The Effect of Liquidity, Leverage and Total Aset Turnover on Profitability; Empirical Study of Manufacturing Companies in Indonesia Stock Exchange 2012 – 2017

Full text

SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 6 Issue 9 – Sep 2019
ISSN: 2393 – 9125 www.internationaljournalssrg.org Page 126
The Effect of Liquidity, Leverage and Total
Aset Turnover on Profitability; Empirical
Study of Manufacturing Companies in
Indonesia Stock Exchange 2012 – 2017
Aang Munawar
Associate Professor @Sekolah Tinggi Ilmu Ekonomi Kesatuan
Abstract
This study to determine the effect of liquidity,
leverage and total asset turnover on profitability. The
research sample consisted of 18 companies through
purpose sampling. Research data is taken from
published financial statements. Panel data process
using the EViews 6 application. Panel data analysis
was carried out root test and regression model
selection through chow test, Hausman test, and
lagrange multiplier test. The results of the study show
thatsimultaneously liquidity, leverage and total asset
turnover have an influence on profitability of
manufacturing companies. Partially liquidity,
leverage and total asset turnover have a significant
positive effect on profitability.The results of this study
also have successfully identified that asset turnover is
the dominant factor that affects on profitability and
recommends that the Government in infrastructure
development better prioritize the auction to listed
companies in IDX.
Keywords: liquidity, leverage, total asset turnover,
profitability
I. BACKGROUND
The Government of President Joko Widodo and
Vice President Jusuf Kalla has ruled since its
inception initiated a massive infrastructure
development in all regions of Indonesia.
Infrastructure development budget in the long-term
plan (RPJMN) reached 2015-2019 Rp 4.700 trillion.
It was delivered by the Director-General of
management of Risk financing and Treasury, Robert
Pakpahan in discussion Forums in West Jakarta,
Merdeka Friday 17th November 2017.One failed the
competitiveness of domestic products was too
expensive transportation costs either by land, sea or
air. Infrastructure development can certainly spur the
development of the remote region, slashed travel time
and opened a quiet village area turns into a bustling
city. It is the hope of the business world as well as the
expectations of all the people of Indonesia. Next to
the Government's efforts to build the infrastructure it
will spur economic growth by absorbing the labor
force and trigger investment for companies mainly
sub sector construction and infra structure. Infra
structure development by the Government will spur
spending STATE BUDGET which can be utilized
especially by manufacturing company’sconstruction
services, manufacturers of cement, iron, steel
manufacturers and various completeness of heavy
equipment and a variety of other building
materials.In the year 2019 ahead begin on fitri 1 1440
Hijri or date coincide on June 5 2019 has opened
facilities in toll road linking Jakarta to Surabaya.
Based on the fact that then it would be a positive
signal to improve the financial performance of the
company sub sector construction and infra structure.
The management company will capture opportunities
in order to improve the financial performance of the
company.One of the company's financial
performance is a healthy level of profitability of the
company is higher than the cost of capital and the
company's ability to complete short term obligations.
In addition, the management of the company can use
its assets to increase sales on an ongoing basis. This
will lead to a positive trend for economic growth.
The ultimate goal to be achieved an important
company is profit or gain the maximum profit. By
obtaining maximum profit as had been targeted, the
company can do much for the welfare of the owners,
employees, as well as improve product quality and
perform new investments. Therefore, the company
management in practice required must be able to
meet the targets that have been set. This means that
the magnitude of the advantage must be reached as
expected. To measure the level of profit of a
company used the ratio of profits or profitability
ratios (Kasmir, 2015). Profitability ratio is the ratio of
to assess the ability of the company in search of
profits. This ratio also gives a measure of the level of
effectiveness of the management of a company. This
is shown by the profit resulting from the sale and
investment income, which essentially use this ratio
indicates the efficiency of the company. The use of
profitability ratio can be done using a comparison
between various components in the financial
statements mainly income statement and balance
sheet reports. The goal is to make it look the
development of companies in a certain span of time,
either decrease or increase while searching for the
cause of such changes. One ratio that can be used to
measure profitability is Return on Equity (ROE).
