Pengaruh Strategi Bisnis Asset-Light Terhadap Net Profit Margin
DOI:
https://doi.org/10.47065/arbitrase.v7i1.3269Keywords:
Asset-Light Strategy; Net Profit Margin; Sales to Net Fixed Asset; Total Asset Turnover; Capital Expenditure; Intangible AssetsAbstract
The shift in the global economic structure towards the digital era encourages companies to improve operational efficiency through the implementation of asset-light business strategies. This study aims to analyze the effect of asset-light business strategies proxied by Sales to Net Fixed Assets (SNA), Total Asset Turnover (TATO), Capital Expenditure (CAPEX), and Intangible Asset Ratio (RATB) on Net Profit Margin (NPM) in companies included in the IDX30 index for the 2022–2024 period. The study uses a quantitative approach with an associative-causal design. The sample was selected using a purposive sampling technique, resulting in 24 companies with a total of 72 observational data. Data analysis was performed using multiple linear regression with SPSS 27. The results showed that the SNA variable has a positive and significant effect on NPM with a regression coefficient value of 0.478, a t-value of 4.859, and a significance level of 0.000. The TATO variable has a negative and significant effect on NPM with a regression coefficient of -0.188, a t value of -2.144, and a significance of 0.036. The CAPEX variable has a positive and significant effect on NPM with a regression coefficient of 0.267, a t value of 4.977, and a significance of 0.000. Meanwhile, RATB has no significant effect on NPM with a regression coefficient of -0.023, a t value of -0.456, and a significance of 0.650. The Adjusted R Square value of 0.360 indicates that 36.0% of the variation in NPM can be explained by the four independent variables in this study, while the remaining 64.0% is influenced by other factors outside the research model. This finding indicates that efficient management of fixed assets and appropriate capital investment can increase company profitability, while high asset turnover and ownership of intangible assets are not necessarily able to increase net profit margins.
Downloads
References
Amalia, H., Reswara, K., Wati, I. M., & Oktafia, R. (2024). Analisis Penggunaan Rasio Aset Dengan Metode Fixed Assets Turnover Ratio (FATO) dan Total Assets Turnover Ratio (TATO) Dalam Laporan Keuangan PT. Bank Mandiri (Persero) Tbk. Anggaran: Jurnal Publikasi Ekonomi Dan Akuntansi, 2(2), 49–57. https://doi.org/10.61132/anggaran.v2i2.533
Bagna, E., Cotta, E., Denicolai, S., & Strange, R. (2024). Intangible Assets and Firm Performance: The Relative Effects of Recognized and Unrecognized Assets. Journal of Open Innovation: Technology, Market, and Complexity, 10(3), 100356. https://doi.org/10.1016/j.joitmc.2024.100356
Brigham, E. F., & Houston, J. F. (2020). Fundamentals of Financial Management (10th ed.). Cengage Learning.
Caucasus, B. (2025). The Impact of Intangible Assets on Company Performance in Georgia. Asian Journal of Finance & Accounting, 17(1), 1–22. https://doi.org/10.5296/ajfa.v17i1.18994
Dragomir, V. D. (2024). The Impact of Intangible Capital on Firm Profitability in the Technology and Healthcare Sectors. International Journal of Financial Studies, 12. https://doi.org/10.3390/ijfs12010005
Faisal. (2021). Analysis of Effect of Capital Expense Efficiency , Operating Expense Efficiency and Exchange Rate Difference to Financial Performance in. International Journal of Research and Review, 8(February), 155–162. https://doi.org/10.52403/ijrr.20210223
Gulomov, K. (2023). Measuring Financial Resilience?: A Ratio-Based Solvency Analysis Of Mckinsey & Company. Innovative Academy, 28–34. https://doi.org/10.5281/zenodo.15679713
Halim. (2021). Pengaruh Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan di Indonesia. Jurnal Ilmu Akuntansi, 3, 1–9. https://doi.org/10.26618/inv.v3i1.4969
Haryanto, T., & Retnaningrum, M. (2020). The Effect of Capital Expenditure On Profitability With the Size of Company As The Moderating Variables. Proceedings of the 2nd International Conference of Business, Accounting and Economics, ICBAE, 5. https://doi.org/10.4108/eai.5-8-2020.2301085
Istiqomah, U. N., & Ismanto, H. (2025). Pengaruh Capital Expenditure , Sales Growth , Revaluation Fixed Asset dan Leverage terhadap Kinerja Perusahaan Transportasi. JAMEK (Jurnal Akutansi Manajemen Ekonomi Dan Kewirausahaan), 05(01), 315–325. https://doi.org/10.47065/jamek.v5i1.1772
Marpaung, D. T., Mulyani, S., & Puspita, B. (2025). the Effect of Working Capital Turnover and Fixed Asset Turnover on net Profit Margin in Manufacturing Companies of the Pharmaceutical Sub- Sector Listed on the Indonesia Stok Exchange for Period 2019-2023. 9(1), 71–77. https://doi.org/https://doi.org/10.58258/jisip.v9i1.7827
