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All Journal Jurnal Praktik Bisnis Wahana Riset Akuntansi Jurnal Kajian Manajemen Bisnis ANDHARUPA EKONOMIS : Journal of Economics and Business Economac: Jurnal Ilmiah Ilmu Ekonomi Menara Ilmu Jurnal Ilmiah Manajemen dan Bisnis Jurnal Inovasi Pendidikan Ekonomi Jurnal Informatika Ekonomi Bisnis Community Development Journal: Jurnal Pengabdian Masyarakat Jurnal Ecogen Jurnal Kajian Manajemen dan Wirausaha Jurnal Eksplorasi Akuntansi (JEA) Journal of Community Service Menara Pengabdian Jurnal Informatika Ekonomi Bisnis Financial Management Studies Jurnal Nuansa Karya Akuntansi Manaruko: Jurnal Pengabdian Masyarakat
Fitra, Halkadri
Universitas Negeri Padang
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Public Health Social Sciences Other

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The Effect of Capital Structure, Sales Growth, Cash Turnover, and Firm Size on Profitability Mediated by Operational Effiency: Evidance from Healthcare Industry Listed on IDX Syofyan, Hamad; Fitra, Halkadri
Jurnal Informatika Ekonomi Bisnis Vol. 7, No. 4 (December 2025): Accepted
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/infeb.v7i4.1290

Abstract

This study examines the effect of capital structure, sales growth, cash turnover, and firm size on profitability mediated by operational efficiency in Indonesia’s healthcare industry listed on the Indonesia Stock Exchange (IDX) during 2020–2024. The healthcare sector is a capital-intensive industry that faces high operational costs and complex regulations, leading to fluctuating profitability despite strong sales growth. This topic is relevant because previous studies provide inconsistent findings regarding the relationship between leverage and profitability in capital-intensive firms. The research adopts a quantitative approach using secondary data from financial statements of healthcare companies listed on IDX. Samples were selected through a purposive sampling technique, and panel data regression with the Fixed Effect Model (FEM) was used for hypothesis testing. Operational efficiency was analyzed as a mediating variable through the Sobel test to examine indirect effects. The findings of this study indicate that capital structure (DER) and firm size have a significant negative effect on operational efficiency. However, capital structure does not significantly affect profitability (ROA), while firm size has a significant negative effect on profitability (ROA). The results also show that sales growth and cash turnover have no significant effect on operational efficiency. Furthermore, operational efficiency is proven to mediate the negative and significant effects of capital structure and firm size on profitability (ROA), but it does not mediate the relationship between sales growth and cash turnover with profitability (ROA).These findings imply that healthcare companies should optimize their capital structure and asset utilization while enhancing operational efficiency to sustain profitability.
Co-Authors Agustin, Henri Al Arasy, Habib Alpon Satrianto Amelia Cahyati, Suci Amelia Prasetya Aminarti, Aminarti Andi Mesta, Hendri Ardi, Giffary Aulia Rahman, Faishal Ayola, Pebiana Aziza Ananta Putri Callista Nabilah, Shafira Charoline Cheisviyanny Daulay, Putri Abellia Dewi Pebriyani Dina Patrisia Doni saputra Dwi Zulfi, Fara Efrizal Syofyan Erfrizal Syofyan Erinos Erinos Erly Mulyani Erly Mulyani Erni Masdupi Faisal, Dini Farhan, Ananda Febri Mukhlis Fefri Indra Arza Fefri Indra Arza Ferdiansya, Ferdiansya Firlana Firlana Gimeilia Sarma Grizmaldy, Fastri Prisma Gustina, Puspita Halmawati Halmawati Halmawati, Halmawati Hanifa Yosmawardani - Helmy, Herlina Hendri Andi Mesta Henri Agustin Henri Agustin Herlina Helmy Husna, Imalatul Husnil Khatimah Lara Al Ashry Lara Al-Ashry Luli Febrianti Marta, Joan Maulana Ihsan, Maulana Miftahul Khair Nayang Helmayunita Nelonda, Selli NURUL ANNISA Nurzi Sebrina Nurzi Sebrina Pathoroni, Hefri R. Sapto Hendri Boedi Soesatyo Rosyeni Rasyid Rubi, Samila Salma Taqwa Sapta Jonesti, Abi Sintia Rama Dani Sri Mulyani Suci Oktavia, Suci Suci Ramadhani Suhandai, Imel Syofyan, Hamad Tri Kurniawati, Tri Triani, Mike Tsani, Raihan Ulal Zilfarid, Maf Venny Irmi Wahyuni, Nina Wenni Futria Mori Yola Fionita Yovani, Yovani Yuza Sari, Astri Zahro ilmi Efendi Zasabila, Dilla Zulva Riani, Novya