PENGARUH CASH RATIO DAN DEBT TO ASSET RATIO TERHADAP RETURN ON ASSET PADA PT AGUNG PODOMORO LAND Tbk PERIODE 2014-2023

Daffa Fadilah; Nurwita Nurwita

doi:10.53067/ijebef.v5i3.277

Authors

Daffa Fadilah Universtas Pamulang
Nurwita Nurwita Universitas Pamulang

DOI:

https://doi.org/10.53067/ijebef.v5i3.277

Keywords:

Return on Assets (ROA), cash ratio, debt to asset ratio, liquidity, solvency, profitability, financial performance.

Abstract

This study is motivated by the phenomenon of fluctuating profitability reflected in the Return On Assets (ROA) of PT Agung Podomoro Land Tbk during the 2014–2023 period, where the company’s financial performance showed instability and even recorded a negative ROA in 2021. This condition encouraged the researcher to investigate the factors influencing profitability, particularly through liquidity and solvency ratios represented by the Cash Ratio and Debt to Asset Ratio (DAR). The purpose of this research is to determine the effect of Cash Ratio and Debt to Asset Ratio on Return On Assets, both partially and simultaneously. The research method used is descriptive quantitative, with secondary data obtained from the annual financial reports of PT Agung Podomoro Land Tbk listed on the Indonesia Stock Exchange (IDX) for the period 2014–2023. Data analysis was conducted using multiple linear regression, partial t-test, simultaneous F-test, and the coefficient of determination (R²) to measure the contribution of the independent variables to ROA. The results show that both Cash Ratio and Debt to Asset Ratio have no significant effect on Return On Assets, either partially or simultaneously. The coefficient of determination (R²) value of 15% indicates that only a small portion of the variation in ROA can be explained by the two independent variables, while the remaining 85% is influenced by other factors such as operational efficiency, cost structure, sales level, and macroeconomic conditions. Based on these findings, it can be concluded that high levels of liquidity and solvency do not necessarily reflect high profitability, implying that the company must pay attention to both internal and external factors to improve its financial performance

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