PROFITABILITY DRIVERS: AN IN-DEPTH ANALYSIS OF HEALTH INDUSTRY COMPANIES

Penulis

DOI:

https://doi.org/10.31000/competitive.v9i1.10495

Abstrak

This research examines the influence of liquidity, activity, interest rate, and firm value variables on the profitability of healthcare companies listed on the Indonesia Stock Exchange. Employing purposive sampling, the study chose eight healthcare companies as its sample from 2018 to 2022. Data analysis was carried out by applying a fixed effect model. The results showed that two variables, namely asset turnover (activity ratio) and interest rates, have a significant influence on the profitability of companies in the healthcare sector. However, the variables of current ratio (liquidity) and firm value have yet to be proven to influence the level of profitability of these companies significantly. This finding implies that managers of companies in the healthcare sector need to pay attention to these factors in managing finances and increasing profitability. Improving efficiency in asset utilization and a better understanding of interest rate conditions can be effective strategies. Meanwhile, liquidity and firm value do not significantly impact profitability, which may provide additional insights for managerial decision-making in this sector.

Referensi

Agwan, A. A. (2017). Empirical Analysis of the Impact of Capital Structure on the Profitability of Automobile Industry. International Journal of Management, 7(5), 190–217.

Al-Jafari, M. K., & Al Samman, H. (2015). Determinants of Profitability: Evidence from Industrial Companies Listed on Muscat Securities Market. Review of European Studies, 7(11), 303–311. https://doi.org/10.5539/res.v7n11p303

Almajali, A. Y., Alamro, S. A., & Al-Soub, Y. Z. (2012). Factors Affecting the Financial Performance of Jordanian Insurance Companies Listed at Amman Stock Exchange. Journal of Management Research, 4(2), 266–289. https://doi.org/10.5296/jmr.v4i2.1482

Burhanudin. (2017). Pengaruh Struktur Modal, Perputaran Modal Kerja, terhadap Profitabilitas (Perusahaan Otomotif yang Terdaftar di Bursa Efek Indonesia). Jurnal Akuntansi, 3(2), 43–49.

Charitou, M. S., Elfani, M., & Lois, P. (2010). The Effect Of Working Capital Management On Firm’s Profitability: Empirical Evidence From An Emerging Market. Journal of Business & Economics Research, 8, 63.

Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach. Expert Systems with Applications, 40(10), 3970–3983. https://doi.org/10.1016/j.eswa.2013.01.012

Dewi, A. S. M., & Wirajaya, A. (2013). Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 4(2), 358–372.

Dwiningtyas, C. I., & Yoewono, H. (2023). Pengaruh Faktor Fundamental dan Makro Ekonomi Terhadap Profitabilitass Bank: Studi Empiris Pada Bank Umum yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020. 15(1), 1–19.

Farika, V. D. S., & Dewi, N. G. (2023). Pengaruh Pertumbuhan Penjualan, Likuiditas, dan Ukuran Perusahaan Terhadap Profitabilitas. Jurnal Akuntansi Dan Keuangan, 08(01), 44–53.

Katchova, A. L., & Enlow, S. J. (2013). Financial performance of publicly-traded agribusinesses. Agricultural Finance Review, 73(1), 58–73. https://doi.org/10.1108/00021461311321311

Kusumajaya, D. K. O. (2011). Pengaruh Struktur Modal Dan Pertumbuhan Perusahaan Terhadap Profitabilitas dan Nilai Perusahaan Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. Universitas Udayana.

Mariyah, S., Paramita, M. H., Huliawati, R., Haryadi, & Rahayu, S. (2023). Pengaruh Kinerja Lingkungan terhadap Profitabilitas melalui Pengungkapan Akuntansi Karbon. Jurnal Ilmiah Akuntansi Dan Keuangan, 5(7), 3057–3064.

Mulyadi, M. S., & Anwar, Y. (2012). Impact of corporate social responsibility toward firm value and profitability. The Business Review, 19(2), 316–322.

Mun, S. G., & Jang, S. C. S. (2015). Working capital, cash holding, and profitability of restaurant firms. International Journal of Hospitality Management, 48, 1–11. https://doi.org/10.1016/j.ijhm.2015.04.003

Oktavia, V., Jefri, U., & Kusuma, J. W. (2021). Pengaruh Good Corporate Governance dan Ukuran Perusahaan Terhadap Tax Avoidance (Pada Perusahaan properti dan Real Estate yang Terdaftar di BEI Periode 2015-2018). Jurnal Revenue, 01(02), 143–151. https://doi.org/10.46306/rev.v1i2

Pais, M. A., & Gama, P. M. (2015). Working capital management and SMEs profitability: Portuguese evidence. International Journal of Managerial Finance, 11(3), 341–358. https://doi.org/10.1108/IJMF-11-2014-0170

Panda, A. K., & Nanda, S. (2018). Working capital financing and corporate profitability of Indian manufacturing firms. Management Decision, 56(2), 441–457. https://doi.org/10.1108/MD-07-2017-0698

Prasetyorini, B. F. (2013). Pengaruh Ukuran Perusahaan, Leverage, Price Earning Ratio dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Imu Manajemen, 1(1), 183–196.

