Gross Profit Margin dan Debt to Equity Ratio: Implikasi terhadap Profitabilitas (ROA) Perusahaan Subsektor Makanan dan Minuman di BEI

Martha Racwel Patty

doi:10.31004/riggs.v4i3.2638

Authors

Martha Racwel Patty Universitas Pattimura

DOI:

https://doi.org/10.31004/riggs.v4i3.2638

Keywords:

Gross Profit Margin, Debt to Equity Ratio, Return on Assets

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Gross Profit Margin (GPM) dan Debt to Equity Ratio (DER) terhadap Return on Assets (ROA) pada perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Data yang digunakan berupa data panel dari 23 perusahaan selama periode 2019–2024 dengan total 138 observasi. Analisis dilakukan menggunakan model regresi data panel dengan pendekatan random effect. Hasil estimasi menunjukkan bahwa GPM berpengaruh positif dan signifikan terhadap ROA, sedangkan DER tidak berpengaruh signifikan. Uji simultan memperlihatkan bahwa GPM dan DER secara bersama-sama berpengaruh signifikan terhadap ROA, meskipun nilai koefisien determinasi (R²) hanya sebesar 0,303. Hal ini mengindikasikan bahwa 30,3 persen variasi profitabilitas dapat dijelaskan oleh variabel independen, sedangkan 69,7 persen dipengaruhi oleh faktor lain di luar model. Temuan penelitian ini menegaskan pentingnya efisiensi operasional dalam meningkatkan profitabilitas, sekaligus memberikan implikasi bagi manajemen perusahaan dan investor dalam mengambil keputusan strategis terkait kinerja keuangan. Penelitian ini juga membuka peluang bagi kajian lebih lanjut dengan menambahkan variabel eksternal maupun memperpanjang periode pengamatan untuk memperoleh gambaran yang lebih komprehensif.

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