Basically, the net profit strongly depends on the

SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 6 Issue 9 – Sep 2019
ISSN: 2393 – 9125 www.internationaljournalssrg.org Page 127
magnitude of the sale, in which the greater the net
sales will be increasingly greater net profit to be
generated. Management can maximize sales through
stability in producing goods primarily supplies from
partners, who supported from payment tothe
counterparties. The company's ability to pay short-
term obligations in in this case need to be guarded so
as not to disturb the good relations which are already
entwined.There are two results in the assessment of
liquidity ratio measurements, i.e., if the company is
able to meet its obligations, the company said in an
illiquid, otherwise if the company is not able to meet
its obligations then the said company in a state of
illiquid (Kasmir, 2015:130).One of the measurements
is to use the liquidity Cash Ratio.Total assets
turnover(TATO) is the speed of the cycle total assets
within a certain period. Total Assets Turnover ratio
measures how many sales that can be created from
any rupiah assets, Total assets turnover assets and
activity measure the company's ability in getting
profit through its capabilities and resources There are
such sales activities, cash, capital, number of
employee’s number of backup and more. This ratio
describes the ability of a company generating profits,
also called operating ratio (Brigham and
Ehrhard,2010)). To measure this ratio is obtained by
comparing between net sales by Total Assets.
II. THEORITICAL BASIS
Profitability according to Brigham and
Ehrhard,(2010), is the net result of a number of
policies and decisions. The ratios examined thus far
provide useful clues as to the effectiveness of a firm’s
operations, but the profitability ratios go on to show
the combined effects of liquidity, asset management,
and debt on operating results. Kasmir (2015) stated
that profitability isthe ability to generate profits and
the proxy of profitability are return on equity, return
on asset, and net profit margin.
Return on Equity according to Alpi (2018) is the
ratio between the earnings after taxes to the total own
capital (Equity) of capital deposit owners. The higher
the Return on Equity shows the more efficient
companies in managing their own capital to generate
profits/net profit. This ratio is used to measure the
rate of return the company or company's
effectiveness in generating profits by leveraging the
equity owned by the company.Prihadi (2012:114)
explains the profitability ratio is the ratio of to assess
the ability of the company in search of profits or
profit in a certain period.
Liquidity According to Kasmir (2015:128)
Liquidity is a comparison between current assets and
current debt in the company's balance sheet report.
One ratio for measuring liquidity using cash ratio.
Cash ratio is a tool used to measure how much cash is
available to repay debts. Irwadi and Choiruddin
(2015), stated that liquidity is a description of a
company's ability to meet its short-term obligations in
a smooth and timely manner. Martono and Harjito
(2010:53) describes the ratio of liquidity that is the
ratio that indicates the relationship between the
company with cash and other current assets with debt
well, liquidity ratio used to measure a company's
ability to meet financial obligations that must be
filled immediately or short-term obligations. The
liquidity ratio is the ratio that describes the
capabilities of the company in the short-term
obligations that have immediately due.
LeveragePrihadi (2012:113) describes the
leverage ratio is a ratio used to measure the extent to
which assets the company was financed with debt.
This means that the large amount of debt that
companies use to finance its business activities when
compared to using its own capital. In order to make a
comparison of the use of both this ratio can be seen
clearly, we can use the leverage ratio. According to
Weston & Copeland (1997) when the use of the debt
turns out to be the level of returns on assets (return) is
greater than the cost of debt, are profitable and
leverage the results of the returns of the top capital
with the use of leverage is also increased, on the
contrary if the results return on assets is less than the
cost of debt, then leverage will reduce the rate of
return on capital. Martono and Harjito (2010:53)
describes the financial leverage ratio i.e. the ratio
measures how many companies using funds from
debt (loans). Whereas Prastowo (2014:76) describes
the ratio of solvency ratio/leverage is to know the
company's ability to pay short-term obligations in
penjang liquidation, if you have a company where
this ratio is also used to rate limit the company
borrowed money (owed).
