Determination of Profitability of Coal Mining Companies: the Role of Leverage, Liquidity, and Sales Growth
DOI:
https://doi.org/10.35877/454RI.daengku3744Keywords:
Leverage, Liquidity, Profitability, Coal CompaniesAbstract
This study analyzes the impact of leverage, liquidity, and sales growth on the profitability of coal mining companies listed on the Indonesia Stock Exchange from 2019 to 2024. Leverage variables are measured using the Debt to Equity Ratio (DER) and Debt to Assets Ratio (DAR), while liquidity is measured using the Current Ratio (CR). The results of the study indicate that DER, DAR, and CR have a significant effect on Return on Assets (ROA), which suggests that optimal management of capital structure, funding, and liquidity plays an important role in increasing company profitability. The implications of these findings emphasize that companies need to implement appropriate financial strategies to maximize asset performance and support long-term growth. For further research, it is recommended that the sample coverage be expanded to other industrial sectors, such as technology or services, to test whether the relationship between the variables studied remains consistent in different contexts. In addition, the use of moderating variables, such as company size or level of innovation, can provide deeper insight into the factors that influence profitability. Longer longitudinal analysis and consideration of macroeconomic factors, such as interest rates and inflation, are also recommended to understand the long-term impact of leverage and liquidity on company profitability.
References
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Farij, M., & Wardani, L. (2024). The Effect of Profitability, Leverage and Liquidity on Firm Value in Coal Mining Companies Listed on the IDX for the Period 2018-2022. 2(2), 299–310. https://doi.org/10.59535/sehati.v2i2.290
Frasetio, H., Halim, E. H., & Fitri, F. (2024). The Effect Business Risk, Profitability and Liquidity on Capital Structure in Mining Companies In The Coal Sub-Sector Listed On The Indonesia Stock Exchange In 2019 - 2022. IJEBA (International Journal of Economic, Business & Applications), 9(2), 104–113. https://doi.org/10.31258/jsr32p17
Fithri, E., & Januarty, T. A. (2024). The Infuence of Leverage and Sales Growth on Financial Distress. JASa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi), 8(3), 737–747. https://doi.org/10.36555/jasa.v8i3.2712
Grady, J. S., Her, M., Moreno, G., Perez, C., & Yelinek, J. (2019). Emotions in storybooks: A comparison of storybooks that represent ethnic and racial groups in the United States. Psychology of Popular Media Culture, 8(3), 207–217. https://doi.org/10.1037/ppm0000185
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Hidayat, W. W. (2018). The Effect of Leverage and Liquidity on Bond Rating. Journal of Management and Business Research (JRMB), 3(3), 387–394.
Hutagaol, S. R. T. (2024). The Effect of Leverage, Business Risk, and Investment Decisions on Company Value with Dividend Policy as a Moderating Variable in Coal Companies Listed on the Indonesia Stock Exchange in 2020-2022. IJEBA (International Journal of Economic, Business & Applications), 9(2), 131–141. https://doi.org/10.31258/3w5j0y77
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Kurniawati, K., Pupitaningtyas, Z., Sisbintari, I., & Wahyuni, N. (2024). Pengaruh Pertumbuhan Penjualan, Perputaran Total Aktiva, dan Leverage Terhadap Profitabilitas. Jurnal Strategi Dan Bisnis, 12(2), 132–143. https://doi.org/10.19184/jsb.v12i2.4203
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Millty, R. (2024). Perspektif Rasio Struktur Modal, Likuiditas, Sales Growth dan Ukuran Perusahaan terhadap Profitabilitas Perusahaan Sub Sektor Transportasi di Bursa Efek Indonesia pada Masa Pandemi Covid-19. Jurnal Manajemen Dan Sains, 9(2), 1539. https://doi.org/10.33087/jmas.v9i2.2070
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Mokoagow, M. I. F., Rasjid, H., & Selvi, S. (2025). Pengaruh Profitabilitas dan Nilai Perusahaan Terhadap Harga Saham pada Perusahaan Sektor Pertambangan. Economic Reviews Journal, 4(1). https://doi.org/10.56709/mrj.v4i1.580
Nugraha, A., & Wijayanti, A. (2019). Pengaruh rasio likuiditas terhadap kinerja keuangan perusahaan. Jurnal Manajemen dan Akuntansi, 15(2), 98-110.
