Pengaruh Leverage dan Likuiditas pada Perusahaan Sektor Energi Yang Terdaftar di BEI

Abstract

This study aims to analyze the effect of Leverage and Liquidity on Profitability in Energy Sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Profitability is measured using Return on Assets (ROA), Leverage is proxied by Debt to Equity Ratio (DER), and Liquidity is measured using Current Ratio (CR). This research employs a quantitative approach with a causal associative design. The population consists of 90 Energy Sector companies listed on the IDX, while the sample was selected using purposive sampling, resulting in 17 companies with 68 observation data. Secondary data were obtained from annual financial reports published through the official IDX website. Data analysis techniques include descriptive statistical analysis, classical assumption tests, multiple linear regression analysis, coefficient of determination, F-test, and t-test. The results indicate that Leverage (DER) does not have a significant effect on Profitability (ROA), as evidenced by a t-value of 1.438 with a significance level of 0.157 (>0.05). Meanwhile, Liquidity (CR) has a positive and significant effect on Profitability, with a t-value of 2.159 and a significance level of 0.036 (<0.05). Simultaneously, Leverage and Liquidity significantly affect Profitability, as indicated by an F-value of 3.726 and a significance level of 0.031 (<0.05). The coefficient of determination (R²) is 0.127, indicating that Leverage and Liquidity explain 12.7% of the variation in Profitability, while the remaining 87.3% is influenced by other factors outside the model. The findings suggest that Liquidity plays a more important role than Leverage in improving Profitability in Energy Sector companies.

Keywords: Energy sector, leverage, liquidity