Determinan EPS dengan Variabel Intervening DER Perusahaan Sub Sektor Basic Material di BEI (2021-2025)

Sherin Yuliana Arifiyanti; Maya Syafriana Effendi

Sherin Yuliana Arifiyanti Universitas Persada Indonesia Y.A.I
Maya Syafriana Effendi Universitas Persada Indonesi Y.A.I

Keywords: Working Capital Turnover, Good Corporate Governance, Debt to Equity Ratio, Earnings Per Share, Basic Materials

Abstract

This study aims to empirically analyze the effect of Working Capital Turnover and Good Corporate
Governance on Earnings Per Share, using Debt to Equity Ratio as a mediating variable. The population includes
companies in the Basic Materials (Metals and Minerals) subsector listed on the Indonesia Stock Exchange (IDX)
during the 2021–2025 period. Using a quantitative approach with panel secondary data, 10 corporate entities
were selected as operational samples through a purposive sampling technique. Multiple linear regression analysis
was applied to test the hypotheses, supported by EViews13 software, at a significance level of 5%.
Based on the partial test results, WCTO was proven to influence DER, while GCG mechanisms had no effect.
In the EPS determination test, WCTO and GCG were confirmed to have no effect individually, whereas DER did.
Furthermore, the Sobel test results showed that DER did not mediate the effects of WCTO or GCG on EPS. The
empirical conclusions of this research indicate that debt structure is a key determinant with direct implications
for stock profitability in the basic materials industry, surpassing the importance of effective operational capital
circulation and managerial oversight.

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