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International Journal of Research in Business, Economics and Management
Vol.1 Issue 1 July-August 2017
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THE IMPACT OF FINANCIAL RATIOON ON ABILITY TO PREDICT PROFIT: AN
EMPIRICAL STUDY IN MANUFACTURERS OF FOOD AND BEVERAGE SUB-
SECTOR
Mahendra Prasanti Hilamaya
Ari Susanti *)
HenyKurnianingsih
AininSyukuriaPutri
SekolahTinggiIlmuEkonomi Surakarta*)
ABSTRACT
This study is conducted to test the ability to predict profit changethrough financial ratioin food
and beverage companiesregistered inIndonesia Stock Exchangeduring 2010-2015 period. The
population used in this research as corporate objects are those food and beverage
companiesregistered inIndonesia Stock Exchange, with a research period of 2010-2015
amounting to 14 companies, and the ones taken to be the research objects (sample) amount to 10
companies. The data are tested using multiple regression analysis, where in order to process the
data, SPSS version 21 is used. The research results indicate that Current Ratio (X1)has negative
influence on profit change. Return On Equity (X3)has significant positive influence onDebt to
Equity Ratio (X2)change and Total Assets Turn Over (X4)has no significant negative influence
onprofit change.
Keywords: Profit change, Current Ratio, Debt to Equity Ratio, Return On Equityand Total
Assets Turn Over.
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INTRODUCTION
A company is established aiming at gaining profit. Profit is the advantageous results of
efforts made by the company during certain period. The profit a company could gain for the
following year cannot be assured, it may increase this year and it could decrease next year. Since
the change could not be assured, a profit change prediction is then needed.
A profit changegives highly important information for both the company and its external
stakeholder. Profit changewill have some influence on investors’ decision to invest in purchasing
the shares in the company and prospective investors who would like to invest in the company.
The profit increase or decrease change will influence the financial policy for the company’s next
activities, such as those policies on dividend, debt payment, investment, and maintining
company’s activity continuance (Widhi, 2011). The method to find out the financial condition in
the future is by performing a financial statements analysis.
A financial statements analysisis useful to indicate a company’s financial strength and
weakness. Financial statements analysisshould perform a useful calculation to predict the
company’s profit in producing cash flow. Calculation of financial ratios is needed to perform a
financial statements analysis. The financial statements analysisfrequently used to assess a
company’s performance is financial ratio analysis. Riyanto (2001) suggests that financial ratio
analysisis the one which connects estimated sheet balance and profit and loss statements one
another, which provides a description of company’s history and evaluation on a company’s state
of affairs.
Liquidity ratiois a ratio which depicts a company’s ability to fulfill its short-term
liabilities, and the one to be focused on in this research is Current ratio. Solubility ratiomeasures
a company’s abilityto fulfillits long-term financial liabilities, and the on to be focused on in this
research is Debt to Equity Ratio. As for rentability ratio, in this ratio a company’s abilityin
earning profits with the capital it owns could be figured out, this is highly important in order to
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find out a company’s efficiency, and the one to be focused on in this research is Return On
Equity.
Activity ratiois the one measuring how effective is the company in utilizing all of the
fund sources available to them, and the one to be focused on in this research is the Total Assets
Turnover. Financial ratiocould be used to find out a company’s profit changein the futurer;
whether it increases or decreases.The manufacturing industry sector will be the support of
Indonesia economic growth in the next few years. Indonesia government keeps on trying to bring
about that ideal. The Managing Director of CORE Indonesia, Hendri Saparini, states that in
2016, it is predicted that from the manufacturing industry the one which will grow higher than
others is the food and beverage industry. Hendri Saparini says the growth of food and beverage
industryis fairly high each year. Starting from 2011 to 2016,its growth is at least, on average, 7.8
percent.
This study aims at testing the influences of several financial ratiosin such forms as
current ratio, debt to equity ratio, return on equityand total assets turnover to predict profit
changein the future. In this research, the research questions include:
1. Does Current Ratio has influence onProfit Change?
2. Does Debt to Equity Ratiohas influence onProfit Change?
3. Does Return On Equityhas influence onProfit Change? and
4. Does Total Assets Turnover has influence onProfit Change?
THEORETICAL REVIEW
1. Liquidity
Liquidityis the ratio which measures a company’s abilityto fulfill its short-term liabilities.
