EFFECT OF RETURN ON ASSETS, TOTAL ASSETS TURNOVER QUICK RATIO AND INVENTORY TURNOVER OF DEBT TO ASSETS RATIO
|
|
- Rebecca Kennedy
- 5 years ago
- Views:
Transcription
1 EFFECT OF RETURN ON ASSETS, TOTAL ASSETS TURNOVER QUICK RATIO AND INVENTORY TURNOVER OF DEBT TO ASSETS RATIO Sri Fitri Wahyuni 1 fitri08_umsu@yahoo.com Salman Farisi 2 1,2 University of Muhammadiyah Sumatera Utara Abstract The purpose of this study was to determine the effect of Return On Assets, Total Assets Turnover, Quick Ratio and Inventory Turnover on the Debt to Assets Ratio and to determine the influence Return On Assets to Debt to Assets Ratio, Total Assets Turnover on the Debt to Assets Ratio, Quick Ratio on the Debt to Assets Ratio, Inventory Turnover on the Debt to Assets Ratio either partially or simultaneously on the company s Whole Sale (Durable & Non Durable Goods) listed on the Indonesia Stock Exchange. The approach used in this study is an associative approach. The sample in this study as many as fourteen companies company s Whole Sale (Durable & Non Durable Goods) listed on the Indonesia Stock Exchange. And observations made during the five years starting from 2010 to Data collection techniques in this study using documentation technique. Data analysis techniques in this study using Regression analysis, t test, F test and coefficient of determination. The results of this study prove that the partial Return On Assets significant effect on the Debt to Assets Ratio, partially Total Assets Turnover significant effect on the Debt to Assets Ratio, partially Quick Ratio significant influence on the Debt to Assets Ratio, partially Inventory Turnover no significant effect on Debt to Assets Ratio while simultaneously Return on Assets, Total Assets Turnover, Inventory Turnover Ratio and Quick significant effect on the Debt to Assets Ratio company s Whole Sale (Durable & Non Durable Goods) in the Indonesia Stock Exchange. Keywords : Return On Assets, Total Assets Turnover, Quick Ratio, Inventory Turnover and Debt to Assets Ratio INTRODUCTION Basically, every company has the same goal which is to make a profit. To achieve these objectives, the company is required to increase the value of the company. In addition, the company is also required to be able to manage the factors of ISBN
2 production that there is effectively and efficiently and innovate with the product in order to remain competitive in the global market. In creating and maintaining a good corporate necessary guidance and effective supervision. From some companies, funding sources are derived only from its own capital is less and therefore it is often companies obtained loans from external parties. Debt because it is temporary and not permanent are often the most important part of the capital structure. Nevertheless, lenders do not always want to lend money, especially if the company's credit risk is high. Harmono (2009) says that the capital structure is a variation of the composition of the capital structure changes that may alter the size weighted average cost of capital affect the assessment of the company. Capital structure theory is concerned with how capital is allocated in the company real asset investment activity by determining the capital structure between debt and equity capital. Basically, if a company increases the amount of debt as a source of funds that may increase financial risk. If the company is unable to manage the funds obtained from debt productively it can provide negative influence the company and vice versa. The higher the total value of the debt it will affect the capital resources obtained from external parties. This is because external parties consider that companies prioritize debt than managing capital are already available. This will cause the enterprise is difficult to obtain an investment. Kasmir (2010) says that the short-term debt or often referred to as a current liability or debt obligations to other parties that must be paid. The higher level of inventory turnover of a company, the higher the level of the company's ability to manage its debt. This is due to high inventory turnover will affect the profit that would be generated that would allow companies to repay the loan to the outside party. Whether it's a loan that has matured and long-term loans. Then Harmono (2009) says that the tipping moment is often called debt ratio is a series of management measures ranging from the sourcing of funding, scrutiny of internal business processes to support long-term asset investments, control of the market needs, and anticipate competitor. By using this ratio of the external party will be easy to determine the extent to which the management of community resources used and how the process of obtaining these funds and determine the extent of the company's products can be sold. 250 ISBN
3 LITERATURE REVIEW Debt to Assets Ratio (DAR) A company that solvable means that the company has sufficient assets to pay all its debts and vice versa, companies that do not have enough wealth to pay its debts referred to the company that insolvable. According to Raharjaputra (2011) "Debt ratio is the ratio used to measure the percentage of the total funds provided by the lender in the form of debt to total assets of the company". Meanwhile, according to Harahap (2013: 304) debt to assets ratio is the ratio that indicates the extent of the debt can be covered by assets ". Debt to assets ratio is a financial ratio used to measure how much a company's assets are financed by debt or how debt affects the asset management company. The lower the value Debt to Assets Ratio (DAR), the better the ratings of investors or creditors against the company so that investors or lenders will give to lend to the company. For companies it is important to know the factors that affect solvency. So that the company can determine the extent of the company's assets are financed by debt.. According to Sjahrial (2008) the factors that affect the solvency are as follows: 1) The level of sales 2) The asset structure 3) The growth rate of the company 4) The ability to generate profits 5) Variability of earnings and tax protection 6) Scale companies 7) The company's internal conditions and macroeconomic Return On Assets (ROA) The final goal to be achieved by the company is to obtain the maximum profit or gain. By obtaining the profit in accordance with the target company then the ISBN
4 company is considered to have managed production factors effectively and efficiently. To assess whether the company has been conducting its business properly, then be viewed using a profitability ratio. Kasmir (2010) says that the results of return on investment, or better known as the Return on Investment (ROI) or Return On Assets (ROA), a ratio that shows the results (return) on a number of assets used by the company. ROI is also a measure of the effectiveness of management in managing its investments, then Harahap (2013) says that the Return On Assets (ROA) is a ratio that describes how large the net profit obtained by the company when measured by the value of the assets. The higher rate of return on investment a company then means that the company has been able to improve the performance of the company so that the objectives of the company can be reached. Return On Assets or often translated into Indonesian as economic profitability measure the company's ability to generate profits in the past which can then be projected into the future to measure the ability of the company for the future. According to Munawir (2007) the magnitude of ROA influenced by two factors: 1) Turnover of operating assets (the asset turnover rate that is used for the operation) 2) Profit margin, namely the amount of the operating profit expressed as a percentage and total net sales. The profit margin measures the profit that can be achieved by a company associated with sales. The higher the turnover rate of assets used for the operation of the profit margin earned by the company, the higher it will affect the willingness of investors or creditors to invest, stop or proceed with its investment in the company. Total Assets Turnover (TATO) The ratio of activity (activity ratio) is a ratio used to describe the ability of companies utilize assets owned in obtaining revenue through the sale. Harahap (2013: 309) says that Total Assets Turnover (TATO) shows the asset turnover measured by the volume of sales in other words how far the ability of all assets create sales. And Kasmir (2012: 185) says that Total Assets Turnover is a ratio used to measure the velocity of all assets owned by the company and measure a number of sales derived from each rupiah asset. By using this ratio, the company will be able to know the extent to which the company's ability to manage existing assets by distributing the net sales of the venture capital companies. 252 ISBN
5 By using Total Assets Turnover (activity ratio) companies will be easier to measure how long the collection of accounts receivable, the company is also able to calculate the average accounts receivable, cash flow generated calculate and others. According to Riyanto (2010) that the level of Total Assets Turnover is determined by two factors: 1) With increase business capital (operating asset turnover) up to a certain level of achievement sought additional sales as much as possible; 2) By reducing sales to a certain extent cultivated a decrease or reduction of the maximum operating assets. Total Assets Turnover (TATO) is used to measure the venture capital and sales. The higher the sales turnover of the company, will accelerate the process of venture capital companies. Total Assets Turnover an asset manager last ratio, measuring the velocity or the benefit of all assets of the company. Harahap (2013) says that this ratio shows the asset turnover measured by the volume of sales in other words how far the ability of all assets create sales. Quick Ratio (QR) The liquidity ratio, or often called the working capital ratio is a ratio that illustrates the company's ability to meet obligations (debt) have short-term maturities. Libby, et al (2008: 716) said that fast ratio a liquidity test tool which is more stringent than the current ratio. The Quick ratio compares the asset quickly, which is defined as cash and near cash assets, against current liabilities. The Quick ratio is a measure of safety margin available to meet current liabilities of the company. Then, Raharjaputra (2011) says that the Acid test ratio / quick ratio is a ratio to measure a company's ability to meet the process by reducing the inventory is considered less liquid because the process is quite long, through the sale and then the accounts receivable or cash. By using the quick ratio is the lender or investor will determine the extent to which the company can meet or pay liabilities or current liabilities with current assets without taking into account the value of the stocks. Inventory is a current asset lowest liquidity level, frequent price fluctuations and often lead to losses in the event of liquidation. According to Kasmir (2012: 79) factors need to be considered divided into three parts: ISBN
