Moderasi Interest Coverage Ratio Dalam Pengaruh Kinerja Keberlanjutan Terhadap Profitabilitas Perusahaan Indeks LQ45
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Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keberlanjutan terhadap profitabilitas perusahaan dengan Interest Coverage Ratio (ICR) sebagai variabel moderasi pada perusahaan yang tergabung dalam Indeks LQ45 di Bursa Efek Indonesia. Profitabilitas diukur menggunakan Net Profit Margin (NPM), sedangkan kinerja keberlanjutan diproksikan melalui indeks Global Reporting Initiative (GRI). Data yang digunakan merupakan data sekunder berupa laporan keuangan dan laporan keberlanjutan perusahaan selama periode pengamatan, dengan metode purposive sampling. Analisis data dilakukan menggunakan regresi data panel dengan pendekatan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa kinerja keberlanjutan tidak berpengaruh signifikan secara langsung terhadap profitabilitas perusahaan. Sebaliknya, Interest Coverage Ratio berpengaruh positif dan signifikan terhadap profitabilitas, yang mengindikasikan bahwa kemampuan perusahaan dalam menutup beban bunga berperan penting dalam meningkatkan kinerja laba. Lebih lanjut, hasil uji moderasi menunjukkan bahwa ICR memoderasi hubungan antara kinerja keberlanjutan dan profitabilitas dengan arah negatif. Temuan ini mengindikasikan bahwa pada perusahaan dengan ICR tinggi, peningkatan pengungkapan keberlanjutan justru cenderung menekan profitabilitas, sementara pada perusahaan dengan ICR rendah, kinerja keberlanjutan berkontribusi positif terhadap profitabilitas. Penelitian ini menegaskan bahwa dampak kinerja keberlanjutan terhadap profitabilitas bersifat kondisional dan dipengaruhi oleh kondisi solvabilitas perusahaan.
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