THE INFLUENCE OF CURRENT RATIO, TOTAL ASSET TURNOVER, AND R&D INTENSITY ON RETURN ON COMPANY ASSET IN THE PHARMACY SECTOR LISTED ON IDX FOR THE 2018-2023 PERIOD
Abstract viewed = 0 times
PDF downloaded = 0 times
Abstract
This research aims to analyze the influence of Current Ratio, Total Asset Turnover, and Research and Development (R&D) Intensity on Return on Assets. The population in this research are all pharmaceutical sector companies listed on the Indonesia Stock Exchange. Meanwhile, the sample was 8 pharmaceutical companies using the purposive sampling method. Secondary data was obtained from the Indonesian Stock Exchange and the official website of each company. The independent variables used are current ratio, Total Asset Turnover, and R&D Intensity. Meanwhile the dependent variable is Return on Assets. The data analysis technique used is descriptive analysis and path analysis with SEM PLS. The results of this research show that the current variable has a positive and significant effect on Return on Assets, while the total asset turnover and R&D intensity variables have a negative and insignificant effect on Return on Assets.
Keywords: Current Ratio; Total Aset Turnover; Intensitas Research and Development (R&D); Return on Asset
Penelitian ini bertujuan untuk menganalisis pengaruh Current Ratio, Total Aset Turnover, dan Intensitas Research and Development (R&D) terhadap Return on Asset. Populasi dalam penelitian ini adalah seluruh perusahaan sektor Farmasi yang terdaftar di Bursa Efek Indonesia. Sedangkan sampel sebanyak 8 perusahaan farmasi dengan menggunakan metode purposive sampling. Data sekunder diperoleh di Bursa Efek Indonesia dan website resmi masing-masing perusahaan. Variabel independen yang digunakan adalah current ratio, Total Aset Turnover, dan Intensitas R&D. Sedangkan variabel dependent adalah Return on Asset. Teknik analisis data yang digunakan adalah analisis deskriptif dan analisis jalur dengan SEM PLS. Hasil penelitian ini menunjukkan bahwa variabel current berpengaruh positif dan signifikan terhadap Return on Asset, sedangkan variabel total asset turnover dan intensitas R&D berpengaruh negative dan tidak signifikan terhadap Return on Asset.
Kata Kunci: Current Ratio; Total Aset Turnover; Intensitas Research and Development (R&D); Return on Asset
References
Angelina, C., Sharon, S., Lim, S., Lombogia, J. Y. R., & Aruan, D. A. (2020). Pengaruh Current Ratio, Debt to Equity, Perputaran Kas dan Total Asset TurnOver (TATO) Terhadap Profitabilitas pada Perusahaan Food & Beverages yang terdaftar di Bursa Efek Indonesia. Owner, 4(1), 16. https://doi.org/10.33395/owner.v4i1.178
Beld, B. (2014). The effects of R & D investment on firm performance. Bachelor Thesis Conference, November 6th, 1–9.
Ferdaous, J., & Rahman, M. M. (2017). The Effects of Research and Development Expenditure on the Firm Value: Focusing on the Portfolio’s Excess Return. Asia Pacific Journal of Business Review, 1(2), 37–62. https://doi.org/10.20522/apjbr.2017.1.2.37
Ghozali, I. (2013). Aplikasi Analisa Multivariat Dengan Program SPSS. Semarang:Universitas Diponegoro.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Haryono, S., & Wardoyo, P. (2013). Structural Equation Modelling. In The International Encyclopedia of Communication. https://doi.org/10.1002/9781405186407.wbiecs108
Ibhagui, O. (2019). Do large firms benefit more from R&D investment? The European Journal of Applied Economics, 16(2), 155–173. https://doi.org/10.5937/ejae16-21770
Kasmir. (2018). Analisis Laporan Keuangan, 12(2004), 134.
Lartey, V. C., Antwi, S., & Boadi, E. K. (2013). The Relationship between Liquidity and Profitability of Listed Banks in Ghana. International Journal of Business and Social Science, 4(3), 48–56.
Munawar, A. (2019). The Effect of Liquidity, Leverage and Total Aset Turnover on Profitability; Empirical Study of Manufacturing Companies in Indonesia Stock Exchange 2012 – 2017. International Journal of Economics and Management Studies, 6(9), 126–131. https://doi.org/10.14445/23939125/ijems-v6i9p116
Pratheepan, T. (2014). a Panel Data Analysis of Profitability Determinants Empirical Results From Sri Lankan Manufacturing Companies. International Journal of Economics, Commerce and Management United Kingdom, II(12), 1–9. http://ijecm.co.uk/
Priyatno, D. (2016). Belajar alat analisis data dan cara pengolahannya dengan SPSS,Gava Media.Yogyakarta.
Rahman, M. M., & Howlader, M. S. (2022). The impact of research and development expenditure on firm performance and firm value: evidence from a South Asian emerging economy. Journal of Applied Accounting Research, 23(4), 825–845. https://doi.org/10.1108/JAAR-07-2021-0196
Rosyamsi. (2019). Pengaruh Earning Per Share ( EPS ), Return On Asset ( ROA ), Debt To Equity Ratio ( DER ), Dan Total Asset Turnover ( TATO ) Terhadap Harga Saham Yang Terdaftar Di Indeks IDX30 Periode 2013-2022. Analisis Faktor-Faktor Yang Mempengaruhi Return Saham, 13(2), 31.
Samo, A. H., & Murad, H. (2019). Impact of liquidity and financial leverage on firm’s profitability – an empirical analysis of the textile industry of Pakistan. Research Journal of Textile and Apparel, 23(4), 291–305. https://doi.org/10.1108/RJTA-09-2018-0055
Usman, M., Shaique, M., Khan, S., Shaikh, R., & Baig, N. (2017). Impact of R&Amp;D Investment On Firm Performance And Firm Value: Evidence From Developed Nations (G-7) Tt - Impacto Do Investimento Em P &Amp; D No Desempenho Firme E Valor Da Empresa: Evidência Das Nações Desenvolvidas (G-7) Impacto De I + D Inversión E. Revista de Gestão, Finanças e Contabilidade, 7(2), 302–321.
Wernerfelt, B. (1984). A Resource-based View of the Firm. 5(2), 171–180.
Wijayanto, A., Suhadak, Dzulkirom, M., & Nuzula, N. F. (2019). the Effect of Competitive Advantage on Financial Performance and Firm Value: Evidence From Indonesian Manufacturing Companies. Russian Journal of Agricultural and Socio-Economic Sciences, 85(1), 35–44. https://doi.org/10.18551/rjoas.2019-01.04