6 1) The amount of investment in fixed prices compared with the rest of the longterm funding. The use of funds for the purchase of fixed assets is one of the causes of the state of a liquid. 2) The volume of corporate activities. Increased volume Integration activities will increase the need for funds to finance current assets. 3) Controlling current assets. If the less well to control the amount of investment in inventories and receivables led to their investment more than is supposed. The amount of investment, the volume of activity of the company and control of current assets are all factors that affect the liquidity ratio. By looking at the volume of activity of the company, investors will know the extent of the company's activities over the management of assets held so as to obtain appropriate return target. Inventory Turnover (ITO) To obtain the maximum profit companies must manage production factors effectively and efficiently. To determine whether these factors are managed well or not, it can be assessed through any activity undertaken by the company so that the company's target can be achieved. According to Raharjaputra (2011: 203) "Inventory Turnover is a ratio of the activity. This ratio measures the company's ability to sell its products in a given period, compared to the amount of inventory on hand ". Then, Munawir (2007) said inventory turnover (inventory turnover), the ratio of sales to average inventory are rated based on the sales price or, if possible, this ratio is calculated by comparing the cost of goods sold by average inventory. This ratio shows how many times the funds invested in stocks is rotating in one year/period. The bigger the better turnover means. High and low inventory turnover has a direct effect on the size of the capital invested in inventory. The higher turnover means faster-moving, which means shorter time bound capital in inventory. 254 ISBN
7 According to Riyanto (2010: 74) factors that affect the safety stock in a company, namely: 1) The risk of running out of supplies The size of the risk of running out of inventory depends on: a) The custom of handing the goods supplied by the company, whether they are the ordinary hand over the goods in accordance with the schedule that has been set or not. b) The size of the total raw material purchased at any time. c) Predictable or not the precise needs of raw materials for production. 2) The relationship between the cost of storage in a warehouse on the one hand with the costs to be incurred as a result of running out of supplies on the other. Which is an extra cost to be incurred when the other is out of stock between the purchase cost of emergency orders. In addition, we must also consider factors that affect the minimum inventory of finished goods, namely: a) The nature of the production schedule adjustment with extra orders. b) The competitive nature of the industry. c) The relationship between the cost of storage in a warehouse (carrying cost) and costs for running out of stock (stockout cost). The size of the risk of running out of inventory depends on the habits of the suppliers submit their goods to the company as well as the size of the total raw material purchased and the relationship between the cost of storage in a warehouse on the one hand with the costs to be incurred as a result of running out of supplies on the other hand is factors that affect safety stock. METHODS This research is associative, which aims to determine the effect of two or more variables. This study uses empirical secondary data, where the data obtained from the document by means of browsing on the official website of Indonesia Stock Exchange that is While the approach of the study is a quantitative approach. The sample was fourteen companies and research data sources are the financial statements of the company s sub-sector Whole Sale (Durable & Non Durable Goods) listed on the Indonesia Stock Exchange. Data analysis techniques in the research are to use the classic assumption test, multiple linear regression, t- test, and F-test, as well as the coefficient of determination. FINDINGS ISBN
8 Research Result Regression Analysis Multiple linear regression analysis is used to determine the effect of independent variables on related variables. Multiple linear regression was used to test the effect of Return On Assets, Total Assets Turnover, Inventory Turnover Quick Ratio against Debt to Assets Ratio. A multiple linear regression equations can be formulated as follows: Y = to X X2 - X3 0,037-0,008 X4 + έ Table 1. Multiple Linear Regression Coefficients a Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. 1 (Constant) Return On Assets Total Assets Turnover Quick Ratio Inventory Turnover a. Dependent Variable: Debt to Assets Ratio The equation can be described as follows: a) A value or a constant value of indicates the direction of positive ties showed that the independent variables held constant, then the Debt to Assets Ratio has increased by or the equivalent of 48.6%. b) Β1 value of with a negative direction of the relationship indicates that any increase Return On Assets will be followed by a decrease in the Debt to Assets Ratio of or by 139.8%, assuming the other independent variables held constant. 256 ISBN
9 c) Β2 value of with the direction of a positive relationship indicates that any increase in Total Assets Turnover will be followed by a rise of Debt to Assets Ratio or 11.4% assuming the other independent variables held constant. d) Β3 value of-0.037with the direction of a negative relationship indicates that any increase in the Quick Ratio will be followed decrease Debt to Assets Ratio of 0,037or by 3.7%, assuming the other independent variables held constant. e) Β4 value of 0,008 with the direction of a positive relationship indicates that any increase in Inventory Turnover will be followed by a rise of Debt to Assets Ratio 0,008 or by 0.8%, assuming other variables held constant. From table 2, show, Adjusted R-square value or the coefficient of determination is equal to This figure indicates that the Debt to Assets Ratio (dependent variable) is able to be explained by Return On Assets, Total Assets Turnover, Quick Ratio. And Inventory Turnover (independent variables) of 45.50%, while the rest of 54.50% is explained by other causes that are not investigated by the researchers in this study. Hypothesis Testing To determine the value of the t statistic table used a significance level of 5% of degrees of freedom (degree of freedom) df = (nk) where n is the number of observed data, the test criteria used are: H0 if: -ttable t t table, at α = 5%, df = n-2 and H0 is rejected if: ttest> t table or -ttest <-ttable Return On Assets to the value of the Debt to Assets Ratio processing results shows that the indigo t = and table = with α = 5%. Thus -ttest value smaller than the value -ttable ( <-1.995) and the significance value of (less than 0.050) means that H0 is rejected and Ha accepted. Based on these results concluded that H0 is rejected and Ha accepted which showed that partially was no significant effect on the Return on Assets Debt to Assets Ratio. Total Assets Turnover for the value of the Debt to Assets Ratio processing result shows that the value of t = and ttable with α = 5% is found to be Thus the value of ttest is greater than the value of ttable (6.322> 1.995) and a significant value of (less than 0.050) means that H0 is rejected and Ha accepted. Based on these results concluded that H0 is rejected and Ha accepted which showed that partially was no significant effect on Total Assets Turnover Debt to Assets Ratio. To value the Quick Ratio Debt to Assets Ratio processing result shows that the value is ttest = and ttable with α = 5% is found to be Thus -ttest value smaller than the value -ttable ( <-1.995) and the significance value of (less than 0.050) means that H0 is rejected and Ha accepted. Based on these ISBN
10 results concluded that H0 is rejected and Ha accepted which showed that partially was no significant effect Quick Ratio of Debt to Assets Ratio. Inventory Turnover for the value of the Debt to Assets Ratio processing result shows that the value of ttest = and ttable with α = 5% is found to be Thus ttest less than or equal to ttable and greater than or equal to -ttable ( < <1.995) and a significance value of (greater than 0,050) means that H0 is accepted and Ha rejected. Based on these results concluded that H0 is accepted and Ha is rejected: it suggests that that partially no significant effect on the Inventory Turnover Debt to Assets Ratio. The F-statistic is used to test the influence of all independent variables together - together (simultaneously) on the dependent variable. Proof is done by comparing the value of the critical F (F table) with a value of F contained in the analysis of variance table. To determine the value of F table, the significance level used by 5% with degrees of freedom (degree of freedom) df = (nk-1) where n is the number of observed data, the test criteria used are: If the value of significance (F count Ftabel) then H0 is rejected and if the value of the significance (of F <F table), then H0 is accepted For processing above shows that the probability of F values of 2.51 is smaller than the F table at with a significant level of Based on these results it can be seen that the F test > Ftable (15.375> 2.51) so H0 is rejected and Ha accepted. So it can be concluded that the variability Return On Assets, Total Assets Turnover, Quick Inventory Turnover Ratio and together no significant effect on the Debt to Assets Ratio. Table 2. Partical Test (t-test) Coefficients a Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. 1 (Constant) Return On Assets Total Assets Turnover Quick Ratio Inventory Turnover ISBN