Total Asset Turn Over (TATO) Sutrisno
(2012:221) describes the total assets turnover is a
measure of the effectiveness of utilization of asset in
generating sales. The larger the turnover assets then
effective companies in managing their assets to
maximize sales.Meanwhile Prihadi (2012:162)
explained that the total assets turnover ratio is to
know the effectiveness of the use of the company's
operating assets in generating sales, when the
company produces the same asset sales more a little
mean the company is increasingly effective, because
it requires a lower investment level, where more
effective company uses its assets, the less asset that
needs to exist in the company. In the end when the
asset is used less than the cost of the use of the asset
(Cost of capital) will be getting a little bit and so on
profitability would increase.
Total assets turnover is a ratio that is used to
measure the turnover of all assets owned by the
company and measure how much sales are obtained
from each rupiah of assets (Kasmir, 2015:185).
The results of the previous research suggests that
liquidity effect is positive towards profitability,
Sunjoko and Arilyn (2016),Amrita et, al.(2016),
Syafei (2017) Alpi (2018), and Nurlaela et,al. (2019).
Kartikasari and Marisa, and Nurlaela et,al. (2019)
findings that leverage positively effect on

SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 6 Issue 9 – Sep 2019
ISSN: 2393 – 9125 www.internationaljournalssrg.org Page 128
profitability,while according to Alpi (2018) leverage
does not effect on profitability.
Nurlaela et,al.(2019) states that the total asset
turnoveris a positive effect on profitability, but
Sunjoko and Arilyn (2016) finding that total asset
turnover does not effect on profitability.
Hypothesis The research hypothesis is Effect of
Liquidity on Profitability H0: Liquidity (Cash
ratio/CR) does not affect profitability H1: Liquidity
(Cash ratio) has a positive effect on profitability.
Effect of Leverage on Profitability H0:
Leverage (Debt to Equity Ratio/DER) does not affect
profitability H1: Leverage (Debt to Equity Ratio) has
a negative effect on profitability.
Effect of Total asset turnover on Profitability
H0: Total asset turnover (TATO) does not affect
profitability H1: Total asset turnover (TATO) has a
positive effect on profitability.
III. METHODOLOGY
The type of research used in this thesis is
causative research. According to Sari and Budiasih
(2014), causative research is research designed to
measure the relationship between research variables,
or analyze the influence of a variable on other
variables. In this study the data used is panel data and
analyzed using EViews 6.
Definition of Variable Operations and
Variable Measurement The independent and
dependent variables used in this study are:
Liquidity (X1) Liquidity is the company's ability to
meet short-term financial liabilities in the form of
short-term debt (short time debt). Liquidity formula
(Brigham and Ehrhard,2010): Cash ratio=(Cash and
marketable securities/Current Liability)x100 %.
Leverage (X2) Leverage is the company's ability
to fulfill its financial obligations if the company is
liquidated, both short and long term liabilities
Leverage formula (Brigham and Ehrhard,2010): DER
= Total Debt / Equity
Total Aset Turn Over (X3) Sutrisno (2012:221)
describes the total assets turnover is a measure of the
effectiveness of utilization of aset in generating
sales.Total asset turnover formula (Brigham and
Ehrhard,2010): TATO = Total NetSales / Total Asset
Profitability is the ability to generate profits for a
certain period by using productive assets or capital,
both capital as a whole and own capital. Profitability
formula (Brigham and Ehrhard,2010):
ROE = (Net Profit / Total Equity) x 100 %
Population and Research Sample In this study
the population used is manufacturing companies
listed on the Indonesia Stock Exchange (IDX) sub
sector construction, sub sector cement industries, and
sub sector toll roads, ports, airports and the like in
2012-2017. The data collection technique used as a
sample is purposive sampling, which is the technique
of determining the sample with certain considerations
(Sugiyono, 2014). The sample of this study consisted
of 18 companies for 6 years, so the total sample
studied was 108datas.
IV. ANALYSIS METHOD
Descriptive statistics Descriptive statistics are
statistics used to analyze data by describing or
describing data that has been collected as it is without
intending to make conclusions that apply to the
public (Sugiyono, 2014). This descriptive statistic
was carried out to describe the overall sample taken
in this study.
