Pengaruh Sales Growth, Likuiditas, dan Firm Size Terhadap Financial Leverage dan Nilai Perusahaan Perusahaan Pertambangan Yang Terdaftar Di Indonesia
DOI:
https://doi.org/10.35814/ekobisman.v9i2.8331
Abstract views: 15 | Pdf downloads: 23
Abstract views: 15 | Pdf downloads: 23
Keywords:
Sales Growth, Likuiditas, Firm Size, Financial Leverage, Profitabilitas
Abstract
Fenomena gap dalam penelitian ini adalah secara teori financial leverage yang diproksi dengan menggunakan financial leverage berpengaruh positif terhadap profitabilitas, namun pergerakan financial leverage dan profitabilitas pada tahun 2015-2021 tidak menunjukkan hal tersebut karena adanya fluktuasi. Tujuan penelitian ini adalah menganalisis pengaruh sales growth, likuiditas, firm size terhadap financial leverage dan profitabilitas perusahaan pertambangan di Bursa Efek Indonesia periode 2015-2022.
Populasi yang digunakan dalam penelitian ini adalah seluruh data keuangan perusahaan pertambangan dalam periode 2015-2022 yang ada daalam Bursa Efek Indonesia. Sampel yang digunakan adalah 182 perusahaan pertambangan yang menerbitkan laporan keuangan tahunan secara lengkap selama periode pengamatan. Alat analisis yang digunakan adalah metode analisis kuantitatif, yaitu path analysis.
Berdasarkan hasil penelitian, likuiditas berpengaruh negatif terhadap financial leverage, sedangkan sales growth dan firm size tidak berpengaruh terhadap financial leverage. Sales growth, likuiditas dan firm size berpengaruh positif terhadap profitabilitas. Financial leverage tidak berpengaruh terhadap profitabilitas.
References
Abor, J. 2005. The Effect of Capital Structure on Profitability: An Empirical Analysis Of Listed Firms In Ghana. The Journal of Risk Finance 6 (5).
Achtenhagen, L., Naldi, L., & Melin, L.. 2010. “Business growth”: do practitioners and scholar really talk about the same thing? Entrepreneurship Theory and Practice, 34(3),
Agbada, Andrew, dan Osuji, 2013, The Efficacy of Liquidity Management and Banking Performance in Nigeria, International Review of Management Business Research, Vol. 2(1)
Ahmad, Nawaz, Atif Salman dan Aamir Firoz Shamsi. 2015. Impact of Financial Leverage on Firms’ Profitability: An Investigation from Cement Sector of Pakistan. Research Journal of Finance and Accounting Vol 6 No 7
Boadi, Eric Kofi dan Yao Li. 2015. An Empirical Analysis of Leverage and Financial Performance of Listed Non-Financial Firms in Ghana. International Journal of Economics and Finance Vol 7 No 9
Brealey, RA, SC Myers dan F Allen, 2017. Priciples of Corporate Finance. McGraw Hill. New York.
Carlin, PA, Bruce Simon dan Schuyster. 2013. Macroeconomics. Oxford.
Cassar, G., & Holmes, S. 2003. Capital structure & financing of SME’s: Australian evidence. Journal of Accounting & Finance, 43(2).
Dahmash, Firas Naim. 2015. Size Effect on Company Profitability; Evidence from Jordan. International Journal of Business and Management Vol 10 No 2.
Deitiana, Tita dan Robin. 2016. The Effect of Firm Size, profitability, Tangibility, Non-Debt Tax Shield and Growth to Capital Structure on Banking Firms Listed in Indonesia Stock Exchange From 2007-2012. South East Asia Journal of Contemporary Business, Economics and Law Vol 10 No 1.
Demirgunes, Kartal. 2016. The Effect of Liquidity on Financial Performance : Evidence from Turkish Retail Industry. International Journal of Economics and Finance Vo 8 No 4.
Davidsson, P., Achtenhagen, L., & Naldi, L.. (2010. Small firm growth. Foundations and Trends in Entrepreneurship, 6(2),
Dobbs, M., & Hamilton, R. T. 2007. Small business growth: recent evidence and new directions. International Journal of Entrepreneurship Behaviour and Research, 13(5)
Dogan, Mesut. 2013. Does Firm Size Affect the Firm Profitability?Evidence from Turkey. Research Journal of Finance and Accounting Vol 4 No 4.
