Managerial Decisions and Organizational Policies in Shaping Profitability of Food and Beverage Companies
Abstract
Purpose of the study: This study aims to analyze the impact of production costs, marketing expenses, and sales volume on the profitability of food and beverage companies listed on the Indonesia Stock Exchange during the period from 2021 to 2024, both individually and collectively.
Methodology: This research employs a quantitative approach using causal associative research methods. The data utilized consists of secondary data acquired from the annual financial reports of companies in the food and beverage subsector listed on the Indonesia Stock Exchange and the official websites of these companies. The selection of samples in this study utilizes the purposive sampling method. Data analysis was carried out utilizing multiple linear regression with the assistance of SPSS software version 27.
Main Findings: The research results indicate that production costs have a significant impact on the profitability of the company. Marketing expenses have been shown to have a significant impact on the profitability of a company. The sales volume also has a significant impact on the company's profitability. At the same time, production costs, marketing costs, and sales volume together have a significant impact on the profitability of companies in the food and beverage subsector that are listed on the Indonesia Stock Exchange.
Novelty/Originality of this study: The originality of this study is found in the application of a ratio-based measurement approach for production costs and marketing expenses, as well as the use of asset turnover ratios as a proxy for sales volume. This approach aims to reduce bias from differences in company size, thereby enhancing the accuracy of the test results. In addition, this research presents the latest empirical evidence from the post-pandemic period within the food and beverage industry in Indonesia.
References
Badan Pusat Statistik, “Statistik Penyediaan Makanan dan Minuman 2023,” Jakarta, 2024. [Online]. Available: https://www.bps.go.id/id/publication/2024/12/23/f2c7743c4712aaeaa4abf694/statistik-penyediaan-makanan-dan-minuman-2023.
Kemenperin, “Laporan Kinerja Subsektor Industri Makanan dan Minuman Tahun 2024,” Jakarta, 2024. [Online]. Available: https://kemenperin.go.id
E. P. Akirliani, Z. Afifi, and U. R. Mulyani, “Pengaruh Biaya Produksi , Biaya Promosi , Volume Penjualan , Dan Perilaku Biaya Terhadap Profitabilitas Pada Perusahaan Food & Beverage Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018-2022,” Yudhistira J. Indones. J. Financ. Strateg. Insid., vol. 4, no. 1, pp. 1–21, 2024.
M. E. Porter, “The five competitive forces that shape strategy,” Harvard Business Review, vol. 86, no. 1, pp. 78–93, 2008. [Online]. Available: https://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy
Kasmir, Analisis laporan keuangan. Jakarta: RajaGrafindo Persada, 2021.
K. A. Merchant and W. A. Van der Stede, “Management control systems: Performance measurement, evaluation and incentives,” Accounting, Organizations and Society, vol. 32, no. 7–8, pp. 735–737, 2007, doi: 10.1016/j.aos.2007.04.003.
E. C. Ratu and T. Rachmawati, “Pengaruh Biaya Produksi, Biaya Promosi dan Volume Penjualan Terhadap Laba Bersih Perusahaan Manufaktur Sub Sektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021,” J. Ekon. Bisnis dan Akunt., vol. 3, no. 1, pp. 368–379, 2023.
C. T. Horngren, S. M. Datar, and M. V. Rajan, Cost Accounting: A Managerial Emphasis, 14th ed. Pearson Education, 2019. Available: https://openlibrary.org/books/OL22365514M/Cost_accounting
W. K. Carter and M. F. Usry, Cost Accounting. South-Western Educational Publishing, 2006. Available: https://books.google.com/books?id=JkPZAAAACAAJ
M. M. Ambarini, P. S. Manajemen, F. Ekonomi, and U. M. Sidoarjo, “Pengaruh Biaya Produksi Dan Volume Penjualan D Terhadap Laba Bersih Pada Perusahan Subsektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2012-2016,” 2020. doi: https://doi.org/10.31149/ijefsd.v2i4.452
A. Makalalag, V. Ilat, and S. K. Walandouw, “Pengaruh Biaya Produksi, Biaya Pemasaran dan Biaya Kualitas Terhadap Laba Bersih (Studi pada Perusahaan Manufaktur Subsektor Makanan dan Minuman yang terdaftar di BEI Tahun 2018-2020),” J. EMBA J. Ris. Ekon. Manajemen, Bisnis dan Akunt., vol. 11, no. 3, pp. 71–81, 2023, doi: 10.35794/emba.v11i3.49129.
C. Drury, “Management and cost accounting practices in manufacturing firms,” Journal of Management Accounting Research, vol. 30, pp. 1–18, 2018.
