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Liquidity Ratio,
Capital Structure and
Activity
2165
Submitted:
25 AUGUST 2024
Accepted:
28 OCTOBER 2024
JIMKES
Jurnal Ilmiah Manajemen
Kesatuan
Vol. 12 No. 6, 2024
pp. 2165-2172
IBI Kesatuan
ISSN 2337 – 7860
E-ISSN 2721 – 169X
DOI: 10.37641/jimkes.v12i6.2916
The Effect of Liquidity Ratio, Capital Structure and
Activity on Company Profitability
Satria Arga Dita Syahputra
Department of Management, Faculty of Economics and Business, Universitas
Muhammadiyah; Surakarta, Indonesia
E-Mail: b100200492@student.ums.ac.id
Imronudin
Department of Management, Faculty of Economics and Business, Universitas
Muhammadiyah; Surakarta, Indonesia
E-Mail: imronudin@ums.ac.id
ABSTRACT
The study aims to measure the impact of liquidity ratio, capital structure and activity on
profitability in financial sector companies. This study uses an associative quantitative approach with
secondary data sourced from the annual reports of companies listed on the Indonesia Stock Exchange
(IDX) for the 2023 period. Sampling was carried out using the purposive sampling method with
certain criteria, namely the company must consistently publish financial reports during 2023, use
the rupiah currency, and include values for the liquidity ratio, capital structure, asset activity ratio,
and profitability. Based on these criteria, 97 companies met the requirements. Multiple regression
analysis is a method for measuring research hypotheses through the use of SPSS v.29 statistical
software. The results of this study indicate that the company's liquidity ratio, capital structure and
asset activity ratio can have an effect on the profitability of the finance sector in 2023.
Keywords: ROE, Current Ratio, DER, Finance, IDX
ABSTRAK
Penelitian ditujukan untuk mengukur dampak dari rasio likuiditas, struktur modal dan
aktivitas terhadap profitabilitas pada perusahaan sektor financial. Penelitian ini menggunakan
pendekatan kuantitatif asosiatif dengan data sekunder yang bersumber dari laporan tahunan
perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2023. Pengambilan sampel
dilakukan dengan metode purposive sampling dengan kriteria tertentu yaitu perusahaan harus
secara konsisten menerbitkan laporan keuangan selama tahun 2023, menggunakan mata uang
rupiah, serta mencantumkan nilai untuk rasio likuiditas, struktur modal, rasio aktivitas aset, dan
profitabilitas. Berdasarkan kriteria tersebut, diperoleh 97 perusahaan yang memenuhi persyaratan.
Analisis regresi berganda merupakan metode untuk mengukur hipotesis penelitian melalui
penggunaan software statistik SPSS v.29. Hasil penelitian ini menunjukan rasio likuiditas, struktur
modal dan rasio aktivitas aset perusahaan dapat memberikan pengaruh terhadap profitabilitas
sektor finance pada tahun 2023.
Kata kunci: ROE, Current Ratio, DER, Keuangan, IDX
INTRODUCTION
Competition between companies in the financial sector is getting tighter, especially
amidst economic uncertainty which often gives rise to the risk of sudden bankruptcy. In
order to survive and grow, companies need to monitor their conditions and performance
regularly. This performance, which is primarily measured by profit, is an important
indicator in seeing a company's ability to survive in a competitive market. Profit can be
Liquidity Ratio,
Capital Structure and
Activity
2166
defined as the difference between the actual income obtained from business transactions
and the costs incurred to obtain that income in a certain period (Sholikhin et al., 2021;
Ningrum et al., 2024). The main purpose of running a business is to generate sustainable
profits. With profit, the company is able to cover operational costs and maintain the
continuity of its business. If the company's financial performance shows positive results,
then profit growth tends to increase. Conversely, if the company's performance is less than
optimal, profit growth tends to decline.
With the increasing economic growth, many new companies have emerged in various
commodity and service sectors. This adds to the variety and tightness of competition in
the financial market. Although each company has different goals, in general one main
goal that is expected is the achievement of long-term income. This long-term income will
maintain the sustainability of the company, even amidst the risk of bankruptcy that may
occur. Therefore, many companies focus on managing and allocating their financial
resources effectively, in order to maximize profits and support long-term business goals.
