Heidy Destriani, Defi Saraswati, Rindu Fransicilia

Pengaruh Current Ratio, Debt to Equity Ratio, dan Net Profit Margin Terhadap Return on Assets Pada Perusahaan Tekstil yang Tercatat di Bursa Efek Indonesia

Introduction

Pengaruh current ratio, debt to equity ratio, dan net profit margin terhadap return on assets pada perusahaan tekstil yang tercatat di bursa efek indonesia. Analisis pengaruh Current Ratio, Debt to Equity Ratio, dan Net Profit Margin terhadap Return on Assets pada perusahaan tekstil IDX (2022-2024). NPM signifikan positif pada ROA, CR & DER tidak.

Abstract

Penelitian ini menganalisis pengaruh Rasio Lancar (CR), Rasio Utang terhadap Ekuitas (DER), dan Margin Laba Bersih (NPM) terhadap Return on Assets (ROA) pada perusahaan tekstil yang terdaftar di Bursa Efek Indonesia (IDX) selama periode 2022–2024. Menggunakan analisis regresi data panel dari 14 perusahaan, temuan menunjukkan bahwa hanya NPM yang memiliki pengaruh positif yang signifikan terhadap ROA, dengan koefisien sebesar 0,3076, yang berarti bahwa peningkatan 1% dalam NPM meningkatkan ROA sebesar sekitar 0,31%. Di sisi lain, CR dan DER tidak menunjukkan dampak signifikan, menunjukkan bahwa rasio likuiditas dan leverage kurang kritis terhadap profitabilitas aset di sektor ini. Studi ini menyoroti pentingnya efisiensi operasional, yang tercermin dalam NPM, untuk meningkatkan kinerja keuangan di industri tekstil Indonesia. Hasil ini memberikan wawasan berharga bagi manajemen korporat untuk memprioritaskan pengendalian biaya dan strategi penetapan harga daripada penyesuaian likuiditas atau struktur utang guna meningkatkan profitabilitas.

Review

This study investigates a pertinent topic in corporate finance, analyzing the influence of key financial ratios—Current Ratio (CR), Debt to Equity Ratio (DER), and Net Profit Margin (NPM)—on Return on Assets (ROA) within the Indonesian textile industry. Focusing on 14 companies listed on the Bursa Efek Indonesia from 2022 to 2024, the research employs panel data regression to provide insights into the drivers of asset profitability in this specific sector. The objective is clearly articulated, aiming to identify which aspects of financial management are most critical for textile firms. The findings present a nuanced picture, indicating that among the chosen variables, only Net Profit Margin (NPM) significantly and positively influences Return on Assets (ROA). Specifically, a 1% increase in NPM is shown to enhance ROA by approximately 0.31%, underscoring the paramount importance of operational efficiency and profitability at the core business level. In contrast, both Current Ratio (CR) and Debt to Equity Ratio (DER) do not exhibit a statistically significant impact on ROA. This suggests that in the context of Indonesian textile companies, traditional indicators of liquidity and leverage may be less critical to asset profitability compared to direct operational performance. The study makes a valuable contribution by highlighting the sector-specific dynamics of financial performance in the Indonesian textile industry. Its practical implications are particularly strong, advising corporate management to prioritize strategies centered on cost control and effective pricing over extensive adjustments to liquidity or debt structures for improving profitability. While the findings are clear and well-articulated, the relatively short study period of 2022-2024 might limit the generalizability of long-term trends. Future research could potentially explore the underlying reasons for the insignificance of CR and DER in this specific sector or investigate additional industry-specific factors and a longer time frame to further strengthen these conclusions.

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