Pengaruh Rasio Keuangan dan Value Added Human Capital Terhadap Profitabilitas Perusahaan Infrastruktur
-
Boni Oktora
*
Universitas Bengkulu, Bengkulu,
Indonesia
- Abdullah Abdullah Universitas Bengkulu, Bengkulu, Indonesia (*) Corresponding Author
Abstract
The purpose of this research is to test and close the knowledge gap on how Current Ratio, Cash Turnover Ratio, Debt to Asset Ratio, Total Asset Turnover and Value Added Human Capital affect profitability determined by Return on Assets in infrastructure companies listed on the Indonesian stock exchange in 2014-2023. This research uses quantitative methods with panel data regression analysis. Purposive sampling was used to select 25 companies as samples, resulting in a total of 250 observations. After considering outlier statistics, 182 observations remain that can be used in the analysis. The regression results show that CR has no significant effect on ROA with a p-value of 0.9174, while CTR shows a significant but negative effect with a p-value of 0.0044. DAR also has a significant negative effect with a p-value of 0.0000. In contrast, TATO and VAHU have a significant positive effect on ROA with the same p-value of 0.0000. The study emphasizes that efficient asset management and optimization of human resources can increase a company's profitability, while high liquidity and dependence on debt need to be managed wisely to prevent adverse impacts on financial performance.
Downloads
References
Agustina, N., & Pratiwi, A. (2021). Pengaruh Asset Turn Over (TATO) terhadap Return on Asset (ROA) pada PT. Unilever Indonesia Tbk. Jesya (Jurnal Ekonomi dan Ekonomi Syariah), 4(2), 1322–1328. https://doi.org/10.36778/jesya.v4i2.509
Christianto, D., & Munir, A. (2022). Analysis of The Effect of Liquidity, Leverage and Fixed Asset Turnover to Return on Assets of Oil Gas Mining Sub-Sector Companies (Listed in IDX For The Period 2018-2021). Journal of Management and Leadership, 5(1), 14–26. https://doi.org/https://doi.org/10.47970/jml.v5i1.307
Dewi, A. C., & Estiningrum, S. D. (2021). Pengaruh Current Ratio, Debt To Equity Ratio, Total Asset Turnover Dan Net Profit Margin Terhadap Profitabilitas. Jurnal Manajemen Strategi Dan Aplikasi Bisnis, 4(2), 409–420. https://doi.org/https://doi.org/10.36407/jmsab.v4i2.332
Dewi, S. A., & Trihudiyatmanto, M. (2020). Analisis pengaruh disiplin kerja, motivasi kerja dan lingkungan kerja terhadap kinerja pegawai. Journal of Economic, Business and Engineering (JEBE), 2(1), 113–122.
Firdaus Hutahaean, T., & Adelina, W. (2020). Pengaruh Perputaran Piutang, Pertumbuhan Penjualan dan Current Rasio Terhadap Profitabilitas (Vol. 2, Nomor 1). https://doi.org/doi.org/10.47065/ekuitas.v2i1.424
Fitriana, I. D., Wijayanti, A., & Dewi, R. R. (2020). Pengaruh perputaran kas, perputaran piutang, dan perputaran persediaan terhadap profitabilitas. Prosiding Seminar Nasional Manajemen, Ekonomi dan Akuntansi, 5(1), 309–317. https://proceeding.unpkediri.ac.id/index.php/senmea/article/view/281
Gama, A. W. S., Mitariani, N. W. E., & Widnyani, N. M. (2024). Kumpulan Teori Bisnis: Perspektif Keuangan, Bisnis, dan Strategik. Nilacakra.