Ebaid, I. E. 2009. The Impact of Capital Structure Choice on Firm Performance: Empirical Evidence From Egypt. The Journal of Risk Finance 10 (5).
Edim, N. O., Atseye, F. A., Eke, F. A. 2014, The relationship between capital structure and firm’s performance: Theoretical review, Journal of Economics and Sustainable Development Vol 3 No 2.
Ghozali, I., & Fuad. (2014). Structural Equation Modeling: Teori, Konsep dan Aplikasi dengan Program Lisrel 9.10 (4th ed.). Badan Penerbit Universitas Diponegoro.
Goel, Utkarsh, Saurabh Chadha, Amil K Sharma. 2015. Operating Liquidity and Financial Leverage: Evidences from Indian Machinery Industry. Social and Behavioral Sciences 189.
Hanafi, Mamduh dan Abdul Halim. 2007. Analisis Laporan Keuangan. UPP STIM YKPN, Yogyakarta.
Ilaboya, Ofnan J dan Izien F Ohiokha. 2016. Firm Age, Size and Profitability Dynamics: A Test of Learning by Doing and Structural Inertia Hypotheses. Business and Management Research Vol 5 No 1.
Ilham, Widiyanto, Dheasey Amboningtyas, Maria Magdalena Minarsih. 2018. Analysis of Financial Leverage, Form Size, and Growth Opportunity on Company Value by Profitability. Jurnal Akuntansi UNP Vol 1 No 1.
Janssen, F. 2009. Does the environment Influence the employment growth of SMEs? Journal of Small Business and Entrepreneurship, 22(3),
Kartikasari, Dwi dan Marisa Merianti. 2016. The Effect of Leverage and Firm Size to Profitability of Public Manufacturing Companies in Indonesia. International Journal of Economics and Financial Issues Vol 6 No 2.
Leitch, C., Hill, F., & Neergaard, H. 2010. Entrepreneurial and business growth and the quest for a “comprehensive theory”: tilting at Windmills? Entrepreneurship Theory and Practice, 34(1)
Mahnazmahdavi, Mokhtarbaseri, Afshin Zare, Hamideh Zare. 2013. The Effect of Sales Growth on the Determinants of Capital Structure of Listed Companies in Tehran Stock Exchange. Australian Journal of Basic and Applied Sciences Vol 7 No 2.
Malik, Muhammad Shaukat, Mustabsar Awais dan Aisha Khursheed. 2016. Impact of Liquidity on Profitability : A Comprehensive Case of Pakistan’s Private Banking Sector. International Journal of Economics and Finance Vol 8 No 3.
McKelvie, A., & Wiklund, J. 2010. Advancing firm growth research: a focus on growth mode instead of growth rate. Entrepreneurship Theory and Practice, 34(1).
Niresh, J Aloy dan T Velnampy. 2014. Firm Size and Profitabilit: A Study of Listed Manufacturing Firms in Sri Lanka. International Journal of Business and Management Vol 9 No 4.
Olagunju, A,Adeyanju,O.S & Olabode, O.S (2011) Liquidity Management and Commercial Banks, profitability in Nigeria Research Journal of Finance and Accountancy ,2(7)
Penrose, Edit T. 2005. The Theory of Growth of the Firm. Blackwell, Oxford.
Pervaiz, Yaser, Asad Zaman, Sadia Abdul Salam dan Muhammada Bilal. 2013. Impact of Liquidity on Capital Structure of Textile Sector of Pakistan. Journal of Economics and Finance (JEF) Vol 1 No 6.
Rajan, R. G, & L. Zingales, 1995. What do we know about capital structure? Some evidence from international data. Journal of Finance, 50
Saberi, Samiyeh dan Elahe Asadipour. 2016. Investigating the Relationship between Financial Growth and Strength with Leverage Ratios of Companies Listed in Tehran Stock Exchange. International Journal of Humanities and Cultural Studies ISSN 2356-5926.
