Journal articles: 'Operating leverage'

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Novy-Marx, Robert. "Operating Leverage*." Review of Finance 15, no. 1 (August 17, 2010): 103–34. http://dx.doi.org/10.1093/rof/rfq019.

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Iffath Unnisa Begum, Amtul Waha, Aithagoni Pranathi, Akarapu Navyanjali, Alfiya Begum, and Allampally Deekshitha. "A Study on Profitability Analysis at Shreejee Tex Print Pvt Ltd." International Research Journal on Advanced Engineering and Management (IRJAEM) 2, no. 04 (April 6, 2024): 634–38. http://dx.doi.org/10.47392/irjaem.2024.0087.

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The major objective of this study is to analyses and understand the impact of leverage on the profitability of the firm. This study investigates the relationship between the leverage (financial leverage, operating leverage and combined leverage) and the earning per share. And it aims to describe how the earning capacity of the firm is influenced by the fixed operating costs and the fixed financial charges. Leverage analysis is an important tool in the business. Though leverage analysis firm can analyses the impact of fixed cost. Data is retrieved from the financial statements of the company for the five years and accordingly the leverages, degree of leverages are analyzed. The present study makes an attempt to analyses the impact of both operating leverage and financial leverage which obviously gives combined leverage. We can maximize the returns through leverage. Profitability refers to the operational efficiency of a company to generate profit. A company should earn profit to survive and grow over a long period of time. Profitability is measure of efficiency and control it indicates the efficiency and effectiveness with which the operations of the business carried on. The results suggest that the leverage and profitability are related, and leverages are having impact on the profitability of the firm.

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Chen, Huafeng (Jason), Jason V. Chen, Feng Li, and Pengfei Li. "Measuring Operating Leverage." Review of Asset Pricing Studies 12, no. 1 (October 4, 2021): 112–54. http://dx.doi.org/10.1093/rapstu/raab025.

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Abstract We examine a simple measure of operating leverage: the ratio of fixed costs (measured by depreciation and amortization plus selling, general, and administrative expenses) to the market (or book) value of assets. We find that this measure of operating leverage positively predicts returns. This operating leverage measure is not explained by common factors and performs better than the traditional measures of operating leverage. Furthermore, an exploratory two-factor model with the operating leverage factor works at least as well as, but does not subsume, the Fama and French five-factor model. (JEL G11, G12, G30)

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Li, Zhun, Qiang Li, and Yong Zeng. "Contraction flexibility, operating leverage, and financial leverage." Journal of Management Science and Engineering 5, no. 1 (March 2020): 43–56. http://dx.doi.org/10.1016/j.jmse.2020.02.002.

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Jiao, Feng, Michi Nishihara, and Chuanqian Zhang. "OPERATING LEVERAGE AND UNDERINVESTMENT." Journal of Financial Research 42, no. 3 (September 2019): 553–87. http://dx.doi.org/10.1111/jfir.12188.

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Putra, Riandana, and Juliana Kadang. "PENGARUH OPERATING LEVERAGE DAN FINANCIAL LEVERAGE TERHADAP PROFITABILITAS." Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT) 6, no. 2 (October 22, 2020): 096–102. http://dx.doi.org/10.22487/jimut.v6i2.224.

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Penelitian ini bertujuan untuk mengetahui pengaruh operating leverage dan financial leverage terhadap profitabilitas. Data dalam penelitian ini merupakan data sekunder yang diperoleh dari situs resmi Bursa Efek Indonesia (BEI) dengan populasi sebesar 18 perusahaan makanan dan minuman. Sampel dalam penelitian ini ditentukan dengan menggunakan metode purposive sampling sehingga diperoleh jumlah sampel sebesar 10 perusahaan yang diobservasi selama lima tahun, yaitu tahun 2014-2018. Hasil dari penelitian ini menunjukkan bahwa secara simultan operating leverage yang diproyeksikan dengan degree of operating leverage (DOL) dan financial leverage yang diproyeksikan dengan degree of financial leverage (DFL) berpengaruh signifikan terhadap profitabilitas yang diukur dengan ROE. Secara parsial DOL berpengaruh signifikan terhadap profitabilitas, sedangkan DFL tidak berpengaruh signifikan terhadap profitaabilitas.

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Sarkar, Sudipto. "The relationship between operating leverage and financial leverage." Accounting & Finance 60, S1 (May 24, 2018): 805–26. http://dx.doi.org/10.1111/acfi.12374.

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Dogan, Figen Gunes. "Non-cancellable Operating Leases and Operating Leverage." European Financial Management 22, no. 4 (July 30, 2015): 576–612. http://dx.doi.org/10.1111/eufm.12069.

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Faisal, Syed Mohammad, Ahmad Khalid Khan, and Omar Abdullah Al-Aboud. "Study of Managerial Decision Making Linked to Operating and Financial Leverage." Accounting and Finance Research 7, no. 1 (December 4, 2017): 139. http://dx.doi.org/10.5430/afr.v7n1p139.

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In this paper, we as researchers try to quantify the effect of Operating Income or Earning Before Income and Taxes (EBIT) on individual listed firm on stock market and we study simultaneously the effects of Earning Per Share (EPS) on shareholder wealth.Furthermore, we tried to build up hypothetically an optimal capital structure firm that uses an appropriate combination of Equity as well as Debt.Rate of Interest and Tax are based on assumptions keeping in mind the present economic conditions of USA (assumed).We have studied in detail about Operating and Financial Leverages and thus further explained Degree of Operating Leverage (DOOL) as well as Degree of Financial Leverage (DOFL). In our study, initially we try to give a conceptual framework of the Leveraged Firm by taking hypothetical statistics and then in conclusion part Managerial Role and decision-making is discussed.During our study, intense literature review and genuine hypothetical figures fitted to present economic conditions of Tax Rate and Interest Rates done in order to link with managerial decision making in levered companies.

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Paganini, Marco A. "Potential and Real Operating Leverage." International Journal of Economics and Finance 11, no. 8 (July 30, 2019): 138. http://dx.doi.org/10.5539/ijef.v11n8p138.

