Pengaruh Beban Cukai, Efisiensi Biaya, dan Struktur Modal Terhadap Profitabilitas: Studi Empiris Perusahaan Barang Kena Cukai yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2019–2024

Sri Murtini (Program Studi Akuntansi, Fakultas Ekonomi, Universitas Mercu Buana Yogyakarta)
Zaenal Wafa (Program Studi Akuntansi, Fakultas Ekonomi, Universitas Mercu Buana Yogyakarta)
Endang Sri Utami (Program Studi Akuntansi, Fakultas Ekonomi, Universitas Mercu Buana Yogyakarta)
Ratri Paramitalaksmi (Program Studi Akuntansi, Fakultas Ekonomi, Universitas Mercu Buana Yogyakarta)

El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Vol. 7 No. 11 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam

Rising excise tariffs create cost pressure for excisable goods companies, which may affect their profitability. This study analyzes the effect of excise burden, cost efficiency, and capital structure on the profitability of excisable goods companies listed on the Indonesia Stock Exchange (IDX) during 2019–2024. A quantitative approach was applied using secondary data from annual financial reports. Purposive sampling produced 6 companies, or 36 observations. Profitability was measured by Return on Assets (ROA), excise burden by the ratio of excise expense to net sales, cost efficiency by the Operating Expense Ratio (OER), and capital structure by the Debt to Equity Ratio (DER). Data were analyzed using multiple linear regression with SPSS. The results show that excise burden and cost efficiency have no significant effect on profitability, whereas capital structure has a positive and significant effect on profitability. Simultaneously, the three variables significantly affect profitability, with an adjusted R2 of 27.9%. These findings indicate that financing decisions matter more for the profitability of excisable goods companies than excise pressure and operating cost control during the observation period.