Profitabilitas Perusahaan Kesehatan yang Terdaftar di Bursa Efek Indonesia: Pengaruh Ukuran Perusahaan, Likuiditas, dan Leverage dari 2018 hingga 2024

Ati Harianti; Tri Fajarani

doi:10.30640/jmcbus.v4i4.7775

Authors

Ati Harianti Universitas Trilogi
Tri Fajarani Universitas Trilogi

DOI:

https://doi.org/10.30640/jmcbus.v4i4.7775

Keywords:

Current Ratio, Debt to Equity Ratio, Firm Size, Healthcare Sector Companies, Return on Assets

Abstract

The COVID-19 pandemic and the ensuing post-pandemic transition caused significant changes in the healthcare sector between 2018 and 2024, which had an impact on business profitability. This study aims to determine how profitability of healthcare companies listed on the Jakarta Stock Exchange between 2018 and 2024 is affected by Firm Size, Current Ratio, and Debt to Equity Ratio. The sample comprises nine healthcare companies selected using purposive sampling, resulting 63 observations. The Fixed Effect Model was chosen for panel data regression analysis using the Chow and Hausman test. The results show that profitability is positively and significantly impacted by firm size, negatively and significantly impacted by debt to equity ratio, and not impacted by current ratio. These findings imply that capital structure and business size are significant factors influencing profitability in Indonesia's healthcare sector.

References

Adisty, F. P., Mardi, & Ulupui, I. G. K. A. (2024). Revealing the role of profitability in mediating leverage, liquidity, and company size on firm value in health sector. Jurnal Ekonomi, Perusahaan, dan Akuntansi.

Aeraafi, H. M., & Hartono, U. (2024). Pengaruh rasio likuiditas, leverage, rasio aktivitas, dan firm size terhadap profitabilitas. Jurnal Ilmu Manajemen, 12(1), 1–14.

Amanah, N., & Mudjijah, S. (2024). Pengaruh leverage, likuiditas, aktivitas, dan ukuran perusahaan terhadap profitabilitas (Studi empiris pada perusahaan penyedia jasa kesehatan yang terdaftar di Bursa Efek Indonesia periode 2019–2023). Riset Ilmu Manajemen Bisnis dan Akuntansi, 2(3), 379–396. https://doi.org/10.61132/rimba.v2i3.1176

Asiska, V. D., & Handayani, N. (2023). Pengaruh leverage, firm size dan likuiditas terhadap profitabilitas pada perusahaan perbankan. Jurnal Ilmu dan Riset Akuntansi, 12(9), 1–15.

Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th ed.). Springer Nature.

https://doi.org/10.1007/978-3-030-53953-5

Brigham, E. F., & Houston, J. F. (2022). Fundamentals of Financial Management (16th ed.). Cengage.

Ceunfin, Y. M., Zuhroh, D., & Sihwahjoeni. (2024). Analysis of the effect of leverage, company size and liquidity on firm value with return on assets as an intervening variable in healthcare companies listed on the Indonesia Stock Exchange for the 2019–2022 period. International Journal of Research in Social Science and Humanities, 5(7), 182–196.

Dalci, I. (2018). Impact of financial leverage on the profitability of listed manufacturing firms in China. Pacific Accounting Review, 30(4), 410–432. https://doi.org/10.1108/PAR-01-2018- 0008

Effendi, P., & Surjadi, L. (2024). Pengaruh leverage, firm size, dan liquidity terhadap profitability. Jurnal Paradigma Akuntansi, 6(1), 394–404. https://doi.org/10.24912/jpa.v6i1.28735

Gitman, L. J., Juchau, R., & Flanagan, J. (2022). Principles of Managerial Finance (8th Asia-Pacific ed.). Pearson.

Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill Education

Gunawan, M. B., & Suryani, S. (2024). Pengaruh likuiditas, leverage, ukuran perusahaan dan kepemilikan institusional terhadap kinerja keuangan perusahaan kesehatan. Akuntansi dan Ekonomi Pajak: Perspektif Global, 1(3), 264–278. https://doi.org/10.61132/aeppg.v1i3.390

Haninah, H., Kamila, I. I., Alvinita, A. K., Raharjo, M. R., & Junihartini, D. (2025). Dampak Pandemi COVID-19 terhadap Kinerja Keuangan Sektor Kesehatan: Analisis Profitabilitas CARE, MIKA, SILO, HEAL, dan SRAJ (2018–2024). Al-Zayn: Jurnal Ilmu Sosial & Hukum

Volume 4Number 1, DOI:https://doi.org/10.61104/alz.v4i1. 3278

Inrawan, A., Sembiring, L. D., & Loist, C. (2025). The moderating role of liquidity in the relationship between leverage, firm size, and profitability. International Journal of Business, Law, and Education, 6(1), 54–68. https://doi.org/10.56442/ijble.v6i1.961

Landryani, R. T. K., & Jati, A. K. N. (2023). The Influence of Asset Structure, Activity, and Leverage on Health Sector Company Profitability During the COVID-19 Pandemic. Jurnal Ilmiah Manajemen Bisnis dan Inovasi.

Mufli, M. A., Salida, A., & Taufiq, M. (2024). Comparative Analysis of Profitability Before and During COVID-19 in Health Sub-sector Companies Listed on the Indonesian Stock Exchange. Paser Institute of Accounting and Finance.

Novyanny, M. C., & Turangan, J. A. (2019). Pengaruh likuiditas, ukuran perusahaan, umur perusahaan dan pertumbuhan perusahaan terhadap profitabilitas pada perusahaan jasa sektor perdagangan, jasa & investasi yang terdaftar pada Bursa Efek Indonesia. Jurnal Manajerial dan Kewirausahaan, 1(1), 1–14.

Oktavia, M., Nurlaela, S., & Chomsatu, Y. (2025). The effect of liquidity, leverage, and company size on the financial performance of healthcare companies. Wiga: Jurnal Penelitian Ilmu Ekonomi.

Pratiwi, A., & Muthohar, A. M. (2021). Pengaruh growth opportunity, likuiditas, dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening. Journal of Accounting and Digital Finance, 1(3), 163–180. https://doi.org/10.53088/jadfi.v1i3.175

Pusaka, S. A., & Takarini, N. (2023). Pengaruh likuiditas, leverage terhadap profitabilitas dimoderasi ukuran perusahaan pada sub sektor perusahaan pertambangan batu bara. Ekonomis: Journal of Economics and Business, 7(2), 1209–1217. https://doi.org/10.33087/ekonomis.v7i2.1045

Ramadhaningsih, D., & Indrati, M. (2024). Faktor yang mempengaruhi profitabilitas pada sektor industri healthcare di Indonesia. Journal of Management: Small and Medium Enterprises (SMEs), 17(2). https://doi.org/10.35508/jom.v17i2.17437

Ross, S. A., Westerfield, R. W., Jordan, B. D., Lim, J., & Tan, R. (2022). Fundamentals of Corporate Finance (Asia Global ed.). McGraw-Hill.

Sugiyono. (2013). Metode penelitian kuantitatif, kualitatif dan R&D. CV Alfabeta.

Sustiyatik, E., & Jauhari, T. (2021). Pengaruh Likuiditas, Leverage, dan Ukuran Perusahaan Terhadap Profitabilitas Perusahaan Kesehatan di Bursa Efek Indonesia. Jurnal Aplikasi Pelayaran Dan Kepelabuhanan, 12(1), 56–69 https://doi.org/10.30649/japk.v12i1.79

Wooldridge, J. M. (2019). Introductory econometrics: A modern approach (7th ed.). Cengage Learning.