11 Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. 1 (Constant) Return On Assets Total Assets Turnover Quick Ratio Inventory Turnover a. Dependent Variable: Debt to Assets Ratio The Coefficient Of Determination (R-Square) In table 4 can be seen the results of the regression analysis as a whole showed the R-value of indicates that the correlation or relationship Debt to Assets Ratio (dependent variable) and Return On Assets, Total Assets Turnover, Quick Ratio and Inventory Turnover (independent variables) have a level of relationship strong is equal to: D = R2 x 100% D = x 100% D = 69.7% Value Adjusted R-Square or the coefficient of determination is equal to This figure indicates that the Debt to Assets Ratio (dependent variable) is able to be explained by Return On Assets, Total Assets Turnover, Quick Ratio and Inventory Turnover (independent variables) of 45.50%, while the rest of 54.50% is explained by causes not examined by the researchers in this study. Then the standard error of the estimate is equal to or 0.17 where the smaller points to make a more appropriate regression model in predicting Debt to Assets Ratio. Discussion Influence Return On Assets to Debt to Assets Ratio The results obtained on the effect of Return On Assets to Debt to Assets Ratio company s Whole Sale (Durable & Non Durable Goods) in Indonesia Stock ISBN
12 Exchange (BEI). Partial results of hypothesis testing show that part was no significant effect on the Return on Assets Debt to Assets Ratio. It is stated that the Return On Assets has an influence on the Debt to Assets Ratio, in other words, if the value of Return on Assets increased the value of the debt as an indicator of Debt to Assets Ratio has decreased. Where the decline in debt that can be paid for by the profits rise. The results are consistent with research conducted by Suhendro (2006) as well as research conducted by Kusuma (2008) which states that the Return On Assets significantly affect the Debt to Assets Ratio. Meanwhile, according to the theory of Brigham and Houston (2010: 221) states that companies with a high rate of return on investment using a relatively small debt. A high return rate makes it possible to finance most of the funding requirements with internally generated funds. Arguing that the cost of internal funds better than the cost of internal funds. Based on the results of research conducted by the author in theory, opinion, as well as previous studies mentioned above regarding the effect of the Return on Assets Debt to Assets Ratio. The authors conclude that there is a match between the results with theory, opinion and previous studies that there is a significant influence on the Return on Assets Debt to Assets Ratio. Effect on Total Assets Turnover on the Debt to Assets Ratio Research results obtained on the effect of Total Assets Turnover on the Debt to Assets Ratio company s Whole Sale (Durable & Non Durable Goods) in Indonesia Stock Exchange partially concluded that no significant effect on Total Assets Turnover Debt to Assets Ratio. It states that Total Assets Turnover has an influence on the Debt to Assets Ratio, in other words, if the value of Total Assets Turnover has increased the value of the capital structure as an indicator of Debt to Assets Ratio increased. Where the asset turnover increases, then the company needs more capital to facilitate the production process. This is in line with the theory put forward by Sofyan (2013: 309) says that Total Assets Turnover (TATO) shows the asset turnover measured by the volume of sales in other words how far the ability of all assets create sales. The increase in Total Assets Turnovernya followed by an increase in the Debt to Assets Ratio, which means that the greater the amount of assets owned by the company can be used as collateral debt that companies will be easier to obtain external financing because the company is considered able to repay. According to the authors asset turnover can be used as a basis for planning and supervision of the company's capital structure that is ideal in the future. This is consistent with the results of research Seftianne (2011) and Ade (2011) which 260 ISBN
13 states that the Total Assets Turnover significant effect on the Debt to Assets Ratio. Moreover, these results also prove the theory proposed by RJ (2009: 296) which says that the state of the assets of high or low will provide an overview of asset turnover (Total Assets Turnover) and the advantages that can be achieved by the company from the turnover of assets (Total assets Turnover) is. A high asset will provide a high level overview of solvency so the lower the risk of companies in men cover the debts of the company. Based on the results of research conducted by the author in theory, opinion, as well as previous studies mentioned above regarding the effect of Total Assets Turnover on the Debt to Assets Ratio. The authors conclude that there is a match between the results with theory, opinion and previous studies that there is a significant influence on the Total Assets Turnover Debt to Assets Ratio. Effect of Quick Ratio of Debt to Assets Ratio Research results obtained on the effect of Quick Ratio of Debt to Assets Ratio company s Whole Sale (Durable & Non Durable Goods) in Indonesia Stock Exchange partially concluded that no significant effect Quick Ratio of Debt to Assets Ratio. It states that have an influence on the Quick Ratio, Debt to Assets Ratio, in other words, if the value of the Quick Ratio has increased the value of the debt as an indicator of Debt to Assets Ratio has decreased. And if the composition of debt in the capital structure is high enough, then the company needs sufficient guarantees of the company. Based on the results of research conducted by Nugroho (2006) which says that the partial Quick Ratio significant effect on the variable Debt to Assets Ratio, the greater the company's liquidity will affect the debt, where the greater value of this ratio is of course the greater the amount of equity capital that is embedded into the company. This is in line with the theory put forward by Kasmir (2010: 111) states that the quick ratio is a ratio which indicates the company's ability to pay shortterm obligations as they mature so that the total debt of the company becomes smaller. But it is different with the results of research conducted by Oemar dkk (2015) which says that the negative effect on the liquidity of the capital structure. This is not in accordance with the above theory proposed by Kasmir. Based on the results of research conducted by the author in, theory, opinion, as well as previous studies mentioned above regarding the effect of Quick Ratio of Debt to Assets Ratio. The authors conclude that there is a match between the results with theory, opinion and previous studies that there is a significant influence on the Quick Ratio Debt to Assets Ratio. ISBN
14 Effect on Inventory Turnover on Debt to Assets Ratio Research results obtained on the effect of Inventory Turnover on the Debt to Assets Ratio company s Whole Sale (Durable & Non Durable Goods) in Indonesia Stock Exchange can be concluded that partially no significant effect on the Inventory Turnover Debt to Assets Ratio. This means that the Inventory Turnover has not had an influence on the Debt to Assets Ratio, in other words, if the value of inventory Turnover decreasing the value of the debt as an indicator of Debt to Assets Ratio increased. Kasmir (2010: 218) says that the effect of the inventory turnover rate on working capital is quite important for the company. The smaller or lower the turnover rate, the higher working capital requirements, thus black otherwise. Thus, it takes a fairly high inventory turnover in order to minimize the risk of losses due to falling prices and be able to save storage costs and maintenance. The results are consistent with the results of research conducted by Margaretha and Ramadan (2010), as well as Supriyanto, and Falikhatun (2008) which states that the Inventory Turnover no significant effect on Debt to Assets ratio. The increase in assets due to increased inventory turnover with capital from debt means indicates that companies are less able to manage existing assets so that if the asset is increased, the debt will increase and thereby Debt to Assets Ratio will increase, so the higher the asset, the greater the Debt to assets ratio. Based on the results of research conducted by the author in theory, opinion, as well as previous studies mentioned above regarding the effect of the Inventory Turnover Debt to Assets Ratio. The authors conclude that there is no match between the results of the study with the theory, opinion and previous studies that there is a significant influence on the Debt to Assets Turnover Ratio. This is because in this study write Inventory Turnover get results that do not significantly affect the Debt to Assets Ratio. Table 3. Simultaneous Test (F-Test) ANOVA b Model Sum of Squares df Mean Square F Sig. 1 Regression a Residual Total ISBN
