Faktor Penentu yang Mempengaruhi Profitabilitas Perusahaan Asuransi yang Terdaftar di Indonesia pada Tahun 2017-2022
DOI:
https://doi.org/10.37481/jmh.v4i3.992Keywords:
Asset Tangibility, Loss Ratio, Managerial EfficiencyAbstract
This study aims to identify variables that affect profitability in insurance companies listed in Indonesia. The addition of reinsurance variable as an independent variable is the novelty part of this research. The research method involves collecting data from 20 insurance companies over a 6-year period (2017-2022) and applying data processing analysis using panel data regression analysis techniques. The results found that loss ratio has a positive impact on ROA, while tangibility and managerial efficiency have a negative impact on ROA. In addition, age, leverage, liquidity, size, GDP growth, inflation, premium growth and reinsurance have no significant effect on ROA. The implication for financial managers is to choose the best way to utilize assets in order to achieve business goals. This research emphasizes the importance of loss ratio, managerial efficiency, & asset tangibility for investors when choosing investment opportunities in insurance companies.
References
Addinpujoartanto, N. A. (2017). FAKTOR SPESIFIK YANG MEMPENGARUHI KINERJA PERUSAHAAN ASURANSI DI INDONESIA. Экономика Региона, 32.
Agustin, F., Suangga, A., & Sugiharto, B. (2018). Pengaruh Premium Growth Ratio, Risk Based Capital Dan Hasil Investasi Terhadap Profitabilitas Perusahaan Asuransi Umum Yang Terdaftar Di Bursa Efek Indonesia Tahun 2010-2014. Accruals, 2(2), 53–65. https://doi.org/10.35310/accruals.v2i2.13
Ahmeti, Y., & Iseni, E. (2021). Factors Affecting Profitability of Insurance Companies. Evidence from Kosovo.
Al Ali, Musaed S., Al Salem, Abdulaziz S., Al Awadhi, Kholoud M., Al Foraih, Eman O., & Al Sabah, Aldana M. (2019). Examining the Nexus between Internal Factors and Profitability of Insurance Companies Listed at Kuwait Stock Exchange. Kuwait Chapter of Arabian Journal of Business and Management Review, 8(1), 30–37.
Almajali, A. Y., Alamro, S. A., & Al-Soub, Y. Z. (2012). Factors Affecting the Financial Performance of Jordanian Insurance Companies Listed at Amman Stock Exchange. Journal of Management Research, 4(2). https://doi.org/10.5296/jmr.v4i2.1482
Angel Siti Fatimah, A., & Aini Rahmah, N. (2022). Sistem Informasi, Keuangan, Auditing Dan Perpajakan. Journal of Comprehensive Science (JCS), 1(3), 419–438.
Arhinful, R., & Radmehr, M. (2023). The effect of financial leverage on financial performance: evidence from non-financial institutions listed on the Tokyo stock market. Journal of Capital Markets Studies, 7(1), 53–71.
Ariyadasa, C., Selvanathan, E. A., Siddique, M. A. B., & Selvanathan, S. (2017). On the profitability of commercial banks: the Sri Lankan case. Applied Economics, 49(21), 2106–2116. https://doi.org/10.1080/00036846.2016.1231909
Batool, A., & Sahi, A. (2019). Determinants of Financial Performance of Insurance Companies of USA and UK during Global Financial Crisis (2007-2016). International Journal of Accounting Research, 07(01).
Berhe, T. A., Scholar, P. D., & Kaur, J. (2017). Determinants of insurance companies’ profitability Analysis of insurance sector in Ethiopia. In International Journal of Research in Finance & Marketing (Vol. 7). http://euroasiapub.org/current.php
Cahyaningtias, C. E., & Rosyadi, I. (2023). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan: Reslaj : Religion Education Social Laa Roiba Journal, 6(3), 1567–1577. https://doi.org/10.47467/reslaj.v6i3.5599
Çekrezi, A. (2015). International Journal of Economics, Commerce and Management Determinants Of Financial Performance Of The Insurance Companies: A Case Of Albania. http://ijecm.co.uk/
Chang, H. Y., & Ma, C. A. (2019). Financial flexibility, managerial efficiency and firm life cycle on firm performance: An empirical analysis of Chinese listed firms. Journal of Advances in Management Research, 16(2), 168–180.
