Pengaruh Debt to Equity Ratio dan Sales Growth terhadap Net Profit Margin pada Perusahaan Ritel Terdaftar di ISSI Periode 2021-2025 Effect of Debt to Equity Ratio and Sales Growth on Net Profit Margin in Retail Companies Listed on ISSI for the 2021-2025 Period
Article Sidebar
Page Numbers:
5251-5263
Digital Object Identifier:
10.58578/arzusin.v6i5.11540
Viewed: 0 times
Downloaded: 0 times
LYAS Publisher cordially invites qualified professionals to serve as Editors or Reviewers. Your expertise will make an important contribution to maintaining and strengthening the academic quality of our publications. Interested applicants are kindly requested to complete the application form at the following link: Editors & Reviewers
Please feel free to contact us if you need any further information about the submission process or if you have any additional questions.
Authors:Reihan Fajri Ihsan1*, Gina Havieza Elmizan2
Copyright :Authors retain copyright and grant the journal right of first publication.
Main Article Content
Abstract
Profitability is an important indicator for assessing a company’s financial performance and sustainability; however, studies examining the effects of the Debt to Equity Ratio (DER) and Sales Growth on the Net Profit Margin (NPM) of retail-sector companies listed on the Indonesia Sharia Stock Index (ISSI) during the 2021–2025 period remain limited. This study aimed to analyze the effects of DER and Sales Growth, both partially and simultaneously, on NPM. The study employed a quantitative approach with a causal design. The study population comprised retail-sector companies listed on the ISSI during the 2021–2025 period, while the sample consisted of 11 companies with 55 observations selected through purposive sampling. Secondary data were obtained from the companies’ annual financial statements and analyzed using panel data regression with the Fixed Effect Model (FEM) through EViews 13 software. The results showed that DER had a negative and significant effect on NPM, whereas Sales Growth had a positive and significant effect on NPM. Simultaneously, DER and Sales Growth had a significant effect on NPM. These findings provide empirical evidence for the development of Trade-Off Theory and the Theory of the Growth of the Firm in explaining the relationships among capital structure, sales growth, and corporate profitability. This study emphasizes that increasing the profitability of retail-sector companies requires prudent capital structure management and the optimization of sales growth. In practical terms, the results can serve as a consideration for management in formulating financing policies and sales strategies that support improved financial performance. Future research should consider other financial variables and expand the scope of companies and observation periods to obtain more comprehensive findings.
Citation Metrics:
Downloads
Citation Metrics & Similar Scopus Articles
-
Zendejas-Huerta E.N. (2027)Growth, skin quality and stress of farmed Morelet’s crocodiles (Crocodylus moreletii) housed communally or individually during the finishing stageMultidisciplinary Science Journal, 9(1)
-
Najafi E. (2027)Analyzing the process of dynamic and tense discourse systems in the poem "katibeh" of Akhavan salesLanguage Related Research, 17(4), 263-291
-
Zulkifli N. (2027)Flowsheet Design and Modelling for High Purity Praseodymium and Neodymium by Solvent ExtractionKompleksnoe Ispolzovanie Mineralnogo Syra, 342(3), 111-122
Article Details
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
References
Adisma, T. H., Santoso, S. B., Fakhruddin, I., & Setyadi, E. J. (2025). Pengaruh Net Profit Margin, Debt to Equity Ratio dan Sales Growth terhadap Pertumbuhan Laba (Studi pada Perusahaan yang Terdaftar di IDX Sharia Growth). Journal of Accounting and Finance Management, 5(6), 1383–1394. https://doi.org/10.38035/jafm.v5i6.1293
Al-Taani, K. (2013). The relationship between capital structure and firm performance: Evidence from Jordan. Journal of Finance and Accounting, 1(3), 41–45. https://doi.org/10.11648/j.jfa.20130103.11
Amalina, N., & Efriadi, A. R. (2022). Pengaruh Debt to Equity Ratio, Current Ratio dan Net Profit Margin terhadap Pertumbuhan Laba Perusahaan yang Terdaftar di Indeks LQ-45 Bursa Efek Indonesia. Kompartemen: Jurnal Ilmiah Akuntansi, 19(2), 160–169. https://doi.org/10.30595/kompartemen.v19i2.10343
Brigham, E. F., & Houston, J. F. (2022). Fundamentals of financial management (16th ed.). Cengage Learning.
