Determinan Kinerja Keuangan Pada Perusahaan Holding Perkebunan Nusantara
Abstract
This study aims to examine the effect of DER, CR, and company growth on financial performance projected by ROA. The research utilizes data from the annual reports of plantation issuers, namely the subsidiary of Holding Perkebunan Nusantara from 2016-2019. The sample determination method uses purposive sampling with an observation period from 2016 to 2019. The use of multiple linear regression analysis is used to test the hypothesis in this study. The results showed that DER, CR, and company growth had a negative and insignificant effect on the financial performance (ROA) of Holding Perkebunan Nusantara. The conclusion of the study is that DER, CR, and growth growth do not play an important role on financial performance (ROA).
Keywords: Debt to Equity Ratio; Current Ratio; Company Growth.
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References
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Nanda, S., & Panda, A. K. (2018). The Determinants Of Corporate Profitability: An Investigation Of Indian Manufacturing Firms. International Journal Of Emerging Markets, 13(1), 66–86. https://doi.org/10.1108/IJoEM-01-2017-0013
Menichini, A. (2015). On The Determinants Of Firm Leverage: Evidence From A Structural Estimation. International Journal Of Managerial Finance, 11(2), 179–197. https://doi.org/10.1108/IJMF-04-2014-0054
Sharma, R. K. (2018). Factors Affecting Financial Leveraging For BSE Listed Real Estate Development Companies In India. Journal of Financial Management of Property and Construction, 23(3), 274–294. https://doi.org/10.1108/JFMPC-01-2017-0002
Ahrendsen, B. L., & Katchova, A. L. (2012). Financial Ratio Analysis Using ARMS Data. Agricultural Finance Review, 72(2), 262–272. https://doi.org/10.1108/00021461211250492
Drury, J. C. (1981). A Study Of Industry Financial Ratios. Management Decision, 19(1), 24–35. https://doi.org/10.1108/eb001265
Alarussi, A. S. A. (2021). Financial Ratios And Efficiency In Malaysian Listed Companies. Asian Journal Of Economics And Banking, 5(2), 116–135. https://doi.org/10.1108/ajeb-06-2020-0014
Yu-Thompson, Y., Lu-Andrews, R., & Fu, L. (2016). Liquidity And Corporate Governance: Evidence From Family Firms. Review Of Accounting And Finance, 15(2), 144–173. https://doi.org/10.1108/RAF-03-2015-0039
Pham, H. S. T., & Nguyen, D. T. (2019). The Effects Of Corporate Governance Mechanisms On The Financial Leverage–Profitability Relation. Management Research Review, 43(4), 387–409. https://doi.org/10.1108/MRR-03-2019-0136
Samo, A. H., & Murad, H. (2019). Impact Of Liquidity And Financial Leverage On Firm’s Profitability – An Empirical Analysis Of The Textile Industry Of Pakistan. Research Journal Of Textile And Apparel, 23(4), 291–305. https://doi.org/10.1108/RJTA-09-2018-0055
Dalci, I. (2018). Impact Of Financial Leverage On Profitability Of Listed Manufacturing Firms In China. Pacific Accounting Review, 30(4), 410–432. https://doi.org/10.1108/PAR-01-2018-0008
Basdekis, C., Christopoulos, A., Katsampoxakis, I., & Lyras, A. (2020). Profitability And Optimal Debt Ratio Of The Automobiles And Parts Sector In The Euro Area. Journal Of Capital Markets Studies, 4(2), 113–127. https://doi.org/10.1108/jcms-08-2020-0031
Ji, P., Yan, X., & Yu, G. (2020). The Impact Of Information Technology Investment On Enterprise Financial Performance In China. Chinese Management Studies, 14(3), 529–542. https://doi.org/10.1108/CMS-04-2019-0123
Lim, H., & Rokhim, R. (2021). Factors Affecting Profitability Of Pharmaceutical Company: An Indonesian Evidence. Journal Of Economic Studies, 48(5), 981–995. https://doi.org/10.1108/JES-01-2020-0021
Chowdhury, L. A. M., Rana, T., Akter, M., & Hoque, M. (2018). Impact Of Intellectual Capital On Financial Performance: Evidence From The Bangladeshi Textile Sector. Journal Of Accounting & Organizational Change, 14(4), 429–454. https://doi.org/10.1108/JAOC-11-2017-0109
Fees, W., Nguyen, T. T. M., & Xu-Fees, X. (2021). Financial Performance Analysis Of German Firms After Chinese Mergers And Acquisitions. Review Of International Business And Strategy, Ahead-Of-Print(Ahead-Of-Print). https://doi.org/10.1108/RIBS-10-2020-0129
BPS. (2020). Berita resmi Statistik. Berita Resmi Statistik. https://www.bps.go.id/pressrelease.html
Dewi, D., & Sudiartha, G. (2017). Pengaruh Profitabilitas, Ukuran Perusahaan, Dan Pertumbuhan Aset Terhadap Struktur Modal Dan Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 6(4), 242635.
