Pengaruh ROA, DER dan DPR terhadap Sustainable Growth Rate
- Areja Amaulana Universitas Cipasung, Tasikmalaya, Indonesia
-
Dheri Febiyani Lestari
*
Universitas Cipasung, Tasikmalaya,
Indonesia
https://orcid.org/0009-0003-4859-7010
Abstract
Driven by the growth volatility observed among LQ45-indexed enterprises on the Indonesia Stock Exchange—highlighted by an 8.27% aggregate profit contraction in the first quarter of 2023—and persistent discrepancies in prior empirical literature regarding the determinants of sustainable corporate expansion, this study examines how financial metrics dictate growth boundaries. Specifically, it investigates the individual impacts of profitability (Return on Assets), capital structure (Debt to Equity Ratio), and dividend policy (Dividend Payout Ratio) on the Sustainable Growth Rate (SGR). Adopting a causal-associative quantitative framework, financial statements from 27 purposively sampled corporations spanning the 2021–2024 period were analyzed. The panel data regression utilized a Fixed Effect Model (FEM) executed via EViews 13 software. The empirical findings demonstrate that ROA exerts a significant positive influence on SGR with a coefficient of 0.3473 (p=0.0000), thereby reinforcing the Du Pont Model and Pecking Order Theory. Conversely, DPR exhibits a significant negative correlation with SGR, yielding a coefficient of -0.0192 (p=0.0003), which confirms a critical trade-off between dividend distribution and internal reinvestment capacity. Meanwhile, DER demonstrates a negative but non-significant impact (p=0.6620), indicating that financial leverage is not a primary driver of growth sustainability for these blue-chip issuers. This analytical model possesses an explanatory power of 64.63% regarding SGR variability. These outcomes underscore the vital importance of operational efficiency and prudent earnings retention strategies in maintaining long-term growth trajectories without relying on external capital. Ultimately, this research contributes a novel empirical guide grounded in comparative theoretical frameworks (Du Pont, Pecking Order, and Agency Theory) to assist Indonesian blue-chip companies in establishing safe growth thresholds amidst post-pandemic economic fluctuations.
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