DETERMINASI EFISIENSI MODAL KERJA DAN LIKUIDITAS TERHADAP PROFITABILITAS PADA PERUSAHAAN SEKTOR FARMASI YANG TERDAFTAR DI BEI - Rina Dameria Napitupulu (Universitas Bunda Mulia, 2019)
ABSTRACT: This research aims to analyze the determination of working capital efficiency and liquidity towards profitability in the pharmaceutical companies listed on the Indonesia stock exchange. Research using quantitative research approach with the method of korelasional regression. The data of the secondary data is taken from BEI. Results of the study showed: first working capital (working capital turnover) affect to profitability (return on assets), second receivable turnover affect to profitability (return on assets), third inventory turnover affect to profitability (return on assets), fourth liquidity (current ratio) do not affect positive toward profitability (return on assets). In addition the results of the analysis show the sub sectors of the pharmacy in the period 2013-2017 to have the development of profitability (return on assets) through determination of coefficients test 62.9% of known (working capital turnover, inventory turnover, receivable turnover, current ratio) while the rest of 37.1% is affected by other variables that are not included in the regression model. While partially (individual) only working capital turnover, receivable turnover Inventory turnover, the effect on profitability (return on assets). Keyword : working capital, liquidity, profitability, pharmaceutical sector ABSTRAK: Penelitian ini bertujuan untuk menganalisis determinasi dari efisiensi modal kerja dan likuiditas terhadap profitabilitas pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia. Pendekatan penelitian menggunakan penelitian kuantitatif dengan metode korelasional regresi. Data yang diambil merupakan data sekunder dari BEI. Hasil penelitian menunjukan: pertama modal kerja (working capital turnover) berpengaruh terhadap profitabilitas (return on assets), kedua piutang usaha (receivable turnover) berpengaruh terhadap profitabilitas (return on assets), ketiga persediaan (inventory turnover) berpengaruh terhadap profitabilitas (return on assets), keempat likuiditas (current ratio) tidak berpengaruh positif terhadap profitabilitas (return on assets). Selain itu hasil analisis menunjukan sub sektor farmasi pada periode 2013-2017 memiliki perkembangan profitabilitas (return on assets) melalui uji koefisien determinasi diketahui sebesar 62,9% (working capital turnover, receivable turnover, inventory turnover, current ratio) sedangkan sisanya sebesar 37,1% dipengaruhi oleh variabel lain yang tidak termasuk dalam model regresi. Sementara secara parsial (individu) hanya working capital turnover, receivable turnover, Inventory turnover yang berpengaruh terhadap profitabilitas (return on assets). Kata kunci: modal kerja, likuiditas, profitabilitas, sektor farmasi