J. Puspita et al., “Pengaruh Biaya Produksi, Biaya Promosi Dan Volume Penjualan Terhadap Laba Pada PT. Unilever Tbk Periode,” J. Ilm. Wahana Pendidik., vol. 8, no. 9, pp. 194–205, 2022, [Online]. Available: https://doi.org/10.5281/zenodo.6644260
A. Elina and S. Handayani, “Pengaruh Beban Promosi, Biaya Produksi Dan Pertumbuhan Penjualan Terhadap Laba Perusahaan,” Equilib. J. Penelit. Pendidik. dan Ekon., vol. 18, no. 02, pp. 110–120, 2021, doi: 10.25134/equi.v18i2.4187.
R. K. Srivastava, T. A. Shervani, and L. Fahey, “Market-based assets and shareholder value,” J. Mark., vol. 62, no. 1, pp. 2–18, 1998.
R. H. Garrison, E. W. Noreen, and P. C. Brewer, Managerial Accounting, 16th ed. New York, NY, USA: McGraw-Hill Education, 2018. [Online]. Available: https://www.mheducation.com
E. Tiur, M. Keisha, S. Eveline, and U. K. Parahyangan, “Pengaruh Biaya Produksi dan Biaya Operasional Terhadap Laba Bersih PT Fast Food Indonesia,” vol. 8, no. 1, pp. 551–565, 2024.
Bisnis.com, “Rugi KFC (FAST) Membengkak 91 Persen Jadi Rp796,7 Miliar Sepanjang 2024.” Accessed: Oct. 04, 2025. [Online]. Available: https://market.bisnis.com/read/20250423/7/1871401
A. Ningtyas, S. Abdullah, and I. E. Maryanti, “Analisis Laporan Keuangan Sebagai Dasar Dalam Menilai Kinerja Keuangan PT. Industri Jamu dan Farmasi Sido Muncul, Tbk.,” Universitas Tunas Pembangunan Surakarta, Fakultas Ekonomi dan Bisnis, 2023. available: https://repository.utp.ac.id/1609/
A. G. Hopwood, “On trying to study accounting in the contexts in which it operates,” Accounting, Organ. Soc., vol. 8, no. 2–3, pp. 287–305, 1983.
K. A. Merchant and W. A. Van der Stede, “Management control systems: Performance measurement, evaluation and incentives,” Accounting, Organ. Soc., vol. 32, no. 7–8, pp. 735–737, 2007.
A. G. Hopwood, “Whither accounting research?,” Account. Rev., vol. 82, no. 5, pp. 1365–1374, 2007.
Sugiyono, Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta, 2022.
Ghozali, Aplikasi Analisis Multivariate dengan Program IBM SPSS. Semarang: Badan Penerbit Universitas Diponegoro, 2021. Available: https://catalog.libraries.psu.edu/catalog/34839845
Badan Pusat Statistik, “Produk Domestik Bruto Indonesia Menurut Lapangan Usaha 2019–2023,” Jakarta, 2023. Available: https://www.bps.go.id
F. Mulisa, “When Does a Researcher Choose a Quantitative, Qualitative, or Mixed Research Approach?,” Interchange, no. 1, pp. 113–131, 2021. doi: 10.1007/s10780-021-09447-z.
U. Sekaran and R. Bougie, Research Methods for Business: A Skill-Building Approach, 7th ed. Wiley, 2016. Available: https://books.google.com/books?id=Ko6bCgAAQBAJ
K. Nadya, “83 Perusahaan Food and Beverage yang Terdaftar di BEI Subsektor Makanan dan Minuman,” IDX Channel. [Online]. Available: https://www.idxchannel.com/market-news/83-perusahaan-food-and-beverage-yang-terdaftar-di-bei-subsektor-makanan-dan-minuman?.
I. S. Exchange, “Bursa Efek Indonesia.” [Online]. Available: https://www.idx.co.id/id
A. M. Mutlag, “An overview of multivariate statistical methods and their practical applications,” Pendidikan Matematika dan Sains, vol. 3, no. 1, 2024. doi: 10.47134/ppm.v3i1.2084.
Bursa Efek Indonesia, “Laporan keuangan tahunan perusahaan subsektor makanan dan minuman tahun 2021–2024,” Jakarta, 2025. [Online]. Available: https://www.idx.co.id/
D. R. Hansen and M. M. Mowen, Cost Management: Accounting and Control, 7th ed. Ce. 2018. Available: https://books.google.com/books/about/Cost_Management.html?id=hFeMPwAACAAJ
E. Susilowati, “Cost Management and Strategic Decision Making: The Role of Managerial Accounting,” Atestasi: Jurnal Ilmiah Akuntansi, vol. 6, no. 1, pp. 457–473, 2023. doi: 10.57178/atestasi.v6i1.855.
