Profitability Determinants in State Owned Companies: Evidence from Indonesia Stock Exchange 2017-2021

This research aims to analyze the influence of leverage, liquidity, company size, and sales growth on State-Owned Enterprises (BUMN) listed on the IDX during the period 2017-2021. The leverage variable is proxied by the debt-equity ratio, liquidity is proxied by the current ratio, company size is proxied by the natural logarithm of total assets, sales growth is measured by the change in revenue over a specific period, and profitability is measured using ROA. The population used in thisstudy consists of State-Owned Enterpriseslisted on the IDX during the period 2017-2021, totaling 28 companies. Using purposive sampling technique, 21 companies were selected as samples. This research adopts a quantitative approach. The data used in this study are secondary data. The data analysis method includes descriptive and panel data regression analyses using Stata version 15. The results of this study prove that leverage has a negative significant effect on profitability. Liquidity has a positive but not significant effect on profitability. Company size has a positive significant effect on profitability, while sales growth has a negative but not significant impact on profitability