According to Riyanto (2009),liquidity ratiois the identification of relationships between current
assetsand current liabilities.Thus, liquidity ratioprovides the basis for evaluation of a company’s
abilityto be compared with the current liabilities. The ratio used in this researchis current ratio.
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Current ratio shows a company’s abilityin managing their available fundby comparing
between their current assetsand their current debts. According to Harahap (2011) Current ratiois
the ratio which indicates to what extent the current assetscover the current liabilities. The bigger
the comparison between current assetsand the current debts,the higher the company’s abilityto
cover its short-term liabilities.
2. Solubility
Solubilityis the ratio which measures a company’s abilityto fulfillits long-term financial
liability. A company is said to be soluble if it has sufficient assets or properties to pay all of its
debts, on the contrary if its assets is inadequate or less than its debts, it means the company is
insoluble (Munawir, 2007).The ratio used in this researchis Debt to Equity Ratio.
Debt to Equity Ratio is the ratio of comparison between total debts and equity. This
ratioshows a company’s equityability to fulfillall of its liabilities. The higher the Debt to Equity
Ratio, the lower the profit changethat will be earned by the company. This is because the high
Debt to Equity Ratioindicates that the capital proportion it owns is less than its liabilities or there
is a high dependence on external parties. A company with exceedingly too many liabilities will
find it hard to obtain additional fund from the outside of it (Margaretha, 2011).
3. Rentability
Rentabilityaims at finding a company’s abilityin earning profit during certain period, and it
aims at measuring the management’s effectiveness level in running the company’s operation
(Sawir, 2001). Rentabilityis used to learn the relative part between the loan capitalgiven by
creditors and the equityby shareholdersin order to measure the company’s abilityto earn benefits
(Munawir, 1994). Rentability ratioused in this research isReturn On Equity.
Return On Equity is a ratio of comparison between profit after tax and equity (Cahyono,
1996). The Return On Equityor equityrentabilityis the ratio to measure net profit after tax with
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equity. This ratioindicates the equity utilization efficiency. The higher the ratio, the better it is. It
means that the position of company owner(s) is stronger, and vice a versa (Kasmir, 2008).
4. Activity
Activity ratio, i.e. the ratioto assess a company’s abilityin performing day-to-day activities
or a company’s abilityin sales, receivable collectionand utilization of assets they own (Munawir,
2002). The ratio used in this researchis Total Assets Turnover.
Total Assets Turnoveris the ratio which shows the effectivess of company’s use of all its
assets in order to gain revenue. A high Total Assets Turnoverindicates that the company could
utilize the assets the own to increase their sales, resulting in the increased profit (Margaretha,
2011). This ratio could be used to predict profit since total assets and sales are the components in
earning profits. The Total Assets Turnoverhas influence on company’s net profit change,in which
the faster the assets turnover rate the more the net profit it produces, because the company has
been able to utilize the assets to increase its sales, resulting in some influence on the revenue. An
increased revenue could increase the company’s net profit (Hanafi & Halim, 2003).
5. Profit Change
Profit changeis an increase or decrease in profit from two profit reporting periods. Profit
changeis influenced by those components in financial statements, such as sales change, costs of
good sold change, operating expenses change, interest expense change, income tax change
(Hutabarat, 2013).
Profit constitutes an important number in financial statementsfor some reasons such as:
profit is the basis in tax calculation, guideline in determining investment policy and making
decisions, the basis in forecasting profit and other economic events of the company in the future,
the basis in calculating and assessing efficiencyin running the company, and the basis in
appraising the company’s achievement or performance (Harahap, 2007).
The hypotheses and model of empirical research in this study are as follows:
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1. According to Nur Amalina and Susanna Hutabarat (2013),the Current Ratiovariable has
significant,positive influenceon profit change.
H1: There is significant influenceof Current Ratio (X1)on profit change.
2. Rosalina’s (2015) study suggests that the Debt to Equity Ratiovariable has significant,
negative influenceon profit change.
H2: There is significant influenceof Debt to Equity Ratio (X2) on profit change.
3. Ghazali’s (2013) research results indicate that the Return On Equity variable has
significant, positive influence onprofit change.
H3 : There is significant influenceof Return on Equity (X3) on profit change.
4. Syamsudin (2009) suggests that the Total Assets Turnovervariable has significant,
positive influence onprofit change.
