LIQUIDITY, SOLVABILITY AND FINANCIAL PERFORMANCE (STUDY ON MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE)

Peni Moegi Lestari; Kartika Hendra Titisari; Istiatin Istiatin

doi:10.33474/percipience.v1i1.12446

Authors

Peni Moegi Lestari Universitas Islam Batik Surakarta
Kartika Hendra Titisari Universitas Islam Batik Surakarta
Istiatin Istiatin Universitas Islam Batik Surakarta

DOI:

https://doi.org/10.33474/percipience.v1i1.12446

Keywords:

liquidity, solvency, financial performance, panel regression

Abstract

Good company performance will be able to help management in achieving the company's goals. The higher the company's performance, the better the company's value in the eyes of investors. Assessment of the company's financial performance is one of the ways that management can meet its obligations to funders and also achieve the goals set by the company. The purpose of this study is to test and analyze the effect of liquidity, debt to assets ratio solvency and equity ratio affect the profitability of Return On Assets of manufacturing companies listed on the Indonesia Stock Exchange from 2015 to 2019. This research data is panel dataÂ where panel data is a combination of cross section and time series. The samples in this study were nine pulp and paper sub-sector manufacturing companies listed on the Indonesia Stock Exchange from 2015 to 2019. Data analysis techniques using panel data regression analysis. The results explain that the liquidity ratio calculated by cash ratio has no significant effect on financial performance. The solvency ratio calculated by the Debt to Assets Ratio affects financial performance. The solvency ratio calculated by the Debt to Equity Ratio affects the company's financial performance.

References

Al Nuner, M. (2015). The impact of liquidity on Jordanian banks profitability through return on assets. European Journal of Business and Management, 7(7), 1–10. www.iiste.org

Arifin, D. S., Sarita, B., & Madi, R. A. (2018). Pengaruh likuiditas, leverage, ukuran perusahaan dan pertumbuhan penjualan terhadap profitabilitas (Studi pada perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia tahun 2013–2017). Jurnal Akuntansi dan Keuangan.

Armalinda. (2019). Pengaruh rasio likuiditas terhadap kinerja keuangan ditinjau dari return on assets (ROA) pada PT. Matahari Putra Prima Tbk di Bursa Efek Indonesia. Jurnal Media Wahana Ekonomika, 16(2), 111–118.

Ben-Caleb, E., Olubukunola, U., & Uwuigbe, U. (2013). Liquidity management and profitability of manufacturing companies in Nigeria. IOSR Journal of Business and Management, 9(1), 13–21. www.iosrjournals.org

Brigham, E. F., & Houston, J. F. (2010). Dasar-dasar manajemen keuangan. Erlangga.

Darmawan, A., & Nurochman, A. D. (2016). Pengaruh current ratio dan debt to asset ratio terhadap return on asset. Jurnal Studia Akuntansi dan Bisnis, 4(2), 1–15.

Dwiyanthi, N., & Sudiartha, G. M. (2017). Pengaruh likuiditas dan perputaran modal kerja terhadap profitabilitas pada perusahaan manufaktur sektor industri barang konsumsi. E-Jurnal Manajemen Universitas Udayana, 6(9), 4829–4856.

Enekwe, C. I., Agu, C. I., & Eziedo, K. N. (2014). The effect of financial leverage on financial performance: Evidence of quoted pharmaceutical companies in Nigeria. IOSR Journal of Economics and Finance, 5(3), 17–25. www.iosrjournals.org

Fahmi, I. (2014). Analisis laporan keuangan. Alfabeta.

Hery. (2015). Analisis laporan keuangan. CAPS (Center for Academic Publishing Service).

Nurpitasari, Paramita, P. D., & Pranaditya, A. (2018). Pengaruh rasio likuiditas, rasio solvabilitas dan rasio activity terhadap kinerja keuangan yang mempengaruhi laba perusahaan PT Dong Bang Indo tahun 2013–2016. Journal of Accounting.

Pitoyo, M. M., & Lestari, H. S. (2018). Pengaruh likuiditas terhadap profitabilitas perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Kompetensi: Jurnal Manajemen Bisnis, 13(1), 1–15.

Sandy, G. E. (2015). Pengaruh liquiditas dan solvabilitas terhadap kinerja keuangan perbankan Indonesia yang terdaftar di Bursa Efek Indonesia pada tahun 2010–2012 [Skripsi, Universitas Jember].

Sartono, A. (2015). Manajemen keuangan teori dan aplikasi (4th ed.). IKAPI.

Setyaningsih, E. D., & Cunengsih, C. (2018). Pengaruh debt to equity ratio dan current ratio terhadap return on assets pada PT. Midi Utama Indonesia. Jurnal Toc Account, 5(2), 1–10.

Silvina, S., & Gunawan, H. (2019). Pengaruh manajemen modal kerja dan solvabilitas terhadap kinerja perusahaan. Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis, 7(1), 94–104.

Sudana, I. M. (2011). Manajemen keuangan perusahaan teori dan praktik. Erlangga.

Sujiyanto. (2017). Pengaruh integritas dan loyalitas pegawai terhadap kebijakan pimpinan dan dampaknya terhadap kinerja di lingkungan Dinas Komunikasi dan Informatika Kota Batu. JIMMU: Jurnal Ilmu Manajemen, 2(2), 1–15.

Supardi, H., Suratno, & Suyanto. (2016). Pengaruh current ratio, debt to asset ratio, total asset turn over dan inflasi terhadap return on asset. JIAFE: Jurnal Ilmiah Akuntansi Fakultas Ekonomi, 2(2), 1–15.

Sutrisno. (2012). Manajemen keuangan teori, konsep dan aplikasi. Ekonosia.

Utama, A. C., & Muid, A. (2014). Pengaruh current ratio, debt to equity ratio, debt to asset ratio dan perputaran modal kerja terhadap return on asset pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2010–2012. Diponegoro Journal of Accounting, 3(2), 1–13.

Wartono, T. (2018). Pengaruh current ratio (CR) dan debt to equity ratio (DER) terhadap return on asset (ROA) (Studi pada PT Astra International, Tbk). Jurnal KREATIF: Pemasaran, Sumber Daya Manusia dan Keuangan, 6(1), 1–15.

Yustisia, C., Hariyani, I., & Serfianto. (2011). Merger, konsolidasi, akuisisi, & pemisahan perusahaan: Cara cerdas mengembangkan & memajukan perusahaan. Vidimedia.

Zulkarnaen, Z. (2018). Pengaruh debt to assets ratio terhadap return on asset pada perusahaan asuransi yang terdaftar di BEI tahun 2010–2015. Jurnal Warta, 56, 1–10.