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Profitability and Liquidity Analysis of IDX-Listed Mining Companies (2009-2013)

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PROFITABILITY OF MINING COMPANIES LISTED IN IDX FROM 2009-2013

By

Joseph Santosa 13410131

BACHELOR’S DEGREE in

ACCOUNTING

FACULTY OF BUSINESS ADMINISTRATION & HUMANITIES

SWISS GERMAN UNIVERSITY EduTown BSD City

Tangerang 15339 Indonesia

Revision after the Thesis Defense on August 3rd, 2015

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Joseph Santosa

STATEMENT BY THE AUTHOR

I hereby declare that this submission is my own work and to the best of my knowledge, it contains no material previously published or written by another person, nor material which to a substantial extent has been accepted for the award of any other degree or diploma at any educational institution, except where due acknowledgement is made in the thesis.

Joseph Santosa

Student Date

Approved by:

Imelda Suardi, S.E., M.Acc.

Thesis Advisor Date

Prof. Eric Jos Nasution, MBA, MA, Ph.D

Dean of Business Administration & Humanities Date

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Joseph Santosa

ABSTRACT

The Relationship between Liquidity and Profitability of Mining Companies Listed in IDX from 2009-2013

By

Joseph Santosa, Student

Imelda Suardi, S.E., M.Acc., Thesis Advisor

SWISS GERMAN UNIVERSITY

Nowadays almost every company have debts. When creditors loaned their money, they expect the debtor can return the money. To measure the capability of debtor to return the money, creditors usually use liquidity ratio. High liquidity means better chance the debtors pay their debts. But there is a theory that states that liquidity and profitability is inversely related. Mining sector as one of the largest sectors of in IDX (Indonesia Stock Exchange) was also financed by debts. This research tries to discover what kind of relationship between liquidity and profitability of these mining companies and also find which variables got affected the most by liquidity. The liquidity variables are current ratio, quick ratio, cash ratio and profitability variables are return on assets (ROA), return on equity (ROE) and return on capital employed (ROCE). The result of this research shows that the relationship between liquidity and profitability of mining companies listed in IDX is inversely related and ROCE is the variable that affected the most by liquidity variables.

Keywords: Cash Ratio, Current Ratio, Liquidity Ratio, Profitability, ROA, ROE, ROCE, Quick ratio

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Joseph Santosa

© Copyright 2015 by Joseph Santosa All rights reserved

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Joseph Santosa

DEDICATION

I dedicate this works for the future of the country I loved: Indonesia.

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Joseph Santosa

ACKNOWLEDGEMENTS

I wish to thank my advisor Imelda Suardi, S.E., M.Acc. for her support and guidance for this thesis. I would also like to thank my family for their patience and prayers, my friends for their support and my lecturers throughout my courses in SGU.

I have found my courses throughout the Curriculum and Instruction program to be stimulating and thoughtful, providing me with the tools with which to explore both past and present ideas and issues.

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Joseph Santosa

TABLE OF CONTENTS

Page

STATEMENT BY THE AUTHOR ... 2

ABSTRACT ... 3

DEDICATION ... 5

ACKNOWLEDGEMENTS ... 6

TABLE OF CONTENTS ... 7

LIST OF FIGURES ... 9

CHAPTER 1 – INTRODUCTION ... 13

1.1.Background ... 13

1.2. Research Problems ... 14

1.3. Research Objectives ... 14

1.4. Significance of Study ... 15

1.5. Research Questions ... 15

1.6 Scope of Research ... 15

1.7 Thesis Structure ... 16

CHAPTER 2 – LITERATURE REVIEW ... 17

2.1 General Theories ... 17

2.1.1 Liquidity Ratios ... 17

2.1.2 Profitability ... 23

2.2 Summary of Previous Studies ... 28

2.2.1 Previous Studies ... 28

2.2.2 Difference in Studies ... 33

2.3 Theoretical Framework ... 33

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Joseph Santosa

2.3.1 Variables ... 33

2.3.2 Research Model ... 34

CHAPTER 3 – RESEARCH METHODS ... 36

3.1 Population and Sampling ... 36

3.2 Data Sources and Collections ... 37

3.3 Research Process ... 38

3.4 Methods of Data Analysis ... 40

3.5 Hypothesis ... 42

CHAPTER 4 – RESULTS AND DISCUSSION ... 43

4.1 Company Profile ... 43

4.2 Ratio Calculations ... 48

4.3 Correlation ... 67

4.4 Regression between ROA and Liquidity Variables ... 68

4.5 Regression between ROE and Liquidity Variables ... 70

4.6 Regression between ROCE and Liquidity Variables ... 71

4.7 Analysis ... 73

CHAPTER 5 – CONCLUSSION & RECOMMENDATION ... 74

5.1 Conclusion ... 74

5.2 Recommendation ... 74

BIBLIOGRAPHY ... 76

CURRICULUM VITAE ... 78

Referensi

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