Pengaruh Current Ratio, Debt To Asset Ratio, dan Gross Profit Margin terhadap Kinerja Keuangan pada Perusahaan Manufaktur Sub Sektor Aneka Industri yang Terdaftar di ISSI

Erwin Christian Tampubolon; Dian Ayu  Andriani

doi:10.37481/sjr.v9i2.1488

Authors

Erwin Christian Tampubolon Universitas Asahan
Dian Ayu Andriani Universitas Asahan

DOI:

https://doi.org/10.37481/sjr.v9i2.1488

Keywords:

Financial Performance, Gross Profit Margin, Current Ratio, Debt to Asset Ratio, Manufacturing Industry

Abstract

The financial performance of manufacturing companies is crucial for sustaining growth, attracting investors, and ensuring competitive advantage. In the Indonesia Sharia Stock Index, companies in the miscellaneous industry subsector face challenges in balancing profitability, liquidity, and capital structure to achieve optimal performance. This study aims to examine the partial and simultaneous effects of Current Ratio (CR), Debt to Asset Ratio (DAR), and Gross Profit Margin (GPM) on financial performance. The population consists of 41 companies, and purposive sampling resulted in 10 companies observed over four years (2021–2024), yielding 36 valid observations after removing outliers. Multiple linear regression analysis was used to evaluate the relationships among the variables. The findings reveal that Gross Profit Margin has a strong and positive effect on financial performance, emphasizing the importance of efficient cost management and revenue generation. In contrast, Current Ratio and Debt to Asset Ratio show limited or negative effects when analyzed individually, but together they significantly influence overall financial outcomes. These results suggest that companies should adopt a holistic approach to managing profitability, liquidity, and capital structure. By focusing on maximizing profit efficiency while maintaining balanced liquidity and prudent debt management, companies can enhance sustainable financial performance in a competitive market environment.

References

Dewi, N. L., & Ompusunggu, A. P. (2021). Analisis pengaruh rasio likuiditas, solvabilitas, dan profitabilitas terhadap kinerja keuangan perusahaan manufaktur yang terdaftar di BEI. Jurnal Manajemen dan Bisnis, 12(3), 67–78.

Farhan, M., Saputra, R., & Rahmawati, D. (2021). Pengaruh Current Ratio terhadap kinerja keuangan perusahaan subsektor manufaktur. Jurnal Manajemen Indonesia, 12(1), 77–88.

Fauzi, M., & Hadi, P. (2021). Analisis Current Ratio sebagai indikator likuiditas dan pengaruhnya terhadap profitabilitas perusahaan. Jurnal Manajemen Keuangan, 9(2), 78–89.

Haryanto, B., & Wibowo, R. (2022). Analisis kinerja keuangan perusahaan: Perspektif profitabilitas, likuiditas, dan solvabilitas. Jurnal Manajemen dan Bisnis, 14(1), 55–68.

Hery. (2017). Analisis Laporan Keuangan. Jakarta: Grasindo.

Hutabarat, R., & Siregar, M. (2021). Debt to Asset Ratio dan implikasinya terhadap profitabilitas dan risiko keuangan perusahaan. Jurnal Keuangan dan Manajemen Bisnis, 10(2), 67–78.

Kasmir. (2019). Analisis Laporan Keuangan. Jakarta: Rajawali Pers.

Prasetyo, A., & Lestari, D. (2019). Pengaruh Debt to Asset Ratio terhadap kinerja keuangan perusahaan manufaktur di Bursa Efek Indonesia. Jurnal Akuntansi Modern, 15(1), 34–45.

Putra, D., & Handayani, S. (2021). Pengaruh rasio keuangan terhadap kinerja perusahaan manufaktur di Bursa Efek Indonesia. Jurnal Akuntansi Kontemporer, 9(2), 101–112.

Rahman, F., & Nugraha, A. (2020). Pengaruh Gross Profit Margin terhadap kinerja keuangan perusahaan manufaktur di Indonesia. Jurnal Akuntansi dan Keuangan Modern, 11(2), 56–67.

Rahmanda, R., Santosa, B., & Firmansyah, A. (2022). Pengaruh rasio likuiditas, solvabilitas, aktivitas, dan profitabilitas terhadap kinerja keuangan perusahaan telekomunikasi yang terdaftar di Bursa Efek Indonesia periode 2016–2020. Jurnal Akuntansi dan Keuangan Indonesia, 19(2), 145–158.

Santoso, D., & Wicaksono, B. (2021). Analisis Gross Profit Margin sebagai indikator profitabilitas perusahaan. Jurnal Manajemen dan Bisnis Indonesia, 13(1), 44–55.

Saputra, R., & Nugroho, A. (2020). Pengaruh rasio likuiditas terhadap kinerja keuangan perusahaan manufaktur di Indonesia. Jurnal Akuntansi dan Keuangan, 12(3), 45–56.

Sukamulja, A. (2018). Manajemen Keuangan Perusahaan: Teori dan Praktik. Jakarta: Salemba Empat.

Widiyawati, R., Nugroho, T., & Santoso, H. (2021). Pengaruh Gross Profit Margin terhadap Return on Assets pada perusahaan manufaktur. Jurnal Ilmu Manajemen, 8(3), 33–45.

Sumarlin, M. J. R. A., & Tanjung, M. H. (2025). Financial Ratios and Corporate Performance: The Interaction of Liquidity, Solvency, and Profitability in Indonesian Mining Companies. Journal Research of Social Science, Economics, and Management, 5(2), 87–102.

Shildan, D. M., & Widyastuti, I. (2025). Pengaruh Rasio Likuiditas, Solvabilitas & Profitabilitas terhadap Kinerja Keuangan pada Perusahaan Retail yang Terdaftar di BEI. Jurnal Akuntansi, Keuangan, dan Auditing (JAKA), 6(1), 1–9.

Wuryanti, L., Rosalia, O., & Firayani, T. (2023). Analysis of The Effect of Liquidity Ratios, Solvency and Profitability on The Company’s Financial Performance. Maneggio (Manajemen & Bisnis), 4(3), 211–225.