Nurjanah, T., Suhardi, S., & Afrizal, A. (2019). Pengaruh Current Ratio, Return on Asset, dan Earnings Per Share terhadap Harga Saham Studi Kasus pada Perusahaan Pertambangan Subsektor Batubara yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2018. Jurnal Ekonomi Manajemen, 6(2), 1-15.
Odhiambo, J. D., Murori, C. K., & Aringo, C. E. (2024). Financial Leverage and Firm Performance: An Empirical Review and Analysis. East African Finance Journal, 4(1), 25–35. https://doi.org/10.59413/eafj/v4.i1.2
Prabowo, B., Suryana, A. K. H., & Theorupun, M. S. (2022). Pengaruh Debt to Equity Ratio (DER), Debt to Total Asset Ratio (DAR), Long Term Debt to Equity Ratio (LDER) dan Long Term Debt to Total Asset Ratio (LDAR) terhadap Profitabilitas ROE pada Perusahaan Food and Beverages yangTerdaftar di Bursa Efek Indonesia. EKOBIS: Jurnal Ilmu Manajemen dan Akuntansi, 10(1), 16- 24.
Simanjuntak, D. C. Y., & Ginting, W. A. (2022). Analysis of The Influence of Marketing Mix on Customer Loyalty in The Society 5.0 Era. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(4). https://doi.org/10.29040/ijebar.v6i4.7064
Sofyan, A. K., & Mahroji, M. (2024). Pengaruh Likuiditas, Leverage, Profitabilitas Terhadap Financial Distress. El-Mal, 5(12). https://doi.org/10.47467/elmal.v5i12.5588
Rahman, A. (2021). Pengaruh Struktur Modal Terhadap Profitabilitas Pada PT. Adhi Karya (Persero) Tbk Di Bursa Efek Indonesia (Doctoral dissertation, Universitas Negeri Makassar).
Riadani, A. R., Hariyanto, E. B., Fitriati, A., & Santoso, S. (2024). Pengaruh Pertumbuhan Penjualan, Likuiditas dan Ukuran Perusahaan Terhadap Profitabilitas Perusahaan Sektor Industri di BEI. Jurnal Ecogen. https://doi.org/10.24036/jmpe.v7i1.15727
Wibowo, D. S., & Febrianti, D. (2017). Pengaruh struktur modal terhadap kinerja perusahaan pada sektor manufaktur di Indonesia. Jurnal Keuangan dan Perbankan, 21(4), 517-526.
Rahmawati, E., & Prasetyo, H. (2022). Pengaruh debt to asset ratio terhadap profitabilitas perusahaan pada sektor keuangan. Jurnal Akuntansi dan Keuangan Indonesia, 19(2), 150-160.
Rismaya, R., & Kasir, K. (2024). Pengaruh Return on Asset, Current Ratio, dan Debt to Asset Ratio Terhadap Nilai Perusahaan (Kasus Pada Perusahaan Manufaktur Sektor Industri Produk Konsumsi yang Sudah terdaftar di Bursa Efek Indonesia Pada Periode 2019-2023). Jurnal Bisnis Mahasiswa, 4(4), 785–794. https://doi.org/10.60036/jbm.v4i4.art28
Santoso, B., & Kartika, A. (2021). Pengaruh likuiditas terhadap profitabilitas pada perusahaan sektor konsumsi di Bursa Efek Indonesia. Jurnal Ekonomi dan Keuangan Daerah, 16(3), 45-58.
Suryani, E., Sanusi, F., & Sunenti, S. (2024). Profitability, Leverage, Firm Value through Dividend Policy (Empirical Study on Coal and Lignite Mining Sub-Sector Companies on the IDX 2017-2022). Journal of Applied Business, Taxation and Economics Research, 4(2), 306–326. https://doi.org/10.54408/jabter.v4i2.383
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Utomo, K. H., & Widhiastuti, S. (2024). The Effect of Asset Growth on Company Profitability with Sales Growth and Leverage as Supporting Variables. Journal of Accounting and Finance Management, 5(5), 1206–1213. https://doi.org/10.38035/jafm.v5i5.1194
Wijaya, R. (2019). Effect of Company Characteristics, Bond Characteristics, Auditor Reputation on Bond Ratings. Journal of Business Accounting, 17(2).