15 a. Predictors: (Constant), Inventory Turnover, Quick Ratio, Return On Assets, Total Assets Turnover b. Dependent Variable: Debt to Assets Ratio Influence Return On Assets, Total Assets Turnover, Quick Inventory Turnover Ratio and against Debt to Assets Ratio The results obtained on the effect of Return on Assets, Total Assets Turnover, Quick Ratio and Inventory Turnover on the Debt to Assets Ratio in service companies sub-sector of large trade produced goods listed on the Indonesia Stock Exchange concluded that the variable Return On Assets, Total Assets Turnover, Quick Inventory Turnover Ratio and together no significant effect on the Debt to Assets Ratio trade sub-sector services company major production items listed in Indonesia Stock Exchange period from 2010 through It has a meaning greater Return On Assets of the company, the external capital structure will decrease, because of the higher the company's ability to manage existing assets so as to obtain a return that could ultimately be used for their own capital. By using capital from internal will reduce the tendency of companies to use debt as a primary funding. The results are consistent with the theory put forward by According Munawir (2007) Return on Assets is a ratio that measures the ability of companies with total funds invested in assets that were used for the operating company to make a profit. "By using these advantages, the company will be able to pay its obligations so that it can be concluded that the Return on Assets is one of the factors that affect Debt to Assets Ratio. Return On Assets, In addition, there are several other factors that affect the company's capital structure is Total Assets Turnover.Syafrida (2015: 123) says that Total Assets Turnover (TATO), the ratio to measure the efficiency of the overall assets during the period. The high Total Assets Turnover (TATO) demonstrates the effectiveness of the use of property companies. The higher the Total Assets Turnover, the higher the capital structure, which means the greater the total assets that can be used as collateral companies obtain funding from external parties and vice versa. According to Kasmir (2010 : 110) states that the liquidity ratio is the ratio that describes the ability of the company meet its short-term obligations. One measure used to calculate the liquidity is the Quick Ratio for with use this ratio then external parties will determine the extent to which the company is able to pay its liabilities or short-term debt using current assets. Apart from the three ISBN
16 factors above, there is one factor that affects IE Debt to Assets Ratio Inventory Turnover. Hendra (2008: 204) says that the company's inventory turnover shows the performance of the company in its operational activities. The higher the inventory turnover rate, the greater the likelihood the company will benefit. The Result is exactly what will be used to increase capital structure and reduce the tendency of debt. The results are consistent with research conducted by Alan and Lisbeth (2015) which says that the asset structure have a significant effect on the capital structure as well as research conducted by Nantyo (2014) in his research said that the profitability ratio (ROA), liquidity ratio (QR) and the activity ratio (TATO and ITO) significant and positive impact on the capital structure. Based on the results of research by the author and theories, opinions, as well as previous studies mentioned above regarding the effect of Return On Assets, Total Assets Turnover, Quick Inventory Turnover Ratio and together affect the Debt to Assets Ratio. The authors conclude that there is a match between the results of the study with the theories, opinions and previous research. Table 4. Coefficient of Determination Model Summary b Mo del R R Squar e Adjusted R Square Std. Error of the Estimate Durbin-Watson a a. Predictors: (Constant), Inventory Turnover, Quick Ratio, Return On Assets, Total Assets Turnover b. Dependent Variable: Debt to Assets Ratio CONCLUSIONS Based on the results of research and discussion that has been stated previously, it can take conclusion of the study on the effect of Return On Assets, Total Assets Turnover, Quick Ratio and Inventory Turnover on the Debt to Assets Ratio in service companies sub sector Whole Sale (Durable & Non Durable Goods)is listed on the Stock Exchange Indonnesia period of 2010 s / d in 2014 with a population of 33 companies and taken a sample of 14 companies are as follows: 264 ISBN
17 1. There is a significant influence between the Return On Assets to Debt to Assets Ratio. This means that the Return On Assets increase will cause the Debt to Assets Ratio decreased. 2. There is a significant influence between Total Assets Turnover on the Debt to Assets Ratio. This means that the Total Assets Turnover increases will cause the Debt to Assets Ratio has increased as well. 3. There is a significant influence between Quick Ratio of Debt to Assets Ratio. Where the higher the company's ability to pay its current obligations at maturity. 4. There is no significant influence between the Inventory Turnover on the Debt to Assets Ratio. This means that the Inventory Turnover has no influence on the Debt to Assets Ratio. 5. There is a significant influence between the Return On Assets, Total Assets Turnover, Quick Inventory Turnover Ratio and against Debt to Assets Ratio. Suggestion 1. To reduce the debt (Debt to Assets Ratio) then the company should increase the value of Return on Assets by raising the value of the company's net income can then be used to pay the debts of the company, causing the value of the Debt to Assets Ratio may drop. 2. To reduce the debt (Debt to Assets Ratio) services company should trade subsector of the goods production increases the value of Total Assets Turnover by raising the level of corporate sales. With increased sales of the profit generated will increase which will cause the Debt to Assets Ratio value may drop. 3. To reduce the debt (Debt to Assets Ratio) should be a service company subsectors big trade of goods produced increases the value of the Quick Ratio by increasing the value of current assets that can then be used to pay the debts of the company, causing the value of the Debt to Assets Ratio may drop. 4. To reduce the debt (Debt to Assets Ratio) services company should trade subsector of the goods production increase Inventory Turnover value by increasing the value of sales companies which can then be used to pay the debts of the company, causing the value of the Debt to Assets Ratio may drop. With the increase in inventories, the production of a company will also increase, so that the sales volume could be improved. Then eventually the maximum profit can be used to pay the debts of the company. ISBN
18 REFERENCE Brigham and Houston (2010). Basics of Financial Management. Jakarta: Salemba Empat. Hani, Syafrida (2015). Financial Statement Analysis techniques. Terrain: UMSU Press. Harahap, Sofyan Syafri (2013). Critical Analysis of Financial Statements. Jakarta: Rajawali Pers. Harmono (2009). Based Financial Management Balanced Scorecard Approach Theory, Case and Business Research. Jakarta: Bumi Aksara. Kasmir (2010). Introduction to financial management. Jakarta: Kencana. Kasmir (2012). Analysis of the financial statements. Jakarta: PT. RajaGrafindo Persada. Kristina, Nantyo. (2014). "Effect Liquidity and Profitability Of Capital Structure and Activity Ratio as an intervening". Journal of Management Studies and Research Vol.3 # 12. Kusuma. (2008). "Effect of Profitability, Liquidity, Capital Structure Size Against Growth of the Automotive Industry in BEI". Journal of Management Studies and Research Vol. 3. Libby, Robert et al. (2008). Financial Accounting. Yogyakarta: ANDI. Margarertha, Farah and Ramadan, Aditya Rizky, (2010). "Factors Affecting the Capital Structure of Manufacturing Industry in Indonesia Stock Exchange". Journal of Business and Accountancy, University of Trisakti Vol.12 Munawir (2007). Analysis of financial statements. Yogyakarta: Yogyakarta Liberty Nugroho. (2006). "Analysis of Factors Affecting Capital Structure The Property Company Go Public on the JSE". Journal of Economics and Management Faculty of Diponegoro University, Semarang. Vol. 1. Oemar, Abrar, Siti Asri P and Kharis Raharjo. (2015). "Effects of Company Size, Liquidity and Profitability Of Capital Structure On Corporate LQ 45 (Non- Pebankan) Listed on the Indonesia Stock Exchange (IDX) Year ". Scientific Journal of Accounting University Students S1 Pandanara Semarang Vol.1 No.1. Raharjaputra, Hendra S. (2011). A practical handbook of financial management and accounting for corporate executives. Jakarta: Salemba Empat. Riyanto, Bambang (2009). Basic Learning Company. Yogyakarta: Yogyakarta BPFE. 266 ISBN
19 Rolland, Naray and Lisbeth Mananeke. (2015). "Effect of Growth in Sales, Sales Asset Structure And Size Of Capital Structure On State Bank Category Book 4". EMBA Journal Vol.3 No.2. Seftianne and Ratih Handayani. (2011). "Factors Affecting Capital Structure At Manufakrur Sector Public Companies". Vol.13 No.1. Sjahrial, Dermawan. (2008). Advanced Financial Management (First Edition). Jakarta: Mitra Media Wacana. Supriyanto, Eko and Falikhatun. (2008). "Effect of tangibility, Sales Growth and Capital Structure Of The Company Uuran PT. Bank Syariah "X" Tbk. ". Journal of Economics and Business Islam. Vol. 5 Syamsudin, Lukman. (2004). Corporate Financial Management (Concepts Basic Application Planning, Monitoring and Decision Making). Jakarta: RajaGrafindo Persada. ISBN
The Effect of Net Profit Margin Ratio (NPM) and Debt to Equity Ratio (DER) on Share Profit at PT.Bumi Resources Tbk Indonesia
The Effect of Net Profit Margin Ratio (NPM) and Debt to Equity Ratio (DER) on Share Profit at PT.Bumi Resources Tbk Indonesia TediSetiadi 1), Suharto 2), AkhmadSodikin 3) 1) Student Master of Management
More informationANALYSIS OF THE NET WORKING CAPITAL AND WORKING CAPITAL TURNOVER IN INCREASE PROFITABILITY ON PT PERKEBUNAN NUSANTARA III (PERSERO) MEDAN
ANALYSIS OF THE NET WORKING CAPITAL AND WORKING CAPITAL TURNOVER IN INCREASE PROFITABILITY ON PT PERKEBUNAN NUSANTARA III (PERSERO) MEDAN Muslih 1 muslihekonomi@gmail.com Muhammad Firza Alpi 2 1,2 University
More informationDividend Policy and Stock Price to the Company Value in Pharmaceutical Company s Sub Sector Listed in Indonesia Stock Exchange
International Journal of Law and Society 2018; 1(1): 16-23 http://www.sciencepublishinggroup.com/j/ijls doi: 10.11648/j.ijls.20180101.13 Dividend Policy and Stock Price to the Company Value in Pharmaceutical
More informationTHE ANALYSIS OF COMPANY PERFORMANCE AND SALES GROWTH TO THE DIVIDEND POLICY AT THE COMPANY GO PUBLIC IN INDONESIA STOCK EXCHANGE
THE ANALYSIS OF COMPANY PERFORMANCE AND SALES GROWTH TO THE DIVIDEND POLICY AT THE COMPANY GO PUBLIC IN INDONESIA STOCK EXCHANGE Dahlia Pinem & Bernadin Dwi Faculty of Economics UPN Veteran Jakarta pinem_dahlia@yahoo.com
More informationINCREASING COMPANY PERFORMANCE WITH LIQUIDITY, SOLVENCY IN CIGARETTE INDUSTRYLISTED IN IDX
INCREASING COMPANY PERFORMANCE WITH LIQUIDITY, SOLVENCY IN CIGARETTE INDUSTRYLISTED IN IDX Suprihati 1) Abdul Haris.R 2) Gita Wahyu.A.M 3) STIE-AAS Surakarta, Central Java, Indonesia Suprihati4566@gmail.com
More informationANALYSIS OF WORKING CAPITAL TURNOVER IMPACT TOWARD PROFITABILITY AND ACCOUNTING IMPLICATION AT PT. MULTI STRADA ARAH SARANA Tbk.
