PENGARUH MODAL KERJA, RASIO LIKUIDITAS, SOLVABILITAS DAN AKTIVITAS TERHADAP PROFITABILITAS PADA PERUSAHAAN INDEKS PEFINDO i-GRADE PERIODE 2007-2018

Abstract

This study aims to determine the effect of working capital liquidity ratios, solvency and activity on profitability at PEFINDO i-GRADE index companies listed on the Indonesia Stock Exchange (BEI) for the period 2007-2018. Profitability is the net profit after tax obtained by a company. The PEFINDO i-GRADE index is an index that measures the price performance of 30 listed companies with investment grade ratings from PEfINDO (iDAAA to idBBB) which have the largest market capitalization. The GAP in this study is that there is a discrepancy between the results of the research and the inconsistent theory and results of previous research. In this study, the financial ratios of Working Capital (NWC), Liquidity (CR), Solvency (DER) and Activities (TATO) are taken. This study uses a causal associative method with a quantitative approach, the data used are secondary data from the company's financial statements, the PEFIND i-GRADE Index for 12 years from 2007-2018. The sample was determined by purposive sampling technique. The sample in this study were 14 companies and were analyzed using EVIEWS version 10. The data testing techniques used in this study included classical assumption tests, correlation tests, simple regression tests, and multiple regression tests. Furthermore, testing the hypothesis using the coefficient of determination, t test and F test.

                The results of the analysis show that the Net Working Capita (NWC) variable produces a t count of (-0.017) < t table of (-1.974) and a probability value of (0.96) > (0.05) which means that the Net Working Capital (NWC) partially has no effect on Profitability (ROA). The variable Curren Ratio (CR) produces t count of (-3.4212) > t table of (-1.974) and the value of probability is equal (0.0046) < (0.05), which means that Current Ratio (CR) partially affects profitability (ROA). to Equity Ratio (DER) produces t count of (-0.8288) > t table of (-1.974) and the value of probability (0.423) > (0.05) which means that partially the Debt to Equity Ratio (DER) has no effect on profitability (ROA) The Total Asset Turn Over (TATO) variable produces t count (-0.3762) < t table (-1.974) and a probability value (0.712) > (0.05) which means that partially Total Asset Turn Over (TATO) has no effect on profitability ( ROA) .From all the independent variable testing simultaneously, it is obtained that F count is (3.86) > F table (2.66) and the value of probability is equal (0.028) < (0.05) which means together the Net Working Capita (NWC), Curren Ratio ( CR), Dept. Equity Ratio (DER) and Total Asset Turn Over (TATO) has a significant effect on profitability (ROA).

It can be concluded that the CR variable partially has a significant effect on profitability (ROA). While the variables of NWC, DER and TATO partially do not have a significant effect on profitability (ROA). Simultaneously NWC, CR, DER and TATO have a significant effect on Profitability (ROA).