Gunawan, T. I., Fuad, M., & Brastoro, B. (2024). Efisiensi Pengelolaan kas pada Perusahaan Ritel : Pendekatan studi Kasus. Journal of Economic, Bussines and Accounting (COSTING), 7(5), 2010–2019. https://doi.org/doi.org/10.31539/costing.v7i6.13359
Horas, J., Purba, V., & Bimantara, D. (2020). The Influence of Asset Management on Financial Performance, with Panel Data Analysis. https://doi.org/10.2991/aebmr.k.200522.031
Jurlinda, J., Alie, J., & Veronica, M. (2022). Pengaruh Debt to Asset Ratio dan Debt to Equity Ratio Terhadap Return On Asset Perusahaan Sektor Industri Makanan dan Minuman yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmu Sosial, Manajemen, Akuntansi dan Bisnis, 3(1), 1–12. https://doi.org/https://doi.org/10.47747/jismab.v3i1.622
Karim, A., Widyarti, E. T., & Santoso, A. (2023). Effect of current ratio, total asset turnover, and size on profitability: Evidence from Indonesia manufacturing companies. Diponegoro International Journal of Business, 6(1), 57–63. https://doi.org/doi.org/10.14710/dijb.6.1.2023.57-63
Kurniawati, C. R. (2022). Pengaruh current ratio, total asset turnover, dan debt to equity ratio terhadap return on asset. Jurnal Cendekia Keuangan, 1(2), 101–112. https://doi.org/https://doi.org/10.32503/jck.v1i2.2832
Kusuma, M. (2021). Measurement of Return on Asset (ROA) based on Comprehensive Income and its Ability to Predict Investment Returns: an Empirical Evidence on Go Public Companies in Indonesia before and during the Covid-19 Pandemic. Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi, 16(1), 94–106. https://doi.org/10.24269/ekuilibrium.v16i1.2021.pp94-106
Lumbantobing, I. P., Sulivyo, L., Sukmayuda, D. N., & Riski, A. D. (2020). The effect of Debt to Asset Ratio and Debt to Equity Ratio on Return on Assets in Hotel, restaurant, and tourism sub sectors listed on Indonesia Stock Exchange for the 2014-2018 Period. International Journal of Multicultural and Multireligious Understanding, 7(9), 176–186. https://doi.org/dx.doi.org/10.18415/ijmmu.v7i9.1982
Mar’aqonitatillah, A., & Setiyono, W. P. (2024). Likuiditas Profitabilitas dan Leverage Berpengaruh Signifikan terhadap Nilai Perusahaan di Sektor Farmasi Indonesia. Sciences and Clinical Pharmacy Research Journal, 1(2), 16. https://doi.org/10.47134/scpr.v1i2.2513
Marcelin, V. F., & Gantino, R. (2022). Pengaruh Pengaruh Profitabilitas, Leverage dan Likuiditas Terhadap Kebijakan Dividen. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 4(1), 297–306. https://doi.org/10.47065/ekuitas.v4i1.2065
Nugroho, E., & Dewi, R. (2022). Pengaruh Human Capital, Inovasi, dan Profitabilitas Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2018-2020. COMSERVA: Jurnal Penelitian dan Pengabdian Masyarakat, 2(8), 1573–1581. https://doi.org/https://doi.org/10.59141/comserva.v2i8.505
Phan, T. D., & Hoang, T. T. (2024). An Empirical Research on Factors Affecting the Liquidity of Listed Construction and Materials Firms: Evaluation from Quantile Regression Model. Dalam T. H. N. Nguyen, D. N. Burrell, V. K. Solanki, & N. A. Mai (Ed.), Proceedings of the 4th International Conference on Research in Management and Technovation (hlm. 1–11). Springer Nature Singapore. https://doi.org/doi.org/10.1007/978-981-99-8472-5_1
Pratama, A. C., Mohammad, W., & Maulidiyah, N. R. (2023). Pengaruh Debt To Asset Ratio (Dar) Terhadap Return On Asset (Roa) Dengan Ukuran Perusahaan Sebagai Intervening Pada Perusahaan Transportasi Terdaftar Di Bursa Efek. Mufakat: Jurnal Ekonomi, Manajemen dan Akuntansi, 2(4), 56–66. https://doi.org/doi.org/10.572349/mufakat.v2i4.805
