Kinerja Keuangan dan Profitabilitas Dengan Harga Batubara Sebagai Moderasi di Sub Sektor Pertambangan Batubara
Abstract
Sektor pertambangan batubara memiliki peran strategis dalam perekonomian Indonesia, namun kinerja keuangan perusahaan di sektor ini sangat dipengaruhi oleh faktor internal perusahaan serta dinamika harga komoditas global. Fluktuasi harga batubara yang tercermin dalam Newcastle Coal Index (NEWC) dapat memengaruhi tingkat profitabilitas perusahaan, sehingga diperlukan analisis yang mengintegrasikan faktor keuangan internal dan faktor eksternal tersebut. Penelitian ini bertujuan untuk menganalisis pengaruh current ratio, leverage, sales growth, dan firm size terhadap profitabilitas perusahaan yang diproksikan dengan Return on Assets (ROA), serta menguji peran harga batubara sebagai variabel moderasi pada perusahaan sub-sektor pertambangan batubara yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan desain kausal-komparatif. Sampel penelitian terdiri dari 16 perusahaan yang dipilih menggunakan teknik purposive sampling, dengan analisis data menggunakan regresi linear berganda dan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa sales growth dan firm size berpengaruh positif dan signifikan terhadap ROA, sedangkan current ratio dan leverage tidak berpengaruh signifikan. Dalam pengujian moderasi, harga batubara tidak memoderasi hubungan current ratio, leverage, dan firm size terhadap ROA, namun terbukti memperkuat pengaruh sales growth terhadap profitabilitas. Dengan demikian, profitabilitas perusahaan batubara tidak hanya dipengaruhi oleh faktor internal perusahaan, tetapi juga oleh dinamika harga komoditas global yang memperkuat pengaruh pertumbuhan penjualan terhadap kinerja keuangan perusahaan.
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