PERAN MODERASI BEBAN CUKAI PADA PENGARUH CR, DER, DAN TATO TERHADAP ROA EMITEN ROKOK

The cigarette industry is a strategic sector of Indonesia's economy that contributes to state revenue through excise, yet its performance is overshadowed by rising annual excise tariffs. This study analyzes the effects of Current Ratio (CR), Debt to Equity Ratio (DER), and Total Assets Turnover (TATO) on Return on Assets (ROA), as well as the moderating role of Excise Burden, drawing on Contingency, Trade-off, Pecking Order, and Tax Incidence theories. Panel data regression and Moderated Regression Analysis were applied to 24 observations from four cigarette issuers listed on the Indonesia Stock Exchange during 2020-2025, Selected using a census sampling technique. The Common Effect Model shows that CR and DER have no significant effect on ROA, whereas TATO has a significant positive effect. Simultaneously, the variables explain 81.86 percent of the variation in ROA. The excise tax burden moderates the effect of CR on ROA but does not moderate the effects of DER or TATO. The effectiveness of financial ratios is contingent on fiscal pressure, particularly through liquidity. The absence of moderation is explained by non-interest-bearing short-term debt and operational domains separate from tax incidence. Management should manage cash flow in line with excise payment cycles, and regulators should consider financial performance when setting tariffs.