The company's financial performance itself can be measured through financial reports,
such as balance sheets, income statements, cash flow statements, and statements of
changes in financial position. In addition, financial statement analysis requires the right
approach in order to provide relevant benchmarks in assessing the company's financial
health and strength (Rizki & Yandri, 2019; Opferkuch et al., 2021).
In 2022, the Indonesia Stock Exchange (IDX) noted that many companies in the
financial sector face significant challenges and opportunities in maintaining the stability
of their financial performance. Various external factors such as interest rate fluctuations,
increasingly intense business competition, government regulatory policies, and global
market dynamics are factors that influence the company's financial stability. Financial
performance in this financial sector is very crucial, because it indicates the company's
ability to manage and optimize available resources. Strong financial performance can
provide a competitive advantage in the market and significantly increase the company's
value in the eyes of investors and other stakeholders (Kahupi et al., 2021; Oktaviani et al.,
2024).
Profitability is one of the most important aspects in measuring a company's financial
performance. Profitability indicates the level of a company's ability to generate profits
from assets owned or from capital used (Purba & Africa, 2019). Several factors that affect
profitability are liquidity ratio, capital structure, and company activity. The liquidity ratio
serves as an indicator of the company's ability to meet short-term obligations, while capital
structure relates to how the company manages financing sources, both from equity and
debt (Salman, 2019). Company activity measures the extent to which assets owned can
be used to generate income. The combination of these three factors greatly affects the level
of profitability of companies in the financial sector.
This study aims to analyze the effect of liquidity ratio, capital structure, and activity
on the profitability of companies listed on the Indonesia Stock Exchange (IDX) in 2023.
Thus, the results of this study are expected to provide deeper insight into the important
factors that affect profitability in the financial sector, as well as assist companies in
developing more effective financial strategies. In addition, this study is also expected to
contribute to the development of literature on financial performance in the financial sector
and provide a basis for investors to make the right investment decisions amidst dynamic
economic conditions.
LITERATURE REVIEW
A company's liquidity demonstrates its ability to meet short-term obligations.
Companies that can fulfill these commitments are considered liquid, while those that
cannot are classified as illiquid. This study evaluates liquidity using the current ratio,
which is calculated by comparing current assets on the balance sheet with current
liabilities. According to Sari (2021), profitability refers to a company's capacity to generate
profits through its capabilities and resources over a specific period. This is indicated by
the profit margin, which reflects the company's positive outlook for the future.
Liquidity Ratio,
Capital Structure and
Activity
2167
According to Anggrainy (2019), the capital structure, assessed through the level of
leverage, serves as an indicator of how much a business relies on debt to finance its assets.
This capital structure defines the ratio of a company’s equity to the debt used for asset
financing. A company’s financial performance is significantly influenced by its capital
structure, which in turn affects its overall financial situation. A low capital structure is
associated with increased profitability, while a high capital structure can lead to decreased
profitability. The use of substantial debt raises the interest burden on the organization,
increasing its obligations to meet debt repayments, which can ultimately heighten the risk
of bankruptcy (Nainggolan, 2022; Benmelech et al., 2024). Activity ratios measure a
company's efficiency in using its assets. This ratio measures the efficiency and efficacy of
the company's use of resources. Efficiency is applied, for example, in the areas of Sales,
Inventory, and Receivables, as well as in other areas. Activity ratios are used to assess a
company's capacity when carrying out daily operations (Jenni et al., 2019; Bazaluk et al.,
2022)
Financial performance is an evaluation of a company's capacity to carry out its
operations referring to financial regulations. Analyzing a company's financial records is
very important to assess its financial performance (Akbar & Fahmi, 2020). In measuring
the performance and financial health of a company in the financial sector, there are
several indicators used, including liquidity ratio, solvency, and profitability. Liquidity
ratio measures the company's capacity to meet short-term obligations. A higher
percentage indicates the company's obligations to creditors are guaranteed. This ratio
assesses the company's ability to meet short-term obligations through the use of its existing
assets (Nirawati et al., 2022). Lee (2022), found that a higher current ratio correlates with
an increase in the current asset component, resulting in a greater risk of idle capital and
potential loss of profits for the organization. If receivables increase, there is a potential
danger of uncollectible receivables or bad debts, thereby reducing income. Excess
inventory can be harmful to a business because it increases warehousing and maintenance
costs. When these costs are high, they can impede future income and decrease the profits
generated by the organization. Research by Wage et al. (2021); Sulasti (2022); Ihsan et al.
