PENGARUH DEBT TO ASSET RATIO, DEBT TO EQUITY RATIO DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN SEKTOR CONSUMER NON-CYCLICAL YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024

Authors

  • Valencia Angelica Universitas Bhayangkara Jakarta Raya
  • Triana Yuniati Universitas Bhayangkara Jakarta Raya
  • Panata Bangar Hasioan Sianipar Universitas Bhayangkara Jakarta Raya

Keywords:

Debt to Asset Ratio, Debt To Equity Ratio, Ukuran Perusahaan, Kinerja Keuangan

Abstract

This study aims to examine and analyze the influence of debt to asset ratio, debt to equity ratio, and firm size on financial performance. Using a quantitative research design, the population in this study includes 132 companies. Based on the purposive sampling method, a sample of 104 companies was obtained over 3 years of observation. The results show that DAR has a negative effect on financial performance, DER has no effect on financial performance, and firm size has a positive effect on financial performance. Furthermore, the results of the F test indicate that DAR, DER, and firm size simultaneously (together) influence financial performance.

References

Afiezan, H. A., Robert, Yansen, V. V., Manday, P. P., Chandra, D., & Anggraini, N. (2020). Pengaruh Pertumbuhan Penjualan, Ukuran Perusahaan, Leverage (DER) terhadap Profitabilitas Perusahaan Manufaktur Sektor Dagang Besar yang Terdaftar pada Bursa Efek Indonesia (BEI) 2015-2018. Warta Dharmawangsa, 14(April), 209–220. https://doi.org/https://doi.org/10.46576/wdw.v14i2.621

Anastasya, S., & Hidayati, C. (2019). Analisis Rasio Keuangan dan Common Size untuk Menilai Kinerja Keuangan Perusahaan Kosmetik dan Peralatan Rumah Tangga yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2015. Jurnal Ekonomi Akuntansi, 4(2), 51–66.

Aryawati, N. P. A., Harahap, T. K., Yanti, N. N. S. A., Mahardika, I. M. N. O., Widiniarsih, D. M., Ahmad, M. I. S., Mattunruang, A. A., Selvi, & Amali, L. M. (2022). Manajemen Keuangan. Tahta Media Group.

Bahri, A. S., Saefullah, K., & Anwar, M. (2022). The Effect of Firm Size and Leverage on Financial Performance and their Impact on Firm Value in Food and Beverage Sector Companies Listed on the Indonesia Stock Exchange. Journal of Business Studies and Management Review, 5(2), 208–214.

Brigham, E. F., & Houston, J. F. (2021). Fundamentals of Financial Management (16th ed.). Cengage Learning.

Damayanti, C. D., Hariyanto, E., Fitriati, A., & Setyadi, E. J. (2025). Pengaruh Debt to Equity Ratio, Total Asset Turnover, Firm Size dan Net Profit Margin terhadap Return on Assets. Jurnal Akuntansi Dan Keuangan, 4(4), 952–960. https://doi.org/10.54259/akua.v4i4.5393

Damayanti, S., & Anam, K. (2025). The Effect of Capital Structure, Agency Costs, and Liquidity on Financial Performance (Manufacturing Companies Listed on the Indonesia Stock Exchange). Jurnal Economic Resources, 8(1), 269–278.

Dana, W. M., Kusuma, I. N., & Ardianti, P. N. H. (2021). Pengaruh CR, DER, TATO, dan DAR terhadap Kinerja Perusahaan Manufaktur yang Terdaftar di BEI. Karya Riset Mahasiswa Akuntansi, 30–39.

Efendi, A. F. W., & Wibowo, S. S. (2017). Pengaruh Debt to Equity Ratio (DER) dan Debt to Asset Ratio (DAR) terhadap Kinerja Keuangan Perusahaan di Sektor Keuangan yang Terdaftar di Bursa Efek Indonesia. Journal of Applied Managerial Accounting, 1(2), 157–163.

Eisenhardt, K. M. (1989). Agency Theory : an Assessment and Review. Academy of Management, 14(1), 57–74.

