PENGARUH WORKING CAPITAL TURNOVER (WCT), CURRENT RATIO (CR), DAN DEBT TO TOTAL ASSETS (DTA) TERHADAP RETURN ON INVESTMENT (ROI) (Studi Pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Tahun 2009 - 2012)
| Main Author: | Mashady, Difty |
|---|---|
| Format: | Article application/pdf eJournal |
| Bahasa: | eng |
| Terbitan: |
Fakultas Ilmu Administrasi Universitas Brawijaya
, 2014
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| Online Access: |
http://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/309 |
Daftar Isi:
- Indicator of good working capital management is the efficiency of working capital. In determining an efficient working capital policy, the company faced on the issue of the exchange ( trade-off ) between liquidity and profitability factors. companies are also faced with the problem of determining the source of funds. If the company uses more debt than equity capital the solvency level will decrease due to interest expense on the liability also increases. This will impact on declining of profitability. The analysis revealed that Working Capital Turnover ( WCT ), the Current Ratio ( CR ) and Debt to Total Assets ( DTA ) simultaneously influence the Return on Investment ( ROI ). Partially Working Capital Turnover ( WCT ) is the dominant variable affecting the Return on Investment ( ROI ) enterprises. Keywords: Working Capital Turnover (WCT), Current Ratio (CR), Debt To Total Assets (DTA) Return On Investment (ROI)Abstrak Indikator adanya manajemen modal kerja yang baik adalah adanya efisiensi modal kerja. Dalam penentuan kebijakan modal kerja yang efisien, perusahaan di hadapkan pada masalah adanya pertukaran (trade off) antara faktor likuiditas dan profitabilitas. perusahaan juga dihadapkan pada masalah penentuan sumber dana. Jika perusahaan menggunakan lebih banyak hutang dibanding modal sendiri maka tingkat solvabilitas akan menurun karena beban bunga yang harus di tanggung juga meningkat. Hal ini akan berdampak terhadap menurunnya profitabilitas. Hasil analisis menunjukkan Working Capital Turnover (WCT), Current Ratio (CR) dan Debt to Total Assets (DTA) berpengaruh secara simultan terhadap Return on Investment (ROI). Secara parsial Working Capital Turnover (WCT) merupakan variabel yang berpengaruh dominan terhadap Return on Investment (ROI) perusahaan. Kata Kunci : Working Capital Turnover (WCT), Current Ratio (CR), Debt To Total Assets (DTA) Return On Investment (ROI