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In this paper has been analysed the EBIT dynamic of a firm with high margins, strong revenues growth not paired by an adequate EBIT growth. The concept of the Degree of Operating Leverage developed by the economic literature was useful to highlight such a problem without explaining the root causes. Even standard income statement analyses cannot explain in depth such an unsatisfactory trend without turning to management accounting that was not available, like in many SMEs. The Author used some information coming from income statements, Revenues accounting and the discrimination between Variable and Fixed Costs to investigate the business case. He developed a method that throws light on EBIT dynamic between two financial periods in terms of quantity, mix, price and cost variations either managed or planned by the Top Management. The basic finding is that EBIT dynamic is explained by some parameters in period 1, the past period, and some variations in period 2, the current period. The link between such periods is the Degree of Operating Leverage, declined in an ex-ante measure, already given for the past period, and the variations of the current period that determines its ex-post measure. In this framework becomes immediately glaring how it is possible to find high margins coupled with inadequate EBIT growth and where the faults lie. In general, the method developed is very useful to understand the EBIT dynamic of any firm and to plan its future course more accurately.

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Narayanaswamy, C. R. "THE IMPACT OF OPERATING LEVERAGE ON OPERATING RISK." Financial Review 21, no. 3 (August 1986): 70. http://dx.doi.org/10.1111/j.1540-6288.1986.tb00734.x.

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Sibarani, Novia, and Eri Bukhari. "Pengaruh Financial Leverage Dan Operating Leverage Terhadap Rentabilitas PT Kalbe Farma, Tbk." Jurnal Kajian Ilmiah 20, no. 1 (January 25, 2020): 29–42. http://dx.doi.org/10.31599/jki.v20i1.68.

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This study aims to determine the effect of Financial Leverage and Operating Leverage partially and simultaneously on the Profitability of PT. Kalbe Farma, Tbk. The data used is the Financial Report for the period 2002 to 2018. The data analysis technique used is the Multiple Linear Regression Analysis. Based on the results of the analysis show that partially Financial Leverage does not significantly influence Rentability, while the Operating Leverage partially has a significant effect on Rentability. Simultaneously Financial Leverage and Operating Leverage have a significant effect on Rentability. Keywords: financial leverage, operating leverage, return on equity, profitability Abstrak Penelitian ini bertujuan untuk mengetahui pengaruh Financial Leverage dan Operating Leverage secara parsial dan secara simultan terhadap Rentabilitas PT. Kalbe Farma, Tbk. Adapun data yang digunakan adalah Laporan Keuangan periode tahun 2002 sampai dengan tahun 2018. Teknik analisis data yang digunakan adalah Analisis Regresi Linear Berganda. Berdasarkan Hasil analisis menunjukan bahwasecara parsial Financial Leverage tidak berpengaruh signifikan terhadap Rentabilitas, sedangkan Operating Leverage secara parsial berpengaruh signifikan terhadap Rentabilitas. Secara simultan Financial Leverage dan Operating Leverage berpengaruh signifikan terhadap Rentabilitas. Kata Kunci: financial leverage, operating leverage, return on equity, rentabilitas

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Lambert, Sherwood Lane, Kevin Krieger, and Nathan Mauck. "Predicting Operating Income via a Generalized Operating-Leverage Model." International Journal of Financial Studies 12, no. 1 (January 23, 2024): 11. http://dx.doi.org/10.3390/ijfs12010011.

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We propose a generalized, practitioner-oriented operating-leverage model for predicting operating income using net sales, cost of sales, depreciation, and SG&A. Prior research links operating income directly to these items; hence, our model includes all aggregate revenues and expenses that comprise operating income. Prior research finds that the cost of sales is “much less” sticky than depreciation and SG&A; hence, we use the cost of sales as a proxy for the total variable costs and depreciation and SG&A as proxies for the sticky fixed costs. We introduce a new adjustment to the textbook operating-leverage model so that the ratio of sales to the cost of sales remains constant for the reference and forecast periods. Inspired by prior research, we adjust depreciation and SG&A for cost stickiness. We find that using our generalized operating-leverage model improves the forecast accuracy of next-quarter and next-year operating income predictions compared to predictions made using textbook operating leverage, which is a special case of our model.

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Syaifullah, As'ad. "Analisis pengaruh financial leverage dan operating leverage terhadap stock return." INOVASI 14, no. 2 (October 3, 2018): 53. http://dx.doi.org/10.29264/jinv.v14i2.1928.

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This study aimed to examine the effect of financial leverage and operating leverage on stock return. The population of this study were 135 industrial manufacturing company listed on the Indonesia Stock Exchange (IDX) with a sample of 11 companies during the years 2011-2015. This study used purposive sampling method. The data analysis technique used in this study is multiple regression analysis. The results of this study concluded that concludes that the financial leverage and operating leverage no significant effect on stock return. While partially operating leverage effect on stock return, but no effect of financial leverage on stock return.

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Chen, Zhiyao, Jarrad Harford, and Avraham Kamara. "Operating Leverage, Profitability, and Capital Structure." Journal of Financial and Quantitative Analysis 54, no. 1 (November 9, 2018): 369–92. http://dx.doi.org/10.1017/s0022109018000595.

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Operating leverage increases profitability and reduces optimal financial leverage. Thus, operating leverage generates a negative relation between profitability and financial leverage that is thought to be inconsistent with the trade-off theory but is commonly observed in the data. We demonstrate the effect of operating leverage on firms’ profitability and financial leverage, as well as on the empirical relation between profitability and financial leverage, by using China’s entry into the World Trade Organization in 2001 and its effect on the capital–labor ratio of U.S. firms.

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Maharani, Aisyah, and Christina Dwi Astuti. "Pengaruh Pengungkapan EGS, Financial Leverage, Operating Leverage Terhadap Risiko Sistematis." Journal of Economic, Bussines and Accounting (COSTING) 7, no. 4 (July 5, 2024): 10366–80. http://dx.doi.org/10.31539/costing.v7i4.9113.

