Profit: Jurnal Administrasi Bisnis | Volume. 17 No. 1 2023| 1
The Influence of Working Capital to Total Asset, Debt to Equity Ratio, And Inventory Turnover Ratio towards Profit Growth In Indonesia
Bernadetha Eveline Gabriella Purba1*, Nila Firdausi Nuzula2, Reika Happy Sugiastusti3 Universitas Brawijaya, Malang, Jawa Timur, Indonesia1,2,3
[email protected]1, [email protected]2, [email protected]3
ABSTRACT
This research used Working Capital to Total Asset (WCTA), Debt to Equity Ratio (DER), and Inventory Turnover Ratio (IT) as independent variables. This research’s goals are to know and to explain the influence of WCTA on Profit Growth, the influence of DER on Profit Growth, the influence of IT on Profit Growth and the influence of WCTA, DER, and IT simultaneously on Profit Growth. The background of this research is the importance of companies to enhance profit from time to time as a form of responsibility to the Investor. This study is an explanatory research with quantitative approach.
The object of this research is food and beverage companies that listed in Indonesia Stock Exchange (IDX) period 2017-2020. The sample selection is a purposive sampling and as a result, 16 companies were chosen from total population of 30 companies. The results of this research show that the influence of WCTA, DER, and IT simultaneously were significant on Profit Growth, and the influence IT also showed a significant impact on Profit Growth even though in the different direction. On the otherhands, WCTA and DER partially had an insignificantly influence on Profit Growth.
Keywords: Working Capital to Total Asset (WCTA), Debt to Equity Ratio (DER), Inventory Turnover Ratio (IT), and Profit Growth.
ABSTRAK
Penelitian ini menggunakan variabel independent yang terdiri atas Working Capital to Total Asset (WCTA), Debt to Equity Ratio (DER), dan Inventory Turnover Ratio (IT). Penelitian ini bertujuan untuk mengetahui dan menjelaskan: Pengaruh WCTA secara parsial terhadap pertumbuhan laba, Pengaruh DER secara parsial terhadap pertumbuhan laba, Pengaruh IT secara parsial terhadap pertumbuhan laba dan Pengaruh WCTA, DER, dan IT secara simultan terhadap pertumbuhan laba. Latar belakang dari penelitian ini adalah pentingnya bagi perusahaan dalam meningkatkan keuntungan (laba) dari waktu ke waktu sebagai bentuk tanggungjawab kepada investor. Objek dalam penelitian ini ada perusahaan makanan dan minuman yang telah terdaftar di Bursa Efek Indonesia (BEI) periode 2017-2020. Proses pengambilan sampel menggunakan syarat tertentu, dan hasilnya terdapat 16 perusahaan terpilih dari total 30 perusahaan. Jenis penelitian dalam penelitian ini adalah penelitian penjelasan dengan menggunakan pendekatan kuantitatif. Hasil dari penelitian ini menunjukkan bahwa: Pengaruh WCTA secara parsial menunjukkan tidak signifikan dan bernilai negatif terhadap pertumbuhan laba, Pengaruh DER secara parsial menunjukkan tidak signifikan dan bernilai negatif terhadap pertumbuhan laba, Pengaruh IT secara parsial menunjukkan signifikan dan bernilai positif terhadap pertumbuhan laba dan Pengaruh WCTA, DER, dan IT secara simultan menunjukkan signifikan dan bernilai positif terhadap pertumbuhan laba.
Kata Kunci: Working Capital to Total Asset (WCTA), Debt to Equity Ratio (DER), Inventory Turnover Ratio (IT), dan Pertumbuhan Laba.
PROFIT: Jurnal Administrasi Bisnis Vol. 17. No. 1, 2023 e ISSN: 2338-4654 p ISSN: 1978-743 X https://profit.ub.ac.id
* Corresponding Author : E-mail : [email protected]
Profit: Jurnal Administrasi Bisnis | Volume. 17 No. 1 2023| 2 1. INTRODUCTION
Harjito and Martono (2014) stated that there are three (3) goals in creating a business: to achieve maximum profit, to prosper the company owner or shareholders, and to maximize company value. Profit is a reward for the company's efforts in producing goods and services (Mery, 2017). Profit has an important role for the company in financing the company's operations. The company is expected to make a profit and generate profit growth. Soebangkit (2016) explained that profit growth is a ratio that shows the company's ability to increase net income compared to the previous year.
