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All Journal Dinamika Akuntansi Keuangan dan Perbankan Owner : Riset dan Jurnal Akuntansi JIKA: Jurnal Ilmu Keuangan dan Perbankan Ultima Management : Jurnal Ilmu Manajemen SULTANIST: Jurnal Manajemen dan Keuangan Maker: Jurnal Manajemen FINANCIAL : JURNAL AKUNTANSI EAJ (ECONOMICS AND ACCOUNTING JOURNAL) International Journal of Business, Law, and Education Jurnal Pengabdian kepada Masyarakat Strategic: Journal of Management Sciences Jurnal Ekonomi dan Bisnis Applied Quantitative Analysis (AQA) Glow: Jurnal Pengabdian Kepada Masyarakat JAS (Jurnal Akuntansi Syariah)
Ady Inrawan
Sekolah Tinggi Ilmu Ekonomi Sultan Agung
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Public Health Social Sciences Other

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Capital Structure and Profitability: The Moderating Roles of Liquidity and Firm Size in Pharmaceutical Companies Listed on the Indonesia Stock Exchange During 2020–2024 Nurjanna Nurjanna; Juan Anastasia Putri; Ady Inrawan
JUEB : Jurnal Ekonomi dan Bisnis Vol. 5 No. 2 (2026): JUEB: Jurnal Ekonomi dan Bisnis
Publisher : Yayasan Jompa Research and Development

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57218/jueb.v5i2.2964

Abstract

This study investigates the effect of capital structure on profitability and examines whether liquidity and firm size moderate the relationship in pharmaceutical companies listed on the Indonesia Stock Exchange during 2020–2024. Using a quantitative research design, the study analyzes balanced panel data from 10 pharmaceutical firms, resulting in 50 firm-year observations. Capital structure is measured by the Debt-to-Equity Ratio (DER), profitability by Return on Assets (ROA), liquidity by the Current Ratio (CR), and firm size by the natural logarithm of total assets (SIZE). The data were analyzed using the Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA). The findings reveal that capital structure does not significantly affect profitability (p = 0.0849). In addition, liquidity does not moderate the relationship between capital structure and profitability (p = 0.5616). However, firm size significantly moderates the relationship (p = 0.0248), with a negative interaction coefficient, indicating that the influence of capital structure on profitability becomes weaker as firm size increases. These results suggest that debt financing is not the primary driver of profitability in pharmaceutical firms, particularly in the post-pandemic business environment. This study extends the capital structure literature by highlighting firm size as a significant contingency factor that shapes the effectiveness of leverage in improving profitability. The findings provide valuable insights for managers in formulating financing policies and for investors in evaluating the financial performance of pharmaceutical companies.
Co-Authors Acai Sudirman Ade Nova Lina Sinaga Afrisa Thomas Ananda, Risky Andira, Suci Ayu Astuti Astuti Br Nainggolan, Jenny Frida Butarbutar, Marisi Christine Dewi Nainggolan Christine Loist Darwin Lie Darwin Lie Debi Eka Putri Debora Lusiana Silalahi Desika Desika Devi Sepriana Purba Dian Kartika Sari Gultom Dita Mahriza Dunanti, Indri Edy Dharma Edy Dharma Efendi Efendi Efendi efendi Efendi Efendi Efendi, Efendi Elis Melina Peranginangin Evanna Romaida Purba Ewira Situmorang Farida Nainggolan Farida Natalia Sitanggang Fatmawati Manik Fitria Halim Fitria Halim Hery Pandapotan Silitonga Hery Pandapotan Silitonga hery silitonga Hodri Butar-Butar Indri Dunanti Johnson Johnson Juan Anastasia Putri Jubi Jubi Jubi Jubi Jubi Jubi Jubi, Jubi Kesuma, Indrawati Mara Khairul Azwar Kumala Sari Lenny Dermawan Sembiring Lenny Dermawan Sembiring Lia Agustina, Lia Liana Liana Lieyadi, Gilbert liper siregar liper siregar Liper siregar Lora Ekana Nainggolan Lores Susmia Lubis, Siti Arbaini Lusiana Bakkara Mahriza, Dita Mangisi Bella Rebekka Silitonga Manurung, Ganda Maria Laura Marina marina Marina Marina Marini Manullang Masyitah, Emi Mawar Sari Merry Nurleli Muhammad Tony Siregar Mustika, Widya Nainggolan, Christine Nainggolan, Christine Dewi Nainggolan, Farida Nainggolan, Pinondang Nana Triapnita Nainggolan Noni Listyawati Nurcahyani, Tria Nurjanna Nurjanna Nurtika Sari Octavia Magdalena Simangunsong Paman Tarigan Panggabeam, Verda Desi Yolanda Panjaitan, Wenty Pardede, Demak Aldi parman Tarigan Parman Tarigan Parman Tarigan Pinondang Nainggolan Pradita, Pradita Prihana, Noni Reza Dhea Ardi Robert Tua Siregar Rotua Sidauruk Rudy Rudy Rukmana, Suci Indah Ruth Tridianty Sianipar Ruth Tridianty Sianipar Sandi Saputra Siahaan Saragih, Murni Sari Dewi Sari, Nilam Pusvita Sari, Nurtika Septia Wulandari Septia Wulandari Siahaan, Yansen Siallagan, Maria Emas P. Sidabutar, Rame Uli Orisa Silitonga, Hery Pandapotan Silitonga, Mangisi Bella Rebekka Silitonga, Wati Simanjuntak, Lamtiur Sinaga, Ade Nova Lina Siregar, Liper Siregar, Muhammad Tony Sitanggang, Cindy Eveline Sitanggang, Farida Natalia Siti Arbaini Lubis Sitorus, Fauziyah Sri Rezeki Putri Tanjung Suci Ayu Andira Suhartini suhartini Suhartini Suhartini Supriana Supriana Syahputri, Anggraini Syahputro, Dede Tarigan, Paman Tarigan, Parman Theodore, Stevan Tria Nurcahyani Turnip, Letty Meldawita Vika, Nelly Wati, Yenny Widiyana Reden Yansen Siahaan Yansen Siahaan Yansen Siahaan Yulianda Ranuwisastri