Struktur Biaya Tetap dan Dampaknya pada Sensitivitas Laba PT Perusahaan Gas Negara Tbk
DOI:
https://doi.org/10.32493/jiim.v4i2.55146Keywords:
Leverage and Financial Performance., Pertumbuhan Laba, PembiayaanAbstract
Penelitian ini bertujuan menganalisis dampak struktur biaya tetap terhadap sensitivitas laba melalui operating leverage pada PT Perusahaan Gas Negara Tbk (PGN) selama periode 2023–2024. Permasalahan penelitian difokuskan pada bagaimana dominasi biaya tetap memengaruhi fluktuasi laba operasi dan laba bersih di tengah tekanan eksternal. Penelitian menggunakan metode kuantitatif deskriptif–verifikatif dengan data sekunder berupa laporan keuangan kuartalan yang diperoleh dari Bursa Efek Indonesia. Degree of Operating Leverage (DOL), Degree of Financial Leverage (DFL), dan Degree of Combined Leverage (DCL) dihitung untuk menguji hubungan struktur biaya tetap dengan sensitivitas laba. Hasil penelitian menunjukkan bahwa tingginya proporsi biaya tetap membuat laba PGN sangat sensitif terhadap perubahan penjualan, namun tidak stabil, yang terlihat dari fluktuasi nilai leverage. Penurunan tajam DCL pada Kuartal III 2024 memperkuat bahwa tekanan eksternal—seperti peningkatan biaya perolehan gas, volatilitas kurs, dan kondisi pasar energi global—meningkatkan risiko penurunan profitabilitas. Penelitian menyimpulkan bahwa struktur biaya tetap PGN berperan signifikan dalam meningkatkan sensitivitas laba, namun belum dikelola optimal sebagai strategi leverage yang menciptakan nilai.
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