H4: There is significant influenceof TotalAssets Turnover (X4) on profit change.
Framework
Figure 1. Empirical Research Model
Current Ratio(X1)
Profit Change (Y)
Return On Equity(X3)
Total Assets Turnover
(X4)
Debt to Equity
Ratio(X2)
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RESEARCH METHOD
Sample
Sample is part of the number and characteristics owned by the population (Sugiyono, 2012). The
sample taken is those manufacturing companies of food and beveragesub-sectors in Indonesia
Stock Exchangefrom 2010-2015, which amounts to 10companies. It is taken using purposive
sampling. The criteria the companies should have for them to be included into the sample
involve:
a. Manufacturing companies of food and beveragesub-sector registered in BEI for six years,
from 2010 to 2015.
b. They have issued financial statements per 31 December for six years from 2010 to 2015.
c. They have the data and financial statementsrelated to the research variable measurements.
Tabe1.1. List of Company Names Included as Sample
NO Company Name
1. AISA (Tiga Pilar Sejahtera Food Tbk)
2. CEKA (Wilmar Cahaya Indonesia Tbk)
3. DLTA (Delta Djakarta Tbk)
4. ICBP (Indofood CBP Sukses Makmur Tbk)
5. INDF (Indofood Sukses Makmur Tbk)
6. MYOR (Mayora Indah Tbk)
7. PSDN (Prasidha Aneka Niaga Tbk)
8. ROTI (Nippon Indosari Corpindo Tbk)
9. SKLT (Sekar Laut Tbk)
10. ULTJ (Ultrajaya Milk Industry & Trading Co.Tbk)
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Source: Indonesia Stock Exchange
Data Collection Technique
The data collection technique used in this research is documentation by copying the data
taken from the official site of Indonesia Stock Exchange, namely www.idx.co.id.The collected
data are calculated using SPSS calculation to analyze the research data. The data used in this
research are the secondary ones. Secondary data are those data obtained by researcher indirectly
or through an intermediary which are recorded and obtained from other parties (Indriantoroand
Supomo, 2002).
Variables and Their Measurements
The Independent Variables used in this research are:
1. Liquidity Ratio
Liquidity Ratiois an indicator in regard to a company’s ability to pay all of its short-term
financial liabilities when they are due using the available current assets.
Current Ratio is a comparison between current assetsand current liabilitiesand it is the
most common measurement used to find out a company’s commitment to fulfill its short-term
liabilities. Current Ratioindicates to what extent the current assetscould cover current
liabilities. The greater the comparison between current assetsand current liabilities, the higher
the company’s abilityto cover its short-term liabilities. Low Current Ratiois usually deemed
as indicating problems in liquidation, and on the contrary too high current ratio is not good
either, because it indicates that too much fund is unused which, in turn, could reduce the
company’s profitability (Sawir, 2009).
Current Ratio could be calculated using the following formula:
Current Assets
Current Debts× 100%
2. Solubility Ratio
Solubility ratiorefers to the amount of debt funding in the company’s capital structure.
This term depicts the company’s abilityin utilizing their debts and assets to increase their
profit. Debt to Equity Ratiois included in solubility ratio. Debt to Equity Ratio (DER)
constitutes the ratioto measure the company’s performance based on the debts that the
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company has by calculating the comparison between total debts and total capital. This
ratiodepicts a comparison of debts and equity in the company’s funding and shows the
company’s equityability to fulfillall of its liabilities (Hanafi, 2009).
Debt to Equity Ratiocould be calculated using this formula:
Total Debts
Equity× 100%
3. Rentability Ratio
Rentabilityaims at finding out a company’s abilityin earning profit during certain period,
and it is intended to measure the level of management effectiveness in running the company’s
operation (Sawir, 2001). Rentabilityis used to learn the relative part between the loan capital
given by creditors and the equity by shareholders in order to measure the company’s ability to
earn benefits(Munawir, 1994).Return on equityis a ratio which depicts the comparison
between profit after tax and equity(Cahyono, 1996). The higher the return on equity,the
higher the profit rate it earns.
