Pengaruh Nilai Tukar dan Inflasi Terhadap Return on Assets Pada PT Kalbe Farma Tbk Periode 2015-2025

Journal: Economics, Business, Management, & Accounting Journal (Ebisma)

Publication: 2026-09-25

DOI: 10.61083/ebisma.v6i3.334

Abstract

Exchange rate fluctuations and inflation are macroeconomic factors that may affect corporate financial performance, particularly profitability as measured by Return on Assets (ROA). This study aims to examine the effect of the exchange rate on ROA, the effect of inflation on ROA, and the simultaneous effect of the exchange rate and inflation on ROA at PT Kalbe Farma Tbk during 2015–2025. This research uses a quantitative method with an associative approach. Secondary data were obtained from the company’s financial statements, Bank Indonesia exchange-rate data, and inflation data from Statistics Indonesia (BPS). The sample consists of 11 annual observations for 2015–2025. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, coefficient of determination, t-test, and F-test with SPSS version 26. The results show that the exchange rate has a negative and significant effect on ROA, indicating that depreciation of the rupiah tends to reduce the company’s profitability. Inflation does not have a significant effect on ROA, indicating that changes in inflation during the observation period did not materially affect the company’s profitability. Simultaneously, the exchange rate and inflation have a significant effect on ROA, indicating that both macroeconomic variables jointly contribute to changes in the company’s profitability. The model also indicates that ROA is explained substantially by the exchange rate and inflation, while the remaining variation is influenced by other factors outside the model.