Wibowo, W., & Tahwin, M. (2020). The Influence of Liquidity, Company Size, And Leverage On Financial Performance In The Coal Mining Manufacturing Sector Companies Listed On The Indonesian Stock Exchange (IDX) In 2020-2022. Jurnal Manajemen Bisnis Eka Prasetya: Penelitian Ilmu Manajemen, 10(2), 390–401. https://doi.org/10.47663/jmbep.v10i2.422
Yolanda, N., Izzati, D., Zahrani, V., Delani, M., & Azzahra, A. S. (2024). The Effect of Profitability And Liquidity on The Value of Non Cyclical Consumer Sector Companies Listed on The Indonesia Stock Exchange (IDX) In 2019-2023. Jurnal Akuntansi, Manajemen, Dan Perencanaan Kebijakan, 2(2), 11. https://doi.org/10.47134/jampk.v2i2.515
Zakaria, R., Pamungkas, G., Adelya, D., Khoirunnisa, L., & Cahyani, G. (2024). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Riset Manajemen Dan Ekonomi, 3(1), 158–170. https://doi.org/10.54066/jrime-itb.v3i1.2838
Dewi, D. A., Khuzain, M., & Djawoto, A. (2020). The Effect of Profitability, Liquidity, and Leverage on Firm Value with Dividend Policy as a Moderating Variable: Evidence from Retail Companies Listed on the Indonesia Stock Exchange. International Journal of Economics and Finance, 12(4), 90-101. https://doi.org/10.5539/ijef.v12n4p90
Bahraini, S., Endri, Santoso, S., Hartati, L., & Pramudena, S. M. (2021). Determinants of Firm Value: A Case Study of the Food and Beverage Sector of Indonesia. Journal of Asian Finance, Economics and Business Vol 8 No 6 , 0839–0847.
Fajaria, A. Z., & Isnalita. (2018). The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable. International Journal of Managerial Studies and Research (IJMSR) Vol 6, Issue 10, PP 55-69.
Farij, M., & Wardani, L. (2024). The Effect of Profitability, Leverage and Liquidity on Firm Value in Coal Mining Companies Listed on the IDX for the Period 2018-2022. 2(2), 299–310. https://doi.org/10.59535/sehati.v2i2.290
Frasetio, H., Halim, E. H., & Fitri, F. (2024). The Effect Business Risk, Profitability and Liquidity on Capital Structure in Mining Companies In The Coal Sub-Sector Listed On The Indonesia Stock Exchange In 2019 - 2022. IJEBA (International Journal of Economic, Business & Applications), 9(2), 104–113. https://doi.org/10.31258/jsr32p17
Fithri, E., & Januarty, T. A. (2024). The Infuence of Leverage and Sales Growth on Financial Distress. JASa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi), 8(3), 737–747. https://doi.org/10.36555/jasa.v8i3.2712
Grady, J. S., Her, M., Moreno, G., Perez, C., & Yelinek, J. (2019). Emotions in storybooks: A comparison of storybooks that represent ethnic and racial groups in the United States. Psychology of Popular Media Culture, 8(3), 207–217. https://doi.org/10.1037/ppm0000185
Gill, A., Biger, N., & Mathur, N. (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management, 28(4), 3-15.
Hidayat, W. W. (2018). The Effect of Leverage and Liquidity on Bond Rating. Journal of Management and Business Research (JRMB), 3(3), 387–394.