Panel Data Regression Model Selection
According to Widarjono (2007: 258), there are three
tests to choose panel data estimation techniques.
First, the chow test is used to choose between
common effect or fixed effect models. Second, thirst
test is used to choose between the best fixed effect
model or random effect in estimating panel data
regression. The three lagrange multiplier tests are
used to ascertain which models will be used, the basis
for this test is if the results of fixed and random tests
are inconsistent.
Classic Assumption Test Testing classical
assumptions depends on the estimates used
(Ekananda, 2016). If in the model testing, a common
effect model or fixed effect model is chosen, it is
necessary to test the classical assumption, otherwise
if the model is chosen random effect model, it is not
necessary to test the classic assumption. The classic
assumption test used is multicollinearity test and
heteroscedasticity test.
Hypothesis Testing Determination Coefficient
The coefficient of determination is a variation of the
effect of independent variables on the dependent
variable, or it can also be said as a proportion of the
effect of all dependent variables.
Simultaneous Testing F statistic test is used to
show whether all independent variables entered into
the model have a joint influence on the dependent
variable (Ghozali, 2012: 44).Partial Testing
Statistical tests basically show how far the influence
of an explanatory/independent variable individually
in explaining the variation of the dependent variable
(Ghozali, 2012: 44).
V. Results and Discussion
TABLE 1
Descriptive Analysis of Research Variables
ROE
CR
DER
TATO
Mean
0.138206
1.317397
1.558204
0.691202
Median
0.124743
0.486305
1.106342
0.698653
Maximum
0.342573
12.13893
5.666058
2.421725
Minimum
-0.10533
0.056354
0.076958
0.127213
Std. Dev.
0.081268
2.162134
1.245957
0.356712
Skewness
0.204849
3.22124
1.312307
1.503775
Kurtosis
3.112291
14.16969
4.561702
8.070427
Jarque-Bera
0.812076
748.2034
41.97379
156.3956

SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 6 Issue 9 – Sep 2019
ISSN: 2393 – 9125 www.internationaljournalssrg.org Page 129
ROE
CR
DER
TATO
Probability
0.666285
0.0000
0.0000
0.0000
Sum
14.9263
142.2789
168.286
74.64982
Sum Sq. Dev.
0.706686
500.2061
166.1078
13.61503
Observations
108
108
108
108
Source: EViews 6 Output Results
Based on table 1, it is known that the average
ROE of 13.82% has a number of 25% being in the
average and the rest on the average ROE. Cash Ratio
has an average number of 1.32 times and a number of
67% have a Cash Ratio rate below the average. The
DER had an average number of 1.56 times and a
number of 60% had below average DER numbers.
TATO have an average number of 0.69 times and a
number of 40% have below average TATO numbers.
Selection of Regression Models Chow Test in
Table 2, you can see the Prob value. Cross-section
Chi-square of 0.00 <0.05. Prob value. Chi-square
cross-section is smaller than 0.05, then H0 is rejected
and the regression model that is right to use in this
study is the fixed effect model.
TABLE 2
Redundant Fixed Effects Tests
Equation:
FEM1
Test cross-section fixed effects
Effects Test
Statistic
d.f.
Prob.
Cross-section F
5.286647
(17,87)
0.0000
Cross-section
Chi-square
76.628573
17
0.0000
Source: EViews 6 Output Results
Hausman Test In Table3The results of the
Hausman test indicate the Prob value. The random
cross-section in this study was 0.6513. This value is
greater than 0.05, so H0 is accepted and the
regression model that is right to use in this study is a
random effect model. TABLE 3
Correlated Random Effects - Hausman Test
Equation:
REM1
Test cross-section random effects
Test Summary
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
Cross-section
random
6.121352
3
0.1059
Source: EViews 6 Output Results
Lagrange Multiplier Test,the test results of
lagrange multiplier in Table 4 can be seen from the
Prob value. Breusch-Pagan (BP-value) obtained is
0.0000. This value is smaller than 0.05 so Ho is
rejected and the right regression model to be used is a
random effect model.