Gitosudarmo, I., & Basri. (2002). Manajemen Keuangan (4th ed.). BPFE.

Hasti, W. W., Maryani, M., & Makshun, A. (2022). Pengaruh Leverage, Struktur Modal, dan Ukuran Perusahaan terhadap Kinerja Keuangan pada Perusahaan Sektor Pertambangan (The Effect of Leverage, Capital Structure, and Company Size on Financial Performance in the Mining Sector Companies ). Reviu Akuntansi, Manajemen Dan Bisnis, 2(2), 139–150. https://doi.org/https://doi.org/10.35912/rambis.v2i2.1544 Pengaruh

Hertina, D., Pranata, A. F., & Aulia, R. E. (2021). The Influence of Current Ratio, Debt to Equity Ratio and Company Size on Return On Assets. Turkish Journal of Computer and Mathematics Education, 12(8), 1702–1709.

Hery. (2016). Financial Ratio for Business. PT Grasindo.

Hery. (2017). Kajian Riset Akuntansi Mengulas Berbagai Hasil Penelitian Terkini dalam Bidang Akuntansi dan Keuangan. PT Grasindo.

Jatmiko, U., & Agustin, B. H. (2018). Analisis Financing to Deposit Ratio dan Dana Pihak Ketiga terhadap Return on Asset pada PT. Bank Rakyat Indonesia Syariah. Jurnal Ekonomi Syariah, 4(2), 99–126.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.

Karawang New Industry City. (2019). Perkembangan Industri Manufaktur Indonesia. Karawang New Industry City. https://knic.co.id/id/the-development-of-indonesias-manufacturing-industry

Kasmir. (2021). Analisis Laporan Keuangan (Edisi Revisi). Raja Grafindo Persada.

Kesara, R., Zahro, N. I., & Susanti, D. A. (2023). Profitabilitas Perusahaan Sektor Consumer Non-cyclical: Pengaruh Leverage, Ukuran Perusahaan, dan Likuiditas. Jurnal Akuntansi Syariah, 6(1), 56–69. https://doi.org/10.21043/aktsar.v6i1.20548

Khoirurrozikin, I., Aisyah, A., Valerian, B. N., Ramadhani, K. D., & Hidayati, A. N. (2025). Cost-Push Inflation dan Kebijakan Moneter Syari’ah: Implikasi bagi Ekonomi Indonesia. Jurnal Akademik Ekonomi Dan Manajemen, 2(4), 213–221. https://doi.org/https://doi.org/10.61722/jaem.v2i4.7373

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate Accounting (4th ed.). Wiley.

Lestari, P. (2020). Pengaruh Likuiditas, DER, Firm Size dan Asset Turnover terhadap Kinerja Keuangan. Jurnal Neraca, 4(1), 1–10. https://doi.org/10.31851/neraca.v4i1.3843

Luhri, A. S. R. N., Mashuri, A. A. S., & Ermaya, H. N. L. (2021). Pengaruh Fraud Pentagon terhadap Kecurangan Laporan Keuangan dengan Komite Audit sebagai Variabel Moderasi (Fraud Pentagon Theory on Fraudulent Financial Statement with Audit Committee as Moderating). Jurnal Akuntansi, Keuangan, Dan Manajemen (JAKMAN), 3(1), 15–30. https://doi.org/https://doi.org/10.35912/jakman.v3i1.481

Maryadi, A., & Dermawan, E. S. (2019). Pengaruh Ukuran Perusahaan, Financial Leverage, dan Liquidity terhadap Kinerja Keuangan. Jurnal Multiparadigma Akuntansi, I(3), 572–579.

Napitupulu, M., & Herninta, T. (2025). Determinasi Profitabilitas Perusahaan: Analisis Pengaruh Pertumbuhan Penjualan, Leverage, dan Ukuran Perusahaan pada Sektor Consumer Non Cyclical. Media Ilmiah Akuntansi, 13(1), 51–58.

Nurnajamuddin, H. M., Budiandriani, Rosyadah, K., & Rahmah, R. (2025). Manajemen Keuangan : Pilar Utama Kesuksesan Perusahaan (L. Mayasari (ed.)). Penerbit Andi.

