No Researcher Title Dependent Independent Result

(year) Variable Variables

1. Cyrillius Analysis of the effect of  ROA  Industry first, industry profitability, weighted leverage, and
Martono (2002) industry profitability,  ROE profitability capital intensiveness are statistically significant to
weighted financial  Weighted influence return on assets. Second, industry
leverage ratio and financial profitability, weighted leverage, and market share
weighted capital intensity leverage are statistically significant to influence return on
and market share to ROA ratios equity. Third, regression model of ROE has R2
and ROE of Go-public  Estimate higher than regression model of ROA. This result
manufacturing companies capital indicates that ROE model is more robust than
in Indonesia intensiveness ROA model. Fourth, industry profitability is
 Market Share superior to predict return on assets, while
weighted leverage is superior to predict return on
equity
2. Arman Effect of Financial  ROE  Financial There is no effect of financial leverage on ROE
Ramadhan Leverage on Return on  EPS Leverage and EPS in all three metal and mineral mining
(2008) Equity (ROE) and Earning companies
Per Share (EPS). in other
metal and mineral mining
companies listed on the
Indonesia Stock Exchange
3. Khalaf Taani Impact of working capital  NI  Working Policy of capital management, financial leverage
(2012) Management Policy and  ROA Capital and company size have significant relation with
Financial Leverage on  ROE Management net income, while capital management policy has
Financial Performance:  Financial no significant influence to ROE and ROA
Empirical Evidence from Leverage
Amman Stock Exchange Management
 Debt Ratio
4. Shela Akhtar, Relationship between  Financial  Financial There is a positive relationship between Financial
 Benish Javed, Financial Leverage and Performan Leverage leverage and Financial Performance to Fuel and
Atiya maryam, Financial Performance: ce Energy Sector company listed in Karachi Stock
Haleema sadia Evidence from Fuel and Exchange
(2012) Energy Sector of Pakistan
5. Syed Shah Fasih Relationship between  Earning  Financial The positive relationship of debt equity ratio with
Ur Rahman Financial Leverage and per share Leverage return on asset and sales growth, and negative
(2013) Financial Performance :  Net profit relationship of debt equity ratio with earning per
Empirical evidence of Margin share, net profit margin and return on equity.
Listed Sugar Companies  ROA
of Pakistan  ROE
 Sales
Growth
6 Perinpanathan Impact of Financial 1. Net Profit Financial The study show a negative relationship between
Rajkumar (2014) Leverage on Financial 2. ROE Leverage the financial leverage and the financial
Performance: Special 3. Return on performance of the John Keells Holdings plc. But
Reference to John Keells Capital the financial leverage has a significant impact on
Holdings plc in Sri Lanka Employed the financial performance of the John Keells
(ROCE) Holdings plc in Sri Lanka.
7 Floriniţa Duca Study on the relationship  ROE  Debt to The results indicate a positive and significant
(2016) between financial equity relation between return on equity
performance and leverage: and debt to equity.
empirical evidence on
Bucharest Stock Exchange
8 Nanteza Aziidah The Effect of Financial  ROA  long term debt financial leverage negatively affected the profitability of the
(2017) Leverage on The Financial ratio selected firms, there was a negative relationship between
Performance of Kenyan financial leverage and dividend policy, there was a negative
relationship between financial leverage and liquidity
Energy and Petroleum management ,
Firms listed on the NSE.
9 Ismail Bishar Effect of financial  Financial  Financial The study found that financial leverage had a significant
performance leverage negative relationship with financial performance while firm
 Mohamed (2016) Leverage on Financial size had positive and insignificant relationship with
Performance of Non financial performance and liquidity had a significant
Financial Firms Listed at positive relationship with financial performance of non
financial firms listed at the NSE.
The Nairobi Securities
Exchange
10 John-Akamelu Leverage and Financial  Dept-Equity  ROE Findings showed that financial leverage has no significant
Racheal, C, Iyidiobi Performance: Evidence Ratio  ROA effect on Earning Per Shares of food production firms in
Felicia Chelichi and From Nigerian Food  EPS Nigeria and also that financial leverage) has effect on
Ezejiofor A. Return on Equity of manufacturing companies in Nigeria.
Raymond (2017)
Production Firms However another finding showed that financial leverage
has effect on Return on Assets of companies in Nigeria
11 Muhammad Ali Relationship between  Financial  ROA The results of the study show a positive
(2014) Financial Leverage and Leverage  Net Profit relationship between financial leverage and
Financial Performance (Debt to Margin financial performance
equity ratio)  ROE
(Evidence of Listed
Chemical Companies of  ROCE
Pakistan)
12 Sueni (2016) Effect of leverage,  ROA  Debt to Asset (1) leverage is partially significant to the
Growth, size Company, Ratio company's financial performance, while growth,
and Liquidity on  Sales Growth firm size, and liquidity partially have no
Performance Finance on  Firm Size significant effect on financial performance (2)
Manufacturing Company  Current Ratio leverage, growth, firm size, and liquidity
Registered in Indonesia simultaneously have a significant effect on
stock Exchange (BEI) financial performance
Period 2012-2014
13 Shella Ekawati Effect of Leverage  Return on  Debt ratio, This study proves that simultaneous and partially variable
Ludijanto, Analysis on Financial Investment  Debt to equity debt ratio, debt to equity ratio and long-term debt to
Siti Ragil Handayani, Performance of The  ROE ratio equity ratio significantly influence of return on investment
Raden Rustam  Long-term debt and return on equity
Hidayat (2014)
Company (Study on
to equity ratio
Company Property and
 Real Estate Listing in BEI
Year 2010-2012)
14 Jouhar Fayahaqi, The Effect of Financial  ROE  debt to assets, Results show that financial leverage affects profitability
Sumani, Lilik Farida Leverage on Return on  EPS  long term (both ROE and EPS). Results also show that debt to assets
(2015) Equity and Earning Per debt to ratio is the dominant variable affecting ROE and EPS
Share on Company equity,
The Listed  debt to
Telecommunication Sector equity
in Indonesia Stock
Exchange