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All Journal Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora
Lestari, Putu Ita
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Religion Humanities Economics, Econometrics & Finance Education Social Sciences

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Pengaruh Current Ratio, Return on Asset, dan Net Profit Margin terhadap Debt to Equity Ratio pada PT Unilever Indonesia Tbk Periode 2015-2024 Lestari, Putu Ita; Purnamayasa, I Komang Widya
Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora Vol. 12 No. 1 (2026): Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora
Publisher : Institut Agama Islam Sultan Muhammad Syafiuddin Sambas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37567/alwatzikhoebillah.v12i1.4816

Abstract

This study examines the role of liquidity and profitability in shaping the capital structure of PT Unilever Indonesia Tbk over the 2015–2024 period. Using 40 quarterly observations derived from published financial statements, this research applies multiple linear regression to analyze the effect of Current Ratio (CR), Return on Assets (ROA), and Net Profit Margin (NPM) on the Debt to Equity Ratio (DER). The results indicate that CR has a significant negative effect on DER, suggesting that stronger liquidity reduces reliance on debt financing. NPM also shows a significant negative influence on DER, highlighting the importance of operational profitability in strengthening internal funding capacity. In contrast, ROA does not exhibit a significant effect on DER, implying that asset-based profitability does not necessarily translate into lower leverage decisions. Simultaneously, CR, ROA, and NPM explain a substantial proportion of the variation in DER. These findings contribute to capital structure theory by demonstrating that liquidity and operational profitability play a more decisive role than asset efficiency in determining leverage, particularly in mature consumer goods firms facing extreme leverage trends in recent periods.
Pengaruh Current Ratio, Return on Asset, dan Net Profit Margin terhadap Debt to Equity Ratio pada PT Unilever Indonesia Tbk Periode 2015-2024 Lestari, Putu Ita; Yasa, I Komang Widya Purnama
Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora Vol. 12 No. 1 (2026): Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora
Publisher : Institut Agama Islam Sultan Muhammad Syafiuddin Sambas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37567/alwatzikhoebillah.v12i1.4816

Abstract

This study analyzes the role of liquidity and profitability in determining the capital structure of PT Unilever Indonesia Tbk during the 2015–2024 period. The study uses 40 quarterly data observations sourced from public financial statements and analyzed using multiple linear regression to test the effects of the Current Ratio (CR), Return on Assets (ROA), and Net Profit Margin (NPM) on the Debt-to-Equity Ratio (DER). The results indicate that CR has a negative and significant effect on DER, suggesting that strong liquidity reduces the company’s reliance on debt-based financing. NPM also has a significant negative effect on DER, underscoring the importance of operational profit efficiency in strengthening internal funding. Conversely, ROA does not show a significant effect on DER, indicating that asset-based profitability is not always a determinant of leverage policy. Simultaneously, CR, ROA, and NPM account for most of the variation in DER. This finding makes a theoretical contribution to the study of capital structure by confirming that liquidity and operating profitability are more decisive determinants of leverage than asset efficiency, particularly in mature consumer goods companies that have experienced extreme leverage trends in recent years.
Co-Authors I Komang Widya Purnama Yasa Purnamayasa, I Komang Widya