Companies have an obligation to have good performance as a form of corporate responsibility to stakeholders, especially investors. The quality of company performance can be seen from the company's ability to print or generate profits in a period. Investors as owners of capital expect the company able to manage the funds invested properly so that the company's profits can increase. The increase in company profits (earnings growth) can determine the amount of return given by the company to investors (Brigham & Houston, 2014:30) . In addition, good profit growth can be the basis for decisions for potential investors to invest in the company.
The data above shows that there is a difference between the development of investors in food and beverage companies and the
realization of profit growth that occurs in the company. The average investor has increased from year to year, while the average profit growth has decreased. Investors have the hope that the capital invested in the form of assets within a certain period can provide an increase in income from the investment activities carried out (Hartono, 2017). Investors can see the company's profit growth by analyzing the company's financial statements. Prihadi (2010) stated that financial statement analysis is a technique for analyzing associated data that provides useful estimates and conclusions for businesses. This analysis can be done by using financial ratios that compare one financial statement item with other financial items that have a relevant relationship.
Liquidity ratio is a ratio that measures the company's ability to meet its short-term obligations that are due (Gitman & Zutter, 2015:119) . This study will use Working Capital to Total Assets (WCTA) to measure the level of company liquidity. WCTA measures a company's ability to fulfil its obligations and purchase assets to become a source of company income (Nelson, 2019:462).
Leverage ratio according to Soebangkit (2016) is a ratio used to measure how far the company is financed by debt. The low level of leverage ratio indicates that the proportion of the use of debt in funding sources is also low. In this study, we will use the Debt to Equity Ratio (DER) as a proxy to measure the leverage ratio to profit growth. DER is a ratio that measures the proportion of the use of total liabilities (debt) to the total equity used in financing the company's activities (Gitman and Zutter, 2015:126).
Activity Ratio is a ratio that measures the speed of conversion from various accounts into sales or cash, both cash inflows and cash outflows (Gitman and Zutter, 2015:121) . This study will use the Inventory Turnover Ratio proxy to measure the level of company activity.
Inventory Turnover Ratio (IT) is a ratio that measures the level of inventory turnover in a period by calculating the cost of goods sold compared to the average inventory. Inventory is an important element for the ongoing operations of the company and involves a large amount of working capital.
Based on the above background, the researchers are interested in conducting research
4,3 181,53 199,75 355,98 0
500
2017 2018 2019 2020
Investor Development Average
Figure 1 Profit Growth Average
Source: Company Annual Report, data processed by researchers, 2022.
-2 0
2017 2018 2019 2020
F&B Profit Growth Average Figure 2 Average of Investor Development Source: Company Annual Report, data processed by researchers, 2022.
Profit: Jurnal Administrasi Bisnis | Volume. 17 No. 1 2023| 3 with the title "Analysis of the Effect of
Working Capital to Total Assets, Debt to Equity Ratio, and Inventory Turnover Ratio on Profit Growth (Study on Food and Beverages Sub - Sector Companies listed on the Indonesia Stock Exchange for the 2017 period). -2020)”.
2. LITERATURE REVIEW a. Signalling Theory
Signal are actions taken by the company in providing instructions to investors about how management views the company's prospects (Brigham & Houston, 2014:439) . Kurniawan &
Mawardi (2017) add that this signal contains information about the actions that have been taken management in order to realize the wishes of the owner. Investors can freely interpret or translate the information received as a good signal (good news) when the company's profits increase. On the other hand, a bad signal (bad news) is indicated by a decrease in net profit earned by the company (Hapsari, 2007) .
b. Financial Ratio
Kasmir (2010:110) mentioned that financial ratio is an index that compares the numbers contained in the financial statements and is obtained by dividing one number by another.
c. Liquidity Ratio
Subramanyam (2014) said that Liquidity ratio is the company's ability to generate cash to meet short-term obligations and depends on the company's cash flows and components of current assets and liabilities. In this study, liquidity ratio was calculated through the WCTA.
