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All Journal Journal of Business, Social and Technology Indo-Fintech Intellectuals: Journal of Economics and Business
Syahfitri Suryaningsi Welkom
Universitas Al Azhar Indonesia
Humanities Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Apakah Leverage Keuangan Berpengaruh Terhadap Profitabilitas Perusahaan Di Jii70? Syahfitri Suryaningsi Welkom; Syurmita Syurmita; Allysa Azzarah Welkom
Indo-Fintech Intellectuals: Journal of Economics and Business Vol. 4 No. 5 (2024): Indo-Fintech Intellectuals: Journal of Economics and Business (in-Press)
Publisher : Lembaga Intelektual Muda (LIM) Maluku

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54373/ifijeb.v4i5.2157

Abstract

Pasar saham syariah semakin berkembang pesat, namun kinerjanya mengalami penurunan selama beberapa kali dalam lima tahun terakhir. Investor tentu harus berhati-hati dalam berinvestasi di pasar ini, terutama perlu untuk memperhatikan tingkat penggunaan leverage keuangan. Dampak penggunaan leverage keuangan (tingkat penggunaan utang) bisa sekaligus meningkatkan dan juga menurunkan kinerja perusahaan sehingga perusahaan harus berhati-hati dalam menggunakannya. Tujuan penelitian ini adalah menganalisis pengaruh leverage keuangan terhadap profitabilitas perusahaan yang terdaftar di JII70. Metode penelitian yang digunakan adalah penelitian kuantitatif. Metode analisisnya adalah regresi data panel dinamis, dengan teknik System-GMM. Populasinya adalah perusahaan yang terdaftar di JII70 yang berjumlah 70 perusahaan. Sampel berjumlah 27 perusahaan, dengan metode pengambilan sampelnya adalah purposive sampling. Data diambil dari laporan keuangan perusahaan tahun 2019-2023. Hasil penelitian menunjukan bahwa leverage keuangan tidak memiliki pengaruh yang signifikan terhadap profitabilitas perusahaan. Baik variabel DFL, SDAR, maupun LDAR, ketiganya tidak memiliki pengaruh yang signifikan terhadap EPS.
The Effect of ESG Risk Rating on Corporate Profitability: The Role of Firm Size and Leverage as Moderating Variables Syurmita Syurmita; Syahfitri Suryaningsi Welkom; Khansa Chikita Rayesha
Journal of Business, Social and Technology Vol. 7 No. 2 (2026): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v7i2.613

Abstract

Background: Sustainalytics ESG Risk Rating has been identified as a determinant of corporate financial performance. However, its effect on profitability—particularly for developing markets like Indonesia—remains underexplored. This study examines how ESG risk relates to profitability and whether firm size or leverage moderates their relationship. Objective: This study seeks to determine the influence of ESG risk on profitability, with firm size and leverage as moderating variables. Methods: A quantitative study employing Moderated Regression Analysis (MRA) was conducted using 76 firms listed on the Indonesia Stock Exchange (IDX) in 2024. The proxy for profitability was Net Profit Margin (NPM), and ESG Risk Ratings were obtained from Sustainalytics. Results: ESG Risk Ratings negatively affect profitability (B = −2.418; p = 0.005), whereby higher sustainability risk impairs net profit margins. This negative effect is moderated by firm size (B = 0.094; p = 0.001), as larger firms are better equipped to manage ESG risks. Conversely, higher leverage strengthens the negative effect of ESG risk on profitability (B = −0.839; p = 0.001), as highly leveraged firms are less capable of addressing sustainability pressures. Conclusion: The results underscore the need for both ESG risk disclosure and governance. Larger firms cope with ESG risk more effectively than highly leveraged firms. Further research is warranted with a longer observation period and additional measures of profitability.
Co-Authors Allysa Azzarah Welkom Khansa Chikita Rayesha Syurmita Syurmita