THE EFFECT OF PROFITABILITY, FIRM SIZE AND LEVERAGE ON LIQUIDITY OF COMPANIES LISTED IN THE LQ45 INDEX OF INDONESIAN STOCK EXCHANGE IN THE PERIOD OF 2017-2022
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Abstract
This study objective is to determine the effect of profitability, firm size and leverage on liquidity of listed companies in the LQ45 index in Indonesian Stock Exchange (IDX). Eighteen (18) firms from the LQ45 over a period of 6 years from 2017 to 2022 were taken as samples by purposive sampling. Data analysis uses multiple linear regression methods using SPSS. The study found that there is a negative and significant relationship between firm size and leverage on liquidity. The relationship between profitability and liquidity was found to be positive. This study displays the indirect relations between the variables to the pecking order theory and signaling theory. Furthermore, this study pushes the importance of managing profitability and leverage so that an optimal liquidity in the firm can be achieved.
Keywords: Profitability, Leverage, Firm Size, LQ45, Liquidity
Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas, ukuran perusahaan dan leverage terhadap likuiditas pada perusahaan yang tercatat dalam indeks LQ45 di Bursa Efek Indonesia (BEI). Sebanyak 18 (delapan belas) perusahaan dari LQ45 selama kurun waktu 6 tahun dari tahun 2017 sampai dengan tahun 2022 diambil sebagai sampel secara purposive sampling. Analisis data menggunakan metode regresi linier berganda menggunakan SPSS. Penelitian ini menemukan bahwa terdapat hubungan negatif dan signifikan antara ukuran perusahaan dan leverage terhadap likuiditas. Hubungan antara profitabilitas dan likuiditas ditemukan positif. Penelitian ini menunjukkan hubungan tidak langsung antara variabel-variabel tersebut dengan pecking order theory dan signaling theory. Lebih lanjut, penelitian ini mendorong pentingnya pengelolaan profitabilitas dan leverage sehingga likuiditas yang optimal pada perusahaan dapat tercapai.
Kata Kunci: Profitabilitas, Leverage, Ukuran Perusahaan, LQ45, Likuiditas
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