Working Capital to Total Asset (WCTA) WCTA is used to measure the level of company’s liquidity. WCTA measures the company’s ability to meet its obligations and purchase assets in order to become a liquid and non-liquid resource (Nelson, 2019:462)
d. Leverage Ratio
Adha & Sulasmiyati (2017) described that leverage is the ratio used to describe the company's ability to use fixed cost assets or
funds to increase the level of income (return) for company owners. The leverage ratio is a ratio that measures how much debt is used in
company spending (Hasanah, 2019) . In this study, leverage ratio was calculated through the DER.
Debt to Equity Ratio (DER)
DER is a ratio that measures the proportion of debt to capital (equity). This calculation is used to determine the use of debt as external funds with capital as the company’s internal funds (Subramanyam, 2014:564).
e. Activity Ratio
Gitman & Zutter (2015) , activity ratio is a ratio that measures the speed of conversion from various accounts into sales or cash as well as cash inflows and cash outflows. In this study, activity ratio was calculated through the IT.
Inventory Turnover Ratio (IT)
IT measures the average rate of speed at which inventories move through and out of a company. This ratio will compare the total Cost of Goods Sold (COGS) to average inventory (Subramanyam, 2014:555).
f. Profit Growth
Profit growth is a ratio that shows the company's ability to increase net income compared to the previous year (Harahap, 2011).
g. Hypothesis Development
1. WCTA has influence towards profit growth
WCTA is ratio that shows the working capital ratio to the total assets of the company.
WCTA measures ability company in fulfilling its obligations and buying assets
in order to become liquid and non-liquid resources (Nelson, 2019). Businesses in their
𝑊𝐶𝑇𝐴 =𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠 − 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 𝐴𝑠𝑠𝑒𝑡𝑠
𝐷𝐸𝑅 = 𝐷𝑒𝑏𝑡
𝐸𝑞𝑢𝑖𝑡𝑦
𝐼𝑇 = 𝐶𝑂𝐺𝑆
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦
= 𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑡− 𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑡−1 𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑡−1 Profit
Growth
Profit: Jurnal Administrasi Bisnis | Volume. 17 No. 1 2023| 4 operations generate current assets in excess of
current debt, the highest level of corporate liquidity. The higher the level of liquidity, the smoother the company’s transactions to increase sales. As sales increase, then the company’s profits will also increase.
2. DER has influence towards profit growth Debt as a loan of money given by creditors when repayment is made by the debtor by regularly paying the principal and interest on the loan (Masdupi & Rahmiati, 2014). The higher the DER value will show the higher the use of debt in operational financing company.
3. IT has influence towards profit growth Inventory refers to merchandise or goods purchased by the company for resale (Hapsari, 2007). Stock in food and beverage companies have an important role in the production process.
Food and beverage companies use a series of production processes to change raw materials into food or other products for consumption by consumers.
The higher the Inventory Turnover Ratio, the better the business will be at managing its inventory. This also has an impact on the company’s performance as it is considered a business sale have gone well. On the other hand, the lower the inventory turnover rate, the lower the level of efficiency of the company’s inventory management. This will have bad impact on the company because it will show that the greater the cost of maintaining inventory will be borne by the company.
4. WCTA, DER, and IT together have influence towards profit growth
Inventory is a component of current assets that plays an important role in the survival of the company, especially food and beverage companies. The business activities of food and beverage companies are processing raw materials into semi-finished goods and finished goods for consumption by consumers. In this food processing process, it does not only use one source of raw material but with various sources of raw materials. This causes the level of inventory
management in the warehouse to store raw materials and finished goods to be complex (Liang, 2013). The role of working capital in the company is needed to finance the company’s operations. One of the roles of working capital is
to buy the necessary supplies and pay trade debts (Susanto et al., 2013). So that the purchase or investment of inventory plays a role influencing the amount of working capital used by the company (Prihadi, 2010:246).