Djoddy, A. S., & Rolanda, I. (2025). Pengaruh Cash Ratio, Debt to Asset Ratio, Total Asset Turnover dan Sales Growth terhadap Net Profit Margin. Cakrawala: Jurnal Ekonomi, Manajemen dan Bisnis, 2(3), 527–538. https://doi.org/10.70451/cakrawala.v2i3.644
Hery. (2022). Analisis Laporan Keuangan: Integrated and Comprehensive Edition. PT Grasindo.
Hutabarat, M. I., Nasution, S., & Zalukhu, R. S. (2023). Influence net profit margin, sales growth and debt to equity ratio on earning per share. Jurnal Akuntansi Bisnis Eka Prasetya Penelitian Ilmu Akuntansi, 9(1), 15–22. https://doi.org/10.47663/abep.v9i1.287
Juwari, & Zulviani, A. M. (2020). Pengaruh Debt to Equity Ratio, Return on Assets, Return on Equity dan Net Profit Margin terhadap Pertumbuhan Laba pada Perusahaan Subsektor Konstruksi Bangunan yang Terdaftar di BEI. Jurnal GeoEkonomi, 11(2), 188–201. https://doi.org/10.36277/geoekonomi.v11i2.131
Lestari, E., Malini, H., & Wendy. (2025). The effect of debt to equity ratio and sales growth on profitability with good corporate governance as a moderating variable in the manufacturing sector listed on the Indonesian Stock Exchange. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis, 13(3), 2735–2748. https://doi.org/10.37676/ekombis.v13i3.7662
Melisa, D., & Hidayat, R. T. (2025). The effect of net profit margin and debt to equity ratio on profit growth. Jurnal Akuntansi dan Audit Tri Bhakti, 3(2), 122–136. https://doi.org/10.59806/jaatb.v4i1.339
Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81
Nisa, N. C., Halawa, A. N. K., Sembiring, J. C., & Simatupang, D. (2025). Pengaruh Debt to Equity Ratio (DER), Net Profit Margin (NPM), dan Ukuran Perusahaan terhadap Pertumbuhan Laba pada Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2021–2023. Journal of Economic, Bussines and Accounting (COSTING), 8(4), 202–216. https://doi.org/10.31539/costing.v8i4.16156
Oktaviani, A., Mursalini, W. I., & Sriyanti, E. (2023). Pengaruh Current Ratio, Debt to Equity Ratio, dan Net Profit Margin terhadap Pertumbuhan Laba (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2018–2020). Jurnal Penelitian Ekonomi Manajemen dan Bisnis, 2(1), 66–83. https://doi.org/10.55606/jekombis.v2i1.982
Palinkas, L. A., Horwitz, S. M., Green, C. A., Wisdom, J. P., Duan, N., & Hoagwood, K. (2015). Purposeful sampling for qualitative data collection and analysis in mixed method implementation research. Administration and Policy in Mental Health and Mental Health Services Research, 42(5), 533–544. https://doi.org/10.1007/s10488-013-0528-y
Penrose, E. T. (1959). The theory of the growth of the firm. Basil Blackwell.
Yazdanfar, D. (2013). Profitability determinants among micro firms: Evidence from Swedish data. International Journal of Managerial Finance, 9(2), 151–160. https://doi.org/10.1108/17439131311307565
Zeitun, R., & Tian, G. G. (2007). Capital structure and corporate performance: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4), 40–61. https://doi.org/10.14453/aabfj.v1i4.3