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This study aims to analyze the effect of Debt to Equity Ratio (DER), Earnings Per Share (EPS), Debt to EBITDA, and EBITDA to Interest Expense (EBITDAIntExp) on Return on Equity (ROE) in manufacturing companies listed on the Indonesia Stock Exchange for th Valentina Laura Febyan; Mohammad Sofyan; Muhammad Imron
JURNAL ILMIAH EDUNOMIKA Vol. 10 No. 3 (2026): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jie.v10i3.20126

Abstract

This study aims to analyze the effect of Debt to Equity Ratio (DER), Earnings Per Share (EPS), Debt to EBITDA, and EBITDA to Interest Expense (EBITDAIntExp) on Return on Equity (ROE) in manufacturing companies listed on the Indonesia Stock Exchange for the 2024Q1–2025Q3 period. The background of this study is based on the importance of the manufacturing sector as one of the main pillars of the national economy and the existence of quite wide variations in profitability performance between companies in challenging economic conditions. This study uses a quantitative approach with panel data from 27 companies over six quarters, resulting in 162 observations. The analysis was conducted through panel data regression with the best model being the Fixed Effect Model. The results show that DER has a positive and significant effect on ROE, indicating that optimal use of debt can still drive increased returns on equity. EPS also has a positive and significant effect, indicating that the greater the profit available for each share, the stronger the company's ability to create value for shareholders. Conversely, Debt to EBITDA has a negative and significant effect on ROE, indicating that a high debt burden relative to the ability to generate operating income can depress profitability. EBITDAIntExp, on the other hand, has no significant effect on ROE. Simultaneously, all independent variables significantly influence ROE
ANALYSIS OF NGEBEL LAKE VISITORS' SATISFACTION USING IMPORTANCE-PERFORMANCE ANALYSIS (IPA) APPROACH Dian Pratiwi; Muhammad Imron
Journal of Applied Economics in Developing Countries Vol 4, No 1 (2019): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v4i1.42564

Abstract

The development of tourist areas is commonly targeted as a backbone sector to support economic growth, increase regional income, empower the economy of the community, expand employment, and improve the overview and marketing of local products of tourist destinations to improve local community welfare. This development requires holistic and comprehensive planning in order to optimize the benefits for the local community and contribute to the regional income of a region. Ngebel Lake, one of the tourist attractions in East Java, has a considerable potential to be developed into a leading lake tourist destination. Located in Ponorogo Regency, this place is prospective for its pristine natural beauty and other favorable elements such as culture, community lifestyle, and the potential as a tourist attraction. The half kilometer-wide lake was naturally formed and is surrounded by a five-kilometer road. This study aimed at analyzing the satisfaction of Telaga Ngebel visitors as an effort to identify satisfaction attribute on service quality using Importance-Performance Analysis (IPA). This approach was aimed to provide recommendations in evaluating visitors’ satisfaction. The research was not merely targeted to identify whether visitors’ expectations were already accomplished, but it was aimed to identify the functional and dysfunctional attributes of service.The results have shown that the attributes requiring improvements include the availability of adequate parking lots, the quality of roads around the tourist area, and the willingness of the staff to prioritize and recognize the needs of visitors. This research is the first step in setting recommendations for strategies that can become local government priorities in the development of the Ngebel Lake tourist area. Keywords: Visitors’ satisfaction, Importance-Performance Analysis (IPA)