Trade payables are debts arise due to the purchase of inventory on credit (Wahyu, 2018:17). Purchases of inventory using the credit system will increase the amount of inventory in current assets, as well as add an account payable component. In the end the purchase of inventory will affect the total amount of the company’s liabilities. Based on the explanation above, there is a relationship between Working Capital to Total Assets, Debt to Equity Ratio, Inventory Turnover Ratio partially or simultaneously to profit growth.
3. RESEARCH METHOD a. Type of Research
This research uses explanatory research using a quantitative approach. Explanatory research is for research that explains the position of the variables studied and causality between other variables (Sugiyono, 2017:32) . While the quantitative approach is the activity of collecting, processing and presenting data based on the number of samples tested to answer hypotheses and develop general principles (Duli, 2019:52). Object of this research is food and beverage companies that listed in Indonesia Stock Exchange (IDX) period 2017-2020. There are 16 companies were selected as the sample of the research from the total population of 30 companies.
b. Research Sites
The research location in this study is the IDX (Indonesian Stock Exchange) site and the sites of each company. The choice of the object of this research is because the two sites provide sources of data needed by researchers and have been audited by the Public Accounting Firm (KAP) as the company's external auditor.
c. Research Variable 1. Independent Variable
Sugiyono (2017:39) suggests independent variables as variables that influence or cause changes to the dependent variable.
X1: Working Capital to Total Asset (WCTA) WCTA is used to measure the level of company’s liquidity. WCTA measures the
Profit: Jurnal Administrasi Bisnis | Volume. 17 No. 1 2023| 5 company’s ability to meet its obligations and
purchase assets in order to become a liquid and non-liquid resource (Nelson, 2019:462)
X2: Debt to Equity Ratio (DER)
DER is a ratio that measures the proportion of debt to capital (equity). This calculation is used to determine the use of debt as external funds with capital as the company’s internal funds (Subramanyam, 2014:564).
X3: Inventory Turnover Ratio (IT)
IT measures the average rate of speed at which inventories move through and out of a company.
This ratio will compare the total Cost of Goods Sold (COGS) to average inventory (Subramanyam, 2014:555).
2. Dependent Variable
Sugiyono (2017:39) states that the dependent variable is a variable due to the independent variable.
Y= Profit Growth
Profit growth is a ratio that expresses the percentage of profit increase or decrease in profit in a period (Brigham & Houston, 2014:278).
d. Data Analysis
1. Descriptive Statistical Analysis
Descriptive statistics are statistics used to analyze or describe data that have been obtained without drawing conclusions (Mundir, 2012:5).
2. Inferential Statistical Analysis
Inferential statistics are statistics that are used not only to present data but to draw conclusions (Mundir, 2012:5).
4. RESULT a. Normality Test
The normality test is carried out to test whether in the regression model an independent and dependent variable has a normal or abnormal distribution (Ghozali, 2016:132).
The picture above shows the normality test after eliminating extreme data or outlier data. The results of this test show that the data is normally distributed because the significance value is 0.2 or greater than 0.05. Testing the normality of the data is also carried out using probability plot graphs and histogram graphs.
Both of these tests indicate that the data is normally distributed.
b. Multicollinearity Test
Multicollinearity test is a test conducted to find whether there is a correlation between independent variables by calculating the value of VIF and Tolerance (Ghozali, 2016:134).
The figure above shows the VIF value of the independent variables (WCTA, DER, and IT) of less than 10. In addition, the tolerance value for each independent variable is greater than 0.10. It can be said that the regression model in this study is free from multicollinearity symptoms.
c. Autocorrelation Test
Autocorrelation test is a test carried out to see whether there is a correlation of errors in one observation with previous observations or not (Ghozali, 2016:137).
