Conference Universitas Siliwangi
International Seminar and Conference on Management, Research, and Transformation (I-SMART)

The effect of Degree of Operating Leverage (DOL), Degree of Finance Leverage (DFL), and Degree of Combined Leverage (DCL) on Return on Equity (ROE) at PT. Mayora Indah Tbk.

Date Published : 15 October 2026

Contributors

Aldira Rahman Juliansyah

Universitas Siliwangi
Author

Novan Mohamad Ramdan

Universitas Siliwangi
Author

Ilham Ramdani Siddiq Hakim

Universitas Siliwangi
Author

Achep Soni Permadani

Universitas Siliwangi
Author

Andra Maulana Irawan

Universitas Siliwangi
Author

Keywords

Degree of Operating Leverage (DOL) Degree of Finance Leverage (DFL) Degree of Combined Leverage (DCL) Return on Equity (ROE).

Proceeding

Vol. 1 (2025): International Seminar and Conference on Management, Research, and Transformation (I-SMART 1.0)

Track

General Track

License

Copyright (c) 2026 International Seminar and Conference on Management, Research, and Transformation (I-SMART)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

This study aims to determine the effect of Degree of Operating Leverage (DOL), Degree of Finance Leverage (DFL), and Degree of Combined Leverage (DCL) on Return on Equity (ROE) at PT. Mayora Indah Tbk. The study uses a quantitative method with a causal approach, as well as secondary data in the form of financial statements for the period 2014–2023. The analysis was carried out through multiple linear regression, classical assumption tests, t-tests, F-tests, and coefficients of determination (R²) using SPSS. The results show that DOL has a significant positive effect on ROE, indicating that increasing operational Leverage can increase returns on equity. DFL has no significant effect, indicating that interest expense is relatively stable so it does not have a strong effect on ROE. Meanwhile, DCL has a significant but negative effect, meaning that the combination of excessive operational and financial Leverage actually suppresses the company's profitability. Simultaneously, DOL, DFL, and DCL have no significant effect on ROE. Thus, other factors outside of Leverage also play a role in influencing the financial performance of PT. Mayora Indah Tbk.

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How to Cite

Aldira, A., Novan, N., Ilham, I., Achep, A., & Andra, A. (2026). The effect of Degree of Operating Leverage (DOL), Degree of Finance Leverage (DFL), and Degree of Combined Leverage (DCL) on Return on Equity (ROE) at PT. Mayora Indah Tbk. International Seminar and Conference on Management, Research, and Transformation (I-SMART), 1, 990-1002. https://conference.unsil.ac.id/ismart/paper/view/288