(2023), indicates that the liquidity ratio can positively influence profitability. However, a
study by Nadeak & Pratiwi (2019), found that the combined effects of liquidity and capital
structure ratios only account for 22.5% of a company's profitability.
H1: The liquidity ratio has significant effect on company's profitability
Capital structure represents the balance between short-term liabilities, long-term
liabilities, preferred stock, and common stock. Capital structure represents the balance
between the use of long-term debt and equity financing. This shows that the quantity of
equity and long-term debt is used to increase equity optimization. In essence, capital
structure refers to the company's funding sources, especially the combination of debt and
equity used to pay for its operational activities. If the company's debt exceeds its own
capital, the company can experience losses (Yanti & Darmayanti, 2019)
Capital structure theory outlines a company's financial strategy, emphasizing the
balance between debt and equity to optimize its value. When a company's debt surpasses
its equity, it poses significant risks to investors, which may lead to substantial dividends.
While high risk can decrease a stock's price, it may also increase due to these large
payouts. A company's stock price reflects its value; thus, when the stock price rises, the
overall value of the company also increases. Research by Rohendi & Sudradjat (2021),
found that solvency has a negative effect on profitability. Capital structure indicates the
company's capacity to settle its obligations using its assets, meaning that assets are used
as collateral for the debt. This study evaluates solvency through the use of the debt-to-
equity ratio (DER), which measures the proportion of a company's debt relative to its
equity (shareholders' funds). In this DER, debt is anticipated not to exceed equity, because
a scenario like this will result in an increase in interest expenses that must be paid. Based
on the findings of Gea & Natalia (2020) and Sulasti (2022), said that the value formed by
Liquidity Ratio,
Capital Structure and
Activity
2168
the influence of the company's capital structure ratio can provide an increase in the
company's profitability value, not only by increasing its profitability but also being able to
encourage the company's legitimacy value in society.
H2: Capital structure ratio has significant effect on company's profitability value
The profitability ratio assesses the overall success of management by evaluating the
amount of profit generated compared to sales and investments. Meanwhile, according to
Nirawati et al. (2022), the profitability ratio evaluates the company's capacity to generate
profits. According to the expert's opinion, it can be concluded that the profitability ratio
is the ratio used to assess the company's capacity to seek profits. This ratio assesses the
level of return or profit in relation to sales or assets, evaluating the company's capacity to
generate profits related to sales, assets, or equity. This ratio shows the management's
ability to generate profits and is the end result of many policies and actions taken by
management. Profit growth refers to the change in annual profits, expressed as a
percentage. Increased profit growth can affect the rate of return for current and potential
investors, so that it can guide their investment decisions. Thus, profit growth is very
crucial for companies and investors (Block et al., 2019). One way to assess the quality of
a performance is through the level of output produced by a company. Financial
performance assessment is carried out using financial ratios taken from financial
statements. This is referred to as the company's basic factors, which are assessed through
technical fundamental analysis and financial ratio analysis. An increase in the asset
turnover ratio indicates that the organization is increasing the efficiency of its asset
management, which indicates an increase in sales levels. This explanation is reinforced
by research from Jenni et al. (2019), which found that total asset turnover had a significant
effect in relation to profitability.
