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All Journal IIJSE Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Farah Margaretha Leon
Universitas Trisakti, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Effect of Liquidity, Leverage, Sales Growth, and Cost-to-Revenue on the ROA of Indonesian Consumer Goods Companies Bhimo Fadhel Musyaffa; Wahyu Ramadhan; Henny Setyo Lestari; Farah Margaretha Leon
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9626

Abstract

This research aims to analyze the effect of Liquidity Ratio, Leverage Ratio, Sales Growth, and Cost to Revenue Ratio on Return on Assets (ROA) in consumer goods companies listed on the Indonesia Stock Exchange (IDX) for the period 2019–2024. The primary research problem focuses on how liquidity management, funding structure, sales growth, and cost efficiency determine profitability amidst intense competition and economic dynamics.Using an explanatory quantitative method, this research involves 53 companies selected through purposive sampling, resulting in a total of 318 observations. Secondary data were analyzed using panel data regression through software, with model selection procedures including the Hausman test and redundant fixed effects test.Theoretically, liquidity and sales growth are predicted to have a positive effect, while leverage and cost-to-revenue are expected to have a negative impact on ROA. This study also integrates control variables such as inventory turnover, Net Profit Margin (NPM), Average Collection Period (ACP), and firm size. In conclusion, operational efficiency and financial stability are crucial for management and investors in optimizing asset utilization to improve the financial performance of consumer goods companies in Indonesia.
Co-Authors Achmad Gibran Fachraesy Ardono Sepdantyo Yudo Asfina Nor Husna Bhimo Fadhel Musyaffa Dita Ayu Nurani Elfrida Eufunny Fathin Hairiyah Febria Nalurita Grecia Alvionita Simanjorang Henny Setyo Lestari Kurrota A'yuni Aisy Lutfi Adnan Affif Mawjihan Tsakilla Muhammad Nabil Kayana Rizki Malik Fajar Wahyu Ramadhan