Sarlija, Natasa dan Martina Harc. 2012. The Impact of Liquidity on the Capital Structure : A Case Study of Croatian Firm. Versita Vol 3 No 1.
Sekaran, U., & Bougie, R. (2013). Research Methods for Business United Kingdom: Jhon Wiley & Sons Ltd
Toh, Tasoh Martin. 2017. Topic: Determinants of Leverage in Korea. Journal of Financial Markets Vol 12 No 1.
Van Horne, James dan John M Wachowicz. 2008. Prinsip-Prinsip Manajemen Keuangan. Salemba Empat, Jakarta.
Yenny, Putu Anom Mahadwartha, dan Bertha Silvia Sutejo. 2015. Pengaruh Profitability, Asset Tangibility, Size Growth terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2013. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya Vol 4 No 1.
Achtenhagen, L., Naldi, L., & Melin, L.. 2010. “Business growth”: do practitioners and scholar really talk about the same thing? Entrepreneurship Theory and Practice, 34(3),
Agbada, Andrew, dan Osuji, 2013, The Efficacy of Liquidity Management and Banking Performance in Nigeria, International Review of Management Business Research, Vol. 2(1)
Ahmad, Nawaz, Atif Salman dan Aamir Firoz Shamsi. 2015. Impact of Financial Leverage on Firms’ Profitability: An Investigation from Cement Sector of Pakistan. Research Journal of Finance and Accounting Vol 6 No 7
Boadi, Eric Kofi dan Yao Li. 2015. An Empirical Analysis of Leverage and Financial Performance of Listed Non-Financial Firms in Ghana. International Journal of Economics and Finance Vol 7 No 9
Brealey, RA, SC Myers dan F Allen, 2017. Priciples of Corporate Finance. McGraw Hill. New York.
Carlin, PA, Bruce Simon dan Schuyster. 2013. Macroeconomics. Oxford.
Cassar, G., & Holmes, S. 2003. Capital structure & financing of SME’s: Australian evidence. Journal of Accounting & Finance, 43(2).
Dahmash, Firas Naim. 2015. Size Effect on Company Profitability; Evidence from Jordan. International Journal of Business and Management Vol 10 No 2.
Deitiana, Tita dan Robin. 2016. The Effect of Firm Size, profitability, Tangibility, Non-Debt Tax Shield and Growth to Capital Structure on Banking Firms Listed in Indonesia Stock Exchange From 2007-2012. South East Asia Journal of Contemporary Business, Economics and Law Vol 10 No 1.
Demirgunes, Kartal. 2016. The Effect of Liquidity on Financial Performance : Evidence from Turkish Retail Industry. International Journal of Economics and Finance Vo 8 No 4.
Davidsson, P., Achtenhagen, L., & Naldi, L.. (2010. Small firm growth. Foundations and Trends in Entrepreneurship, 6(2),
Dobbs, M., & Hamilton, R. T. 2007. Small business growth: recent evidence and new directions. International Journal of Entrepreneurship Behaviour and Research, 13(5)
Dogan, Mesut. 2013. Does Firm Size Affect the Firm Profitability?Evidence from Turkey. Research Journal of Finance and Accounting Vol 4 No 4.
Ebaid, I. E. 2009. The Impact of Capital Structure Choice on Firm Performance: Empirical Evidence From Egypt. The Journal of Risk Finance 10 (5).
Edim, N. O., Atseye, F. A., Eke, F. A. 2014, The relationship between capital structure and firm’s performance: Theoretical review, Journal of Economics and Sustainable Development Vol 3 No 2.
Ghozali, I., & Fuad. (2014). Structural Equation Modeling: Teori, Konsep dan Aplikasi dengan Program Lisrel 9.10 (4th ed.). Badan Penerbit Universitas Diponegoro.
Goel, Utkarsh, Saurabh Chadha, Amil K Sharma. 2015. Operating Liquidity and Financial Leverage: Evidences from Indian Machinery Industry. Social and Behavioral Sciences 189.
Hanafi, Mamduh dan Abdul Halim. 2007. Analisis Laporan Keuangan. UPP STIM YKPN, Yogyakarta.
Ilaboya, Ofnan J dan Izien F Ohiokha. 2016. Firm Age, Size and Profitability Dynamics: A Test of Learning by Doing and Structural Inertia Hypotheses. Business and Management Research Vol 5 No 1.