This test was conducted with 50 samples of research data (N) and 3 independent variables
Figure 5 Autocorellation Test Source: Output SPSS, 2022
Figure 4 Multicollinearity Test Source: Output SPSS, 2022
Figure 3 Normality Test Source: Output SPSS, 2022
Profit: Jurnal Administrasi Bisnis | Volume. 17 No. 1 2023| 6 (K). The results of this test show the calculated
Durbin Watson value of 2.188. After seeing the calculated Durbin Watson value, the researcher saw Durbin Watson in the table with a significance level of 5%. The Durbin Watson table shows that the upper limit value (du) is 1.673 and the lower limit value (dl) is 1.4206.
The data does not autocorrelate if it is in du < dw
< 4-du. The test results state that the data is free from autocorrelation symptoms.
d. Heteroscdasticity Test
Heteroscedasticity test is a test carried out to test whether in the regression model there is an inequality of variance from one residual to another observation (Ghozali, 2016:137) . This test is carried out using a scatterplot graph.
The pictures above show that on the scatterplot graph spread randomly and do not form a pattern. It can be said that in this study free from heteroscedasticity symptoms.
e. Multiple Regression Analysis
1. A constant of 0.023, meaning that if the values of WCTA, DER, and IT remain constant, profit growth will move positively by 0.023.
2. The X1 regression coefficient is -0.135, meaning that if the WCTA value increases by one unit and the others are considered
constant, then profit growth will decrease or move negatively by 0.135.
3. The X2 regression coefficient is -0.207, meaning that if the DER value increases by one unit and the others are considered constant, then profit growth will decrease or move negatively by 0.207.
4. The X3 regression coefficient is 0.423, meaning that if the WCTA value increases by one unit and the others are considered constant, then profit growth will decrease or move negatively by 0.423.
f. Partial Test (t test)
1. WCTA Variable
The t-test between WCTA and Profit Growth obtained a t-count value of -0.811 with a significance value of 0.422. This calculation shows that the significance value is greater than the significant level, namely 0.422 > 0.005. The calculated t value is smaller than the t table, namely -0.811 < 1.678. Based on the test results above, the WCTA variable partially has no significant effect on profit growth.
2. DER Variable
The t-test between DER and Profit Growth obtained a t-count value of -1.187 with a significance value of 0.241. This calculation shows that the significance value is greater than the significant level, which is 0.241 > 0.05. The calculated t value is smaller than the t table, namely -1.187 < 1.678. Based on the test results above, the DER variable partially has no significant effect on profit growth.
3. IT Variable
The t-test between IT and Profit Growth got a t-count value of 2.755 with a significance value of 0.008. This calculation Figure 6 Heteroscdasticity Test
Source: Output SPSS, 2022
Figure 7 Multiple Regression Test Source: Output SPSS, 2022
Figure 8 Partial Test Source: Output SPSS, 2022
Profit: Jurnal Administrasi Bisnis | Volume. 17 No. 1 2023| 7 shows that the significance value is smaller than
the t table, namely 0.008 < 0.05. Based on the test results above, the IT has no significant effect on profit growth.
g. Simultaneous Test (F test)
The figure above shows a significant value of 0.034 and a calculated F value of 3.139.
In addition, the picture above shows the value of df 1 = 3 and df 2 = 46. The results of this calculation obtained the F table value of 2.81.
Based on the data above, it can be seen that the significant value of the F test is smaller than the level of significance, which is 0.034 <0.05. The calculation above also shows that the calculated F value is greater than the F table, which is 3.19
> 2.81. The results of this test can be concluded that the independent variable such as working capital to total assets, debt to equity ratio and inventory turnover ratio together have significant effect towards profit growth.
h. Coefficient of Determination Test (R2) The test results show the coefficient of determination (adjusted R2) is 0.116. It can be said that the independent variables (WCTA, DER, and IT) can affect the dependent variable (profit growth) by 11.6% and the remaining 88.4% is influenced by other variables not discussed in this study.
5. DISCUSSION
a. Influence WCTA towards Profit Growth The first hypothesis proposed in this study is that the variable of Working Capital to Total Asset (WCTA) partially has a significant and positive effect on Profit Growth. However, based on the test results show that WCTA has insignificant and negative effect to Profit Growth. The cause of the insignificant effect of WCTA on profit growth is the existence of other funding sources such as long-term debt (e.g.
bonds) and equity (both internal and external capital) to purchase assets. These assets ca be in the form of land, buildings and machinery that can increase sales productivity an will affect profit growth. While the resulting negative value
of the regression coefficient indicates that there is a bad influence of WCTA and profit growth.
