Effect of Solvency and Liquidity on The Profitability of Property Companies Listed on The Sharia Stock Index 2018-2020


Authors :
(1) Wibowo Isa Mail (IAIN Surakarta, Indonesia)
(2) Mei Candra Mahardika Mail (IAIN Surakarta, Indonesia)

Abstract


This study analyzes the effect of Solvency and Liquidity on the profitability of property companies listed on the Indonesian Islamic stock index for the 2018-2020 period. This research is quantitative research with secondary data from financial reports from 2018 to 2021. Regression model analysis using Common Effect Model (CE) or Ordinary Least Square (OLS) method. The findings show that DAR has a negative effect on ROA, which explains that debt will burden the company and reduce the profit level of Islamic property companies. On the other hand, DAR has no effect on ROE because debt does not affect the value of equity owned by the company itself. DER has no effect on ROA and ROE, this is certainly contrary to the Pecking Order Theory. Current Ratio has a negative effect on ROA, this is not in accordance with Pecking Order Theory. Cash ratio has a positive effect on ROA and also on ROE, and is in accordance with Pecking Order Theory. The cash ratio as the company's ability to pay short term has a positive influence, because the company is not limited to being responsible for the environment around the company but also socially responsible to the community.

 

Penelitian ini menganalisis pengaruh Solvabilitas dan Likuiditas terhadap profitabilitas perusahaan properti yang terdaftar di indeks saham syariah Indonesia periode 2018-2020. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder dari laporan keuangan tahun 2018 sampai dengan tahun 2021. Analisis model regresi menggunakan metode Common Effect Model (CE) atau Ordinary Least Square (OLS). Hasil analisis menunjukkan bahwa DAR berpengaruh negatif terhadap ROA,  yang menjelaskan bahwa utang akan membebani perusahaan dan mengurangi tingkat keuntungan perusahaan properti syariah. Di sisi lain, DAR tidak berpengaruh terhadap ROE karena hutang tidak mempengaruhi nilai ekuitas yang dimiliki oleh perusahaan itu sendiri. DER tidak berpengaruh terhadap ROA dan ROE, hal ini tentunya bertentangan dengan Pecking Order Theory. Besarnya ekuitas utang secara khusus tidak berdampak pada tingkat keuntungan perusahaan properti. Current Ratio berpengaruh negatif terhadap ROA, hal ini tidak sesuai dengan Stakeholder Theory. Kondisi ini menyebabkan Current Ratio berpengaruh negatif terhadap ROE. Cash ratio berpengaruh positif terhadap ROA, dimana Cash Ratio berpengaruh positif terhadap ROE, dan sesuai dengan Stakeholder Theory. Rasio kas sebagai kemampuan perusahaan untuk membayar jangka pendek memiliki pengaruh positif, karena perusahaan tidak sebatas bertanggung jawab terhadap lingkungan sekitar perusahaan tetapi juga bertanggung jawab secara sosial kepada masyarakat.

 



Keywords


Debt to Asset Ratio, Debt to Equity Ratio, Current Ratio, Cash Ratio

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| DOI: http://dx.doi.org/10.30983/es.v5i2.4849

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DOI: http://dx.doi.org/10.30983/es.v5i2.4849

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