Research. ANALYSIS OF WORKING CAPITAL TURNOVER IMPACT TOWARD PROFITABILITY AND ACCOUNTING IMPLICATION AT PT. MULTI STRADA ARAH SARANA Tbk. Muhammad Nur Rizqi Lecturer at STIE Binaniaga, Bogor Abstract.
More informationINTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 7, ISSUE 12, DECEMBER 2018 ISSN
The Effect Of Managerial Ownership, Institutional And Investment Opportunities On Stock Performance In Manufacturing Companies That Are Listed On The Idx Afriyani, Jumria Abstract: The objective of this
More informationTHE EFFECT OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY IN MANUFACTURING COMPANY LISTED IN INDONESIA STOCK EXCHANGE
Research. THE EFFECT OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY IN MANUFACTURING COMPANY LISTED IN INDONESIA STOCK EXCHANGE Yuli Anwar STIE Binaniaga, Bogor, Indonesia Received: January 23, 2018; Accepted:
More informationEFFECT OF COMPANY SIZE, AND FINANCIAL RATIO ON AUDIT REPORT LAG. MUCRIANA MUCHRAN Muhammadiyah University Makassar ABSTRACT
EFFECT OF COMPANY SIZE, AND FINANCIAL RATIO ON AUDIT REPORT LAG MUCRIANA MUCHRAN Muhammadiyah University Makassar ABSTRACT Financial statements are those statements which include the income statement,
More informationDETERMINANT OF PROFITABILITY AND ITS IMPACT ON FIRM VALUE: EVIDENCE FROM INDONESIA STOCK EXCHANGE. Dita Novita Sari Miyasto Wisnu Mawardi
DETERMINANT OF PROFITABILITY AND ITS IMPACT ON FIRM VALUE: EVIDENCE FROM INDONESIA STOCK EXCHANGE Dita Novita Sari Miyasto Wisnu Mawardi Master of Management, Faculty of Economics and Business Universitas
More informationFinancial Ratio to Stock Price at Miscellaneous Industry in Indonesia
Account and Financial Management Journal e-issn: 2456-3374 Volume 3 Issue 03 March-2018, (Page No.-1364-1370) DOI:10.18535/afmj/v3i3.01, I.F. - 4.614 2018, AFMJ Financial to Stock Price at Miscellaneous
More informationINTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH AND KNOWLEDGE
INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH AND KNOWLEDGE ISSN-2213-1356 www.ijirk.com THE INFLUENCE OF DIVIDEND POLICY, INVESTMENT OPPORTUNITY, AND PROFITABILITY OF DEBT POLICY TOWARD INDUSTRIES IN CONSUMPTION
More informationANALYSIS OF NET EARNINGS AND OPERATING CASH FLOW OF CASH DIVIDENDS IN RETAIL TRADE IN INDONESIA STOCK EXCHANGE
I J A B E R, Vol. 14, No. 3, (2016): 2059-2076 ANALYSIS OF NET EARNINGS AND OPERATING CASH FLOW OF CASH DIVIDENDS IN RETAIL TRADE IN INDONESIA STOCK EXCHANGE Teddy Chandra *, Ervina * and Fadrul * Abstract:
More informationTHE EFFECT OF GROSS DOMESTIC PRODUCT CONSTANT PRICES AND INFLATION ON VALUE ADDED TAX REVENUE IN INDONESIA
I J A B E R, Vol. 13, No. 7 (2015): 5139-5157 THE EFFECT OF GROSS DOMESTIC PRODUCT CONSTANT PRICES AND INFLATION ON VALUE ADDED TAX REVENUE IN INDONESIA Hapsari Wulandari 1 and Kus Tri Andyarini 2 Abstract:
More information4(9): , 2017 DOI:
The International Journal of Social Sciences and Humanities Invention 4(9): 3918-3927, 2017 DOI: 10.18535/ijsshi/v4i9.04 ICV 2015: 45.28 ISSN: 2349-2031 2017, THEIJSSHI Research Article The Influence of
More informationANALYSIS OF FACTORS AFFECTING CAPITAL STRUCTURE
ANALYSIS OF FACTORS AFFECTING CAPITAL STRUCTURE Brizan Sena Bagaskoro 1, Ismul Aksan 2 1 Faculty of Economic Bussiness, Universitas Sebelas Maret, Indonesia 2 Faculty of Economic Bussiness, Universitas
More informationRika Umniati 1, Kartika Hendra Titisari 2, Yuli Chomsatu 3
The 2 nd International Conference on Technology, Education, and Social Science 2018 (The 2 nd ICTESS 2018) The Influence of Current Ratio, Inventory Turnover Ratio, Cash Turnover and Debt to Equity Ratio
More informationSHARE PRICE ANALYST WITH PBV, DER, AND EPS AT INITIAL PUBLIC OFFERING
SHARE PRICE ANALYST WITH PBV, DER, AND EPS AT INITIAL PUBLIC OFFERING Kriswanto Accounting Department, Faculty of Economic and Comunication, Bina Nusantara University Jln. K.H. Syahdan No 9, Palmerah,
More informationThe Influence of Size, Return on Equity, and Leverage on the disclosure of the Corporate Social Responsibility (CSR) in Manufacturing Companies
International Journal of Education and Research Vol. 5 No. 8 August 2017 The Influence of Size, Return on Equity, and Leverage on the disclosure of the Corporate Social Responsibility (CSR) in Manufacturing
More informationThe Influence of Inflation towards Unemployment in Indonesia
The Influence of Inflation towards Unemployment in Indonesia Economics Department, State University of Medan, Sumatera Utara, Indonesia; Email: siskaangriani.hasibuan@gmail.com Abstract The purpose of
More informationTHE EFFECT OF CAR, NPL, LDR, AND INFLATION ON PROFITABILITY OF STATE-OWNED BANKS IN INDONESIA
International Journal of Economics, Commerce and Management United Kingdom ISSN 2348 0386 Vol. VII, Issue 4, April 2019 http://ijecm.co.uk/ THE EFFECT OF CAR, NPL, LDR, AND INFLATION ON PROFITABILITY OF
More informationInfluence of Fundamental Factors on Dividend Payout Policy: Study on Construction Companies Listed on Indonesian Stock Exchange
Wacana Vol. 21, No. 1 (2018) ISSN : 1411-0199 E-ISSN : 2338-1884 Influence of Fundamental Factors on Dividend Payout Policy: Study on Construction Companies Listed on Indonesian Stock Exchange Rico Eka
More informationTHE EFFECT OF FINANCIAL VARIABLES ON THE COMPANY S VALUE
THE EFFECT OF FINANCIAL VARIABLES ON THE COMPANY S VALUE (Study on Food and Beverage Companies that are listed on Indonesia Stock Exchange Period 2008-2011) Sonia Machfiro Prof. Eko Ganis Sukoharsono SE.,M.Com.,
More informationANALYSIS OF MACROECONOMIC FACTORS AFFECTING SHARE PRICE OF PT. BANK MANDIRI Tbk
ANALYSIS OF MACROECONOMIC FACTORS AFFECTING SHARE PRICE OF PT. BANK MANDIRI Tbk Camalia Zahra 1 Management Study Program, Faculty of Business, President University, Indonesia Camalia.zahra@gmail.com Purwanto
More informationRole of Dividend of Power to Buy Shares in Companies in Indonesia Stock Exchange
Vol. 3, No. 2, June 2017, pp. 41 47 ISSN 2393-4913, ISSN On-line 2457-5836 Role of Dividend of Power to Buy Shares in Companies in Indonesia Stock Exchange Iskandar Muda Faculty Economics and Business,
More informationINTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH AND KNOWLEDGE
Volume3 Issue4, April208 INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH AND KNOWLEDGE ISSN223356 www.ijirk.com THE INFLUENCE OF RETURN ON ASSETS, DEBT TO EQUITY RATIO AND SIZE ON INCOME SMOOTHING OF MANUFACTURES
More informationImpact of Fundamental, Risk and Demography on Value of the Firm
IOSR Journal of Economics and Finance (IOSR-JEF) e-issn: 2321-5933, p-issn: 2321-5925.Volume 8, Issue 2 Ver. IV (Mar. - Apr. 2017), PP 09-16 www.iosrjournals.org Impact of Fundamental, Risk and Demography
More informationANALYSIS OF FACTORS AFFECTING DECISION TO PROVIDE MICRO CREDITS AT DANAMON SAVINGS AND LOAN SURABAYA CLUSTER
International Journal of Economics, Commerce and Management United Kingdom Vol. VI, Issue 9, September 2018 http://ijecm.co.uk/ ISSN 2348 0386 ANALYSIS OF FACTORS AFFECTING DECISION TO PROVIDE MICRO CREDITS
More informationTHE EFFECT OF NPL, CAR, LDR, OER AND NIM TO BANKING RETURN ON ASSET
International Journal of Economics, Commerce and Management United Kingdom Vol. VI, Issue 3, March 2018 http://ijecm.co.uk/ ISSN 2348 0386 THE EFFECT OF NPL, CAR, LDR, OER AND NIM TO BANKING RETURN ON
More informationEurasia: Economics & Business, 11(17), November 2018 DOI
UDC 334 COMPANY S FINANCIAL PERFORMANCE ANALYSIS BY USING DUPONT SYSTEM METHOD AT PHARMACEUTICAL COMPANY LISTED ON INDONESIA STOCK EXCHANGE: A STUDY AT PT MERCK TBK OVER THE PERIOD 2012-2016 Husaini Achmad,
More informationAc. J. Acco. Eco. Res. Vol. 3, Issue 2, , 2014 ISSN:
