Biaya Produksi sebagai Penentu Profitabilitas Perusahaan Manufaktur, Bukti Empiris di Bursa Efek Indonesia 2021-2025: PENDAHULUAN Perusahaan manufaktur memegang peran strategis dalam perekonomian Indonesia sebagai penggerak utama pertumbuhan industri nasional dan penyerap tenaga kerja berskala besar. Dalam menjalankan aktivitas operasionalnya, perusahaan manufaktur dihadapkan pada tantangan pengelolaan tiga komponen biaya produksi utama yaitu biaya bahan baku (BBB), biaya tenaga kerja langsung (

Augladia Aneka Jemita (Universitas Cokroaminoto Yogyakarta)
Retno Kurnianingsih (Universitas Cokroaminoto Yogyakarta)

JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan)
Vol 10 No 2 (2026): JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan)

In conventional accounting theory, the three main elements of production expense : raw materials, direct labor, and factory overhead are widely regarded as the key drivers behind a manufacturer's profit performance, yet empirical findings on this link have remained mixed, especially since the pandemic. This study investigates, both individually and jointly, how raw material expense, direct labor expense, and factory overhead expense influence profitability, measured through Return on Assets (ROA), among food and beverage manufacturers listed on the Indonesia Stock Exchange (IDX). Using a quantitative, causal-explanatory design, multiple linear regression was applied to a balanced panel of annual financial reports from 11 firms spanning 2021–2025 (55 firm-year observations), with variables converted to natural logarithms to correct skewed distributions. The analysis shows none of the three cost components meaningfully shapes ROA, whether tested individually (raw material cost: Sig.=0.483; direct labor cost: Sig.=0.720; factory overhead cost: Sig.=0.962) or together (F=0.230; Sig.=0.875); an Adjusted R² of -0.045 further underscores how little the model explains. These results help define where cost-accounting theory does and does not hold when predicting asset-based profitability, and they point manufacturers toward a broader profitability strategy that combines lean production costs with revenue growth and smarter asset use rather than cost control alone.