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Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan ESG, financial leverage, operating leverage terhadap risiko sistematis. Penelitian ini menggunakan motode kuantitatif. Data yang digunakan berupa esg score dan laporan keuangan yang terdapat di Bursa Efek Indonesia. Sampel yang digunakan dalam penelitian ini adalah perusahaan yang terdaftar di indeks ESGL periode kuartal 1 2021 sampai kuartal 1 2023. Sampel dipilih menggunakan purposive sampling. Total perusahaan yang menjadi sampel penelitian adalah 46 perusahaan dengan periode analisis 9 kuartal, sehingga diperoleh 197 data. Analisis regresi linier berganda digunakan sebagai metode pada penelitian ini. Hasil penelitian menunjukkan bahwa financial leverage berpengaruh positif terhadap risiko sistematis. Sedangkan pengungkapan ESG dan operating leverage tidak berpengaruh terhadap risiko sistematis.

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Sinha, Sandip. "Operating Leverage Analysis - A Conceptual Framework." IOSR Journal of Business and Management 3, no. 2 (2012): 8–27. http://dx.doi.org/10.9790/487x-0320827.

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Guthrie, Graeme. "A value premium without operating leverage." Finance Research Letters 10, no. 1 (March 2013): 1–11. http://dx.doi.org/10.1016/j.frl.2012.10.001.

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Abdulkareem, Ahmed Mahdi. "Financial Performance of Indian Pharmaceutical Companies: Analysis of Leverage and Cost of Capital." Journal of Advanced Research in Economics and Administrative Sciences 1, no. 1 (August 23, 2020): 13–22. http://dx.doi.org/10.47631/jareas.v1i1.15.

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Purpose: The main aim of the study is to examine the performance of selected pharmaceutical companies in India based on the Degree Of Operating Leverage, Degree Of Financial Leverage, Degree Of Combined Leverage, and Cost Of Capital. Approach/Methodology/Design: Five pharmaceutical companies were randomly selected, and the annual reports and financial statements of these companies were analyzed. The analysis methods involved Degree Of Operating Leverage, Degree Of Financial Leverage, Degree Of Combined Leverage, and Cost Of Capital. ANOVA test was also employed to test hypotheses. The study is made for five years from 2013-14 to 2017-18. Findings: The results of the study reveal that there is a significant difference in the (means) variables in terms of leverage (operating, finance, and combined) and cost of capital. All leverages are different to each other and the cost of capital. The analysis reveals that Sun Pharma performed well during the study period, whereas Lupin underperformed in all aspects. Practical Implications: The leverage and cost of capital are very important components for deciding whether to invest or not in pharmaceutical companies. The present study highlights the financial performances and growth of the selected pharmaceutical companies. Originality/value: The results of the paper give certain indicators about the performance of the selected companies. These indicators can be used to inform an investment decision.

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Nugraha, Robi. "ANALYSIS OF THE INFLUENCE OF CAPITAL LABOUR INTENSIVE,INVESTMENT, MANAGERIAL OWNERSHIP, OPERATING LEVERAGETHROUGH DIVIDEND AND FINANCIAL LEVERAGE AS INTERVENING VARIABLE ON FIRM VALUE IN INDONESIA NON FINANCIAL SECTOR COMPANIES." JRMSI - Jurnal Riset Manajemen Sains Indonesia 7, no. 1 (April 28, 2016): 1. http://dx.doi.org/10.21009/jrmsi.007.1.01.

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The purpose of this study was to analyze the influence of capital labour intensive, investment, managerial ownership, operating leverage, dividend and financial leverage on the firm value of Indonesia non financial sector companies, the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on dividend and financial leverage of Indonesia non financial sector companies, and the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on the firm value through dividend and financial leverage as intervening variable.The results show that the capital labour intensive, investment, managerial ownership, operating leverage, dividend and financial leverage have significant influences on the firm value of Indonesia non financial sector companies. The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influences on dividend. The capital labour intensive, investment, managerial ownership, operating leverage variable have significant influences on financial leverage.With path analysis, the result show the The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influence on the firm value of Indonesia non financial sector companies with dividend and financial leverage as intervening variable.Keywords: Capital Labour Intensive, Investment, Managerial Ownership,Operating Leverage, Dividend and Financial Leverage, Firm Value.

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Yati Kurniati and Nurul Huda. "Pengaruh Financial Leverage, Operating Leverage dan Combination Leverage (DCL) Terhadap Earning Per Share (EPS) Pada PT. Mayora Indah Tbk." JOURNAL SCIENTIFIC OF MANDALIKA (JSM) e-ISSN 2745-5955 | p-ISSN 2809-0543 3, no. 8 (August 2, 2022): 14–22. http://dx.doi.org/10.36312/10.36312/vol3iss8pp14-22.

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Penelitian ini bertujuan untuk mengetahui pengaruh Financial Leverage terhadap EPS, mengetahui pengaruh Operating Leverage terhadap EPS, mengetahui pengaruh Combination Leverage terhadap EPS dan mengetahui pengaruh Financial Leverage, Operating Leverage dan Combination Leverage terhadap EPS. PT. Mayora Indah Tbk bergerak pada bidang pengolahan makanan dan minuman PT. Mayora Indah Tbk. Dan didirikan pada tahun 1997.Dalam mengembangkan usahanya dengan tuntutan persaingan yg semakin meningkat, perusahaan terus mengembangkan strategi dan melakukan pengelolaan keuangan yang tepat sehingga perusahaan dapat memiliki nilai yang baik dan kinerja yg mumpuni dalam mencapai target perusahaan.. Metode yang digunakan dalam penelitian ini yaitu metode kuantitatif. Populasi penelitian yang akan dilaksanakan oleh peneliti adalah 8 tahun terakhir dari 2013-2020, dan Adapun tekhnik sampel yang digunakan pada penelitian ini yaitu menggunakan teknik purposive sampling. Pada penelitian ini data di olah menggunakan software SPSS V.20. Untuk menguji data menggunakan analisis regresi linier berganda. Temuan hasil penelitian ini yaitu Financial Leverage dan Operating Leverage tidak berpengaruh secara signifikan terhadap EPS, Namun, Combination Leverage berpengaruh secara signifikan terhadap EPS, dan Secara simultan Financial Leverage, Operating Leverage dan Combination Leverage berpengaruh secara signifikan terhadap EPS

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Dugan, Michael T., Donald H. Minyard, and Keith A. Shriver. "A re-examination of the operating leverage-financial leverage tradeoff hypothesis." Quarterly Review of Economics and Finance 34, no. 3 (September 1994): 327–34. http://dx.doi.org/10.1016/1062-9769(94)90031-0.