H3: Asset turnover ratio has significant effect on company's profitability value
Figure 1. Research framework
METHODS
This study uses an associative quantitative approach with secondary data sourced from
the annual reports of companies listed on the Indonesia Stock Exchange (IDX) for the
2023 period. Sampling was carried out using a purposive sampling method with specific
criteria: companies must consistently publish financial reports during 2023, use the rupiah
currency, and include values for the liquidity ratio, capital structure, asset activity ratio,
and profitability. Based on these criteria, 97 companies were obtained that met the
requirements, making the total research sample 97 companies. Data analysis used the
classical assumption test and multiple regression with SPSS version 29. The financial
sector was chosen because it plays an important role in assessing the health and stability
of a country's economy. This sector supports Indonesia's economic growth, especially
Liquidity Ratio,
Capital Structure and
Activity
2169
after experiencing significant developments after the 1997 Asian financial crisis
(Adityawan, 2023). This study measures several key financial ratios to assess company
performance. The profitability ratio, represented by Return on Equity (ROE), assesses the
rate of return for shareholders. The liquidity ratio, calculated using the Current Ratio,
shows the company's ability to meet its short-term obligations. Debt to Equity Ratio
(DER) reveals the extent to which a company uses debt compared to its equity capital.
The Total Asset Turnover activity ratio provides an overview of the effectiveness of asset
use in generating sales. These ratios collectively provide valuable insights to stakeholders
into the financial health and performance of a company.
RESULTS
Descriptive statistical methods are carried out to determine the values contained in the
measurement process, including the description or depiction of data. The Profitability
variable has an average of 0.07428, a minimum value of -1.343, a maximum of 1.712 and
a standard deviation of 0.287931. Liquidity has an average value of .0.3647, a minimum
value of -5.81, a maximum of 4.26, and a standard deviation of 1.83860. The Capital
Structure variable has an average value of -2.9275 with a minimum value of -6.91, a
maximum value of 0.00, and a standard deviation of 1.43390. The Activity variable has
an average value of -2.9491, a minimum value of -6.21, a maximum value of 0.54, and a
standard deviation of 1.23083.
Table 1. Descriptive Statistical Values
Description
N
Min
Max
Mean
Std. Deviation
ROE
97
-1.343
1.712
0.07428
0.287931
CR
97
-5.81
4.26
0.3647
1.83860
DER
97
-6.91
0.00
-2.9275
1.43390
TATO
97
-6.21
0.54
-2.9491
1.23083
Then in the measurement of classical assumptions presented with the acquisition of
normal normality values with a value of 0.250 (> 0.05). Measurements on
multicollinearity and heteroscedasticity also found that the data is normal data with no
indication of multicollinearity and heteroscedasticity because it obtained a VIF value of
≤ 10 and a sig value of not less than 0.05. Another finding in the autocorrelation test was
carried out by identifying if the DW value finding is more than +2 or below -2 then there
can be a chance of the hypothesis being rejected but a Durbin Watson value of 0.378 was
found so that it was said that the data did not have symptoms of autocorrelation.
Table 2. Classical Assumption Test
Items
Tolerance
VIF
Heteroskedasticities
CR (X1)
0.511
1.957
0.190
DER (X2)
0.544
1.837
0.894
TATO (X3)
0.899
1.113
0.490
Autocorrelation (DW-Test)
2.378
Normality Test
0.250
The findings are then entered into the regression. Furthermore, the measurement of
the f value on each test variable is 0.006, which is a value that is worthy of further study
because it is less than 0.05. Furthermore, it is known that the r square value on a test
model is 0.149 or 14.9% explained that the value is known for the influence given by the
liquidity ratio, capital structure ratio, and asset activity ratio of the company on the
profitability of the company with the finance sector.
Liquidity Ratio,
Capital Structure and
Activity
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Table 3. Multiple Regression Analysis Value
Items
Regression
t
sig
Constant
-2.342
-7.325
0.000
CR
0.327
2.510
0.014
DER
0.216
2.015
0.047
TATO
0.286
2.986
0.004
𝐀𝐝𝐣. 𝐑𝟐
0.149
𝐅 𝐬𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜
4.422
𝐅 𝐬𝐢𝐠.
0.006
The findings stated that the measurement of the current ratio or liquidity ratio gets a
sig value of 0.014 with a t value of 2.510 which states that the first hypothesis test is
accepted because the sig value measurement result is not more than 0.05. From the results
of the study mentioned, there is evidence that shows that liquidity has a significant effect
on the profitability of companies in the financial sector. This also proves that good
liquidity gives companies financial flexibility that allows them to take advantage of
business opportunities quickly. This creates conditions conducive to increasing profits
because companies are not only able to survive short-term obligations but also invest in
efforts to increase revenue (Ningrum et al., 2024).
