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Leverage Analysis and The Influence on Profitability (Return on Investment) at PT. PLN (Persero) Period 2004-2022

Hasanuddin Journal of Applied Business and Entrepreneurship · Vol. 6 No. 1 (2023) · pp. 12–28

ISSN
2598-0890, 2598-0882
Published
2023-04-11
Publisher
Master of Management, Faculty of Economics and Business, Hasanuddin University.
Language
en

Abstract

The purpose of this study was to analyze the effect of debt to asset ratio, debt service coverage ratio, tangible asset debt coverage, cash flow to debt ratio, BOPO on return on investment, and to analyze the effect of debt to asset ratio, debt service coverage ratio, tangible asset debt coverage, cash flow to debt ratio to return on investment mediated by BOPO at PT PLN (Persero). This study uses a quantitative descriptive approach. The technique used in sampling using non-probability sampling with purposive sampling method. The method of data collection using the Consolidated Financial Statements of PT. PLN (Persero) period 2004-2022. Data were analyzed using multiple regression analysis (multiple regression) and path analysis (Path Analysis) with statistical package for the social sciences (SPSS) version 26. The results showed that 1) Debt to Asset Ratio had a negatif effect and did not significant on Return On Investment, 2) Debt Service Coverage Ratio has a negatif and significant effect on Return On Investment, 3) Tangible Asset Debt Coverage has a negatif and insignificant effect on Return On Investment, 4) Cashflow to Debt Ratio has a negatif and significant effect on Return On Investment, 5) BOPO has a positive and insignificant effect on Return On Investment, 6) based on the analysis of the influence of Debt to Asset Ratio, Debt Service Coverage Ratio, Tangible Asset Debt Coverage, Cashflow to Debt Ratio to Return On Investment through BOPO obtained 1) indirectly Debt to As set Ratio through BOPO has no significant effect on Return On Investment, 2) directly Debt Service Coverage Ratio through BOPO has a significant effect on Return On Investment, 3 ) indirectly Tangible Asset Debt Coverage through BOPO has no significant effect on Return On Investment, 4) Directly Cashflow to Debt Ratio through BOPO has a significant effect on Return On Investment.

Keywords

Collaboration network of the authors

14 authors · 21 co-authorship links

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  • Institut Sains dan Bisnis Internasional Singkawang
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
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Co-authorOrganisationJoint articles
Cepi PahleviAffiliation unknown2
Arfa ApriliantiAffiliation unknown1
Mursalim NohongAffiliation unknown1
Eko Agustiono Bachrudin YusufAffiliation unknown1
Abd. Rahman KadirAffiliation unknown1
Abdul Rahman KadirAffiliation unknown1
MuliantiAffiliation unknown1
Ali ImranInstitut Sains dan Bisnis Internasional Singkawang1
Erlina PakkiAffiliation unknown1
Nawal Ulfah Indah sari NawalAffiliation unknown1
Ibrahim Nurwardana IbrahimAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unhas.ac.id/index.php/hjabe/oai, first harvested 2 Nov 2026, last seen 2 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">Leverage Analysis and The Influence  on Profitability (Return on Investment) at PT. PLN (Persero) Period 2004-2022 </dc:title>
	<dc:creator xml:lang="en">Herliansyah</dc:creator>
	<dc:creator xml:lang="en">Sobarsyah, Muhammad</dc:creator>
	<dc:creator xml:lang="en">Rahim, Fauzi R.</dc:creator>
	<dc:subject xml:lang="en">Manajemen</dc:subject>
	<dc:subject xml:lang="en">return of investment</dc:subject>
	<dc:subject xml:lang="en">financial management</dc:subject>
	<dc:description xml:lang="en">The purpose of this study was to analyze the effect of debt to asset ratio, debt service coverage ratio, tangible asset debt coverage, cash flow to debt ratio, BOPO on return on investment, and to analyze the effect of debt to asset ratio, debt service coverage ratio, tangible asset debt coverage, cash flow to debt ratio to return on investment mediated by BOPO at PT PLN (Persero). This study uses a quantitative descriptive approach. The technique used in sampling using non-probability sampling with purposive sampling method. The method of data collection using the Consolidated Financial Statements of PT. PLN (Persero) period 2004-2022. Data were analyzed using multiple regression analysis (multiple regression) and path analysis (Path Analysis) with statistical package for the social sciences (SPSS) version 26. The results showed that 1) Debt to Asset Ratio had a negatif effect and did not significant on Return On Investment, 2) Debt Service Coverage Ratio has a negatif and significant effect on Return On Investment, 3) Tangible Asset Debt Coverage has a negatif and insignificant effect on Return On Investment, 4) Cashflow to Debt Ratio has a negatif and significant effect on Return On Investment, 5) BOPO has a positive and insignificant effect on Return On Investment, 6) based on the analysis of the influence of Debt to Asset Ratio, Debt Service Coverage Ratio, Tangible Asset Debt Coverage, Cashflow to Debt Ratio to Return On Investment through BOPO obtained 1) indirectly Debt to As set Ratio&amp;nbsp; through BOPO has no significant effect on Return On Investment, 2) directly Debt Service Coverage Ratio through BOPO has a significant effect on Return On Investment, 3 ) indirectly Tangible Asset Debt Coverage through BOPO has no significant effect on Return On Investment, 4) Directly Cashflow to Debt Ratio through BOPO has a significant effect on Return On Investment.</dc:description>
	<dc:publisher xml:lang="en">Master of Management, Faculty of Economics and Business, Hasanuddin University.</dc:publisher>
	<dc:date>2023-04-11</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:identifier>https://journal.unhas.ac.id/index.php/hjabe/article/view/24989</dc:identifier>
	<dc:source xml:lang="en">Hasanuddin Journal of Applied Business and Entrepreneurship; Vol. 6 No. 1 (2023): Hasanuddin Journal of Applied Business and Entrepreneurship; 12-28</dc:source>
	<dc:source>2598-0890</dc:source>
	<dc:source>2598-0882</dc:source>
	<dc:language>en</dc:language>
	<dc:rights xml:lang="en">Copyright (c) 2023 Hasanuddin Journal of Applied Business and Entrepreneurship</dc:rights>
</oai_dc:dc>