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All Journal Jurnal Manajemen Stratejik dan Simulasi Bisnis
Putri Yuliandari
Fakultas Ekonomi dan Bisnis Maritim, Universitas Maritim Raja Ali Haji
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Pengaruh Likuiditas, Struktur Modal, dan Efisiensi Aset terhadap Profitabilitas PT Mayora Indah Tbk (2019-2024) Devina Wistiasari; Rizki Fadhel Dwipananda; Willa Fatika Sari; Putri Yuliandari; Yesi Ariani
Jurnal Manajemen Stratejik dan Simulasi Bisnis Vol. 7 No. 1 (2026): Jurnal Manajemen Stratejik dan Simulasi Bisnis
Publisher : Fakultas Ekonomi Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/jmassbi.7.1.108-128.2026

Abstract

Profitability serves as a vital metric for assessing a firm's capability to utilize resources efficiently. This study analyzes the determinants of profitability, measured by Return on Assets (ROA), at PT Mayora Indah Tbk, specifically examining the roles of Current Ratio (CR), Debt to Equity Ratio (DER), and Asset Turnover (ATO). Employing a quantitative approach, this research utilizes quarterly financial data spanning from 2019 to 2024. The analytical framework applies the Autoregressive Distributed Lag (ARDL) method, preceded by stationarity testing using the Augmented Dickey-Fuller (ADF) test. The Bounds Test results indicated no co-integration among variables. Thus, the analysis focused exclusively on short-run dynamics. The empirical findings reveal that the Current Ratio (CR) has no significant effect on ROA. Furthermore, while the current period values of DER and ATO were found to be insignificant, the first lag (t-1) of both variables demonstrated a significant negative effect on ROA. These results suggest that the impact of financial ratios on corporate profitability is dynamic and exhibits a lagged effect rather than an immediate one.
Co-Authors Devina Wistiasari Rizki Fadhel Dwipananda Willa Fatika Sari Yesi Ariani