Pengaruh Leverage dan Ukuran Perusahaan terhadap Return on Assets melalui Analisis Regresi Data Panel pada perusahaan Manufaktur
DOI:
https://doi.org/10.46975/psmqqe25Keywords:
Leverage, Size, ROAAbstract
Kesulitan keuangan bagi perusahaan menjadi permasalahan yang sangat penting, oleh karena itu penelitian ini terkait apakah penyebabnya berupa pengelolaan hutang yang kurang baik atau ukuran perusahaan yang semakin besar sehingga kemampuan manajerialnya belum mencapai kinerja yang optimal. Peneliitan ini menggunakan parameter berupa leverage, Ukuran Perusahaan dan ROA dengan data panel dari 15 perusahaan tehnologi dan 2 perusahaan farmasi selama 2020-2023. Dua sektor ini dipilih karena nilai assetsnya secara signifikan lebih besar dibandingkan sektor lain, dan kinerjanya sangat dipengaruhi oleh kondisi perekonomian Indonesia yang tidak stabil pada periode tersebut. Kondisi ini menjadi relevan untuk dianalisis karena fluktuasi ekonomi dapat berdampak langsung pada efisiensi penggunaan assets perusahaan, yang tercermin dalam nilai Return on Assets (ROA) sebagai indikator kinerja keuangan utama. Alat analisis yang digunakan berupa regresi data panel dengan pengukuran melalui STATA V17. Melalui pengukuran Common Effect Model (CEM), Fixed Effect Model (FEM), dan Ordinary Least Square (OLS) diperoleh hasil yaitu FEM. Berdasarkan model FEM diperoleh pengaruh negatif antara leverage terhadap ROA dan pengaruh negatif antara Ukuran Perusahaan terhadap ROA serta bersama-sama berpengaruh positif terhadap ROA. Diharapkan penelitian ini memberikan manfaat bagi investor dalam pengambilan keputusan yang terkait dengan manajerial keuangan perusahaan terutama hutang dan assets
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