TABLE 4
Lagrange multiplier (LM) test for panel data
Null (no
rand. effect)
Cross-
section
Period
Both
Alternative
One-sided
One-sided
Breusch-
Pagan
31.84262
1.001032
32.84365
0.0000
-0.3171
0.0000
Source: EViews 6 Output Results
Panel Data Regression Analysis The results of
the selection of the regression model show that the
random effect model is the most appropriate model
used in this study. The results of panel data
regression analysis with a random effect model can
be seen in Table TABLE 5
Dependent Variable:
ROE
Method: Panel EGLS (Cross-section random
effects)
Total panel (balanced)
observations: 108
Swamy and Arora estimator of component
variances
Variable
Coefficien
t
Std.
Error
t-Statistic
Prob.
C
-0.001669
0.01980
1
-0.084284
0.933
CR
0.009099
0.00298
3.0532
0.0029
DER
0.017565
0.00673
2
2.609373
0.0104
TATO
0.145426
0.02100
4
6.923576
0.0000
Effects Specification
S.D.
Rho
Cross-section random
0.043242
0.4205
Idiosyncratic random
0.050765
0.5795
Weighted Statistics
R-
squared
0.41281
Mean dependent var
0.05973
3
Adjusted
R-
squared
0.395872
S.D. dependent var
0.06628
6
S.E. of
regressio
n
0.051521
Sum squared resid
0.27606
4
F-
statistic
24.37155
Durbin-Watson stat
1.56581
7
Prob(F-
statistic)
0.0000
Unweighted Statistics
R-
squared
0.317453
Mean dependent var
0.13820
6
Sum
squared
resid
0.482346
Durbin-Watson stat
0.95465
7
Source: EViews 6 Output Results

SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 6 Issue 9 – Sep 2019
ISSN: 2393 – 9125 www.internationaljournalssrg.org Page 130
The results of panel data analysis in Table 7 can form
panel data regression equations as below:
Y= -0.0017+0.0091X1 +0.0017X2+0.1454X3+ ε
Description: Y: Profitability (ROE) X1: Cash Ratio
(CR) X2: Leverage (DER) X3: Total Asset Turn Over
(TATO). The interpretation of the regression
equation above is as follows:
1) Constants
The profitability value is -0.0017 or minus
0,17%, if the variables of liquidity, leverage and total
asset turnoverdo not affect profitability.
2) Liquidity against profitability
The coefficient of liquidity is 0.0091 or 0,91%,
meaning that if liquidity has increased by one unit,
profitability will increase by 0.0091 or 0,91%
assuming the value of other variables remains.
3) Leverage on profitability
The coefficient of leverage is 0,0017 or 0,17%,
meaning that if leverage has increased by one unit
then profitability will increase by 0,0017 or 0,17%
assuming the value of other variables remains.
4) Total Aset Turn Over
The coefficient of leverage is 0,1454 or 14,54%,
meaning that if leverage has increased by one unit
then profitability will increase by 0,1454 or 14,54%
assuming the value of other variables remains.
Classic Assumption Test The results of the
selection of panel data regression model selection
obtained the best model used is a random effect
model so that the classical assumption test is not
necessary.
Hypothesis Testing Determination Test The
coefficient of determination in this study is used to
determine the amount of contribution given by the
independent variable to the dependent variable. The
results obtained by the R-square value of 0.395872
shows that the independent variables (liquidity,
leverage, and total asset turnover) simultaneously
provide influence on profitability of 39.58% while
the rest is influenced by other variables outside the
research.
F Test Regression analysis results in table 5 can
be seen the significant value of Prob (F-statistics)
obtained at 0.0000. This value is smaller than 0.05,
H0 is rejected and it can be concluded that the
independent variables (liquidity, leverage, and total
asset turnover) simultaneously affect profitability.
T test P-value value of the cash ratio variable is
0.0029 with a positive coefficient, the value is
smaller than 0.05 then H0 is rejected and H1 is
accepted so that it can be concluded that liquidity
(cash ratio) has a significant positive influence on
profitability. The value of the P-value of the variable
leverage is 0.0104 with a positive coefficient, the
value is smaller than 0.05 then H0 is rejected and H1
is accepted so that leverage (DER) has a significant
positive influence on profitability. The P-value value
of the total asset turnover variable is 0.0000 with a
positive coefficient, the value is smaller than 0.05
then H0 is rejected and H1 is accepted so that it can
be concluded that total asset turnover (TATO) has a
significant positive influence on profitability.