Prasetyandari, C. W. (2023). Korelasi antara Firm Size dan Debt Ratio terhadap Kinerja Keuangan Perusahaan Makanan dan Minuman yang Terdaftar di BEI. Jurnal Al-Idarah, 4(1), 74–87. https://doi.org/https://doi.org/10.35316/idarah.2023.v4i1.74-87

Rival, V., & Basri, A. F. M. (2005). Performance Appraisal: Sistem yang Tepat untuk Menilai Kinerja Karyawan dan Meningkatkan Daya Saing Perusahaan. Raja Grafindo Persada.

Sari, D. P., Suryani, W., & Sabrina, H. (2021). Pengaruh Debt to Asset Ratio dan Debt to Equity Ratio terhadap Kinerja Keuangan pada Perusahaan Otomotif yang Terdaftar di BEI Periode 2015-2018 (The Effect of Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER) on Financial Performance in Automotive. Jurnal Ilmiah Manajemen Dan Bisnis, 2(1), 72–80. https://doi.org/10.31289/jimbi.v2i1.484

Sari, N., & Wi, P. (2022). Pengaruh Leverage, Ukuran Perusahaan, Stuktur Modal, dan Profitabilitas terhadap Kinerja Keuangan Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2018 – 2021. Global Akuntansi: Jurnal Akuntansi, 1(3).

Sawir, A. (2005). Analisis Kinerja Keuangan dan Perencanaan Keuangan Perusahaan (3rd ed.). Gramedia Pustaka Utama.

Sinaga, R. S. R., Hidayat, W. W., & Ningrum, E. P. (2024). Pengaruh Leverage dan Ukuran Perusahaan terhadap Kinerja Keuangan Perusahaan pada Perusahaan Perbankan yang Terdaftar di (BEI) Bursa Efek Indonesia Periode 2019-2021. Indonesian Journal of Economics and Strategic Management (IJESM), 2(1), 1049–1061.

Sopandi, & Yuniarti, R. (2023). Effect of Debt To Equity Ratio, Firm Size and Sales Growth on Return on Assets In Manufacturing Companies ‘Food a nd Beverage’ Listed on the Indonesia Stock Exchange (IDX). Quantitative Economics and Management Studies, 4(5). https://doi.org/https://doi.org/10.35877/454RI.qems1940

Sukmayanti, N. W. P., & Triaryati, N. (2019). Pengaruh Struktur Modal, Likuiditas dan Ukuran Perusahaan terhadap Profitabilitas pada Perusahaan Property dan Real Estate. E-Jurnal M, 8(1), 7132–7162. https://doi.org/https://doi.org/10.24843/EJMUNUD.2019.v8.i1.p7

Supriati, D., Kananto, R., & Kusriananda, A. (2019). The Effects of Intellectual Disclosures Capital , Debt to Assets Ratio, Debt Equity Ratio, Company Size And Assets Turnover on Company Profitability. Proceedings of the 5th Annual International Conference on Accounting Research (AICAR 2018), 73, 104–109. https://doi.org/10.2991/aicar-18.2019.23

Zarkasyi, M. W., Febtinugraini, A., & Sugianto, N. T. (2021). Pengaruh Current Ratio, Debt to Asset Ratio, Debt to Equity Ratio terhadap Return on Asset. Jurnal Ilmiah Penԁiԁikan Ekοnοmi, 6(1).

Downloads

Published

2026-09-14

How to Cite

Valencia Angelica, Triana Yuniati, & Sianipar, P. B. H. (2026). PENGARUH DEBT TO ASSET RATIO, DEBT TO EQUITY RATIO DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN SEKTOR CONSUMER NON-CYCLICAL YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024. IJESM Indonesian Journal of Economics and Strategic Management, 4(3). Retrieved from https://journal.drafpublisher.com/ijesm/article/view/559

Issue

Vol. 4 No. 3 (2026): September

Section

Articles

License

Copyright (c) 2026 IJESM Indonesian Journal of Economics and Strategic Management

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Most read articles by the same author(s)

1 2 3 > >>