Dewi, N. K. V. C. (2015). NoPengaruh LDR, LAR, DER, dan CR Terhadap ROA Title. E-Journal Bisma Universitas Pendidikan Ganesha, 3(10).
IDX. (2020). Indonesia Stock Exchange Reports. Indonesia Stock Exchange. https://www.idx.co.id/
Kasmir. (2016). Analisis Laporan Keuangan. Raja Grafindo Persada.
Mahfudnurnajamuddin, & Suryanti. (2019). Pengaruh Struktur Modal dan Pertumbuhan Perusahaan Terhadap Profitabilitas dan Nilai Perusahaan. Center of Economic Student Journal, 2(2).
Muslih, M. (2019). Pengaruh Perputaran Kas Dan Likuiditas (Current Ratio) Terhadap Profitabilitas ( Return on Asset ). Kumpulan Riset Akuntansi, 11(1), 47–59.
Nugroho, A. S. (2014). Pengaruh Debt To Equity Ratio Dan Debt To Total Asset Ratio Terhadap Profitabilitas Perusahaan Sub Sektor Perkebunan Yang Terdaftar Di Bei Periode 2008-2012. Universitas bengkulu.
Putra, A., & Badjra, I. (2015). Pengaruh Leverage, Pertumbuhan Penjualan Dan Ukuran Perusahaan Terhadap Profitabilitas. E-Jurnal Manajemen Universitas Udayana, 4(7), 249411.
Ramdhonah, Z., Solikin, I., & Sari, M. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2017). Jurnal Riset Akuntansi Dan Keuangan, 7(1), 67–82. https://doi.org/10.17509/jrak.v7i1.15117
Sugiyono. (2019). Metode Penelitian Pendidikan. Alfabeta.
Wawan Cahyo, N., & Abdani, F. (2017). Pengaruh Profitabilitas, Dividend Policy, Leverage, Dan Keputusan Investasi Terhadap Nilai Perusahaan Konstruksi Di Bursa Efek Indonesia. Jurnal El-Muhasaba. 8(1).
Wedyaningsih, N., Nurlaela, S., & Titisari, K. H. (2019). Earning Per Share, Debt To Equity Ratio, Current Ratio Terhadap Profitabilitas Perusahaan Sub-Sektor Barang Konsumsi Di Bursa Efek Indonesia. Jurnal Ilmiah Edunomika, 3(01), 97–107. https://doi.org/10.29040/jie.v3i01.414
Maulita, D., & Tania, I. (2018). Pengaruh Debt To Equity Ratio (Der), Debt To Asset Ratio (Dar), Dan Long Term Debt To Equity Ratio (Lder) Terhadap Profitabilitas. Jurnal Akuntansi : Kajian Ilmiah Akuntansi (JAK), 5(2), 132. https://doi.org/10.30656/jak.v5i2.669
Jonathan, I. B. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan Terhadap Kinerja Keuangan Pada Perusahaan Non Keuangan Dengan Menggunakan Dupont System. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 2(2), 419. https://doi.org/10.24912/jmieb.v2i2.1610
Lutfi, A. M., & Sunardi, N. (2019). Pengaruh Current Ratio (Cr), Return On Equity (Roe), Dan Sales Growth Terhadap Harga Saham Yang Berdampak Pada Kinerja Keuangan Perusahaan (Pada Perusahaan Manufaktur Sektor Makanan dan Minuman Yang terdaftar di Bursa Efek Indonesia). Jurnal SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 2(3), 83. https://doi.org/10.32493/skt.v2i3.2793
Suharna, D., & Silviyanti. (2019). Pengaruh Struktur modal dan pertumbuhan perusahaan terhadap profitabilitas. Jornal of Management Studies, 6(3), 157–166.
Pratika, I., & Primasari, N. H. (2020). Pengaruh Debt Equity Ratio, Pertumbuhan Aset, Perputaran Modal Kerja, dan Corporate Social Responsibility Terhadap Profitabilitas. Jurnal Akuntansi Dan Keuangan, 9(2), 109–120.
Dewi, N. K. V. C. (2015). Pengaruh LDR, LAR, DER, dan CR Terhadap ROA. E-Journal Bisma Universitas Pendidikan Ganesha, 3(10).
Wahyuni Sri. (2020). Metode Penelitian Akuntansi dan Manajemen (1st ed.). Percetakan STIM TKPN Yogyakarta.
