The Effect of Current Ratio (CR) and Debt to Equity Ratio (DER) on Return on Assets (RoA) in Pharmaceutical Subsector Companies Listed on the Indonesian Stock Exchange (BEI) Period 2020-2023
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Wahyu Indah Mursalini*
Nurhayati
Muhamad Azen
The central aim of this research is to establish real-life data on how the Current Ratio and Debt-To-Equity Ratio impact the Return On Assets of Pharmaceutical Subsector Companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. A regression analysis with a quantitative approach using company financial report data was the research method employed. The research sample consisted of 26 pharmaceutical subsector companies meeting the study criteria, selected through purposive sampling. The empirical evidence suggests that Current Ratio positively affects Return On Assets, as demonstrated by the regression coefficient (0.023) and significance level (p < 0.05), which confirms hypothesis H₁. The statistical evaluation reveals a t value of 4.422 when compared to the t_table of 1.991, with a significance value of 0.000 which is lower than α 0.05. To sum up, the rejection of H₀ indicates the acceptance of H₁. On the other hand, the Debt To Equity Ratio does not seem to have a notable effect on Return On Asset, as indicated by a regression coefficient of 0.011 and a significance level of 0.596 (>0.05), causing hypothesis H₂ to be rejected. Conversely, both the Current Ratio and Debt To Equity Ratio exhibit a significant influence on Return On Asset, supported by an F value of 15.785 and a significance level of 0.000b, resulting in the validation of hypothesis H₃. Thus, this study underscores the importance of the Current Ratio in improving Return On Asset, while the specific impact of the Debt To Equity Ratio is not deemed significant.
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