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Puspitasari, Ni Made Dwi, G. Oka Warmana, and Ni Putu Yeni Astiti. "Pengaruh Degree of Financial Leverage dan Degree of Operating Leverage Terhadap Profitabilitas." WIDYA MANAJEMEN 2, no. 1 (February 1, 2020): 28–35. http://dx.doi.org/10.32795/widyamanajemen.v2i1.547.

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Leverage is the use of assets and sources of funds that incur fixed costs, which aim to increase the potential returns of shareholders. This study aims to determine the effect of degree of financial leverage and degree of operating leverage on profitability. The sample of this study was 19 transportation companies listed on the Indonesia Stock Exchange in 2015-2017. The data is analyzed by multiple linear regression. The test results show that: 1) Financial Leverage has a negative and significant effect on profitability; 2) Operating Leverage has a positive and significant effect on profitability. Based on these findings, it is suggested that the company can use the operating leverage to improve profitability, but to be careful in the use of financial leverage because it can reduce profitability.

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Desiana, Desiana, and Ulfa Luthfia Nanda. "Analisis Faktor-Faktor Yang Mempengaruhi Audit Delay (Studi Empiris pada Perusahaan LQ45)." E-Jurnal Akuntansi 32, no. 8 (August 26, 2022): 2093. http://dx.doi.org/10.24843/eja.2022.v32.i08.p10.

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The purpose of this study is to analyze the effect of leverage, KAP reputation, audit committee, and complexity of operations, on audit delay. The population used in this study is LQ45 companies listed on the Indonesia Stock Exchange for 2016-2018, the sample was taken using purposive sampling with 84 observations. The analysis technique used in this research is multiple linear regression. The results showed that leverage had a negative effect on audit delay while the reputation of KAP, audit committee, operating complexity had no effect on audit delay. Keywords: Leverage; KAP Reputation; Audit Committee; Operation Complexity; Audit Delay

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Nugraha, Robi. "ANALISIS PENGARUH CAPITAL/LABOUR INTENSIVE, INVESTASI, KEPEMILIKAN MANAJERIAL, LEVERAGE OPERASI DENGAN VARIABEL MEDIASI KEBIJAKAN DIVIDEN DAN LEVERAGE KEUANGAN TERHADAP NILAI PERUSAHAAN." JURNAL DINAMIKA MANAJEMEN DAN BISNIS 1, no. 1 (September 1, 2017): 1–21. http://dx.doi.org/10.21009/jdmb.01.1.5.

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ABSTRACT The purpose of this study was to analyze the influence of capital labour intensive, investment, managerial ownership, operating leverage, dividen and financial leverage on the firm value of Indonesia non financial sector companies, the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on dividen and financial leverage of Indonesia non financial sector companies, and the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on the firm value through dividen and financial leverage as intervening variable. The research data was collected using purposive sampling method to the data of non financial sector companies listed on the Indonesian Stock Exchange during the period 2003-2012. Based on the criteria of the study obtained 310 samples were then analyzed Using the panel data regression and path analysis. The results show that the capital labour intensive, investment, managerial ownership, operating leverage, dividen and financial leverage have significant influences on the firm value of Indonesia non financial sector companies. The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influences on dividen. The capital labour intensive, investment, managerial ownership, operating leverage variable have significant influences on financial leverage. With path analysis, the result show the The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influence on the firm value of Indonesia non financial sector companies with dividen and financial leverage as intervening variable. Keywords: Capital Labour Intensive, Investment, Managerial Ownership, Operating Leverage, Dividen and Financial Leverage, Firm Value.

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Zia ul haq, Hafiz Muhammad, Muhammad Sohail Shafiq, Muhammad Kashif, and Saba Ameer. "Determining Force behind Value Premium: The Case of Financial Leverage and Operating Leverage." Journal of Risk and Financial Management 13, no. 9 (September 2, 2020): 196. http://dx.doi.org/10.3390/jrfm13090196.

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The determining force behind the value premium is the matter of debate among the researchers. Some are of the opinion that the financial distress risk determines value premium whereas other theorize that value premium is basically the compensation for operating leverage (investment activity risk). This research provides empirical evidence on this theoretical contradiction by investigating the relationships of financial leverage (FL) and operating leverage (OL) with stock returns, the book to market ratio (B/M), and systematic risk on non-financial sector firms trading at the Pakistan stock exchange (PSE). This research empirically finds significant and direct influence of operating leverage on stock returns, the book to market ratio, and systematic risk respectively. Overall findings provide support for the theoretical models which have a linked book to market effect with operating leverage. Thus, we conclude that investment activity risk seems to be the major factor that determines value premium.

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Astuti, Nita. "FAKTOR-FAKTOR YANG MEMPENGARUHI LABA PER LEMBAR SAHAM PADA PERUSAHAAN YANG TERDAFTAR DI INDEKS IDX 30 PERIODE 2017-2020." EKONOMI BISNIS 27, no. 2 (December 12, 2021): 687–96. http://dx.doi.org/10.33592/jeb.v27i2.1906.

