Financial Drivers of Profitability in Indonesia's Pharmaceutical Industry: A Panel Data Analysis
DOI:
https://doi.org/10.38035/jemsi.v7i1.6109Keywords:
Profitability, Pharmaceutical Industry, Net Profit Margin, Return on Asset, Return on Equity, Asset Growth Cash Conversion Cycle, Debt to Asset, Debt to Equity, Total AssetAbstract
Studi ini mengkaji faktor-faktor yang memengaruhi profitabilitas dalam bisnis farmasi Indonesia. Perusahaan-perusahaan di sektor ini menghadapi berbagai kendala operasional dan keuangan akibat siklus litbang yang berlarut-larut, intensitas modal yang tinggi, dan persyaratan regulasi yang ketat. Sejumlah ukuran profitabilitas utama dipengaruhi oleh rasio utang terhadap aset (DAR), perputaran persediaan (INTO), dan perputaran total aset (TOAS). Penelitian ini bertujuan untuk menilai dampak variabel-variabel tersebut terhadap metrik keuangan seperti Pertumbuhan Aset (AGRO), Siklus Konversi Kas (CCC), NPM, dan ROA. Dengan menggunakan dataset panel seimbang dengan 90 observasi yang mencakup periode 2014–2023, studi ini menerapkan model regresi panel efek tetap dan acak pada industri farmasi di Indonesia. Untuk memperhitungkan heterogenitas yang tidak teramati dan memberikan hasil yang andal, studi ini menggunakan model regresi panel efek tetap dan acak. Hasil penelitian menunjukkan bahwa peningkatan aset secara signifikan meningkatkan laba, yang sejalan dengan teori Resource-Based View yang menyatakan bahwa aset unik suatu perusahaan merupakan faktor terpenting dalam mencapai daya saing. Profitabilitas berbanding terbalik dengan rasio utang terhadap aset, yang menyoroti perlunya pengelolaan utang yang cermat, dan berbanding positif dengan siklus konversi kas yang fleksibel, yang menunjukkan keunggulan teknik modal kerja yang fleksibel. Karena kompleksitas operasional bisnis yang unik, ukuran efisiensi konvensional seperti perputaran persediaan dan perputaran total aset dianggap kurang menunjukkan profitabilitas. Para manajer, investor, dan pembuat undang-undang di industri farmasi dapat memperoleh manfaat besar dari temuan ini, yang menyoroti pentingnya pengelolaan utang dan investasi aset strategis dalam mencapai profitabilitas di industri yang sangat teregulasi dan padat modal.
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