THE IMPACT OF FINANCIAL LEVERAGE ON EARNINGS PER SHARE IN THE INDONESIAN BANKING SECTOR

Erik Nugraha; Febi Wulandari; R. Aryanti  Ratnawati

doi:10.61397/mfc.v3i3.522

Authors

Erik Nugraha Universitas Sangga Buana YPKP
Febi Wulandari Universitas Sangga Buana YPKP
R. Aryanti Ratnawati Universitas Sangga Buana YPKP

DOI:

https://doi.org/10.61397/mfc.v3i3.522

Keywords:

Financial Leverage, Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Earning Per Share (EPS)

Abstract

Earning Per Share (EPS) is a ratio used to measure the net income earned by a company relative to the number of outstanding shares, serving as a key indicator for investors in assessing a company’s profitability and potential returns. However, an increase in Financial Leverage does not necessarily lead to a higher EPS. This study aims to examine and analyze the effect of Financial Leverage, measured by the Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER), on Earning Per Share (EPS) in banking sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research method employed is a quantitative approach using panel data regression analysis. The research data were obtained from the annual financial statements of 22 companies selected through purposive sampling. The results indicate that Financial Leverage measured by the Debt to Asset Ratio (DAR) has a significant effect on Earning Per Share (EPS), while Financial Leverage measured by the Debt to Equity Ratio (DER) has a negative and significant effect on Earning Per Share (EPS). However, simultaneously, Financial Leverage does not have a significant effect on Earning Per Share (EPS).

References

Abdullah, T., & Wahjusaputri, S. (2018). Bank & Lembaga Keuangan. In Mitra Wacana Media.

Andrianto. (2019). Manajemen Bank (edisi pertama).

Aplikasi, P., Layanan, P., Sistem, B., Peneriman, I., Bukan, N., Online, P., Lingkungan, D. I., & Keuangan, K. (2021). Jurnal Widya. 4(April), 226–239.

Badar. (2020). Akuntansi Keuangan Menengah (Edisi Pertama).

Erry Setiawan. (2022). Profitabilitas, Ukuran Perusahaan Dan Pertumbuhan Asset Serta Pengaruhnya Terhadap Leverage Pada Perusahaan (Teori Hingga Empirik). In Perkumpulan Rumah Cemerlang Indonesia.

Fauziah, N. H., Hadiani, F., & Djuwarsa, T. (2021). Pengaruh Financial Leverage Terhadap Roe Dan Eps Pada Perusahaan Perbankan Bumn Yang Terdaftar Di Bei The Effect Of Financial Leverage On Roe And Eps In Soe Banking Companies Listed. 2(1), 108–120.

Henry Jirwanto, S.E., M. ., Muhammad Ali Aqsa, M. B., Tubel Agusven, St., M. ., Dr. Hendri Herman, S.E., M.Si., C., & Dr. Virna Sulfitri Mba., C. (2018). E-Book Manajemen Keuangan.

Indartini, M., & Mutmainah. (2024). Analisis Data Kuantitatif Uji Instrumen, Uji Asumsi Klasik, Uji Korelasi Dan Regresi Linier Berganda (Vol. 14, Issue 5).

Juliana, M. A. (2019). Analisis Financial Leverage Terhadap Earning Per Share Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index Universitas Muhammadiyah Sumatera Utara Jalan Kapten Mukhtar Basri No . 3 Medan Abstrak : Kunci : Financial Leverage , Earning Per Share , Jii A. Al-Masharif: Jurnal Ilmu Ekonomi Dan Keislaman, 7(2), 305–319.

Lesmono, B., & Siregar, S. (2021). Studi Literatur Tentang Agency Theory. Ekonomi, Keuangan, Investasi Dan Syariah (Ekuitas), 3(2), 203–210. Https://Doi.Org/10.47065/Ekuitas.V3i2.1128

Maimunah, S. M., & Puspita Rahajeng, N. (2015). Pengaruh Analisis Financial Leverage Terhadap Peningkatan Earning Per Share (Eps). Jiafe (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 1(1), 38–43. Https://Doi.Org/10.34204/Jiafe.V1i1.295

Mattunruang, A. A. (2022). Manajemen Keuangan. In Tahta Media Group. Https://Repository.Ung.Ac.Id/Get/Karyailmiah/9015/Book-Chapter-Manajemen-Keuangan.Pdf

Normi, Siti. (2018). Dasar-Dasar Manajemen (Edisi Pert). Expert.