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Penelitian ini bertujuan untuk mengetahui pengaruh net profit margin, financial leverage, operating leverage dan cash flow from operating activities terhadap laba per lembar saham pada perusahaan yang terdaftar di indeks IDX 30 periode 2017-2020. Metode pemilihan sampel menggunakan purposive sampling, sampel yang diperoleh 15 perusahaan dengan data pengamatan (n) = 53. Teknik analisis data menggunakan analisis regresi linier berganda. Berdasarkan hasil analisis disimpulkan bahwa secara parsial variabel net profit margin berpengaruh signifikan terhadap Laba per Lembar Saham, sedangkan variabel financial leverage, operating leverage dan cash flow from operating activities tidak berpengaruh signifikan terhadap Laba Per Lembar Saham. Secara simultan net profit margin, financial leverage, operating leverage dan cash flow from operating activities berpengaruh terhadap Laba Per Lembar Saham.

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Sapiri, Muhtar. "Understanding Financial Leverage: The Effect of Operating Leverage and Financial Leverage on EPS in Property and Real Estate Companies on the Indonesia Stock Exchange." Atestasi : Jurnal Ilmiah Akuntansi 6, no. 1 (March 28, 2023): 53–66. http://dx.doi.org/10.57178/atestasi.v6i1.598.

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This study aims to investigate the impact of operating leverage and financial leverage on earning per share (EPS) in the property and real estate sector of companies listed on the Indonesian Stock Exchange from 2017 to 2019. The results show that operating leverage has a positive and significant effect on EPS, while financial leverage has no significant effect on EPS. Simultaneously, both operating leverage and financial leverage have a positive and significant impact on EPS. The study suggests that investors should pay attention to the EPS of a company before making any investment decisions, as well as consider the use of debt on EPS to avoid potential losses. Additionally, the findings can assist companies in planning their operational funding through operating and financial leverage, and EPS can help maintain shareholders' trust and ensure their continued investment in the company. Thus, companies are advised to use debt wisely and consider EPS as a reference for investors when selecting company stocks.

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Long, Robert J. "A different perspective on operating leverage: Comments." Journal of Economics and Finance 16, no. 2 (June 1992): 155–57. http://dx.doi.org/10.1007/bf02920116.

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Aharon, David Y., Yoram Kroll, and Sivan Riff. "Modified degree of operating leverage risk measure." Finance Research Letters 51 (January 2023): 103493. http://dx.doi.org/10.1016/j.frl.2022.103493.

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Gupta, Pradeep Kumar, Shailendra Kumar, and Piyush Verma. "Association between Degree of Leverages and Firm Value." Asian Journal of Finance & Accounting 8, no. 1 (May 23, 2016): 212. http://dx.doi.org/10.5296/ajfa.v8i1.9455.

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<p>This study aims to empirically investigate the association between degree of leverages, operating and financial, and firm value in the context of India, one of big ten emerging markets (Garten, 1997). This study examines this association for 231 manufacturing firms listed in National Stock Exchange (NSE) in India over a period from 2001-2002 to 2010-2011. The independent variables, degrees of operating and financial leverage, and a market price-based dependent variable, called price-earnings ratio as a proxy of firm value, are taken to examine this relationship by using standard ordinary least square regression models at the levels of individual firm and portfolio of firms. The findings of this study show a statistically significant negative relationship between firm value and degree of operating leverage and a statistically insignificant relationship between firm value and degree of financial leverage both at the levels of individual firm and portfolio of firms. Using the data from a country like India, one of fastest growing emerging markets in the world, this study provides an important insight on the effect of leverages on the firm value, the association between independent accounting variables and stock price-based dependent variable, to the practitioners, the scholars and the finance managers. </p>

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Lailatus Sa’adah and Atik Sulistiyo Wati Ningsih. "PENGARUH OPERATING LEVERAGE DAN FINANCIAL LEVERAGE TERHADAP RISIKO SISTEMATIS SAHAM (Pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2021)." Juremi: Jurnal Riset Ekonomi 2, no. 2 (September 1, 2022): 237–46. http://dx.doi.org/10.53625/juremi.v2i2.3371.

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Penelitian ini bertujuan menganalisis pengaruh Operating Leverage dan Financial Leverage terhadap Risiko Sistematis Saham secara simultan dan parsial pada perusahaan makanan dan minuman yang terdaftar di BEI tahun 2017-2021. Jenis penelitian kuantitatif menggunakan data panel dengan teknik analisis regresi linier berganda, analisis statistic deskriptif, model fixed effect, model random effect, uji hausman, uji koefisiensi determinasi, uji T, uji F dengan signifikansi 0,05 yang diolah menggunakan aplikasi Eviews 10. Jumlah sampel memenuhi kriteria pada purposive sampling adalah 6 perusahaan. Variabel bebas dalam penelitian ini adalah operating leverage dan financial leverage, variabel terikat dalam penelitian ini adalah risiko sistematis saham. Hasil penelitian adalah Operating Leverage secara parsial tidak berpengaruh terhadap Risiko Sisitematis Saham; Financial Leverage secara parsial tidak berpengauh terhadap Risiko Sistematis Saham; dan Operating Leverage dan Financial Leverage secara simultan berpengaruh terhadap Risiko Sistematis Saham.

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Chiladze, Izolda. "Factor Analysis Aspects of the Enterprise’s Operating Leverage." Applied Finance and Accounting 3, no. 1 (January 22, 2017): 75. http://dx.doi.org/10.11114/afa.v3i1.2050.

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The aim of the research is to selection general coefficient of operating leverage of enterprise and to great factor model of this.The subject of the research is operating risk of enterprise. Accordingly had study coefficients operating leverage, the fixed and variable costs, the conception of marginal profit and break-even points.Had mace comparative analysis of well-known coefficients of enterprise operating leverage in the article. Here are discussed relationship between coefficients of Operating Leverage, Marginal Profit, Break-even point, the production Margin of Safety and structure of costs.Generally accepted methods of analysis are used in the paper, such as analysis and synthesis, induction and deduction, quantitative and qualitative analysis methods, traditional analysis methods.Results of research had proofed that fixed costs and operating profit ratio can be recognition with General Coefficient of Operating Leverage of enterprise. Had great four-factors model of this indicator too, whose practical use will help the management of enterprises to explore positive and negative factors through the traditional analytical methods and to the adequate decisions will making.