Therefore, adequate liquidity can increase a company's ability to generate profits, as
evidenced by Yameen et al. (2019), which states that liquidity has a partial positive impact
on profitability. Not only that, liquidity refers to how quickly a company's assets can be
converted into cash to meet its short-term obligations. When a company has a high level
of liquidity, this means that the company has enough funds to pay debts, provide
dividends to shareholders, fund operations, and make investments that can generate
income in the future. Several previous studies also support this finding, as explained by
Yameen et al. (2019), who found that liquidity has a positive impact on profitability
partially. Similar things were also conveyed by Wage et al. (2021); Sulasti (2022); Ihsan
et al. (2023), who emphasized that there was a strong and significant influence on the
level of profitability. This finding is consistent with financial theory which states that good
liquidity can support the growth of company profits.
The second measurement is proven by conducting on factors influenced by the capital
structure ratio to profitability, the measurement is proven by the results of the findings of
a significant value of less than 0.05 or 0.47 with a t value of 2.015 which states that the
second hypothesis test is accepted because the figure found is not more than the maximum
research limit (<0.05). The results of this study reveal that capital structure has a positive
effect on company profitability, which means that companies with well-managed capital
structures tend to experience increased profitability (Sulasti, 2022).
Capital structure refers to the balance between debt and equity used to finance
company activities. An effective capital structure allows companies to reduce capital costs
while maintaining a balance between risk and expected returns. Several theories also
mention the Trade-Off Theory model. Megawati et al. (2021) state that companies need
to balance the tax benefits of debt (tax shield) with the risk of bankruptcy that may arise
from the use of excessive debt. An optimal capital structure is able to maintain a balance
between risk and return, which in turn increases net income per share. Thus, decisions
related to capital structure, such as the proportion of debt and equity, are essential in a
company's financial strategy. Wise use of debt can increase profits through savings in
capital costs, provided that the financial risks incurred remain under control. The results
of these studies, including those from Gea & Natalia, (2020); Sulasti (2022), support the
conclusion that a well-managed capital structure can maximize returns and increase a
company's stock returns.
The next measurement is the measurement of profitability which is influenced by the
company's asset activity ratio, based on the findings it is stated that the sig value is below
the fixed value of 0.05 so that the third hypothesis is accepted. This is in line with research
developed by Jenni et al. (2019). Increasing asset turnover indicates that the company is
increasingly effective in managing its assets, which contributes to operational efficiency.
Liquidity Ratio,
Capital Structure and
Activity
2171
In other words, the faster the company turns over its assets, the greater the potential sales
volume and profit that can be achieved. This shows that good asset management not only
supports sales, but also has the potential to increase overall profitability. Therefore,
companies need to focus on strategies to improve TATO as one way to optimize financial
performance by optimizing asset management by conducting periodic audits of owned
assets to ensure that all assets are used efficiently. Identify unproductive assets and
consider selling or deactivating them with audit actions, the company can cut the budget
for the company's operational needs.
CONCLUSION
Data findings indicate that a high liquidity ratio significantly impacts profitability.
Companies with ample liquidity are better equipped to avoid financial disruptions, thus
ensuring smooth operations and enhanced profitability. In addition to liquidity, capital
structure and asset activity management are also crucial for profitability growth. By
balancing debt and equity, companies can leverage the benefits of debt to amplify returns
while maintaining the financial stability that strong equity provides. An optimal blend of
both can enhance profitability by optimizing capital costs and mitigating financial risk.
Companies’ adept at managing liquidity, capital structure, and asset activities achieve a
stronger competitive position, paving the way for sustained profit growth. The analysis
also reveals an f-square value with a significance level of 0.006, indicating a statistically
significant effect. However, the model’s r-square value is relatively low, at 14.9%,
suggesting that the independent variables explain only a small portion of the variance in
profitability. This finding implies that while the examined factors are essential, additional
variables likely contribute to profitability and should be considered in future analyses for
a more comprehensive understanding.
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