Pria, O., Dwiatmanto, B., Yaningwati, F., Ilmu, F., & Malang, A. (2013). Pengaruh Financial Leverage Terhadap Earning Per Share (Eps) (Studi Pada Perusahaan Industri Otomotif Dan Komponen Yang Listing Di Bei). Jurnal Administrasi Bisnis (Jab)|Vol. 1, 1.

Rahman, M., Yudi Marihot, Sapta Sari, Dan A. E., Industri, S., Dan, D., Di, K., Efek, B., Kusumo, D., & Afandi, R. (2022). Pengaruh Financial Leverage Dan Total Asset Turnover Terhadap Earning Per Share Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2018. Karya Ilmiah Mahasiswa Fakultas Ekonomi (Kimfe), 1(1), 1–15.

Rukajat, A. (2018). Pendekatan Penelitian Kuantitatif : Quantitatif Research Approach (Edisi Pert). Deepublish.

Santoso, D. L. ., & Budiarti, A. . (2017). Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Food And Beverages. Jurnal Ilmu Dan Riset Manajemen, 6, 2–16. Https://E-Journal.Stie-Aub.Ac.Id/Index.Php/Advance

Sanusi, D. A. (2020). Financial Leverage Terhadap Earning Per Share Perusahaan Makanan Dan Minuman Di Bursa Efek Indonesia. Jurnal Administrasi Bisnis (Jab), 10(1), 12–20.

Sari, D. P., Ekonomi, F., & Siliwangi, U. (2021). Pengaruh Financial Leverage Terhadap Earning Per Share (Kasus Pada Pt Aneka Tambang (Persero) Tbk). Banku: Jurnal Perbankan Dan Keuangan, 2(Februari), 14–27.

Tantianty, C. W., Uzliawati, L., & Uzliawati, L. (2022). Pengaruh Earning Per Share (Eps) Terhadap Harga Saham Pt Bni Tbk. Jurnal Ilmiah Akuntansi Kesatuan, 11(1). Https://Doi.Org/10.37641/Jiakes.V11i1.1546

Ummah, M. S. (2019). Metode Penelitian Kuantitatif Kualitatif. In Sustainability (Switzerland) (Vol. 11, Issue 1). Http://Scioteca.Caf.Com/Bitstream/Handle/123456789/1091/Red2017-Eng-8ene.Pdf?Sequence=12&Isallowed=Y%0ahttp://Dx.Doi.Org/10.1016/J.Regsciurbeco.2008.06.005%0ahttps://Www.Researchgate.Net/Publication/305320484_Sistem_Pembetungan_Terpusat_Strategi_Melestari

Wawan Asriadi, M. K. (2023). Karya Ilmiah Mahasiswa Fakultas Ekonomi Pengaruh Financial Leverage, Operating Leverage Dan Likuiditas Terhadap Earning Per Share Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2020. Karya Ilmiah Mahasiswa Fakultas Ekonomi, 2(2), 626–633. Www.Idi.Co.Id

Yunanto, A., Nodi, A., Putra, M., Bina, U., & Informatika, S. (2025). Pengaruh Profitabilitas ( Roa ), ( Roe ), Dan Leverage ( Der ) Terhadap Harga Saham Perusahaan Pertambangan Yang Terdaftar Di Bei 2019-2023. 3.

Yunus Sekolah Tinggi Ilmu Ekonomi Makassar, M. (2020). Pengaruh Leverage Operasi Dan Leverage Keuangan Terhadap Laba Per Lembar Saham Pada Perusahaan Go Public. Tangible Journal, 5(1), 71–86