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Aktiva: Journal Of Accountancy and Management
Published by Institut Agama Islam Negeri Pontianak
ISSN : 29854792     EISSN : 29854806     DOI : https://doi.org/10.24260/aktiva
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
AKTIVA: Journal Of Accountancy and Management is an open access journal as a place for academics, researchers, practitioners, regulators and others, both nationally or internationally, to publish their scientific articles. The results of the studies are related to the fields of accounting and management. The scopes of the topics include sharia accounting, public sector accounting, financial accounting, accounting information systems, management accounting, cost accounting, sharia management, HR management, marketing management, financial management, operational management, and entrepreneurship. AKTIVA: Journal Of Accountancy and Management is published twice a year for the period of January and July. The articles could be written in Indonesian or English. The submitted articles will be reviewed by reviewers who are experts in their fields.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 41 Documents
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Pengaruh Current Ratio, Debt To Equity Ratio, Dan Ukuran Perusahaan Terhadap ROA Hikma Gustina Rambe; Tri Juliatun
AKTIVA: Journal of Accountancy and Management Vol. 4 No. 1 (2026): Aktiva: Journal Of Accountancy and Management
Publisher : Faculty Of Islamic Economics and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24260/aktiva.v4i1.6984

Abstract

Research Purpose: This study aims to examine the effects of Current Ratio (CR), Debt to Equity Ratio (DER), and firm size on Return on Asset (ROA) in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during 2020–2024.Method or Approach: A quantitative panel-data approach was employed using secondary data from annual financial statements. Purposive sampling selected 31 companies, resulting in 155 firm-year observations. Model selection compared pooled, fixed, and random effects, followed by Hausman and correlated random-effects (Mundlak) checks. The final model was estimated as firm fixed effects using least-squares dummy variables with firm-clustered robust standard errors and a small-sample correction.Research Findings: CR had a negative but insignificant association with ROA (B = −0.0032; p = 0.142), DER also had a negative but insignificant association (B = −0.0030; p = 0.688), and firm size had a positive but insignificant association at the 5% level (B = 0.0409; p = 0.071). The robust joint test of CR, DER, and firm size was not significant, F(3,30) = 1.601, p = 0.210. The LSDV specification had an overall R² of 0.669, whereas the within R² attributable to the three time-varying regressors was 0.031.Contribution: The results show that the three financial characteristics do not provide sufficient individual or joint evidence of an effect at the 5% significance level after firm-specific heterogeneity is controlled. The study contributes updated panel-data evidence on ROA in the food and beverage manufacturing sector. Tujuan penelitian: Penelitian ini bertujuan menganalisis pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), dan ukuran perusahaan terhadap Return on Asset (ROA) pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia selama 2020–2024.Metode atau pendekatan: Penelitian menggunakan pendekatan kuantitatif dengan data panel dan data sekunder dari laporan keuangan tahunan. Purposive sampling menghasilkan 31 perusahaan dan 155 observasi firm-year. Pemilihan model dilakukan melalui perbandingan pooled, fixed effects, random effects, uji Hausman, serta correlated random effects (Mundlak). Model akhir diestimasi sebagai fixed effects perusahaan dengan pendekatan least-squares dummy variables dan standard error robust yang dikelompokkan pada tingkat perusahaan dengan koreksi sampel kecil.Temuan penelitian: CR berarah negatif dan tidak signifikan terhadap ROA (B = −0,0032; p = 0,142), DER juga berarah negatif dan tidak signifikan (B = −0,0030; p = 0,688), sedangkan ukuran perusahaan berarah positif tetapi tidak signifikan pada tingkat 5% (B = 0,0409; p = 0,071). Uji simultan robust khusus untuk koefisien CR, DER, dan ukuran perusahaan tidak signifikan, F(3,30) = 1,601; p = 0,210. Spesifikasi LSDV menghasilkan overall R² sebesar 0,669, sedangkan within R² yang dijelaskan oleh ketiga regressor sebesar 0,031.Kontribusi: Ketiga karakteristik keuangan belum memberikan bukti yang cukup mengenai pengaruh individual maupun simultan pada tingkat signifikansi 5% setelah heterogenitas khusus perusahaan dikendalikan. Penelitian ini memberikan bukti empiris berbasis data panel yang diperbarui mengenai determinan ROA pada subsektor makanan dan minuman.

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