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All Journal Relevance: Journal of Management and Business
Filfilan, Assaf Z.
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Economics, Econometrics & Finance

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The Persistence of Profitability: A Dynamic Panel Data Analysis of Indonesian Public Companies Suwandaru, Agung; Filfilan, Assaf Z.; Mahatma Ratri, Anandhayu; Efendi, Alvin Ramadhan Putra; Kurniawan, Cahya Nova; Firdaus, Muhammad Rizki
Relevance: Journal of Management and Business Vol. 8 No. 2 (2025): December
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/relevance.v8i2.13256

Abstract

This study analyzes the dynamics of profitability for Indonesian public companies, focusing on the persistence of profits and the roles of leverage and firm size. Using a dynamic panel data analysis with a System GMM estimator on data from 44 firms over 24 years, the findings reveal a lack of profitability persistence, indicating that high profits are short-lived in this competitive market. Furthermore, financial leverage has a strong negative impact on profitability, while firm size shows no significant effect. These results suggest that managers should focus on continuous innovation and maintain a conservative debt policy, and that investors should not rely on past performance as a predictor of future returns. The study provides evidence that sustainable advantage in Indonesia stems from factors beyond mere scale or financial leverage.
Co-Authors Agung Suwandaru Efendi, Alvin Ramadhan Putra Kurniawan, Cahya Nova Mahatma Ratri, Anandhayu Muhammad Rizki Firdaus