Qamara, T., Wulandari, A., Sukoco, A., & Suyono, J. (2020). The Influence of Current Ratio, Debt to Equity Ratio, And Total Asset Turnover Ratio on Profitability of Transportation Companies Listed On the Indonesia Stock Exchange 2014-2018. :: :: IJIEEB :: International Journal of Integrated Education, Engineering and Business ::, 3(2), 81–93. https://doi.org/10.29138/ijieeb.v3i2.1169
Alarussi, A. S., & Gao, X. (2021). Determinants Of Profitability In Chinese Companies. International Journal Of Emerging Markets, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJOEM-04-2021-0539
Alsharari, N. M., & Alhmoud, T. R. (2019). The Determinants Of Profitability In -Compliant Corporations: Evidence From Jordan. Journal Of Islamic Accounting And Business Research, 10(4), 546–564. https://doi.org/10.1108/JIABR-05-2016-0055
Nanda, S., & Panda, A. K. (2018). The Determinants Of Corporate Profitability: An Investigation Of Indian Manufacturing Firms. International Journal Of Emerging Markets, 13(1), 66–86. https://doi.org/10.1108/IJoEM-01-2017-0013
Menichini, A. (2015). On The Determinants Of Firm Leverage: Evidence From A Structural Estimation. International Journal Of Managerial Finance, 11(2), 179–197. https://doi.org/10.1108/IJMF-04-2014-0054
Sharma, R. K. (2018). Factors Affecting Financial Leveraging For BSE Listed Real Estate Development Companies In India. Journal of Financial Management of Property and Construction, 23(3), 274–294. https://doi.org/10.1108/JFMPC-01-2017-0002
Ahrendsen, B. L., & Katchova, A. L. (2012). Financial Ratio Analysis Using ARMS Data. Agricultural Finance Review, 72(2), 262–272. https://doi.org/10.1108/00021461211250492
Drury, J. C. (1981). A Study Of Industry Financial Ratios. Management Decision, 19(1), 24–35. https://doi.org/10.1108/eb001265
Alarussi, A. S. A. (2021). Financial Ratios And Efficiency In Malaysian Listed Companies. Asian Journal Of Economics And Banking, 5(2), 116–135. https://doi.org/10.1108/ajeb-06-2020-0014
Yu-Thompson, Y., Lu-Andrews, R., & Fu, L. (2016). Liquidity And Corporate Governance: Evidence From Family Firms. Review Of Accounting And Finance, 15(2), 144–173. https://doi.org/10.1108/RAF-03-2015-0039
Pham, H. S. T., & Nguyen, D. T. (2019). The Effects Of Corporate Governance Mechanisms On The Financial Leverage–Profitability Relation. Management Research Review, 43(4), 387–409. https://doi.org/10.1108/MRR-03-2019-0136
Samo, A. H., & Murad, H. (2019). Impact Of Liquidity And Financial Leverage On Firm’s Profitability – An Empirical Analysis Of The Textile Industry Of Pakistan. Research Journal Of Textile And Apparel, 23(4), 291–305. https://doi.org/10.1108/RJTA-09-2018-0055
Dalci, I. (2018). Impact Of Financial Leverage On Profitability Of Listed Manufacturing Firms In China. Pacific Accounting Review, 30(4), 410–432. https://doi.org/10.1108/PAR-01-2018-0008
Basdekis, C., Christopoulos, A., Katsampoxakis, I., & Lyras, A. (2020). Profitability And Optimal Debt Ratio Of The Automobiles And Parts Sector In The Euro Area. Journal Of Capital Markets Studies, 4(2), 113–127. https://doi.org/10.1108/jcms-08-2020-0031
Ji, P., Yan, X., & Yu, G. (2020). The Impact Of Information Technology Investment On Enterprise Financial Performance In China. Chinese Management Studies, 14(3), 529–542. https://doi.org/10.1108/CMS-04-2019-0123
Lim, H., & Rokhim, R. (2021). Factors Affecting Profitability Of Pharmaceutical Company: An Indonesian Evidence. Journal Of Economic Studies, 48(5), 981–995. https://doi.org/10.1108/JES-01-2020-0021
Chowdhury, L. A. M., Rana, T., Akter, M., & Hoque, M. (2018). Impact Of Intellectual Capital On Financial Performance: Evidence From The Bangladeshi Textile Sector. Journal Of Accounting & Organizational Change, 14(4), 429–454. https://doi.org/10.1108/JAOC-11-2017-0109
Fees, W., Nguyen, T. T. M., & Xu-Fees, X. (2021). Financial Performance Analysis Of German Firms After Chinese Mergers And Acquisitions. Review Of International Business And Strategy, Ahead-Of-Print(Ahead-Of-Print). https://doi.org/10.1108/RIBS-10-2020-0129
Published
2022-02-26
How to Cite
HIMAWAN, Dhimas Rayendra; ABDANI, Fadlil.
Determinan Kinerja Keuangan Pada Perusahaan Holding Perkebunan Nusantara.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 2, p. 494-505, feb. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/83332>. Date accessed: 26 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i02.p16.
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