Hutagaol, S. R. T. (2024). The Effect of Leverage, Business Risk, and Investment Decisions on Company Value with Dividend Policy as a Moderating Variable in Coal Companies Listed on the Indonesia Stock Exchange in 2020-2022. IJEBA (International Journal of Economic, Business & Applications), 9(2), 131–141. https://doi.org/10.31258/3w5j0y77
Khan, A., Kaleem, A., Nazir, M.S.2012. Impact of Financial Leverage on Agency cost of Free Cash Flow: Evidence from the Manufacturing sector of Pakistan. Journal of Basic and Applied Scientific Research Vol. 2, No 7, pp. 6694-6700
Kusumawati, A., & Widyastuti, I. (2020). Pengaruh struktur modal dan efisiensi aset terhadap profitabilitas perusahaan. Jurnal Ekonomi dan Bisnis Indonesia, 35(1), 12-25.
Kurniawati, K., Pupitaningtyas, Z., Sisbintari, I., & Wahyuni, N. (2024). Pengaruh Pertumbuhan Penjualan, Perputaran Total Aktiva, dan Leverage Terhadap Profitabilitas. Jurnal Strategi Dan Bisnis, 12(2), 132–143. https://doi.org/10.19184/jsb.v12i2.4203
Lestari, A. S. A., & Suhardi, S. (2020). Pengaruh Keputusan Investasi, Ukuran Perusahaan, dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia. JEM: Jurnal Ekonomi Dan Manajemen STIE Pertiba Pangkalpinang, 6(1), 60-73.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. The American Economic Review, 48(3), 261-297.
Millty, R. (2024). Perspektif Rasio Struktur Modal, Likuiditas, Sales Growth dan Ukuran Perusahaan terhadap Profitabilitas Perusahaan Sub Sektor Transportasi di Bursa Efek Indonesia pada Masa Pandemi Covid-19. Jurnal Manajemen Dan Sains, 9(2), 1539. https://doi.org/10.33087/jmas.v9i2.2070
Myers, Stewart C., and Nicholas S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13: 187–221.
Mokoagow, M. I. F., Rasjid, H., & Selvi, S. (2025). Pengaruh Profitabilitas dan Nilai Perusahaan Terhadap Harga Saham pada Perusahaan Sektor Pertambangan. Economic Reviews Journal, 4(1). https://doi.org/10.56709/mrj.v4i1.580
Nugraha, A., & Wijayanti, A. (2019). Pengaruh rasio likuiditas terhadap kinerja keuangan perusahaan. Jurnal Manajemen dan Akuntansi, 15(2), 98-110.
Nurjanah, T., Suhardi, S., & Afrizal, A. (2019). Pengaruh Current Ratio, Return on Asset, dan Earnings Per Share terhadap Harga Saham Studi Kasus pada Perusahaan Pertambangan Subsektor Batubara yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2018. Jurnal Ekonomi Manajemen, 6(2), 1-15.
Odhiambo, J. D., Murori, C. K., & Aringo, C. E. (2024). Financial Leverage and Firm Performance: An Empirical Review and Analysis. East African Finance Journal, 4(1), 25–35. https://doi.org/10.59413/eafj/v4.i1.2
Prabowo, B., Suryana, A. K. H., & Theorupun, M. S. (2022). Pengaruh Debt to Equity Ratio (DER), Debt to Total Asset Ratio (DAR), Long Term Debt to Equity Ratio (LDER) dan Long Term Debt to Total Asset Ratio (LDAR) terhadap Profitabilitas ROE pada Perusahaan Food and Beverages yangTerdaftar di Bursa Efek Indonesia. EKOBIS: Jurnal Ilmu Manajemen dan Akuntansi, 10(1), 16- 24.
Simanjuntak, D. C. Y., & Ginting, W. A. (2022). Analysis of The Influence of Marketing Mix on Customer Loyalty in The Society 5.0 Era. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(4). https://doi.org/10.29040/ijebar.v6i4.7064
Sofyan, A. K., & Mahroji, M. (2024). Pengaruh Likuiditas, Leverage, Profitabilitas Terhadap Financial Distress. El-Mal, 5(12). https://doi.org/10.47467/elmal.v5i12.5588
Rahman, A. (2021). Pengaruh Struktur Modal Terhadap Profitabilitas Pada PT. Adhi Karya (Persero) Tbk Di Bursa Efek Indonesia (Doctoral dissertation, Universitas Negeri Makassar).