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Dugan, Michael T., Simon K. Medcalfe, and Sang Hyun Park. "A reconsideration of operating-financial leverage tradeoff hypothesis." Journal of Financial Economic Policy 10, no. 4 (November 5, 2018): 473–83. http://dx.doi.org/10.1108/jfep-01-2018-0005.

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Purpose This paper aims to attempt to perform a test of the operating leverage-financial leverage tradeoff hypothesis that is more methodologically consistent with the logical framing of the hypothesis appearing in the Mandelker and Rhee (1984) paper. Design/methodology/approach The paper uses a sample of firms from the manufacturing industry to estimate their degree of operating leverage and degree of financial leverage coefficients. The switching regression methodology is then used to perform the empirical test of the tradeoff hypothesis. Findings The results suggest that firms tradeoff their operating and financial leverage during good economic times, but do not engage in the tradeoff behavior during recessionary times. Originality/value This paper refines the empirical testing of the tradeoff hypothesis using the innovative switching regression methodology. The paper also has important implications for the impact of firms’ risk on the capital markets as well as the economy as a whole, and for academic researchers in financial economics examining the relationships between operating and financial leverage and various firm-specific variables.

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Ramadhan, Yoga, and Andhika Napitupulu. "PENGARUH OPERATING LEVERAGE DAN FINANCIAL LEVERAGE TERHADAP EARNING PER SHARE (STUDI EMPIRIS PADA PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2018 – 2019)." Jurnal Akuntansi dan Perpajakan Jayakarta 2, no. 2 (January 31, 2021): 104–15. http://dx.doi.org/10.53825/japjayakarta.v2i2.70.

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Penelitian ini bertujuan untuk menguji pengaruh Operating Leverage dan Financial Leverage terhadap Earning Per Share. Variabel independen yang digunakan dalam penelitian ini adalah Operating Leverage dan Financial Leverage sedangkan variabel dependen dalam penelitian ini adalah Earning Per Share. Populasi dalam penelitian ini adalah berupa data laporan keuangan tahunan dari 37 perusahaan sektor Properti dan Real Estate periode 2018-2019. Penentuan sampel penelitian dengan menggunakan purposive sampling dan memperoleh sampel sebanyak 9 perusahaan dengan periode penelitian selama 2 tahun. Hasil penelitian menunjukkan bahwa uji t operating leverage dengan menggunakan formula Degree of Operating Leverage berpengaruh signifikan terhadap earning per share, hal ini dibuktikan dengan nilai t hitung > t tabel sebesar 3,300 > 2,100. Dan untuk financial leverage dengan formula Degree of Financial Leverage tidak berpengaruh signifikan terhadap earning per share, hal ini dibuktikan dengan nilai t hitung < t tabel sebesar 0,436 < 2,100. Pada hasil uji F, operating leverage dan financial leverage berpengaruh secara bersama-sama (simultan) terhadap earning per share sebesar 43,2%, sedangkan sisanya sebesar 56,8% adalah pengaruh dari faktor lainnya yang tidak diteliti hal ini dibuktikan dengan nilai R square (R2) sebesar 0,432.

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Wagiyu, Wagiyu, and Heri Setiawan. "BUSINESS RISK ANALYSIS IN ARI WIBOWO'S CENTRAL TILE INDUSTRY IN LOHJINAWI VILLAGE, PRINGSEWU REGENCY IN 2018 - 2020." Riset 3, no. 2 (September 26, 2021): 550–62. http://dx.doi.org/10.37641/riset.v3i2.99.

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Business risk is the potential deviation of corporate results and financial results because the company enters a certain business with a typical industrial environment and uses certain technologies. In business there are so many decisions or actions that must be made, it makes more and more risks that may occur as a result. The purpose of this research is to find out how big the Business Risk Central Tile Industry in Lohjinawi Village, Pringsewu Regency,The analysis was carried out descriptively, using standard deviation of ROE; Financial Leverage; Operating Leverage namely the sensitivity of EBIT to changes in the company's sales; as well as Degree of Operation Leverage (DOL). The results of the analysis show that: 1) ROE, has increased due to an increase in Sales and an increase in EAT, and vice versa; 2)The use of debt can increase the Company's ROE; 3) Operating Leverage, where EBIT is very sensitive to changes in company sales; 4)Degree of Operating Leverage (DOL) measures what percentage of EBIT changes if sales; 2018-2019 of 1.50x which means DOL of 150% that every 100% increase or 1x sales will cause an increase in operating profit of 1.50x otherwise, if sales decrease 1x then operating profit will decrease by 1.50x. While the year 2019-2020 amounted to 2.01x which means a DOL of 201% indicates that every 100% or 1x decrease in sales will cause a 2.01x decrease in operating profit. On the other hand, if sales decrease 1x, operating profit will decrease by 2.01x.

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Agustin, Kety Lulu, Ubud Salim, and Andarwati Andarwati. "Pengaruh Profitabilitas, Tingkat Pertumbuhan Aktiva, Leverage Operasi, Stabilitas Penjualan terhadap Struktur Modal dan Nilai Perusahaan." IQTISHODUNA 16, no. 1 (April 25, 2020): 17–38. http://dx.doi.org/10.18860/iq.v16i1.7276.

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The purpose of this research is to determine the effect of profitability, asset growth, operating leverage and sales stability on the capital structure and firm value. The company value in this study was published with Tobin Q. The population of this study were all manufacturing companies reported on the Indonesia Stock Exchange for the period 2015-2017. In accordance with the selection criteria, there are 46 filtered sample companies. The analysis technique that used is Partial Least Square (PLS). The results of hypothesis indicate profitability and sales that are significant to the capital structure while increasing performance and leverage of operations do not have a significant effect on capital structure. Profitability, asset growth, sales stability have a significant effect on firm value while operating leverage does not involve significance to firm value. Profitability and influence of sales have a significant effect on firm value through capital structure, while yield growth and operating leverage are opposite.

