Pengaruh Efisiensi Operasional, Efektivitas Pemasaran, dan Financial Leverage terhadap Kinerja Keuangan Perusahaan
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Abstract
Kinerja Keuangan mampu memberikan gambaran atas keberhasilan perusahaan dalam mencapai tujuannya. Kinerja keuangan diukur melalui ROE, dimana rasio tersebut menunjukan kemampuan perusahaan dalam meningkatkan keuntungan atas modal yang dimiliki pemegang saham / pemilik perusahaan. Dalam meningkatkan kinerja tersebut, efisiensi operasional, efektivitas pemasaran, dan financial leverage digunakan sebagai variabel yang mempengaruhi kinerja keuangan. Faktor-faktor tersebut diukur melalui rasio keuangan yaitu Expense to Sales sebagai alat ukur Efisiensi, Total Assets Turnover sebagai alat ukur Efektivitas, dan Debt to Equity Ratio sebagai alat ukur Financial Leverage. Penelitian ini dilakukan terhadap perusahaan subsektor farmasi yang terdaftar di BEI pada periode 2015-2019. Metode yang digunakan dalam melihat pengaruh variabel independen adalah analisis regresi berganda data panel dengan menggunakan perangkat lunak e-views 10.0. Hasil penelitian menunjukkan bahwa efisiensi operasional, efektivitas pemasaran, dan financial leverage memiliki pengaruh yang signifikan terhadap kinerja keuangan.
Financial performance is able to provide an overview of the company's success in achieving its objectives. Financial performance is measured through ROE, because the ratio shows the ability of the company in increasing the profit on capital owned by shareholders / owners of the company. In improving the performance, operational efficiency, marketing effectiveness, and financial leverage are used variables that effected the financial performance. These factors are measured through financial ratios of Expense to Sales as a measure of efficiency, Total Assets Turnover as a measure of Effectiveness, and Debt to Equity Ratio as a measure of Financial Leverage. This study was conducted on sub-sector pharmaceutical companies listed on the Stock Exchange in the period 2015-2019. The method used in determining the effect of independent variables is multiple panel data regression analysis using e-views 10.0 software. The results show that the operational efficiency, marketing effectiveness, and financial leverage have a significant effect on financial performance.
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