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Journal : Indonesian Financial Review

Joint Effects of Liquidity, Leverage, and Asset Efficiency on Profitability: Evidence from PT Akasha Wira (2014–2024) Lestari, Reny; Nurmasari, Ifa
Indonesian Financial Review Vol. 5 No. 1 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i1.62

Abstract

This study examines the effect of the Current Ratio (CR), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO) on the Net Profit Margin (NPM) of PT Akasha Wira International Tbk from 2014 to 2024. Using a quantitative descriptive approach, secondary data from the company’s audited annual reports were analyzed through descriptive statistics, classical assumption tests, multiple linear regression, and hypothesis testing (t-test and F-test) with IBM SPSS 29.0. The findings reveal that CR, DER, and TATO individually have no significant effect on NPM. However, when tested simultaneously, the three variables have a significant influence on NPM. The coefficient of determination (R²) of 0.904 indicates that these variables explain 90.4% of the variation in NPM, while 9.6% is attributed to other factors not included in the model.
Financial Distress Zones of Land Transportation Companies Listed on the Indonesia Stock Exchange Using Altman Z-Score Nurmasari, Ifa; Nur’aidawati, Siti; Harjayanti, Diana Riyana; Macpal, Joshua Husatya
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.124

Abstract

Passenger land transportation has gained increasing attention in recent years, particularly in relation to corporate financial performance. This study aims to evaluate the financial condition of passenger land transportation sub-sector companies listed on the Indonesia Stock Exchange using the Altman Z-Score method. A descriptive quantitative approach with purposive sampling is employed, resulting in seven selected companies. The study utilizes secondary data obtained from corporate financial statements covering the period from 2019 to 2023. Financial ratios, including working capital, retained earnings, profitability, capital structure, and asset utilization, are analyzed to generate Z-Score values and classify firms into the safe zone, grey zone, and distress zone. The results indicate that four companies fall within the distress zone, one is classified in the grey zone, and two are categorized in the safe zone. These findings highlight varying levels of financial resilience within the passenger land transportation sub-sector.