Return on equity could be calculated using the formula:
Net Profit After Tax
Equity× 100%
4. Activity Ratio
Activity ratiois the ratiowhich measures how effective a company is in utilizing all of
fund sources available to them. Activity ratioconsiders that it is better to have a feasible
balance between sales and various assets elements, such as supply, fixed assets, and other
assets.Total Assets Turnoveris a comparison between a company’s sales and its total assets,
where this ratiodepicts the rate of total assets turnover within a certain period. Total Assets
Turnoveris the ratiowhich shows the efficiencylevel of a company’s all assets use in earning
certain sales volume (Primayuta, 2009).
Total assets turnovercould be calculated using the formula:
Sales
Total Assets
5. Profit Change
Profit changeis an increase or decrease in profit from two profit reporting periods. Profit
changeis influenced by those components in financial statements, such as sales change, costs
of good sold change, operating expenses change, interest expense change, income tax
change(Hutabarat, 2013).Profit changecould be used to predict a company’s profit in the
future. Relative change of profit is obtained based on the difference between profit in a certain
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period and the previous period which is then divided by the profit during the previous period
(Harahap, 2013). Profit changecould be formulated as follows:
tYear′s Net Profit − t Year− 1′s Net Profit
t Year− 1′s Net Profitx100%
RESULTS
Classic Assumption Test
Prior to testing hypotheses, this study performs classic assumption tests. The classic
assumption tests used in this study are normality test, multicollinearity test, heteroscedasticity
test, and autocorrelation test. The results of classic assumption tests could be seen in Apendix 1.
The first one is normality test. Normality testaims at finding out whether or not the data in
the research are normally distributed (Ghozali, 2011). Kolmogorov-Smirnovtest is used to test
normality. The results of test using Kolmogorov-Smirnov(test) shows a significanceat 0.220,
meaning that it is more than 0.05 which shows that the data are normally distributed.
The second one is Multicollinearity Test. Multicollinearity testaims at testing whether in
the regression model a correlation between independent variables are found. Detecting whether
or not there is multicollinearityin the regression modelis by seeing the tolerancevalue with the
variance inflation factor (VIF) value. The criteria used to show that there is a multicollinearityis
tolerancevalue<0,10 or equal to VIF value >10 (Ghozali, 2011). The results of
multicollinearitytest in this research find that the tolerancevalue in variable CR (X1), DER (X2),
ROE (X3), TATO (X4) >0.10 and VIF value <0.10,thus no multicollinearity occurs between
variables.
The third one is Heteroscedasticity test. According to Ghozali (2011) this
heteroscedasticitytest aims at testing wthere or not in the regression a variance inequality of
residual of one observation to another observation occurs. Scatterplottest is performed to
discover whether or not heteroscedasticityoccurs by seeing the presence or absence of certain
pattern in the scatterplotdiagram.Based on the results, no certain pattern is formed, hence it
could be concluded that in this research no heteroscedasticity occurs.
The fourth one is Autocorrelation test. Autocorrelation testaims at testing whether or not in
the linear regression modela correlation between interfering errors in t period and interfering
errors in t-1 (previous) period. This research employs Durbin Watson (DW) test to discover
whether or not there is autocorrelation. Based on the output of autocorrelation testresults in this
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research, it could concluded that no autocorrelation occurs, since the Durbin Watson (DW) value
is in between -2 to 2, namely 1.585.
Hypothesis Testing
Table2. Recapitulation of Multiple Linear Regression Test Results
Independent
Variable
Regression
Coefficient
tstatistic Probability Hypothesis
(Constant) 0.357 0.930 0.356
CR (X1) -0.211 -2.116 0.039 H1 confirmed
DER (X2) -0.107 -0.494 0.624 H2 rejected
ROE (X3) 4.357 3.860 0.000 H3 confirmed
TATO (X4) -0.137 -0.923 0.360 H4 rejected
R =0.169
N = 10
Based on the table above, then, the equation is:
Profit change = 0.357 – 0.211CR– 0.107DER+ 4.537ROE – 0.137TATO+ e
t test basically indicates to what extent the influence of independent variables (Current
Ratio X1, Debt to Equity Ratio X2, Return On Equity X3 dan Total Assets Turn Over X4)
individually explain the dependent variable variance (Profit change Y) by comparing t tableand t
statisticat a confidence rate of 95% or a significance rate of 5% (𝛼 = 0.05) (Ghozali, 2011). The
results of t test are as follows:
The tStatisticvalue of variable Current Ratio (X1) = -0.2116 is less than t Table= 1.67 and its
significance value (Sig.) 0.039 < 0.05, hence it could concluded H1 is confirmed, meaning that
Current Ratio (X1) has significant influence onprofit change (Y).The tStatisticvalue of variableDebt
to Equity Ratio(X2) = -0.494 is less than t Table= 1.67 and its significance value (Sig.) 0.624 >
0.05,thus it could be concluded that H2 is rejected, meaning thatDebt to Equity Ratio(X2) has no
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significant influence onprofit change(Y). The tStatisticvalue of variableReturn On Equity (X3) =
3.860 is more than tTable= 1.67 and its significance value (Sig.) 0.000< 0.05 thus it could be
concluded that H3 is confirmed, meaning thatReturn On Equity (X3) has significant influence
onprofit change(Y).The tStatisticvalue of variableTotal Assets Turn Over (X4) = -0.923 is less than
tTabel = 1.67 and its significance value (Sig.) 0.360 > 0.05 thus it could be concluded that H4
rejected, meaning thatTotal Assets Turn Over (X4) has no significant influenceprofit change (Y).