VI. Discussion
Effect of liquidity (Cash Ratio) on profitability
the amount of cash owned by construction
companies, toll roads and cement companies are
generally required for initial funding in order to
obtain the project. Management can also obtain raw
materials at a cheap price if the purchase is in cash.
This will result in lower production costs that
increase efficiency that can ultimately increase
profits. In line with that, the findings corroborate that
liquidity is a positive and significant impact on
profitability. These findings correspond to the
research results of the previous researcher suggests
that liquidity effect is positive towards profitability,
Sunjoko (2016), Amrita et, al.(2016), Syafei (2017)
Alpi (2018), and Nurlaela et, al. (2019).
Effect of leverage (DER) on profitability Leverage
describes funds obtained from other than
shareholders. The ratio used to measure leverage is
DER. Panel data regression results show that
leverage has a significant positive effect on
profitability. Basically, road construction projects,
bridges and waterways that are in funding with
government projects are still possible to obtain a
margin of almost 15%. Management will seek long-
term loan funding such as investment credits or bond
issuance that interest rates below 10%. Adding debt
offset by increasing sales with higher margin rates
will result in increased profits which will ultimately
increase the profitability of the company. These
findings correspond to the research results of the
previous researcher suggests that leverage effect is
positive towards profitability.Kartikasari and Marisa
(2016), andNurlaela et, al. (2019) findings that
leverage positively effect towards profitability, while
according to Alpi (2018) leverage does not influence
on profitability.
Effect of total asset turnover (TATO) on
profitability Total asset turnover indicates the
effectiveness of the use of company assets to create
(earn) income. Lower tato shows too many
companies put their funds in the form of asset base,
whereas high tato shows the company uses very little
asset or asset that is used is outdated (Keown, et al,
2010). Panel data regression results show that total
asset turnover has a significant positive effect on
company profitability. Asset is made up of current
asset and fixed asset. Current assets consist of cash,
trade receivables, inventory and advance payments.
Sufficient cash availability for operational activities,
fast receivables converted into cash, high inventory

SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 6 Issue 9 – Sep 2019
ISSN: 2393 – 9125 www.internationaljournalssrg.org Page 131
turnover and project progress of advance payments
will affect profitability. Furthermore, the high
amount of productive assets will result in increased
sales, so that high-feeding assets (current assets and
fixed assets) will affect positively on profitability.
These findings correspond to the research results of
the previous researcher suggests that total asset
turnover effect is positive towards
profitability.Nurlaela et, al. (2019) findings that total
asset turnover positively effect towards profitability.
The results of this research also identified that the
variable total assets turnover is the dominant
variables so that implicates that the management
should continue to focus increasing sales with the
available assets.
VII. CONCLUSION
The results of this study can be concluded that
liquidity (Cash Ratio) has a positive effect on
profitability, leverage (DER) has a positive effect on
profitability and total asset turnover (TATO) has a
positive effect on profitability. Liquidity, leverage
and total asset turnover together have a significant
influence on the profitability of manufacturing
companies on the IDX.In order to increase sales and
performance of the company, the government should
more emphasize the construction of road
infrastructure, toll roads and other construction
developments involving the companies listed on IDX.
This will improve the company's financial
performance in the country, add employment and
increase economic growth.
REFERENCES
[1] Alpi, M, Firza, 2018, Paper dengan judul The Influence of
Debt to Equity Ratio, Inventory Turn Over, and Current
Ratio against the Return on Equity in the Pharmaceutical
Sector Companies, Paper11th International workshop and
conference of Asean Studies in Linguistics, Islamic and
Arabic Educational and Technology, UKMS, Malaysia.
[2] Amrita, Maulidia, Wayan Cipta, Fridayana. 2016.”