Martias, A., Rachmawati, S., & F, F. W. (2024). Analisis Forecast Dan Valuation Manajemen Fixed Asset Pada Perusahaan Idx30 Bursa Efek Indonesia. Scientific Journal Of Reflection: Economic, Accounting, Management and Business, 7(4), 1082–1095. https://doi.org/10.37481/sjr.v7i4.956
Martins, G. V, Kurup, P. S., & Hussain, S. A. (2025). A study on strategic cost management in financial planning and control. International Journal of Innovative Research in Science, Engineering and Technology, 14(4). https://doi.org/10.15680/ijirset.2025.1404704
Muslim. (2024). Decoding Stock Price Movements: How Net Profit Margin and Debt-to-Equity Ratio Drive Value, with Earnings Per Share as the Mediating Variable. Asian Journal of Management Analytics, 3(4), 1233–1250. https://doi.org/10.55927/ajma.v3i4.12049
Nasution, Y. A., & Nurhayati. (2024). Analisis Determinan Net Profit Margin Pada Perusahaan Property Dan Real Estate. Jurnal ILMAN (Jurnal Ilmu Manajemen), 12(2), 59–63. https://doi.org/10.35126/ilman.v12i2.600
Nurainun Bangun, J. A. H. (2020). Pengaruh Growth Opportunity, Net Working Capital Dan Capital Expenditure Terhadap Cash Holding. Jurnal Paradigma Akuntansi, 2(3), 1343. https://doi.org/10.24912/jpa.v2i3.9562
Oktafiona, G., & Roza, S. (2025). The Effect of Fixed Asset Turnover And Quick Ratio on Net Profit Margin in the Property and Real Estate Subsector in Indonesia. Journal of Humanities, Social Sciences and Business, 293–303. https://doi.org/10.55047/jhssb.v4i2.1478
Putri, K. A. (2025). Bukalapak Kantongi Pendapatan Rp4,46 Triliun pada 2024, Ini Penopangnya. In Infobank News.
Sabartobing. (2023). Pengaruh Current Ratio, Debt to Asset Ratio dan Total Asset Turnover terhadap Net Profit Margin. Jurnal Akuntansi, Keuangan, Pajak Dan Informasi (JAKPI), 3(2), 16–34. https://doi.org/10.32509/jakpi.v3i2.3638
Sasti, A. N., & Muchtar, D. (2025). The Effect of Asset Structure, Sales Growth and Net Profit Margin on the Capital Structure of Infrastructure Companies Listed on the Indonesia Stock Exchange. Journal of Accounting Research, Utilities Finance and Digital Assets, 4(1), 133–138. https://doi.org/10.54443/jaruda.v4i1.260
Satria, R., Agustina, I. Z., & Herlianti, E. (2023). Pengaruh Total Asset Turnover dan Net Profit Margin terhadap Return on Asset pada PT Nippon Indosari Corpindo Tbk Periode 2012--2021. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 6(4), 955–964. https://doi.org/10.37481/sjr.v6i4.756
Taysi, K., & Güvemli, B. (2023). The Effects of Intangible Assets on Company Performance in Crisis Period: The Case of Turkey. Research of Financial Economic and Social Studies, 8(4), 854–866. https://doi.org/10.29106/fesa.1331741
Tribowo, A., Samri, Y., Nst, J., Studi, P., Syariah, A., Islam, U., & Sumatera, N. (2024). Pengaruh Perputaran Modal Kerja dan Fixed Asset Turnover terhadap Net Profit Margin pada Perusahaan Sektor Semen. AKUA: Jurnal Akuntasi Dan Keuangan, 3(2), 73–85. https://doi.org/10.54259/akua.v3i2.2550
Ulfa, I., Sari, R., Wahyudi, R., & Tijarah, A. (2023). Panel Data Regression?: Equity Financing and Debt- based Financing Islamic Commercial Banking in Indonesia. Al-Tijarah, 9(1), 36–45. https://doi.org/:10.21111/at.v9i1.8288
Uzma, S. R., & Budiantara, M. (2025). Pengaruh Profitabilitas , Tunneling Incentive , dan Intangible Asset Terhadap Transfer Pricing Perusahaan Manufaktur. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 7(2), 540–548. https://doi.org/10.47065/ekuitas.v7i2.8509
Wibisono, W. C. (2024). Pengaruh Net Profit Margin dan Total Assets Turnover Terhadap Return Saham. GEMILANG: Jurnal Manajemen Dan Akuntansi, 4(1). https://doi.org/10.56910/gemilang.v4i1.990
Wihardja, H., & Arif, R. (2024). Pengaruh Current Ratio, Debt to Asset Ratio, dan Total Asset Turn Over terhadap Net Profit Margin: Studi Empiris pada Perusahaan Sub Sektor Retail yang Terdaftar di Bursa Efek Indonesia Periode 2019-2022. MENAWAN?: Jurnal Riset Dan Publikasi Ilmu Ekonomi, 2, 155–176. https://doi.org/10.61132/menawan.v2i5.816
Zelalem, B. A., Ali, A., & Id, A. (2022). Does intangible assets affect the financial performance and policy of commercial banks ’ in the emerging market?? PLOS ONE, 1–19. https://doi.org/10.1371/journal.pone.0272018
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Pengaruh Strategi Bisnis Asset-Light Terhadap Net Profit Margin
ARTICLE HISTORY
How to Cite
Issue
Section
Copyright (c) 2026 nazma awwaliyah khonitatillah, Achmad Zaki, Cynthia Eka Violita, M Mustaqim
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 grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- 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, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
