Pengaruh Debt to Equity Ratio dan Net Profit Margin terhadap Return on Asset PT Unilever Indonesia Tbk Periode 2018Q1 Hingga 2025Q4

Patricia Bianca Sulaiman; Hamfri Djajadikerta; Amelia Setiawan

doi:10.61132/pajamkeu.v3i5.2670

Authors

Patricia Bianca Sulaiman Universitas Katolik Parahyangan
Hamfri Djajadikerta Universitas Katolik Parahyangan
Amelia Setiawan Universitas Katolik Parahyangan

DOI:

https://doi.org/10.61132/pajamkeu.v3i5.2670

Keywords:

DER, DuPont Theory, NPM, ROA, Trade-off Theory

Abstract

This study aims to analyze the effect of Debt to Equity Ratio (DER) and Net Profit Margin (NPM) on Return on Asset (ROA) at PT Unilever Indonesia Tbk for the period 2018Q1 to 2025Q4. The study uses a quantitative approach by utilizing secondary data obtained from the company's quarterly financial statements. Data analysis was carried out using multiple linear regression method with the help of EViews 13 software. The results of the study show that DER does not have a significant effect on ROA, which indicates that changes in the company's funding structure have not been able to significantly increase asset profitability. Conversely, NPM has a positive and significant effect on ROA, so the higher the company's ability to generate net profit from sales, the higher the rate of return on its assets. Simultaneously, DER and NPM have a significant effect on ROA with an adjusted R-squared value of 22.4%, which suggests that the two variables are able to explain the variation in ROA by 22.4%, while the rest are influenced by other factors outside the research model. These findings support the DuPont Theory which emphasizes the importance of profitability efficiency in improving company performance, but does not support the Trade-off Theory regarding the optimization of the use of debt. Therefore, PT Unilever Indonesia Tbk is advised to prioritize increasing operational efficiency to optimize sales conversion into net profit and increase the profitability of the company's assets.

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