The Effect Of Profitability, Liquidity, Leverage, and Asset Efficiency on The Sustainable Growth Rate Of Energy Sector Companies Listed on The Indonesian Stock Exchange 2021-2024
Abstract
This study aims to analyze the effect of profitability, liquidity, leverage, and asset efficiency on sustainable growth rate (SGR) in energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2021-2024. This study uses a quantitative approach with a comparative causal research design. The data used is secondary data obtained from companies' annual financial reports. Sampling was determined using purposive sampling, resulting in 105 observations that met the research criteria. The analysis method used was multiple linear regression to test the effect of independent variables on sustainable growth rate, which was proxied by Return on Equity (ROE) and retention ratio. The results showed that profitability had a significant positive effect on the sustainable growth rate of energy companies, while liquidity showed a significant negative effect. However, leverage and asset efficiency showed varying effects. This study contributes to enriching the financial accounting literature by integrating aspects of sustainable growth and operational efficiency, as well as providing practical implications for company management, investors, and regulators in making sustainability-oriented decisions.
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Copyright (c) 2026 Jane Gianna Miduk Situmorang, Sri Astuti
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