Pengaruh Profitabilitas, Likuiditas dan Ukuran Perusahaan terhadap Leverage pada Perusahaan Manufaktur Subsektor Tekstil dan Garmen yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024

David Isnandi (Universitas YPPI Rembang)
Agustina Widodo (Universitas YPPI Rembang)

Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-commerce
Vol. 5 No. 3 (2026): September : Digital Bisnis: Jurnal Publikasi Ilmu Manajemen dan E-Commerce

Focusing on IDX-listed textile and garment manufacturers between 2020 and 2024, this paper evaluates how corporate leverage responds to variations in earnings capacity, liquid assets, and enterprise scale. A quantitative framework utilizing audited annual financial statements produced 34 final observations after applying targeted sampling constraints and outlier adjustments. Empirical estimations were conducted via multiple linear regression using SPSS. Findings reveal that stronger profitability leads to increased borrowing, indicating that lucrative firms frequently employ debt to finance expansion projects. In contrast, solid liquidity positions significantly reduce debt usage, reinforcing a reliance on internal cash reserves. Finally, enterprise scale displays a positive and meaningful linkage with leverage, underscoring how larger corporations leverage superior credit access.