The Effect of Excise Tax and Capital Structure on Profitability of Cigarette Subsector Companies Listed on the Indonesia Stock Exchange

Nur Fadilah; Wirawan Suryanto

doi:10.61536/escalate.v4i4.707

Authors

Nur Fadilah Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas pamulang
Wirawan Suryanto Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas pamulang

DOI:

https://doi.org/10.61536/escalate.v4i4.707

Keywords:

Excise Tax Expenses, Capital Structure, Profitability

Abstract

This study examines the relationship between excise tax burden, capital structure, and profitability in four cigarette subsector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. A quantitative associative approach was employed using secondary data from company annual financial reports. The data were analyzed using panel data regression with EViews 12 and a Random Effect Model (REM). The results show that excise tax burden is not significantly associated with profitability (p = 0.3652), whereas capital structure has a significant positive association with profitability (p = 0.0145). The F-test indicates that excise tax burden and capital structure are jointly significant in relation to profitability (F = 6.297094; p = 0.022771). These findings highlight the different statistical relationships of the two independent variables with profitability during the observation period

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