The Effect of VAT Increase, Firm Size, and Leverage on Financial Performance with EBITDA Margin as a Mediating Variable in Logistics and Deliveries Subsector Companies

Authors

  • Robert Chandra Master of Management Program, Faculty of Economics, Business, and Humanities, Trilogi University, Jakarta, Indonesia
  • Sunu Dwi Kanto Master of Management Program, Faculty of Economics, Business, and Humanities, Trilogi University, Jakarta, Indonesia

DOI:

https://doi.org/10.38035/dijms.v7i6.7284

Keywords:

VAT Increase, Firm Size, Leverage, EBITDA MARGIN, Financial Performance

Abstract

This study examines the effect of the value-added tax (VAT) rate increase, firm size, and leverage on financial performance, with EBITDA margin as a mediating variable, in logistics and deliveries subsector companies listed on the Indonesia Stock Exchange during 2020–2024. The VAT increase is measured as a policy dummy variable, firm size as the natural logarithm of total assets, leverage as the debt to equity ratio, and financial performance as return on assets. Secondary data from 20 purposively sampled companies, comprising 98 firm year observations, were analyzed using panel data regression and the Sobel mediation test with Eviews. The results show that firm size has a significant positive effect on EBITDA margin, while the VAT increase and leverage have no significant effect. Leverage has a significant negative effect on financial performance, whereas the VAT increase and firm size have no significant effect. EBITDA margin has a significant positive effect on financial performance and significantly mediates the effect of firm size, but does not mediate the effects of the VAT increase or leverage. These findings indicate that capital structure decisions influence financial performance more than the VAT policy change, with operational efficiency as the primary channel linking firm size to performance

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Published

2026-08-29

How to Cite

Chandra, R., & Kanto, S. D. (2026). The Effect of VAT Increase, Firm Size, and Leverage on Financial Performance with EBITDA Margin as a Mediating Variable in Logistics and Deliveries Subsector Companies. Dinasti International Journal of Management Science, 7(6), 1530–1541. https://doi.org/10.38035/dijms.v7i6.7284

Issue

Vol. 7 No. 6 (2026): Dinasti International Journal of Management Science (July - August 2026)

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Articles

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Copyright (c) 2026 Robert Chandra, Sunu Dwi Kanto

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