Pengaruh Current Ratio dan Debt to Equity Ratio terhadap Return on Assets pada Perusahaan Makanan dan Minuman yang Terdaftar di BEI Periode 2020-2024

Alda Damayanti; Andi Arifwangsa Adiningrat; Firman Syah

doi:10.55606/jupsim.v5i2.6928

Authors

Alda Damayanti Universitas Muhammadiyah Makassar
Andi Arifwangsa Adiningrat Universitas Muhammadiyah Makassar
Firman Syah Universitas Muhammadiyah Makassar

DOI:

https://doi.org/10.55606/jupsim.v5i2.6928

Keywords:

Current Ratio, Debt to Equity Ratio, Financial Management, Profitability, Return on Assets

Abstract

This study aims to analyze the effect of Current Ratio (CR) and Debt to Equity Ratio (DER) on Return on Assets (ROA) in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. This study uses a quantitative approach with an explanatory causal design. The sample was determined using purposive sampling techniques and obtained 18 companies from a total population of approximately 83, resulting in 90 observation units. The data used were audited annual financial reports. The analysis was performed using multiple linear regression. The results show that (1) Current Ratio and Debt to Equity Ratio partially have a negative significant effect on Return on Assets. (2) Simultaneously, Current Ratio and Debt to Equity Ratio also have a significant effect on Return on Assets. These findings indicate that liquidity management and capital structure play an important role in determining a company's profitability.

References

Andini, R., & Romadon, A. S. (2024). Analysis of the effect of current ratio (CR), debt to equity ratio (DER), and total assets turnover (TATO) to return on assets (ROA) (empirical study of food and beverage companies listed on the Indonesian stock exchange period 2018-2021). Jurnal Info Sains: Informatika Dan Sains, 14(1), 293–303. https://doi.org/10.54209/infosains.v14i01

Astuti, et al. (2021). Analisis laporan keuangan. In Media Sains Indonesia.

Badan Pusat Statistik. (2025). Ekonomi Indonesia tahun 2024 tumbuh 5,03 persen (C-to-C). Ekonomi Indonesia triwulan IV-2024 tumbuh 5,02 persen (Y-on-Y). Ekonomi Indonesia triwulan IV-2024 tumbuh 0,53 persen (Q-to-Q). Bps.Go.Id, 17, 1. https://www.bps.go.id/id/pressrelease/2025/02/05/2408/ekonomi-indonesia-tahun-2024-tumbuh-5-03-persen--c-to-c---ekonomi-indonesia-triwulan-iv-2024-tumbuh-5-02-persen--y-on-y---ekonomi-indonesia-triwulan-iv-2024-tumbuh-0-53-persen--q-to-q--.html?utm_source

Brigham, E., & Ehrhardt, M. C. (2020). Financial management theory & practice 16e. Cengage Learning, Inc.

Bursa Efek Indonesia. (2024). Laporan tahunan emiten sektor makanan dan minuman tahun 2020–2024. https://www.idx.co.id

Eka, & Nafisah. (2024). Pengaruh debt to equity ratio (DER) dan debt to asset ratio (DAR) terhadap return on asset (ROA) pada PT. Mayora Indah Tbk. Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen, 3(3), 366–387. https://doi.org/10.30640/inisiatif.v3i3.2802

Feberwin Telaumbanua, et al. (2025). Pengaruh rasio keuangan terhadap perubahan laba bersih pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2021-2024. Jurnal Ekonomi Dan Pembangunan Indonesia, 3(3), 118–129. https://doi.org/10.61132/jepi.v3i3.1558

Firmansyah, B. R., & Yuniningsih, Y. (2023). Pengaruh rasio keuangan terhadap kinerja keuangan perusahaan yang terdaftar di Bursa Efek Indonesia (sub sektor makanan dan minuman periode 2015-2020). Jurnal Ilmiah Universitas Batanghari Jambi, 23(1), 33. https://doi.org/10.33087/jiubj.v23i1.2587

Henry Jirwanto, et al. (2024). Manajemen keuangan. Proceedings of the National Academy of Sciences, 3(1).

Kurniawati, F. A., & Waluyo, D. E. (2024). Pengaruh current ratio, debt to equity ratio, dan inventory turnover terhadap return on asset (studi pada perusahaan manufaktur subsektor food and beverage yang terdaftar di Bursa Efek Indonesia periode 2020-2022). Management Studies and Entrepreneurship Journal, 5, 4582–4596. https://journal.yrpipku.com/index.php/msej/article/view/4666/2642

Nadia Ulfah, et al. (2024). Effect of current ratio and debt to equity ratio on return on assets (ROA) in food and beverage sub-sector companies for the period 2015-2021. Journal of Business Transformation and Strategy, 1(1), 57–66. https://doi.org/10.20527/zk876507

Pudjut Harianto, R., & Maisyarah, P. (2024). Pengaruh current ratio, debt to equity ratio, dan total assets turnover terhadap return on assets pada perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Jurnal Geoekonomi, 15(1.2024), 41–50. https://doi.org/10.36277/geoekonomi.v15i1.2024.428

Ramadhani, M. A., Askolani, & Yusnita, R. T. (2024). Pengaruh current ratio dan debt to equity ratio terhadap return on asset pada PT. Garuda Indonesia Tbk. Jurnal Multimedia Dehasen, 3(4), 359–372. www.idx.co.id

Selza Arsita, A., & Mildawati, T. (2023). Pengaruh current ratio, debt to equity ratio, return on equity terhadap return saham pada perusahaan food and beverage yang terdaftar di Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Akuntansi, 12. https://doi.org/10.31851/jmediasi.v3i1.5227

Syarif, A. H., & Murdiansyah, I. (2024). The effect of current ratio and debt to equity ratio on return on assets in food sub-sector companies and the beverages listed in Indonesian Stock Exchange 2018-2022. East Asian Journal of Multidisciplinary Research (EAJMR), 2(6), 2079. https://doi.org/10.55927/eajmr.v3i6.9792