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Averina, Tatyana. "Construction and Analysis of the Operating Leverage Curve." Scientific Research and Development. Economics 10, no. 3 (June 17, 2022): 40–45. http://dx.doi.org/10.12737/2587-9111-2022-10-3-40-45.

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The effect of operating leverage is an important tool for management analysis, reflecting the relationship between the natural volume of product sales and operating profit, and serves as an indicator of operational risk. This makes the issue of monitoring the indicator, determining safe boundaries and the degree of stability of its values relevant. The article presents an example of constructing and analyzing the operating leverage effect curve. The main element of novelty in the framework of the study was the thesis on the allocation of segments according to the criterion of elasticity of the effect of operating leverage.

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Tan, Hui, Xinhua Zhang, and Lili Zeng. "Operating Leverage, Equity Incentive, and Enterprise Research and Development Investment." Sustainability 15, no. 9 (April 22, 2023): 7023. http://dx.doi.org/10.3390/su15097023.

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Science and technology innovation plays a vital role in the sustainable development of enterprises, and even in the security and sustainable development of a nation. Against the background of China’s structural “deleveraging” macro policy, the following two aspects are considered in this research: First, should operating leverage be removed, and how does it affect the innovation investment of enterprises? Second, what will be the impact of the implementation of equity incentives on the relationship between operating leverage and innovation investment? Using a longitudinal panel dataset of Chinese A-share listed companies from 2010 to 2020, this study empirically tested the impact and mechanism of operating leverage on enterprise innovation investment. The findings show that operating leverage significantly contributes to an increase in enterprise innovation investment in general, but the positive correlation trend decreases with the increase in operating leverage. The implementation of equity incentives plays a positive role in moderating the relationship between operating leverage and innovation investment. Further heterogeneity analysis shows that the promotion effect of operating leverage on innovation investment is significant only in non-state owned enterprises (SOE), and the positive regulating effect of equity incentives in non-SOEs is more significant than that of the overall sample.

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Mustadirham, Mustadirham, M. Ikhwan Maulana Haeruddin, and Nurman Nurman. "PENGARUH OPERATING LEVERAGE DAN FINANCIAL LEVERAGE TERHADAP EARNING PER SHARE PERUSAHAAN (Studi Kasus Pada Perusahaan Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021)." DECISION : Jurnal Ekonomi dan Bisnis 4, no. 1 (February 25, 2023): 84–90. http://dx.doi.org/10.31850/decision.v4i1.2130.

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Penelitian ini bertujuan untuk mengetahui pengaruh Operating Leverage dan Financial Leverage terhadap Earning Per Share pada perusahaan sub sektor makanan dan minuman yang terdaftar di bursa efek Indonesia selama periode 2017-2021 dengan menggunakan Degree of Operating Leverage (DOL) dan Degree of Operating Leverage sebagai metode perhitungan variabel. Populasi dalam penelitian ini adalah keseluruhan perusahaan sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia selama periode 2017-2021 dan sampel perusahaan penelitian ini adalah 14 perusahaan yang telah memenuhi kriteria pengambilan sampel. Teknik pengumpulan data yang di gunakan adalah teknik dokumentasi. Hasil penelitian ini menyatakan bahwa selama tahun 2017-2021 Operating Leverage dan Financial Leverage berpengaruh negatif dan tidak signifikan terhadap Earning Per Share Perusahaan. Hal ini di buktikan dengan hasil uji T dan Uji F dalam uji hipotesis yang menunjukkan angka negatif dengan nilai signifikansi yang lebih dari 0,05.

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Laux, Judy. "Topics In Finance Part III - Leverage." American Journal of Business Education (AJBE) 3, no. 4 (April 1, 2010): 13–18. http://dx.doi.org/10.19030/ajbe.v3i4.407.

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This article investigates operating and financial leverage from the perspective of the financial manager, accenting the relationships to stockholder wealth maximization (SWM), risk and return, and potential agency problems. It also covers some of the pertinent literature related specifically to the implications of operating and financial risk and the associated measurement dilemmas.

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Mazur, O. Ye. "OPERATIONAL LEVERAGE IN PROFIT MANAGEMENT OF A PHARMACY ENTERPRISE." Market economy: modern management theory and practice 22, no. 1(53) (June 15, 2023): 116–27. http://dx.doi.org/10.18524/2413-9998.2023.1(53).288739.

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In Ukraine, against the backdrop of a reduction in overall production volumes and demand, the pharmaceutical industry has a high need for profit planning and forecasting, and therefore the study of indicators that affect it. The article is devoted to the possibilities of planning the profit of a pharmacy enterprise based on the indicator of operating leverage. In the Ukrainian scientific literature, operational leverage in the management of the profitability of enterprises is studied quite poorly, there are no studies on the pharmaceutical industry at all. The purpose of the article is to substantiate the method of profit management of a pharmacy enterprise using the indicator of operating leverage; development of an effective toolkit for forecasting the profitability of a pharmacy with any breadth of assortment; determination of factors for choosing the method of calculating operating leverage for pharmacy institutions; providing recommendations to pharmacy institutions on monitoring and regulating the level of operating leverage depending on the circumstances of the economic environment. For a pharmacy institution, it is proposed to calculate the level of operating leverage in different ways – depending on the available data, the features of the assortment and the goals of the analysis. The article presents methodical approaches for calculating leverage both for the pharmacy as a whole and for individual assortment groups or product positions. The formulas for forecasting the profitability of the pharmacy as a whole and the profitability of specific groups of medicines are given. The methodology is demonstrated on a conditional example. Different ranges of leverage values are considered. The factors that determine the amount of operating leverage for pharmacy institutions are described. The need to take into account industry specifics and leverage management capabilities is emphasized. Recommendations are given to pharmacy institutions on monitoring and regulating the level of operating leverage depending on the circumstances of the economic environment, the life cycle of the pharmacy and the characteristics of the cost structure. In order to increase the level of operating leverage, pharmacy institutions are recommended to reduce the variable part of costs, in particular, to look for cheaper suppliers, to increase the volume of purchases, to refuse piece-rate payment of pharmacists, etc.