Priya, K., & Balasundaram, N. (2013). Liquidity Management and Profitability: A Case Study of Listed Manufacturing Companies in Sri Lanka. International Journal of Technological Exploration and Learning (IJTEL), 2(4), 161–165.

Sadiq, M. N., & Sher, F. (2016). Impact of Capital Structure on the Profitability of Firm’s Evidence from Automobile sector of Pakistan. Global Journal of Management and Business Research, 16(1), 61–68.

Sanjaya, S., & Rizky, M. F. (2018). Analisis Profitabilitas Dalam Menilai Kinerja Keuangan Pada PT. Taspen (Persero) Medan. KITABAH, 2(2), 278–293.

Sari, I. R., Windyalim, M., Wong, E., & Tandean, K. (2021). Pengaruh Current Ratio, Inventory Turnover, Debt To Equity Ratio Dan Firm Size Terhadap Profitabilitas Pada Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2018. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(1), 1232–1249.

Sholikha, I., Susbiyani, A., & Kamelia, I. (2019). Pengaruh Coorporate Social Responsibility, Leverage dan Size Terhadap Profitabilitas. International Journal of Social Science and Business, 3(3), 272–280.

Skopljak, V., & Luo, R. (2012). Capital Structure and Firm Performance in the Financial Sector: Evidence from Australia. Asian Journal of Finance & Accounting, 4(1), 278–298. https://doi.org/10.5296/ajfa.v4i1.1319

Sudiyatno, B., & Puspitasari, E. (2010). Tobin’s Q dan Altman Z-Score Sebagai Indikator Pengukuran Kinerja Perusahaan. Kajian Akuntansi, 2(1), 9–21.

Taani, K. (2012). Impact of Working Capital Management Policy and Financial Leverage on Financial Performance: Empirical evidence from Amman Stock Exchange-listed companies. International Journal of Management Sciences and Business Research, 1, 2226–8235.

Tandelilin, E. (2013). Portofolio dan Investasi Teori dan Aplikasi (Satu). Yogyakarta: Kanisius.

Wardani, I. K., Wardiningsih, S. S., & Utami, S. S. (2016). Pengaruh Debt to Equity Ratio, Inventory Turnover, Total Assets Turnover dan Firm Size Terhadap Profitabilitas pada Perusahaan Real Estate dan Property yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Dan Kewirausahaan, 16(1), 41–48.

Zeitun, R., & Benjelloun, H. (2012). The Efficiency of Banks and Financial Crisis in a Developing Economy: The Case of Jordan. IRBABF, 4(2), 28–60.

Unduhan

Diterbitkan

2026-01-15

Terbitan

Vol 9 No 1 (2025): Competitive Jurnal Akuntansi dan Keuangan

Bagian

Articles

Lisensi

 

The authors who publish in this journal agree to the following terms:

 

The authors retain copyright and grant the journal the right of first publication, with the work simultaneously licensed under a Lisensi Atribusi Creative Commons (CC BY) that allows others to share the work with acknowledgment of the work’s authorship and its initial publication in this journal.

 

Authors may enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal’s published version of the work (for example, posting it to an institutional repository or publishing it in a book), with acknowledgment of its initial publication in this journal.

 

Authors are permitted and encouraged to post their work online (for example, in institutional repositories or on their personal websites) prior to and during the submission process, as this can lead to productive exchanges as well as earlier and greater citation of the published work (see The Pengaruh Akses Terbuka ).

 

The Competitive Journal of Accounting and Finance applies the CC-BY-SA license or its equivalent as the optimal license for the publication, distribution, use, and reuse of scholarly works.

 

In developing strategies and setting priorities, the Competitive Journal of Accounting and Finance of Muhammadiyah University of Tangerang recognizes that free access is better than paid access, gratis access is better than restricted access, and libre under CC-BY-SA or its equivalent is better than libre under more restrictive open licenses. We must achieve what we can when we can. We must not delay achieving freedom in order to reach libre, and we must not stop at freedom when we can achieve libre.