Riadani, A. R., Hariyanto, E. B., Fitriati, A., & Santoso, S. (2024). Pengaruh Pertumbuhan Penjualan, Likuiditas dan Ukuran Perusahaan Terhadap Profitabilitas Perusahaan Sektor Industri di BEI. Jurnal Ecogen. https://doi.org/10.24036/jmpe.v7i1.15727
Wibowo, D. S., & Febrianti, D. (2017). Pengaruh struktur modal terhadap kinerja perusahaan pada sektor manufaktur di Indonesia. Jurnal Keuangan dan Perbankan, 21(4), 517-526.
Rahmawati, E., & Prasetyo, H. (2022). Pengaruh debt to asset ratio terhadap profitabilitas perusahaan pada sektor keuangan. Jurnal Akuntansi dan Keuangan Indonesia, 19(2), 150-160.
Rismaya, R., & Kasir, K. (2024). Pengaruh Return on Asset, Current Ratio, dan Debt to Asset Ratio Terhadap Nilai Perusahaan (Kasus Pada Perusahaan Manufaktur Sektor Industri Produk Konsumsi yang Sudah terdaftar di Bursa Efek Indonesia Pada Periode 2019-2023). Jurnal Bisnis Mahasiswa, 4(4), 785–794. https://doi.org/10.60036/jbm.v4i4.art28
Santoso, B., & Kartika, A. (2021). Pengaruh likuiditas terhadap profitabilitas pada perusahaan sektor konsumsi di Bursa Efek Indonesia. Jurnal Ekonomi dan Keuangan Daerah, 16(3), 45-58.
Suryani, E., Sanusi, F., & Sunenti, S. (2024). Profitability, Leverage, Firm Value through Dividend Policy (Empirical Study on Coal and Lignite Mining Sub-Sector Companies on the IDX 2017-2022). Journal of Applied Business, Taxation and Economics Research, 4(2), 306–326. https://doi.org/10.54408/jabter.v4i2.383
Tasiman, T., & Reskino, R. (2024). Pengaruh Kebijakan Utang dan Pertumbuhan Penjualan terhadap Profitabilitas Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Jurnal Ekonomi Akuntansi Dan Manajemen. https://doi.org/10.19184/jeam.v23i1.45687
Utomo, K. H., & Widhiastuti, S. (2024). The Effect of Asset Growth on Company Profitability with Sales Growth and Leverage as Supporting Variables. Journal of Accounting and Finance Management, 5(5), 1206–1213. https://doi.org/10.38035/jafm.v5i5.1194
Wijaya, R. (2019). Effect of Company Characteristics, Bond Characteristics, Auditor Reputation on Bond Ratings. Journal of Business Accounting, 17(2).
Wibowo, W., & Tahwin, M. (2020). The Influence of Liquidity, Company Size, And Leverage On Financial Performance In The Coal Mining Manufacturing Sector Companies Listed On The Indonesian Stock Exchange (IDX) In 2020-2022. Jurnal Manajemen Bisnis Eka Prasetya: Penelitian Ilmu Manajemen, 10(2), 390–401. https://doi.org/10.47663/jmbep.v10i2.422
Yolanda, N., Izzati, D., Zahrani, V., Delani, M., & Azzahra, A. S. (2024). The Effect of Profitability And Liquidity on The Value of Non Cyclical Consumer Sector Companies Listed on The Indonesia Stock Exchange (IDX) In 2019-2023. Jurnal Akuntansi, Manajemen, Dan Perencanaan Kebijakan, 2(2), 11. https://doi.org/10.47134/jampk.v2i2.515
Zakaria, R., Pamungkas, G., Adelya, D., Khoirunnisa, L., & Cahyani, G. (2024). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Riset Manajemen Dan Ekonomi, 3(1), 158–170. https://doi.org/10.54066/jrime-itb.v3i1.2838
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Published
2025-02-26
How to Cite
Ulandari, S., Suhardi, & Hidayati, N. . (2025). Determination of Profitability of Coal Mining Companies: the Role of Leverage, Liquidity, and Sales Growth. Daengku: Journal of Humanities and Social Sciences Innovation, 5(1), 9–16. https://doi.org/10.35877/454RI.daengku3744
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