2014, World of Researches Publication Ac. J. Acco. Eco. Res. Vol. 3, Issue 2, 118-128, 2014 ISSN: 2333-0783 Academic Journal of Accounting and Economics Researches www.worldofresearches.com Influence of
More informationEFFECTS OF DEBT ON FIRM PERFORMANCE: A SURVEY OF COMMERCIAL BANKS LISTED ON NAIROBI SECURITIES EXCHANGE
EFFECTS OF DEBT ON FIRM PERFORMANCE: A SURVEY OF COMMERCIAL BANKS LISTED ON NAIROBI SECURITIES EXCHANGE Harwood Isabwa Kajirwa Department of Business Management, School of Business and Management sciences,
More informationCeria Minati Singarimbun and Ana Noveria School of Business and Management Institut Teknologi Bandung, Indonesia
JOURNAL OF BUSINESS AND MANAGEMENT Vol. 3, No.4, 2014: 401-409 THE RELATIONSHIP AMONG OIL PRICES, GOLD PRICES, GROSS DOMESTIC PRODUCT, AND INTEREST RATE TO THE STOCK MARKET RETURN OF BASIC INDUSTRY AND
More informationDeterminants of Capital structure with special reference to indian pharmaceutical sector: panel Data analysis
Article can be accessed online at http://www.publishingindia.com Determinants of Capital structure with special reference to indian pharmaceutical sector: panel Data analysis Abstract m.s. ramaratnam*,
More informationAcademic Journal of Economic Studies Vol. 2, No.2, June 2016, pp ISSN , ISSN On-line
Academic Journal of Economic Studies Vol. 2, No.2, June 206, pp. 76 87 ISSN 2393-493, ISSN On-line 2457-5836 Factors Which Influenced the Success of the Implementation of the Regulation of the Minister
More informationThe Impact of Working Capital, Fixed Asset, Leverage & Profitability Toward Audit Opinion for Manufactirung Firms
The Impact of Working Capital, Fixed Asset, Leverage & Profitability Toward Audit Opinion for Manufactirung Firms Gilbert Rely Regina Jansen Arsjah Trisakti University, Indonesia Abstract Fixed asset turnover
More informationSusilawati 1, Sudarno 2
International Journal of Empirical Finance Vol. 3, No. 5, 2014, 243-254 Effect of Government Accounting Standards of Quality of Financial Statements and Implications on Local Government Accountability
More informationEffect of Liquidity and Profitability to Bank Stock Return in Indonesia Stock Exchange (IDX)
Vol. 6, No. 3, July 2016, pp. 131 138 E-ISSN: 2225-8329, P-ISSN: 2308-0337 2016 HRMARS www.hrmars.com Effect of Liquidity and Profitability to Bank Stock Return in Indonesia Stock Exchange (IDX) HERYANTO
More informationHuman Journals Research Article January 2018 Vol.:8, Issue:3 All rights are reserved by Joanna L Saragih
Human Journals Research Article January 2018 Vol.:8, Issue:3 All rights are reserved by Joanna L Saragih The Effects of Return on Assets (ROA), Return on Equity (ROE), and Debt to Equity Ratio (DER) on
More informationThe study on the financial leverage effect of GD Power Corp. based on. financing structure
5th International Conference on Education, Management, Information and Medicine (EMIM 2015) The study on the financial leverage effect of GD Power Corp. based on financing structure Xin Ling Du 1, a and
More informationCAPITAL STRUCTURE AND CORPORATE PERFORMANCE OF MANUFACTURING COMPANIES LISTED IN NAIROBI SECURITIES EXCHANGE
CAPITAL STRUCTURE AND CORPORATE PERFORMANCE OF MANUFACTURING COMPANIES LISTED IN NAIROBI SECURITIES EXCHANGE Wilmot Okello Adera Department of Commerce and Economic Studies, Jomo Kenyatta University of
More informationA Survey of the Relationship between Earnings Management and the Cost of Capital in Companies Listed on the Tehran Stock Exchange
AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html A Survey of the Relationship between Earnings Management and the Cost of Capital in Companies Listed
More informationMeigi F. Willem, D.P.E. Saerang, F. Tumewu, Prediction of Stock
PREDICTION OF STOCK RETURN ON BANKING INDUSTRY AT THE INDONESIA STOCK EXCHANGE BY USING MVA AND EVA CONCEPTS by: Meigi Fransiska Willem 1 David P. E. Saerang 2 Ferdinand Tumewu 3 1,2,3 Faculty of Economics
More informationVidyanita Hestinoviana Suhadak Siti Ragil Handayani Faculty of Administrative Science Brawijaya University. Abstract
THE INFLUENCE OF PROFITABILITY, SOLVABILITY, ASSET GROWTH, AND SALES GROWTH TOWARD FIRM VALUE (Empirical Study on Mining Companies Which Listed on Indonesia Stock Exchange) Vidyanita Hestinoviana Suhadak
More informationKeywords. World s oil prices; inflation; interest rate; Rupiah / US Dollar exchange rate; shares return.
Analysis of the Influence of the World's Oil Prices, Inflation, Interest Rate, and Rupiah / US Dollar Exchange Rate on the Return of Mining Sector's Shares Registered in Indonesia Stock Exchange in 2010-2015
More informationEFFECT OF PROFIT SHARING, INFLATION AND GROSS DOMESTIC PRODUCT (GDP) TO THE THIRD PARTY FUNDS OF ISLAMIC BANKING IN INDONESIA
EFFECT OF PROFIT SHARING, INFLATION AND GROSS DOMESTIC PRODUCT (GDP) TO THE THIRD PARTY FUNDS OF ISLAMIC BANKING IN INDONESIA Reza Fetrian, Sri Herianingrum Master Of Science Islamic Economics, Airlangga
More informationEffect of Return on Asset, Return on Equity, Debt to Equity Ratio to Return Stock Company Property and Real Estate In Indonesia Stock Exchange
The 2 nd International Conference on Technology, Education, and Social Science 2018 (The 2 nd ICTESS 2018) Effect of Return on Asset, Return on Equity, Debt to Equity Ratio to Return Stock Company Property
More informationConservative Impact on Distributable Profits of Companies Listed on the Capital Market of Iran
Conservative Impact on Distributable Profits of Companies Listed on the Capital Market of Iran Hamedeh Sadeghian 1, Hamid Reza Shammakhi 2 Abstract The present study examines the impact of conservatism
More informationDeterminants of Capital Structure in Nigeria
International Journal of Innovation and Applied Studies ISSN 2028-9324 Vol. 3 No. 4 Aug. 2013, pp. 999-1005 2013 Innovative Space of Scientific Research Journals http://www.issr-journals.org/ijias/ Determinants
More informationThe Determinants of Cash Companies in Indonesia Muhammad Atha Umry a. Yossi Diantimala b
DOI: 10.32602/ /jafas.2018.011 The Determinants of Cash Companies in Indonesia Muhammad Atha Umry a Holdings: Evidence from Listed Manufacturing Yossi Diantimala b a Corresponding Author, Faculty of Economics
More informationThe Effect of Regional Retributions to the North Sumatera Economic Growth
International Journal of Progressive Sciences and Technologies (IJPSAT) ISSN: 2509-0119. 2017 International Journals of Sciences and High Technologies http://ijpsat.ijsht-journals.org Vol. 6 No. 1 December
More informationTHE ANALYSIS OF THE INTEREST LEVEL, INFLATION, LIQUIDITY, EXCHANGE RATE, AND FINANCIAL WHICH INFLUENCE SHARE IN INDONESIAN STOCK EXCHANCE
International Journal of Education and Research Vol. 3 No. 2 December 205 THE ANALYSIS OF THE INTEREST LEVEL, INFLATION, LIQUIDITY, EXCHANGE RATE, AND FINANCIAL WHICH INFLUENCE SHARE IN INDONESIAN STOCK
More informationJournal of Chemical and Pharmaceutical Research, 2013, 5(12): Research Article
Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2013, 5(12):1379-1383 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 Empirical research on the bio-pharmaceutical
More informationManagement and Business Review Available at
Management and Business Review 1(1) 2017, 9-16 Management and Business Review Available at http://ejournal.unikama.ac.id/index.php/mbr Assessment of bank financial performance and its impact on profit
More informationFOREIGN EXCHANGE IN ASEAN: PREDICTION OF FUTURE SPOT RATE
FOREIGN EXCHANGE IN ASEAN: PREDICTION OF FUTURE SPOT RATE Andison, Aminullah Assagaf Email : assagaf29@yahoo.com Doctoral Program of Trisakti University, Jakarta, Indonesia and Muhammad Zilal Hamzah Email:
More informationCorrespondence: Priyono, Post Graduate Management Program, Universitas Bina Darma, Palembang, Indonesia.