An increase of one uit of WCTA will reduce rate of profit growth. This is because some of the Working Capital is held back (not rotating) due to the purchase of assets.
b. Influence DER towards Profit Growth The second hypothesis proposed in this study is that the variable of Debt to Equity Ratio (DER) partially has a significant and negative effect on Profit Growth. However, based on the test results show that DER has insignificant and negative effect to Profit Growth. The cause of the insignificant DER is because the company’s debt management has not been able to become a mechanism in increasing profit growth. The other cause of insignificant DER is components in total debt consist of trade payables, lease payables, bonds payable. The increase or decrease in the value of trade payables and other debts does not directly affect profit growth because these debt do not cause a debt burden for the company. It can be said that increase in trade payables in the company’s financial composition cannot reduce profit receipts.
c. Influence IT towards Profit Growth The third hypothesis proposed in this study is that the variable of Inventory Turnover Ratio (IT) partially has a significant and positive effect on Profit Growth. The test result above supports the proposed hypothesis. The higher the value of the resulting inventory turnover, the better the company’s ability to convert its inventory into cash or a source of income. The company’s efficiency in managing inventor can avoid losses due to damage and expiration of raw materials (Liang, 2013). The more damaged inventory will increase the cost of damaged materials and cause reduced profit receipts.
d. Influence WCTA, DER, and IT toward Profit Growth
The fourth hypothesis proposed in this study is that the variable of WCTA, DER, and IT simultaneous have a significant effect on Profit Growth. The test result above supports the proposed hypothesis. Inventory must be managed properly so as not to incur damage costs that can reduce profits. The company will process its inventory to produce products according to the required demand. This production process is not possible to rely on only Figure 9 Simultaneous Test
Source: Output SPSS, 2022
Profit: Jurnal Administrasi Bisnis | Volume. 17 No. 1 2023| 8 one component, but many components are
needed that synergize with each other produce a product. Another important thing needed by the company is working capital. Working capital plays a role in financing the company’s operations. The difference between current assets and current liabilities will be used by the company assets such as inventory, land, buildings, factories, machinery and others that can support the company’s business (Mulyawan, 2017:163).
It is impossible for the company to rely solely on internal capital to finance the company’s operations because the costs required are very large. This makes the company take a number of strategic steps to obtain business funds, such as selling the company’s ownership assets or issuing debt securities. Each choice taken from each company will have its advantages and disadvantages. Companies that use too much debt can have a bad impact on company profits (Gitman & Zutter, 2015). Good management of inventory, working capital, and debt can have a positive impact on the company’s profit growth.
The limitation that arises when this research is carried out is that the researcher wants to use the latest data, but the limited data obtained by the research makes the limitation of the research only carried out in the range of 2017 to 2020. Indeed, by the time the research was done in mid-2022, many companies had not published reports of 2021 so it cannot be included as a sample. In addition, when the research was conducted, there was a problem with the normality of the sample data so that it required data transformation by eliminating outlier data or extreme data which caused a reduction in the total research sample. This is because the research data meets the requirements of the classical assumption test.
6. CONCLUSION AND RECOMMENDATION Conclusion
1. WCTA partially has insignificant and negative effect on Profit Growth
2. DER partially has insignificant and negative effect on Profit Growth.
3. IT partially has significant influence and positive on Profit Growth.
4. WCTA, DER, and IT simultaneously have significant on Profit Growth.
Recommendation
1. For Companies: it is expected to manage and improve the effectiveness of working capital, assets, debt and inventory turnover as well as possible because these variables have a positive and significant influence on profit growth.
2. For Investors: it is expected to be the basis for making decisions to invest in food and beverage companies in order to get the expected return.
3. For the next researchers: it is expected to use other variable such as Total Asset Turnover, Account Receivable Turnover which can contribute to Profit Growth.
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