The Effect of Cash Flow Adequacy Ratio (CFAR) and Debt Service Coverage Ratio (DSCR) on Earnings Per Share (EPS) at PT Gajah Tunggal Tbk for the 2015-2024 Period

Nita Asari; Arif Surahman

doi:10.61536/escalate.v4i3.756

Authors

Nita Asari Pamulang University
Arif Surahman Pamulang University

DOI:

https://doi.org/10.61536/escalate.v4i3.756

Keywords:

Cash Flow Adequacy Ratio, Debt Service Coverage Ratio, Earnings Per Share

Abstract

PT Gajah Tunggal Tbk has experienced financial performance dynamics reflected in changes in cash flow adequacy, debt repayment capacity, and earnings per share. These conditions highlight the importance of analyzing the relationship between the Cash Flow Adequacy Ratio (CFAR), Debt Service Coverage Ratio (DSCR), and Earnings Per Share (EPS). This study aims to analyze the effect of CFAR and DSCR on EPS at PT Gajah Tunggal Tbk during the 2015–2024 period. This research employed a descriptive quantitative approach using secondary data obtained from the company’s financial statements. The sample was determined using saturated sampling. Data were analyzed using multiple linear regression with SPSS, supported by classical assumption tests, partial tests, and simultaneous tests. The results indicate that CFAR does not have a significant effect on EPS, while DSCR has a significant effect on EPS. Simultaneously, CFAR and DSCR have a significant effect on EPS. Debt repayment capacity plays an important role in determining EPS, while cash flow adequacy does not show a significant partial effect. Simultaneously, both variables contribute to changes in the company’s EPS.

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