Pengaruh Likuiditas, Solvabilitas dan Aktivitas Terhadap
Profitabilitas”, E-jurnal Bisma Universitas Pendidikan
Ganesha, Jurusan Manajemen ,Volume-4 tahun 2016.
[3] Brigham, E. F dan Ehrhard, M,C. 2010. The 13th Financial
Management, theory and practice South Western, Cengage
Learning, Mason, USA.
[4] Ekananda, M. 2016.Analisis Ekonometrika Data Panel :
Teori Lengkap dan Pembahasan Menyeluruh bagi Penelitian
Ekonomi, Bisnis, dan Sosial. Mitra Wacana Media, Jakarta.
[5] Ghozali,Imam. 2012. Analisis Multivariate dengan program
SPSS. Penerbit Undip: Semarang.
[6] Irwadi, M., &Choiruddin. (2015). Analisis Pengaruh
Manajemen Modal Kerjadan Likuiditasterhadap
Profitabilitaspada Perusahaan yang terdaftar di Bursa Efek
Indonesia Periode 2009-2013. JurnalAkuntanika. 1 (2)
[7] Kartikasari,Dwi, Merianti, Marisa, 2016. International
Journal of Economics and Financial Issues,2016, 6(2), 409-
413.
[8] Kasmir. 2015. Analisa Laporan Keuangan. Penerbit Raja
Grafindo Persada: Jakarta.
[9] Keown,A,J., David F. Scott, Jr., John D. Martin, J. William
Petty (2010). Manajemen Keuangan: Prinsip dan Penerapan
Jilid 1 (Edisi Kesepuluh). Jakarta, PT. Indeks.
[10] Keown, A,J., David F. Scott, Jr., John D. Martin, J. William
Petty (2010). Manajemen Keuangan: Prinsip dan Penerapan
Jilid 2 (Edisi Kesepuluh). Jakarta, PT. Indeks.
[11] Martono dan Harjito Agus, 2010. Manajemen Keuangan.
Penerbit Ekonisia: Yogyakarta.
[12] Nurlaela,S, Mursito B, Kustiyah, E, Istiqomah, Hartono, S,
2019, Asset Turnover, Capital Structure and Financial
Performance Consumption Industry Company in Indonesia
Stock Exchange, International Journal of Economics and
Financial, Volume 9 Nomor 3.
[13] Prastowo, Dwi. 2014. Analisa Laporan Keuangan. UPP
STIM YKPN: Yogyakarta.
[14] Prihadi Toto. 2012. Praktis memahami Laporan Keuangan,
cetakan-ke2. Penerbit PPM: Jakarta.
[15] Sari, N. M. V., &Budiasih, I. G. A. N. (2014). Pengaruh
Debt to Equity Ratio, Firm Size, Inventory Turnover dan
Assets Turnover padaProfitabilitas. E-
JurnalAkutansiUniversitasUdayana. 6 (2).
[16] Sugiyono, 2014. Metode Penelitian Pendidikan Pendekatan
Kuantitatif, Kualitatif Lan R&D. Bandung: Alfabeta.
[17] Sunjoko, M,I and Arilyn, E,J.2016. Effect of Inventory Turn
Over, Total Aset Turn Over, Fixed Aset Turn Over,
Liquidity, and Average Collection Period on Profitability.
Jurnal Bisnis dan Akuntansi, Vol 18 No. 1. Hal; 79-83.
[18] Sutrisno. 2012. Manajemen Keungan Teori konsep &
Aplikasi. Penerbit Ekonisia: Yogyakarta.
[19] Syafei, R. Cheppy, 2017. Pengaruh Rasio Likuiditas dan
Rasio Aktivitas Terhadap Profitabilitas, Jurnal Sekuritas,
LPPM dan &Prodi Manajemen Universitas Pamulang
(Volume 1 No.2 tahun 2017)
[20] Weston, J, dan T.E., Copeland. 1997. Manajemen
Keuangan, jilid ke Sembilan. penerbit Bina Rupa Aksara:
Jakarta.
[21] Widarjono, Agus. 2007. Ekonometrika Teori dan Aplikasi.
Ekonisia, FE UII, Jogjakarta