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S, Basir, and Shofhatul Maulidiyah Hasanah. "PENGARUH OPERATING LEVERAGE TERHADAP POFITABILITAS (Pada Perusahaan Manufaktur Industri Barang Konsumsi)." IQTISHODUNA 13, no. 2 (November 22, 2017): 21–26. http://dx.doi.org/10.18860/iq.v13i2.4486.

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Abstract: The manufacturing company is an industrial company that processes raw materials into finishedgoods. In its operations, manufacturing companies require huge costs. Large-scale enterprise will easilyobtain a loan. However, with debt financing will affect the profitability of the company. The purpose of thisstudy was to determine the effect of operating leverage on profitability in the consumer goods industrymanufacturing company. The sample used in this study were 17 out of a population of 37 companiesmanufacturing consumer goods industry 2011-2015. The results showed that operating leverage effectsignificantly positively on profitability.

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Fedia, Vevi. "Pengaruh Leverage, Growth, Operating Cycle, Prudence terhadap Kualitas Laba dengan Firm Size sebagai Variabel Moderasi." Journal of Business and Economics (JBE) UPI YPTK 4, no. 3 (September 30, 2019): 92–101. http://dx.doi.org/10.35134/jbeupiyptk.v4i3.122.

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Tujuan dari penelitian ini adalah untuk menguji dan menganalisis pengaruh leverage, growth, operating cycle, dan prudence terhadap kualitas laba dengan firm size sebagai variabel moderasi. Populasi dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2016-2020. Metode pengambilan sampel yang digunkaan adalah purposive sampling dan diperoleh data 68 perusahaan dalam sampel ini. Analisis data pada penelitian ini menggunakan analisis regresi data panel dan MRA dengan menggunakan aplikasi Eviews 12. Hasil penelitian ini menunjukkan bahwa variabel leverage,growth, operatng cycle tidak berpengaruh terhadap kualitas laba, sedangkan prudence berpengaruh terhadap kualitas laba. Penggunaan variabel Moderasi firm size mampu memoderasi pengaruh negatif leverage terhadap kualitas laba sedangkan growth, operating cycle dan prudence tidak mampu dimoderasi oleh firm size.

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Purnomo, Endri. "Pengaruh Financial Leverage, Operating Leverage, Struktur Modal dan Kinerja Aset Terhadap Earning Per Share." WACANA EKONOMI (Jurnal Ekonomi, Bisnis dan Akuntansi) 21, no. 2 (November 1, 2022): 158–67. http://dx.doi.org/10.22225/we.21.2.2022.158-167.

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This study aims to examine the effect of financial leverage, operating leverage, capital structure and asset performance on earnings per share (EPS) in automotive and component companies listed on the Indonesia Stock Exchange for the 2017-2021 period. This type of research is an associative quantitative research with secondary data sources from annual reports and financial reports of companies in the automotive and component sub-sector published by the Indonesia Stock Exchange (IDX). Determination of the sample by purposive sampling method in order to obtain 55 samples. The data analysis method used is multiple linear regression analysis, the data is processed using software eviews 12. The results show that (1) financial leverage as proxied by degree financial leverage (DFL) has no significant effect on earnings per share (EPS), but has positive or unidirectional relationship, (2) operating leverage as proxied by degree operating leverage (DOL) has no significant effect on earnings per share, but has a positive or unidirectional relationship, (3) capital structure is proxied by long term debt to equity ratio ( LDER) does not have a significant effect on earnings per share, but has a positive or unidirectional relationship (4) asset performance as proxied by return on assets (ROA) has a positive and significant effect on earnings per share.

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Stefhani, Yosi. "ANALISIS PENGARUH UKURAN PERUSAHAAN, STRUKTUR MODAL DAN OPERATING LEVERAGE TERHADAP PROFITABILITAS SAHAM-SAHAM LQ 45 DI BURSA EFEK INDONESIA." Jurnal Manajemen 3, no. 2 (February 1, 2019): 30–44. http://dx.doi.org/10.54964/manajemen.v3i2.123.

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The purpose of this research is to look at the effect of company size, capital structure and operating leverage on the profitability of stocks including LQ 45 shares on the Indonesia Stock Exchange. The sample in this research is LQ 45 shares in the period 2018. The indicators used from the variables studied are (1) the size of the company using the indicator of total assets (2) capital structure using the Debt to Equity Ratio (DER) indicator ( 3) operating leverage using the Degree Operating Leverage (DOL) indicator and (4) profitability using the Earning Per Share (EPS) indicator. The data analysis method used is multiple regression analysis. The results of the research show that partially only company size affects profitability while the capital structure and operating leverage partially do not affect profitability. But simultaneously the size of the company, capital structure and operating leverage have influence profitability.

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Linnenluecke, Martina K., Tom Smith, Yun Shen, Yushu Zhu, and Zini Liang. "What Does the CAPM Say About Operating Leverage?" Abacus 56, no. 2 (June 2020): 288–91. http://dx.doi.org/10.1111/abac.12198.

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O'Brien, Thomas J., and Paul A. Vanderheiden. "Empirical Measurement of Operating Leverage for Growing Firms." Financial Management 16, no. 2 (1987): 45. http://dx.doi.org/10.2307/3666003.

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Hsieh, Chengho, and Chuo-Hsuan Lee. "The Role of Operating Leverage in Pricing Decisions." Journal of Cost Analysis & Management 9, no. 1 (November 2007): 29–36. http://dx.doi.org/10.1080/15411656.2007.10462261.

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Barua, Abhijit, Md Safayat Hossain, and Dasaratha V. Rama. "Financial versus operating liability leverage and audit fees." International Journal of Auditing 23, no. 2 (July 2019): 231–44. http://dx.doi.org/10.1111/ijau.12157.

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Journal articles on the topic 'Operating leverage'

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