Ilham, Widiyanto, Dheasey Amboningtyas, Maria Magdalena Minarsih. 2018. Analysis of Financial Leverage, Form Size, and Growth Opportunity on Company Value by Profitability. Jurnal Akuntansi UNP Vol 1 No 1.
Janssen, F. 2009. Does the environment Influence the employment growth of SMEs? Journal of Small Business and Entrepreneurship, 22(3),
Kartikasari, Dwi dan Marisa Merianti. 2016. The Effect of Leverage and Firm Size to Profitability of Public Manufacturing Companies in Indonesia. International Journal of Economics and Financial Issues Vol 6 No 2.
Leitch, C., Hill, F., & Neergaard, H. 2010. Entrepreneurial and business growth and the quest for a “comprehensive theory”: tilting at Windmills? Entrepreneurship Theory and Practice, 34(1)
Mahnazmahdavi, Mokhtarbaseri, Afshin Zare, Hamideh Zare. 2013. The Effect of Sales Growth on the Determinants of Capital Structure of Listed Companies in Tehran Stock Exchange. Australian Journal of Basic and Applied Sciences Vol 7 No 2.
Malik, Muhammad Shaukat, Mustabsar Awais dan Aisha Khursheed. 2016. Impact of Liquidity on Profitability : A Comprehensive Case of Pakistan’s Private Banking Sector. International Journal of Economics and Finance Vol 8 No 3.
McKelvie, A., & Wiklund, J. 2010. Advancing firm growth research: a focus on growth mode instead of growth rate. Entrepreneurship Theory and Practice, 34(1).
Niresh, J Aloy dan T Velnampy. 2014. Firm Size and Profitabilit: A Study of Listed Manufacturing Firms in Sri Lanka. International Journal of Business and Management Vol 9 No 4.
Olagunju, A,Adeyanju,O.S & Olabode, O.S (2011) Liquidity Management and Commercial Banks, profitability in Nigeria Research Journal of Finance and Accountancy ,2(7)
Penrose, Edit T. 2005. The Theory of Growth of the Firm. Blackwell, Oxford.
Pervaiz, Yaser, Asad Zaman, Sadia Abdul Salam dan Muhammada Bilal. 2013. Impact of Liquidity on Capital Structure of Textile Sector of Pakistan. Journal of Economics and Finance (JEF) Vol 1 No 6.
Rajan, R. G, & L. Zingales, 1995. What do we know about capital structure? Some evidence from international data. Journal of Finance, 50
Saberi, Samiyeh dan Elahe Asadipour. 2016. Investigating the Relationship between Financial Growth and Strength with Leverage Ratios of Companies Listed in Tehran Stock Exchange. International Journal of Humanities and Cultural Studies ISSN 2356-5926.
Sarlija, Natasa dan Martina Harc. 2012. The Impact of Liquidity on the Capital Structure : A Case Study of Croatian Firm. Versita Vol 3 No 1.
Sekaran, U., & Bougie, R. (2013). Research Methods for Business United Kingdom: Jhon Wiley & Sons Ltd
Toh, Tasoh Martin. 2017. Topic: Determinants of Leverage in Korea. Journal of Financial Markets Vol 12 No 1.
Van Horne, James dan John M Wachowicz. 2008. Prinsip-Prinsip Manajemen Keuangan. Salemba Empat, Jakarta.
Yenny, Putu Anom Mahadwartha, dan Bertha Silvia Sutejo. 2015. Pengaruh Profitability, Asset Tangibility, Size Growth terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2013. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya Vol 4 No 1.
Published
2025-03-11
How to Cite
Pratama, T. F., Tri Widyastuti, & Syamsul Bahri. (2025). Pengaruh Sales Growth, Likuiditas, dan Firm Size Terhadap Financial Leverage dan Nilai Perusahaan Perusahaan Pertambangan Yang Terdaftar Di Indonesia. EKOBISMAN : JURNAL EKONOMI BISNIS MANAJEMEN, 9(2), 157-171. https://doi.org/10.35814/ekobisman.v9i2.8331
Section
Articles
.png)
.png)