Dar, S. A., & Thaku, I. A. (2015). A COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE OF PUBLIC AND PRIVATE NON LIFE INSURERS IN INDIA INTERNATIONAL JOURNAL OF MANAGEMENT (IJM). International Journal of Management, 6(1), 507–526. http://www.iaeme.com/IJM.asp
Dura, J. (2022). Pengungkapan Sustainability Kinerja Ekonomi Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Perusahaan Manufaktur. MDP Student Conference, 1(1), 47–53.
Faoziyyah, A. A., & Laila, N. (2020). Faktor Internal Dan Faktor Makroekonomi Yang Mempengaruhi Profitabilitas Asuransi Syariah Di Indonesia Periode 2016-2018. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(6), 1146.
Fatmah, D. N., Wiyono, G., & Maulida, A. (2022). Pengaruh Modal Kerja, Resiko Bisnis, dan Ukuran Perusahaan terhadap Profitabilitas pada Perusahaan Manufaktur Sektor Makanan dan Minuman di BEI Periode 2017-2021. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(6), 2609–2618.
Haile WOLDE, T., Getahun KOLECH, A., & Deyassa DADI, M. (2020). FACTORS AFFECTING PROFITABILITY OF INSURANCE COMPANIES IN ETHIOPIA. In Journal of International Trade, Logistics and Law (Vol. 6, Issue 2).
Hailegebreal, D. (2016). Macroeconomic and Firm Specific Determinants of Profitability of Insurance Industry in Ethiopia. Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Inc, 16.
Helfiardi, R. D., & Sri, S. (2021). Pengaruh Leverage Dan Ukuran Perusahaan Terhadap Profitabilitas Pada Perusahaan Sub Sektor Barang Makanan dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Tahun 2015-2020. Akuntabel, 18(3), 516–523.
Horvey, S. S., Odei-Mensah, J., & Mushai, A. (2024). The determinants of life insurance companies profitability in South Africa: new evidence from a dynamic panel threshold estimation technique. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-08-2022-1225
İLTAŞ, Y., & DEMİRGÜNEŞ, K. (2020). Asset Tangibility and Financial Performance: A Time Series Evidence. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 345–364. https://doi.org/10.31592/aeusbed.731079
Irnawati, I., & Nadzifah, J. (2021). TERHADAP LABA PERUSAHAAN PADA PT ASURANSI DAYIN MITRA Tbk TAHUN 2010-2019. 1(1), 1–11.
Jhonson, B. (2023). Rike Andriani 2), Irma Noviana 3), Dewi Tamara 4) 1,2,3) Student of Magister Management. Journal of Business Studies and Management Review (JBSMR), 6(2).
Kariuki, P., & Nguyo, R. (2020). Firm Level Factors and Organization Performance: the Moderating Role of Industry Environment. Journal of International Business and Management. https://doi.org/10.37227/jibm-2019-04-127
Khalfan, N., Al Habsi, A., & Khalil, R. (2021). Financial Leverage and Firms’ Performance: A Study of Tri-Sector Listed Companies in Oman (Vol. 7).
Lambert, E., Orkaido, K., Hailu, Y., Selassie, G. /, & Yafet Hailu, M. (2023). Determinants of Corporate Financial Performance in African Insurance Market.
Manaye, M. K. (2019). Determinants of Profitability of Private Banks In Ethiopia. International Journal of Economics and Management Studies, 6(7), 92–98. https://doi.org/10.14445/23939125/ijems-v6i7p114
Margaretha, F. (2014). Determinants of Debt Policy in Indonesia’s Public Company. Review of Integrative Business and Economic Research., 3(2), 10–16.