Putri, R. A., Maryani, M., & Damayanti, D. (2023). Pengaruh intellectual capital terhadap kinerja keuangan perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(4), 287–299. https://doi.org/https://doi.org/10.35912/jakman.v4i4.2348
Rismansyah, R., Valianti, R. M., & Putri, A. (2022). Pengaruh Perputaran Kas, Perputaran Piutang, dan Perputaran Modal Kerja terhadap Profitabilitas pada Perusahaan Sub Sektor Kontruksi dan Bangunan Yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020. Jurnal GeoEkonomi, 13(2), 165–181. https://doi.org/doi.org/10.36277/geoekonomi.v13i2.208
Salsabila, L., & Rejeki, D. (2021). Pengaruh value added capital employed (VACA), value added human capital (VAHU), structural capital value added (STVA) terhadap profitabilitas. Jurnal Akuntansi Dan Bisnis Krisnadwipayana, 8(3), 364–374. https://doi.org/dx.doi.org/10.35137/jabk.v8i3.596
Satria, R. (2022). Pengaruh Current Ratio (CR) dan Debt to Equity Ratio (DER) Terhadap Retun on Asset (ROA) Pada PT Mayora Indah TBK Periode 2009 – 2020. SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business, 5(2), 440–447. https://doi.org/10.37481/sjr.v5i2.479
Satria, R., Agustina, I. Z., & Herlianti, E. (2023). Pengaruh Total Asset Turn Over Dan Net Profit Margin Terhadap Return on Asset Pada Pt Nippon Indosari Corpindo Tbk Periode 2012-2021. SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management and Business, 6(4), 955–964. https://doi.org/doi.org/10.37481/sjr.v6i4.756
Shafiin, A., Aziz, A. A., Sanurdi, S., & Khotmi, H. (2023a). Rasio Keuangan Terhadap Profitabilitas dengan Nom dan Gwm Sebagai Pemoderasi Rasio Keuangan Perbankan. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 4(4), 1234–1242. https://doi.org/10.47065/ekuitas.v4i4.3365
Shafiin, A., Aziz, A. A., Sanurdi, S., & Khotmi, H. (2023b). Rasio Keuangan Terhadap Profitabilitas dengan Nom dan Gwm Sebagai Pemoderasi Rasio Keuangan Perbankan. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 4(4), 1234–1242. https://doi.org/10.47065/ekuitas.v4i4.3365
Simatupang, M. K. (2021). Pengaruh Perputaran Piutang dan Perputaran Kas Terhadap Profitabilitas Periode 2014-2018. Jurnal Khatulistiwa Informatika, 8(1), 14–24. https://doi.org/doi.org/10.31294/moneter.v8i1.8974
Utami, M. T., & Manda, G. S. (2021). Pengaruh Working Capital Turnover (WCT), Current Ratio (CR), dan Total Assets Turnover (TATO) terhadap Profitabilitas. Moneter-Jurnal Akuntansi Dan Keuangan, 8(1), 1–8. https://doi.org/doi.org/10.31294/moneter.v8i1.8798
Wijaya Erric, Suprayitno Degdo, Ladini Urwawuska, Nengsih Titin Agustin, Sumiyarti Sumiyarti, Sudrimo Sella Nofriska, Kusumastuti Sri Yani, Nurhayati Nurhayati, & Hulu Dalizanolo. (2024). Buku Ajar Ekonometrika (Efitra Efitra & Safitri Nur, Ed.). PT. Sonpedia Publishing Indonesia.
Yetri, M., & Rahmawati, R. (2020). Pengaruh Pengaruh Piutang, Perputaran Persediaan Dan Perputaran Kas Terhadap Profitabilitas (Studi Kasus pada Perusahaan Manufaktur Sub Sektor Otomotif dan Komponen yang Terdaftar di Bursa Efek Indonesia Tahun 2016–2018). Jurnal Riset Manajemen Indonesia, 2(2), 94–101. https://doi.org/doi.org/10.55768/jrmi.v2i2.25
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Pengaruh Rasio Keuangan dan Value Added Human Capital Terhadap Profitabilitas Perusahaan Infrastruktur
Pages: 268-278
Copyright (c) 2025 Boni Oktora, Abdullah Abdullah
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
