SUSTAINABLE FINANCIAL PERFORMANCE PERUSAHAAN MANUFAKTUR GO PUBLIK DI INDONESIA: DIANALISIS MELALUI PROFITABILITY DAN INTEREST COVERAGE
DOI:
https://doi.org/10.34127/jrlab.v15i2.2373Keywords:
Sustainable Financial Performance, GPM, ICR, ROA, Manufacturing CompaniesAbstract
This study examines the influence of core profitability measured by Gross Profit Margin (GPM) and debt-service capacity measured by Interest Coverage Ratio (ICR) on Sustainable Financial Performance (SFP), proxied by Return on Assets (ROA), among manufacturing companies listed on the Indonesia Stock Exchange. A quantitative causal approach with multiple linear regression (IBM SPSS) was applied to 30 observations from six companies (ASII, UNVR, INDF, KLBF, UNTR, SMGR) over 2020–2024 via purposive sampling. Findings indicate that GPM positively and significantly influences ROA, while ICR shows no significant partial effect. Jointly, GPM and ICR significantly explain ROA with an Adjusted R Square of 37.1%. Theoretically, this study reinforces the relevance of Resource-Based View Theory and Signaling Theory in explaining sustainable financial performance in the manufacturing sector. Practically, the findings guide management to prioritize GPM efficiency as a strategic focus, and assist investors in interpreting ICR as a credit-risk indicator rather than a direct profitability predictor.
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