Morara, K., & Sibindi, A. B. (2021). Determinants of Financial Performance of Insurance Companies: Empirical Evidence Using Kenyan Data. Journal of Risk and Financial Management, 14(12). https://doi.org/10.3390/jrfm14120566
Naushad, M., Faridi, M. R., & Faisal, S. (2020). Measuring the managerial efficiency of insurance companies in Saudi Arabia: A data envelopment analysis approach. Journal of Asian Finance, Economics and Business, 7(6), 297–304. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.297
Öner Kaya, E. (2015). The effects of firm-specific factors on the profitability of non-life insurance companies in Turkey. International Journal of Financial Studies, 3(4), 510–529. https://doi.org/10.3390/ijfs3040510
Pjanić, M., Mitrašević, M., & Luković, S. (2023). Profitability determinants of life insurance companies in the Republic of Serbia. Strategic Management, XX (00), 41–41. https://doi.org/10.5937/straman2300041p
Riyanto, A., & Puji Setiawati, D. (2022). Pengaruh Faktor Internal Perusahaan Terhadap Manajemen Laba. Jurnal Ekonomika: Manajemen, Akuntansi, Dan Perbankan Syari’ah, 11(2), 363–387. https://doi.org/10.24903/je.v11i2.1582
Sayekti, L. M., & Santoso, S. B. (2020). Pengaruh Ukuran Perusahaan, Debt To Equity Ratio, Debt To Asset Ratio dan Risk Based Capital Terhadap Profitabilitas (Studi Empiris pada Perusahaan Asuransi Umum Unit Usaha Syariah Tahun 2014-2018). Ratio : Reviu Akuntansi Kontemporer Indonesia, 1(1), 37–47.
Shofawati, H. &. (2017). 315121-Determinan-Kinerja-Keuangan-Asuransi-Sya-774Ffb63. 892–907.
Sucia, P., Hendratmi, A., Shukor, A., Ramadhani, M., & Putra, R. (2023). Heliyon Determinants of sharia life insurance productivity in Indonesia. Heliyon, 9(6), e16605. https://doi.org/10.1016/j.heliyon.2023.e16605
Sundas, S. (2021). IMPACT OF LIQUIDITY ON PROFITABILITY AND PERFORMANCE. A CASE OF TEXTILE SECTOR OF PAKISTAN Minaam BUTT. In International Journal of Commerce and Finance (Vol. 7).
Sutrisno, Y. A. E. (2022). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Kepemilikan Institusional, dan Kepemilikan Manajerial Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 11(1), 1–22.
Tri Neliana. (2017). Faktor-Faktor Yang Mempengaruhi Tingkat Kelengkapan Pengungkapan Laporan Keuangan.
Wati, P. S., Mulyadi, J., & Rachbini, W. (2019). Determinan Kinerja Keuangan Dengan Size Sebagai Moderasi. Jurnal Ecodemica, 3(2).
Wongsuwatt, S., Thaothampitak, W., Kongjam, N., Ruttanapibool, J., Apacuppakul, R., & Koedkaeo, T. (2021). The Influence of Loss Ratio on Profitability of Non-Life Insurance Companies in Thailand: The Moderating Roles of Company Type. In Journal of Community Development Research (Humanities and Social Sciences) (Vol. 14, Issue 1).
Worku, A. T., Bayleyegne, Y. W., & Tafere, Z. B. (2024). Determinants of profitability of insurance companies in Ethiopia: evidence from insurance companies from 2011 to 2020 years. Journal of Innovation and Entrepreneurship, 13(1).
Wosti, M. N., & Sumit Pradhan, M. (2023). Effect of firm specific factors and reinsurance on performance of Nepalese Insurance Companies.
Zainudin, R., Ahmad Mahdzan, N. S., & Leong, E. S. (2018). Firm-specific internal determinants of profitability performance: an exploratory study of selected life insurance firms in Asia. Journal of Asia Business Studies, 12(4), 533–550. https://doi.org/10.1108/JABS-09-2016-0129
Žunac, A. G., Buntak, K., & Tišler, P. (2019). Size of a company and its impact on perception of intangible motivation. International Journal for Quality Research, 13(1), 3–12. https://doi.org/10.24874/IJQR13.01-01.