Determination Coefficient (R2)
Determination coefficient (R2),in essence, measures to what extent the model possibly
explains the dependent variablevariance. The determination coefficientvalue is between nil and
one (Ghozali, 2011).
Table3.Determination Coefficient (R2) Value
R R Square
Adjusted R
Square
Std. Error of the
Estimate
.474a .225 .169 .64485
a. Predictors: (Constant), TATO, ROE, DER, CR
b. Dependent Variable: PL
The determination coefficienttest results indicate that the amount of Adjusted R2 value is
0.169. Based on such calculation, it could be concluded that from the model used here, its
independent variables give contribution at 16.9% to the dependent variable, and the remaining
83.1% is influenced by factors other than those variables being studied here.
DISCUSSION
The testing results of first hypothesiswhich says Current Ratio (X1) has significant influence
onProfit Change(Y) has proved true. It confirms Syamsudin and Ceky Primayuta’s
(2009)research which finds that the results of their research indicate that Current Ratiohas
significantnegative influence on profit change. This research’s results find that the company’s
abilityto pay their due payable or collectible short-term debts from one period to the next one
decreases. This decrease in their ability to pay short-term debts is not followed by the company’s
abilityin earning profits. In this case, negative Current Ratiodoes not ensure that their profit
changeability will decrease. The cash available in the company could gain profits and, thus, they
could pay their debts.
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In this research, the hypothesis that Debt to Equity Ratiohas significant influence onProfit
Change(Y) proves untrue. It confirms the research conducted by Rosalina Ariesta Sujarwo and
Nur Fadjrih Asyik (2015)which finds that Debt to Equity Ratiohas negative, significantinfluence
on profit change.Next, it is from the research results for debt to equity ratiovariable. Debt to
Equity Ratio is a ratioof comparison between total debts and equity. This ratioindicates a
company’s equityability to fulfillall of its liabilities. The higher the Debt to Equity Ratiothe
lower the profit changeobtained by the company will be. Based on the results of this research, it
is found that if the Debt to Equity Ratioin food and beverage companiesis high, then, the
proportion of capital it owns is less than its liabilities or there is a high dependence on external
parties.Based on the results of this research,it is found that the ability to pay debts decreases, yet
the companies remain capable of gathering equity both internally and externally in an optimal
manner. The company could gather funds from stakeholdersand could grow confidence in order
for these stakeholdersto buy their equity.
Return On Equityhas significant influence onProfit change,this proves true. It confirms Susanna
Hutabarat’s (2013)research which suggests that Current Ratiovariable has significantpositive
influence on profit change.The research results indicate that positive Return On Equitywith a
profit changeshows that the net profit continuously increases, thus it highly affects its equity
sales in the community.
The hypothesis that Total Assets Turn Over (X4) has significant influence onProfit change (Y)
has proven untrue. It confirms Agustina and Silvia’s (2012) research.Based on the partial
analysis result, a result is obtained that the one with most influence on a company’s profit
changeis Return On Equity at 4.357.This result indicates that during several periods the sales
proceeds decrease. This decrease is influenced by the less optimal asset utilization. In turn, this
results in the higher operating expenses and it also gives some effect on the sales proceeds which
should have been confirmed.