N. Fitri and F. A. Salsabilla, “Pengaruh pengendalian biaya produksi dan efisiensi operasional terhadap profitabilitas perusahaan pulp dan kertas,” JMA (Jurnal Manajemen Akuntansi), vol. 2, no. 12, pp. 3031–5220, 2024. [Online]. Available: https://journal.arimbi.or.id/index.php/jma
M. A. Firasghani, M. Suryati, M. Arfiq, M. Sandriyan, and N. L. Z. Gustina, “The Evolution of Marketing Strategy: Integrating Marketing Theory and Behavioural Theory through Literature Review,” International Journal Administration, Business & Organization, vol. 6, no. 3, pp. 97–107, 2025. doi: 10.61242/ijabo.25.560.
I. Shaukat, “Marketing Management with Global and International Perspective,” Journal of Investment and Management, vol. 10, no. 3, pp. 52–55, 2021. doi: 10.11648/j.jim.20211003.13.
S. Srinivasan and D. M. Hanssens, “Marketing and firm value: Metrics, methods, findings, and future directions,” Journal of Marketing, vol. 73, no. 6, pp. 1–18, 2009, doi: 10.1509/jmkg.73.6.1.
M. N. L. Hakim and E. Purwaningsih, “Pengaruh Ukuran Perusahaan, Pertumbuhan Aset, Struktur Aset, Tingkat Utang, dan Likuiditas Terhadap Profitabilitas,” Al-Kharaj J. Ekon. Keuang. Bisnis Syariah, vol. 7, no. 11, pp. 654–665, 2025, doi: 10.47467/alkharaj.v7i11.9487.
S. Sukenti, “Financial Management Concepts: A Review,” Journal of Contemporary Administration and Management (ADMAN), vol. 1, no. 1, pp. 13–16, 2023, doi: 10.61100/adman.v1i1.4.
A. R. Y. Pratama, D. Prapanca, and Sriyono, “The effect of return on assets, return on investment, and earnings per share on stock prices,” Management Studies and Entrepreneurship Journal, vol. 5, no. 2, pp. 5755–5769, 2024. [Online]. Available: https://journal.yrpipku.com/index.php/msej
A. G. Hopwood, “On trying to study accounting in the contexts in which it operates,” Accounting, Organizations and Society, vol. 8, no. 2–3, pp. 287–305, 1983, doi: 10.1016/0361-3682(83)90035-1.
K. A. Merchant and W. A. Van der Stede, “Management control systems: Performance measurement, evaluation and incentives,” Accounting, Organizations and Society, vol. 32, no. 7–8, pp. 735–737, 2007, doi: 10.1016/j.aos.2007.04.003.
R. S. Kaplan and D. P. Norton, “The balanced scorecard—Measures that drive performance,” J. Harvard Bus. Rev., vol. 70, no. 1, pp. 71–79, 1992.
R. S. Kaplan and A. A. Atkinson, Advanced Management Accounting, 3rd ed. Prentice Hall, 1998. Available: https://books.google.co.uk/books?id=hEEnngEACAAJ
G. Kotler, P., & Armstrong, Marketing (6th Editio). New Jersey.: Pearson Prentice Hall, 2003. Available: https://books.google.com/books?id=3q9GAAAAMAAJ
S. Srinivasan, D. M. Hanssens, and M. G. Dekimpe, “Marketing, firm value, and financial performance,” J. Mark., vol. 73, no. 6, pp. 1–18, 2009.
M. Bromwich and A. Bhimani, “Management accounting: Evolution not revolution,” Accounting, Organizations and Society, vol. 14, no. 5–6, pp. 437–443, 1989, doi: 10.1016/0361-3682(89)90025-8.
S. A. Ross, R. W. Westerfield, and J. F. Jaffe, Corporate Finance, 11th ed. New York: McGraw-Hill Education, 2018. Available: https://books.google.com/books?id=EJpHDwAAQBAJ
R. E. Freeman, Strategic Management: A Stakeholder Approach. Cambridge University Press, 2010. doi: 10.1017/CBO9781139192675
R. Whittington, “Strategy as practice,” Long Range Planning, vol. 29, no. 5, pp. 731–735, 1996, doi: 10.1016/0024-6301(96)00068-4.
Copyright (c) 2026 Audita Karisma Jati, Syahriar Abdullah
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and acknowledge that the Journal of social knowledge education (JSKE) is the first publisher licensed under a Creative Commons Attribution 4.0 International License.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges and earlier and greater citation of published work.
.png)
.png)
