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All Journal Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) Indonesian Journal of Accounting and Governance
Angelina, Selly
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Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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DETERMINANTS OF PROFITABILITY AND DEA EFFICIENCY ANALYSIS OF INDONESIA’S CIGARETTE INDUSTRY Setiawan, Chandra; Angelina, Selly
Proceeding of the International Conference on Family Business and Entrepreneurship 2024: PROCEEDING OF 8TH INTERNATIONAL CONFERENCE ON FAMILY BUSINESS AND ENTREPRENEURSHIP
Publisher : President University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33021/icfbe.v0i0.5664

Abstract

Despite high smoking rates and large household spending on cigarettes, the cigarettesales volume in Indonesia has gradually declined. Due to challenging years in thecigarette industry, this research aims to analyze the determinants of profitability andefficiency of cigarette companies in Indonesia from 2019 to 2023. The study uses datafrom quarterly financial reports of four companies listed on the IDX. In panel dataregression analysis, the independent variables include the current ratio (CR), assetturnover (TATO), and debt-to-equity ratio (DER), while the dependent variable is returnon assets (ROA). The selected model is the Fixed Effect Model (FEM). The findings revealthat CR and DER significantly negatively influence return on assets, whereas TATO hasa significant positive influence on ROA. All the independent variables collectively have asignificant influence on the ROA of cigarette companies. Among these variables, DERhas the most significant influence on profitability. These variables explain 51.90% of thevariation in ROA. Separately, the average technical efficiency score of cigarettecompanies in Indonesia from 2019 to 2023 is 69.0%. Simple regression analysis showsthat the average technical efficiency score is positive and significantly influences ROA.This variable explains 47.68% of the variation in ROA. Overall, these variables in thisresearch explain 99.76% of the variation in ROA. In conclusion, cigarette companiesshould prioritize using their assets effectively and carefully manage debt levels to attractinvestors and maintain stable returns even during market fluctuations.Keywords: Profitability, Efficiency, Cigarette Companies
Determinants of Profitability and DEA Efficiency Analysis of Indonesia’s Cigarette Industry Setiawan, Chandra; Angelina, Selly
Indonesian Journal of Accounting and Governance Vol. 9 No. 2 (2025): DECEMBER
Publisher : School of Accountancy, University of Agung Podomoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36766/hm4xw139

Abstract

Despite high smoking rates and substantial household spending on cigarettes, cigarette sales volume in Indonesia has gradually declined over recent years. Amid these challenging times in the cigarette industry, this research aims to analyze the determinants of profitability and efficiency of cigarette companies in Indonesia from 2019 to 2023. The study uses data from quarterly financial reports of four companies listed on the IDX. In panel data regression analysis, the independent variables include the current ratio (CR), assets turnover (TATO), and debt-to-equity ratio (DER), while the dependent variable is return on assets (ROA). The selected model for panel data regression is the Fixed Effect Model (FEM). The findings reveal that both CR and DER have a significant negative impact on return on assets, while TATO has a significant positive impact on ROA. All the independent variables collectively exert a significant influence on the ROA of cigarette companies. Among these variables, DER has the most significant effect on profitability. These variables explain 51.90% of the variation in ROA. Additionally, the average technical efficiency score of cigarette companies in Indonesia from 2019 to 2023 is 69.0%. Simple regression analysis further shows that the average technical efficiency score significantly and positively influences ROA, accounting for 47.68% of the variation. Overall, these variables explain 99.76% of the variation in ROA. In conclusion, cigarette companies should focus on optimizing asset use and cautiously managing debt levels to attract investors and sustain stable returns even during market fluctuations.
Co-Authors Chandra Setiawan, Chandra