International Journal of Business and Management; Vol. 12, No. 8; 2017 ISSN 1833-3850 E-ISSN 1833-8119 Published by Canadian Center of Science and Education The Influence of Asset Structure, Capital Structure,
More informationInternational Journal of Humanities and Applied Social Science (IJHASS), Volume: 3 Issue: 2 Month Year: February 2018
Influence Import, Export, Investment and Gross Domestic Product to Inflation in Indonesia and Asean Countries ABSTRACT Dr. Akhmad Sodikin, SE, MM, M.Si Faculty of Economics Krisnadwipayana University Jakarta
More informationCapital structure and its impact on firm performance: A study on Sri Lankan listed manufacturing companies
Merit Research Journal of Business and Management Vol. 1(2) pp. 037-044, December, 2013 Available online http://www.meritresearchjournals.org/bm/index.htm Copyright 2013 Merit Research Journals Full Length
More informationImpact of Terrorism on Foreign Direct Investment in Pakistan
Impact of Terrorism on Foreign Direct Investment in Pakistan Mian Awais Shahbaz 1, Asifah Javed 1, Amina Dar 1, Tanzeela Sattar 1 1 UCP Business School, University of the Central Punjab, Lahore.Pakistan
More informationNur Fitriany Post Graduate Student of Stikubank University Semarang, Indonesia.
EXPLORING THE FACTORS THAT IMPACT THE ACCUMULATION OF BUDGET ABSORPTION IN THE END OF THE FISCAL YEAR 2013: A CASE STUDY IN PEKALONGAN CITY OF CENTRAL JAVA INDONESIA Nur Fitriany Post Graduate Student
More informationTHE EFFECT OF LIQUIDITY RISK AND NON PERFORMING FINANCING (NPF) RATIO TO COMMERCIAL SHARIA BANK PROFITABILITY IN INDONESIA
THE EFFECT OF LIQUIDITY RISK AND NON PERFORMING FINANCING (NPF) RATIO TO COMMERCIAL SHARIA BANK PROFITABILITY IN INDONESIA Rr.Yoppy Palupi Purbaningsih Nurul Fatimah ABSTRACT The purpose of this study
More informationBI Rate, Inflation, Exchanges IDR - USD, and Gold on the Index of Kompas 100 in Jakarta Islamic Index Period
ISSN : 0972-9380 available at http: www.serialsjournal.com Serials Publications Pvt. Ltd. Volume 14 Number 4 2017 BI Rate, Inflation, Exchanges IDR - USD, and Gold on the Index of Kompas 100 in Jakarta
More informationFinancial Variables Impact on Common Stock Systematic Risk
Financial Variables Impact on Common Stock Systematic Risk HH.Dedunu Department of Accountancy and Finance, Rajarata University of Sri Lanka, Sri Lanka. Abstract The ultimate goal of companies financial
More informationGilang Ramadhan Fajri Lecturer at Politeknik BBC, Sukabumi
Research. THE IMPACT OF THE FINANCIAL RATIOS AS THE MEASUREMENT UPON THE PERFORMANCE OF RETURN ON ASSETS AT THE PUBLIC BANKS IN INDONESIA (The Empiric Study upon The Gilang Ramadhan Fajri Lecturer at Politeknik
More informationPROFITABILITY INFLUENCE POLICY AGAINST AGGRESSIVE WORKING CAPITAL IN THE FOOD INDUSTRY AND BEVERAGE REGISTERED IN INDONESIA STOCK EXCHANGE (IDX)
International Journal of Business, Accounting and Management ISSN : 2527-3531 Volume 2, Issue 1 2017 PROFITABILITY INFLUENCE POLICY AGAINST AGGRESSIVE WORKING CAPITAL IN THE FOOD INDUSTRY AND BEVERAGE
More informationANALYSIS OF RIGHT ISSUE ANNOUNCEMENT EFFECT TOWARD STOCK PRICE MOVEMENT AND STOCK TRADING VOLUME WITHIN ISSUER IN INDONESIA STOCK EXCHANGE
Binus Business Review, 7(1), May 2016, 33-38 DOI: 10.21512/bbr.v7i1.1447 P-ISSN: 2087-1228 E-ISSN: 2476-9053 ANALYSIS OF RIGHT ISSUE ANNOUNCEMENT EFFECT TOWARD STOCK PRICE MOVEMENT AND STOCK TRADING VOLUME
More informationAnalysis of Financial Ratio in the Financial Position Report Pt Gudang Garam TBK as A Measuring To Determine Company Stability
IOSR Journal of Economics and Finance (IOSR-JEF) e-issn: 2321-5933, p-issn: 2321-5925.Volume 9, Issue 6 Ver. IV (Nov. Dec.2018), PP 46-52 www.iosrjournals.org Analysis of Financial Ratio in the Financial
More informationInternational Journal of Advance Research in Computer Science and Management Studies
Volume 2, Issue 11, November 2014 ISSN: 2321 7782 (Online) International Journal of Advance Research in Computer Science and Management Studies Research Article / Survey Paper / Case Study Available online
More informationJordan-Amman (11931), P.O. Box (166) Nimer Sleihat Amman Arab University, Faculty of Business, Accounting Department
The Impact of Profitability on Obtaining Debt through the Financial Leverage: Comparative Study among Industrial Sectors in Jordan Lina Warrad Applied Science University, Faculty of Economic and Administrative
More informationFinancial Ratio Relationship with Deviden Payment from Indonesia
EUROPEAN ACADEMIC RESEARCH Vol. IV, Issue 12/ March 2017 ISSN 2286-4822 www.euacademic.org Impact Factor: 3.4546 (UIF) DRJI Value: 5.9 (B+) Financial Ratio Relationship with Deviden Payment from ARMI BAKAR
More informationINFLUENCE OF DIVIDEND ANNOUNCEMENT IN LQ45 COMPANY TOWARD SHARES RETURN BEFORE AND AFTER EX-DATE DEVIDEND IN INDONESIA STOCK EXCHANGE (IDX)
INFLUENCE OF DIVIDEND ANNOUNCEMENT IN LQ45 COMPANY TOWARD SHARES RETURN BEFORE AND AFTER EX-DATE DEVIDEND IN INDONESIA STOCK EXCHANGE (IDX) Yudilla Virda, yudilla@staff.gunadarma.ac.id, Gunadarma University
More informationThe Impact of Liquidity on Jordanian Banks Profitability through Return on Assets
The Impact of Liquidity on Jordanian Banks Profitability through Return on Assets Dr. Munther Al Nimer Applied Science University, Faculty of Economic and Administrative Science, Accounting Department
More informationDominant Variables That Affect The Level of Profitability in Sharia Banks and Conventional Banks
Jurnal Terapan Manajemen dan Bisnis is licensed under A Creative Commons Attribution-NonCommercial 4.0 International License. Dominant Variables That Affect The Level of Profitability in Sharia Banks and
More informationCHAPTER-5 DATA ANALYSIS PART-3 LIQUIDITY AND SOLVENCY
CHAPTER-5 DATA ANALYSIS PART-3 LIQUIDITY AND SOLVENCY 190 CHAPTER 5 DATA ANALYSIS PART-3 LIQUIDITY & SOLVENCY 5.1 INTRODUCTION:... 192 5.2 LIQUIDITY & SOLVENCY RATIOS:... 194 5.2.1 CURRENT RATIO:... 194
More informationCOMPARISON ANALYSIS BETWEEN INTRINSIC VALUE AND MARKET PRICE OF TELECOMMUNICATION COMPANY IN INDONESIA STOCK EXCHANGE
COMPARISON ANALYSIS BETWEEN INTRINSIC VALUE AND MARKET PRICE OF TELECOMMUNICATION COMPANY IN INDONESIA STOCK EXCHANGE Dr. Siti Rahmi Utami, Green Economy Study Program, Faculty of Green Economy and Digital
More informationTHE IMPACT OF MANAGERIAL OWNERSHIP, INSTITUTIONAL OWNERSHIP AND COMPANY SIZE TOWARDS DEBT POLICY
THE IMPACT OF MANAGERIAL OWNERSHIP, INSTITUTIONAL OWNERSHIP AND COMPANY SIZE TOWARDS DEBT POLICY (Studies in Property and Real Estate Companies in IDX in 2011-2013) Yezia Bernice Alumni of Economics and
More informationEffect of Profitability, Size And Debt Policy To Company Value (Study on Business-27 Company Listed On BEI)
P31T Effect of Profitability, Size And Debt Policy To Company Value (Study on Business-27 Company Listed On BEI) 1 2 Ary MeizariP P, Tri Okta VianiP Institute Informatics and Business Darmajaya 1 31Tarymeizary@gmail.comP
More informationEffect of Change Management Practices on the Performance of Road Construction Projects in Rwanda A Case Study of Horizon Construction Company Limited
International Journal of Scientific and Research Publications, Volume 6, Issue 0, October 206 54 ISSN 2250-353 Effect of Change Management Practices on the Performance of Road Construction Projects in
More informationIMPACT OF FINANCIAL LEVERAGE ON MARKET VALUE ADDED: EMPIRICAL EVIDENCE FROM INDIA
Journal of Entrepreneurship, Business and Economics ISSN 2345-4695 2016, 4(2): 40 58 IMPACT OF FINANCIAL LEVERAGE ON MARKET VALUE ADDED: EMPIRICAL EVIDENCE FROM INDIA Bhargav Pandya Faculty of Management
More informationThe Business Viability of PT Garuda Indonesia
ISSN 2355-4721 Haris STMT Trisakti stmt@indosat.net.id harisharisse@yahoo.com Olfebri STMT Trisakti stmt@indosat.net.id Andri STMT Trisakti stmt@indosat.net.id Abstract Through the ability of technology,
More informationBudhi Suparningsih Faculty of Economics, Krisnadwipayana University Jakarta, Indonesia
International Journal of Multidisciplinary Research and Development Online ISSN: 2349-482, Print ISSN: 2349-5979 Impact Factor: RJIF 5.72 www.allsubjectjournal.com Volume 4; Issue ; September 207; Page
More informationINFLUENCE OF CAPITAL BUDGETING TECHNIQUESON THE FINANCIAL PERFORMANCE OF COMPANIES LISTED AT THE RWANDA STOCK EXCHANGE
INFLUENCE OF CAPITAL BUDGETING TECHNIQUESON THE FINANCIAL PERFORMANCE OF COMPANIES LISTED AT THE RWANDA STOCK EXCHANGE Liliane Gasana Jomo Kenyatta University of Agriculture and Technology, Rwanda Dr.
