rachel Nur Ruhama Siti Komariah Soetedjo, Louis Lewinsky Stevan Sukandi Stevanus Refael Gunawan Suhardi, Sabina Revaliany Sulaiman, Patricia Bianca Susanty, Dewi Sutanto, Angela Novita Syafarina, Meidiana Mega Sylvia Fettry E.M Tambi, Chika Febrine Tania Amara Ediyanto Tantya Adrianti Tarida Geraldine, Keisha Thomas Adriel Sugiarto Timothy Yohanes Widjaja Tjahjadi, Grace Natalia Tulis S. Meliala Valerie Arisgraha van Beekum, Axel Vannia Angela Cahya Vellius Valerian Christiantho Veronika Clara Setiawan Veronika Clara Setiawan Widodo, Audrey Pearlinathea Wijaya, Lauren Wulandari, Devita Yosefanny, Ellen Yuliana Oktavianus Zefania Ongko, Adrianus