Pengaruh Biaya Produksi, Leverage, dan Sales growth Terhadap Profitabilitas Pada Perusahaan Subsektor Batu Bara yang terdaftar di Bursa Efek Indonesia Periode 2020-2024
Abstract
This study examines the effect of production cost, leverage, and sales growth on profitability among coal subsector companies listed on the Indonesia Stock Exchange during 2020-2024. The research is motivated by the fluctuation of Return on Assets (ROA) among coal companies amid post-pandemic recovery, commodity price surges in 2022, and energy transition pressures. The population consists of coal subsector companies listed on the Indonesia Stock Exchange. Using purposive sampling, 11 companies met the predetermined criteria, producing 55 firm-year observations. This study applies a quantitative approach using secondary data obtained from the Indonesia Stock Exchange website and the official websites of each sample company. Data were analyzed using panel data regression with EViews 13 after model selection and classical assumption testing. The Chow and Hausman tests indicate that the Fixed Effect Model is the most appropriate model. The results show that production cost, leverage, and sales growth simultaneously have a significant effect on profitability. Partially, leverage has a positive and significant effect on profitability, while production cost and sales growth have no significant effect. The adjusted R-squared value of 0.770952 indicates that 77.10% of profitability variation is explained by the model. Keywords: Production Cost, Leverage, Sales Growth, Profitability