More informationImpact of Economic Value Added on Market Value Added : Special Reference to Selected Private Banks in Sri Lanka.
Impact of Economic Value Added on Market Value Added : Special Reference to Selected Private Banks in Sri Lanka. Mrs. P.Muraleetharan Senior Lecturer,, Department of Accounting, Faculty of Management Studies
More informationEffects of Return on Asset, Return On Equity, Earning Per Share on Corporate Value
The International Journal of Engineering and Science (IJES) Volume 7 Issue 3 Ver. I Pages PP 06-14 2018 ISSN (e): 2319 1813 ISSN (p): 23-19 1805 Effects of Return on Asset, Return On Equity, Earning Per
More informationMARKET CAPITALIZATION IN TOP INDIAN COMPANIES AN EXPLORATORY STUDY OF THE FACTORS THAT INFLUENCE THIS
Journal of Business Management & Research (JBMR) Vol.1, Issue 1 Dec 2011 71-91 TJPRC Pvt. Ltd., MARKET CAPITALIZATION IN TOP INDIAN COMPANIES AN EXPLORATORY STUDY OF THE FACTORS THAT INFLUENCE THIS DR.
More informationIJRTBT. Key words: Employee Training, Understanding of SAP, Information Technology, Accrual Basis
IJRTBT THE INFLUENCE OF EMPLOYEE TRAINING, UNDERSTANDING OF SAP, AND INFORMATION TECHNOLOGY ON THE IMPLEMENTATION OF THE ACCRUAL BASED ACCOUNTING IN THE GOVERNMENT OF PONTIANAK CITY Endang Kristiawati*
More informationAdvances in Economics, Business and Management Research, volume 36 11th International Conference on Business and Management Research (ICBMR 2017)
th International Conference on Business and Management Research (ICBMR 207) Impact of the Aggressive Working Capital Management Policy on Firm s Profitability and Value: Study on Non-Financial Listed Firms
More informationFactors Affecting The Company's Value Through Sustainability Reports In The Indonesia Stock Exchange
Proceedings of the ICECRS, Volume 1 No 2 (2017) 56-61 ISSN. 2548-6160 ICIGR 2017, 24-25 November 2017, Universitas Muhammadiyah Sidoarjo, Indonesia. Available online: http://ojs.umsida.ac.id/index.php/icecrs
More informationInternational Journal of Research and Review E-ISSN: ; P-ISSN:
International Journal of Research and Review www.ijrrjournal.com E-ISSN: 2349-9788; P-ISSN: 2454-2237 Research Paper The Factors Which Influence Stock Return with Stock Price as Moderating Variable in
More informationTHE FACTORS THAT INFLUENCE FIRM S CASH HOLDINGS
THE FACTORS THAT INFLUENCE FIRM S CASH HOLDINGS Elleonora Valencia Herijanto A. Totok Budisantosa International Financial Accounting Program, Faculty of Economics UNIVERSITAS ATMA JAYA YOGYAKARTA Jalan
More informationTHE IMPACT OF OPERATIONAL RISK IN CAPITAL ADEQUACY RATIO IN ALBANIA
International Journal of Economics, Commerce and Management United Kingdom Vol. IV, Issue 6, June 2016 http://ijecm.co.uk/ ISSN 2348 0386 THE IMPACT OF OPERATIONAL RISK IN CAPITAL ADEQUACY RATIO IN ALBANIA
More informationFACTORS INFLUENCING AUDITEE SATISFACTION ON VILLAGE OFFICIALS IN THE PERFORMANCE OF INSPECTORATE AUDITORS IN BANTAENG REGENCY
I J A B E R, Vol. 13, No. 5, (2015): 2903-2911 FACTORS INFLUENCING AUDITEE SATISFACTION ON VILLAGE OFFICIALS IN THE PERFORMANCE OF INSPECTORATE AUDITORS IN BANTAENG REGENCY Mediaty 1, Basri Hasanudin 1
More informationJOURNAL RESEARCH AND ANALYSIS : MANAGEMENT AND BUSINESS e-issn: dan p-issn:
JOURNAL RESEARCH AND ANALYSIS : MANAGEMENT AND BUSINESS e-issn: 2597-6621 dan p-issn: 0000-0000 This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Effect
More informationTHE INTERNATIONAL JOURNAL OF BUSINESS & MANAGEMENT
THE INTERNATIONAL JOURNAL OF BUSINESS & MANAGEMENT The Effect of Dividend Policy on Stock Price Volatility: A Kenyan Perspective Zipporah N. Onsomu Student, MBA (Finance), Bachelor of Commerce, CPA (K),
More informationThe Effect of Money Supply, Interest Rate, and Exchange Rate on Inflation in Indonesia
The Effect of Money Supply, Interest Rate, and Exchange Rate on Inflation in Indonesia 2001-2013 Sri Wulandari Economics Department, State University of Medan, Medan, Indonesia; Email: wulandarisri0208@yahoo.com
More informationA STUDY OF LIQUIDITY AND PROFITABILITY RELATIONSHIP: EVIDENCE FROM INDONESIAN CAPITAL MARKET
A STUDY OF LIQUIDITY AND PROFITABILITY RELATIONSHIP: EVIDENCE FROM INDONESIAN CAPITAL MARKET 1 ALVIN IRAWAN, 2 TAUFIK FATUROHMAN 1 Student of School of Business & Management Institut Teknologi Bandung
More informationTHEORETICAL FRAMEWORK
THE INFLUENCE OF NOTICE OF TAX COLLECTION AND NOTICE OF TAX UNDERPAYMENT ASSESSMENT ON REVENUE OF INCOME TAX ARTICLE 25 (STUDY AT TAX OFFICE MADYA MALANG PERIOD OF 2009 2013) Ni matul Faizah Suhadak Siti
More informationWORKING CAPITAL ANALYSIS OF SELECT CEMENT COMPANIES IN INDIA
CHAPTER - IV WORKING CAPITAL ANALYSIS OF SELECT CEMENT COMPANIES IN INDIA CHAPTER IV WORKING CAPITAL ANALYSIS OF SELECT CEMENT COMPANIES IN INDIA In this chapter an attempt has been made to analyse the
More informationPerception of capital, profit and dividends affect the stock purchase intention in Indonesia public company
MPRA Munich Personal RePEc Archive Perception of capital, profit and dividends affect the stock purchase intention in Indonesia public company Iskandar Muda Faculty Economics and Business Universitas Sumatera
More information