CONCLUSION AND SUGGESTIONS
Conclusion
This research studies a company’s ability to predict profit change through financial ratio in food
and beverage companies. Based on the research results it could be concluded thatCurrent
Ratiohas significant negative influence onprofit change, Debt to Equity Ratiohas insignificant,
negative influenceon profit change, Return On Equityhas significant positive influence onprofit
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change, Tottal Assets Turn Overhas insignificant, negative influenceon profit change, and Return
On Equityis the one with most influence on profit change.
Managerial Implication
1. Companies shoudl manage their current assetsto enable them to cover their current liabilities
or their short-term debts. The low Current Ratioindicate that there are problems in paying
their liabilities. On the contrary, too high Current Ratiois not good either, because it shows
how much fund is unused. For investorswho intend to invest in these companies, they could
consider a company’s Current Ratio in order to determine whether or not the company is
good at managing their current assetsto fulfilltheir current liabilities.
2. Companies shall be capable of maximizing their performance by considering their Debt to
Equity Ratio. Any company capable of maximizing their performance in managing their
funding will experience a profit change growth increase. For investors, by considering the
Debt to Equity Ratiothey will figure out how much greater the total debts are than the
equity.If the debts are more thanthe equity, then the company should finance their creditor
loan interest and in this case it will disrupt the profit growth.
3. Companies should be capable of increasing their efficiencyin managing equity to earn their
net profits. Investors could consider that the higher rge Return On Equitythe better the
company's assumed performance from their equity management perspective.
4. Companies should be able to optimize the assets they own to earn sales proceeds. For
investorsintending to make investment or for creditors intending to give a loan, they could
consider the Total Assets Turn Over, where the higher the Total Assets Turn Overvalue, the
better the companies in managing their assetes, and on the contrary the lower the Total Assets
Turn Overvalue, the poorer the companies in optimizing their assets.
Research Limitation
This research has its limitations: (1) the sample in this research is limited to financial
statementsof food and beverage companies, thus, the conclusions it draws could not be
generalized to other industries. (2) This research does not consider other variables which
influence profit changesuch inflation rate, interest rate, and security issuance.
Further Research
The researchers recommend several issues to be considered in further research, which
involve: (1) expanding the research sample to manufacturing companies. (2) considering other
variables which influence profit change.
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Appendix 1:
1. Classic Assumption Test a. Normality test Test results by using Kolmogorov-Smirnov can be seen in the table below shows the significance
value of 0.220 which means above 0.05 indicates the data is normally distributed.
.
Tabel 1.Normality test
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N 60
Normal Parametersa Mean .0000000
Std. Deviation .62260576
Most Extreme Differences
Absolute .136
Positive .136
Negative -.099
Kolmogorov-Smirnov Z 1.050
Asymp. Sig. (2-tailed) .220
a. Test distribution is Normal.
b. Multicollinearity Test
Multicollinearity test results in the study are as follows:
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Tabel 2. Multicollinearity Test
Coefficientsa
Model
Collinearity Statistics
Tolerance VIF
1 CR .448 2.231
DER .666 1.502
ROE .635 1.575
TATO .946 1.057
a. Dependent Variable: PL
The result of multicollinearity test is known that the tolerance value of CR (X1), DER
(X2), ROE (X3), TATO (X4)> 0,10 and VIF <0,10 so that the inter variable does not
occur multicolinearity.
C. Heteroscedasticity Test
The scatterplot test is performed to determine the occurrence of heteroskedastisitas or heteroskedastisitas not to
see whether there is a certain pattern in the scatterplot diagram. The test results on the scatterplot diagram look as
follows:
Table 3. Heteroscedasticity Test
Tabel 3.Uji Heteroskedastisitas
Based on the picture above, it is seen that does not form a certain pattern so that it can be concluded that in this
research did not happen heteroskedastisitas
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c. Test autocorrelation
Tabel 4.Test autocorrelation
Based on the output of autocorrelation test results in this study can be concluded there is no autocorrelation, because
the value of Durbin Watson (DW) is between -2 to 2 is 1.585.
Model Summaryb
Model R R
Square Adjusted R
Square Std. Error of the Estimate
Durbin-Watson
1 .474a .225 .169 .64485 1.585
a. Predictors: (Constant), TATO, ROE, DER, CR
b. Dependent Variable: PL