Debt to Equity Ratio, Fixed Investment Efficiency, Export Volume, and Exchange Rate Fluctuations: Effects on Property Firms' Operating Profit Margin
DOI:
https://doi.org/10.24905/icobis.v2i1.55Keywords:
Debt to Equity Ratio, Fixed Investment Efficiency, Export Volume, Exchange Rate Fluctuations, Operating Profit MarginAbstract
This study aims to analyze the effect of the Debt to Equity Ratio, Fixed Investment Efficiency, Export Volume, and Exchange Rate Fluctuations on the Operating Profit Margin of property and real estate companies listed on the Indonesia Stock Exchange during the 2020–2025 period. The study uses a quantitative approach with secondary data obtained from the companies' annual financial reports. Purposive sampling was applied, yielding 312 observations that met the research criteria. The data were analyzed using panel data regression with the random effects model, estimated by the Estimated Generalized Least Squares (EGLS) method. Outliers were detected using the extreme residual method, which was also used to test normality and evaluate regression model errors, while EGLS was used to estimate the panel data regression model and to address violations of the classical assumptions, particularly heteroscedasticity and autocorrelation. The partial results show that the Debt to Equity Ratio has a negative and significant effect on the Operating Profit Margin, and Export Volume has a positive and significant effect, whereas Fixed Investment Efficiency and Exchange Rate Fluctuations have no significant effect. Simultaneously, the Debt to Equity Ratio, Fixed Investment Efficiency, Export Volume, and Exchange Rate Fluctuations significantly affect the Operating Profit Margin. The Adjusted R-squared value of 0.056045 indicates that the four independent variables explain 5.60% of the variation in the margin, while the remaining 94.40% is explained by variables outside the research model
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