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ACTIVITY RATIO INFLUENCE ON PROFITABILITY (At the Mining Company

Listed in Indonesia Stock Exchange Period 2010-2013)

Article · October 2019

DOI: 10.17605/OSF.IO/7G2VP

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 ACTIVITY RATIO INFLUENCE ON PROFITABILITY
(At the Mining Company Listed in Indonesia Stock Exchange Period 2010-2013)

Dirvi Surya Abbas

Accounting Studies Program, Faculty of Economics and Business
Muhammadiyah University Tangerang
[email protected]

This study aims to investigate the influence of several factors that affect the
profitability of the company that are based on financial statements. This study is
the causal or studies that the one variable affects the other variable. Variables that
affect the so-called independent variables in this research Receivable Turnover,
Inventory Turnover, Turnover of Working Capital and Total Asset Turnover. The
variable that is affected is called the dependent variable, and in this study, namely
profitability.
Methods of sampling using purposive sampling and Multiple Linear
regression was used as a research test equipment. Samples digunakanya the mining
company listed on the Stock Exchange. The results of the data selection using
purposive sampling method states that the sample used in this study were 8
companies and due to the use of the study period 4 years, the number of samples
contained 32 samples.
These results indicate that the Accounts Receivable Turnover Positive and
significant impact on profitability, while the Inventory Turnover and Total Assets
Turnover Positive and no significant effect on profitability and working capital
turnover and no significant negative impact on profitability.

Keywords: Inventory Turnover, Working Capital Turnover, Total Asset Turnover,

Profitability.

A. PRELIMINARY used as a further decision-

1. Background making tools for the future.
The financial performance
of a company can be defined Enterprise performance
as the outlook or future, the evaluation can be done using
growth potential of a good analysis of financial
development for the company. statements. Where financial
Financial performance statement analysis can be done
information is needed to using financial ratios. Ratios
assess potential changes in that are used to assess the
economic resources, which financial performance of
may be controlled in the future companies such as liquidity
and to predict the production ratio, leverage ratio, activity
capacity of existing resources. ratio, and profitability ratio.
While the financial statements Ratio analysis enables
that have been analyzed are financial managers and
indispensable leader in a stakeholders to evaluate the
company or management to be healthy financial condition
will indicate whether or not a
1
 49

company. Ratio analysis is In a phenomenon that has

also connecting elements of been described above
the plan and the statement of researchers found a significant
income so as to assess the effect on profitability. Because
effectiveness and efficiency of there is a phenomenon in
the company. which PT Bakrie and Brothers
had failed to pay their debts,
There is a phenomenon due to a sharp decline in the
related to the profitability of price of coal in the world. This
one of them on a mining makes the stock price at
company in Indonesia as depressed Bakrie Group since
follows. The decline of the 2011. If the amount of
value of shares in PT Bumi expenses paid higher than the
Resources Tbk (BUMI) create operating profit is obtained,
market capitalization or value then this show kemmampuan
of the company stayed Rp 2.8 poor to pay the debt, both
trillion. The stock price is in short-term debt and long-term.
the range of USD 79 per
share. The market Financial ratios have the
capitalization of the trade data ability to predict income to be
quoted Indonesian Stock obtained by the company in
Exchange (BEI). If you look the future, the ratio: the ratio
at the highest point at Rp of profitability, liquidity ratio,
8,750 per share was achieved and the ratio of the activity,
on June 10, 2008, the the researchers used one of the
capitalization shares EARTH financial ratios is the ratio of
assuming current shares the activity. Activity ratio
outstanding 36.63 billion shows how resources have
shares could reach Rp 320 been used optimally by the
trillion. Its market company. Asset utilization by
capitalization to be the highest management can be analyzed
among the companies other in conjunction with the rate of
coal on the trading floor today. profit which are formulated
It can even beat the highest with a variety of assets that
market capitalization company will be used to make profits.
in the stock today, PT Astra
International Tbk (ASII) There are some measuring
worth Rp 284 trillion. instrument used to measure
However, these figures can the level of profitability,
not be compared because the among others: return on assets
highest position in Bumi was (ROA) and return on equity
achieved before the global (ROE). In this study the
financial crisis in 2008. After profitability will be measured
the crisis, the stock prices of using return on assets (ROA).
all be dropped. When other
stocks could rise again after High profitability will be
the crisis, including the Astra, able to support the operational
but does not apply to the activities to the fullest. High
average Bakrie Group. and low profitability is
 50

influenced by many factors profitability. Peneliitian is also

such as working capital. In in accordance with research
conducting its operational and Susilowibowo Rahayu
activities each company will (2014) is equally examines the
require potential resource, one inventory turnover to
of which is the capital of both profitability, where the result
working capital such as cash, has a significant positive
accounts receivable, inventory effect on profitability.
and fixed assets such as fixed
assets. Capital is a major Furthermore, research
problem that will support the conducted by Yuliati (2012),
operations of the company in the research on working
order to achieve its goals capital turnover on
(Bramasto, 2008). profitability listed in Indonesia
Stock Exchange has a
From the results of significant positive effect on
previous studies of the factors profitability.
that affect the Return on
Assets (ROA) has produced a And there is also research
significant relationship to the conducted by Mercy et al
dependent variable. Based on (2015), namely research on
previous results showing some the turnover of total assets to
Reseacrh gap for some of the the profitability of listed in
variables that affect the ROA Indonesia Stock Exchange has
is the research conducted by a significant positive effect on
Suminar (2014) a study of the profitability.
accounts receivable turnover
on the profitability of listed in Based on the above
Indonesia Stock Exchange has phenomena and motivation
a significant positive effect on researcher to conclude to
profitability. And research perform this research. The
conducted by Suminar (2014) study also took samples in the
according to the research mining sector listed in
conducted Sintha and Goddess Indonesia Stock Exchange in
(2014) were both examined the period between 2010-
the accounts receivable 2014. This study took a
turnover tetantang influence sample of the Indonesia Stock
on the profitability of listed in Exchange aims to maintain
Indonesia Stock Exchange conformity with the practice
(BEI) has a significant contained research in recent
positive effect on profitability. years.

Research conducted by
2. Literature
Naibaho and Rahayu (2013),
a. Signal Theory (Signaling
the research on the effect of
Theory)
inventory turnover on the
Signal theory explaining the
profitability of listed in
reasons for the company to
Indonesia Stock Exchange has
present information to the capital
a significant positive effect on
 51

markets. Theory signals indicate net profit margin and how big
asymmetry of information influence on profitability.
between the management
company and the parties with an Du Pont analysis is important
interest in such information. for managers to know which
Signal theory put forward about factors most strongly influence
how the company should provide the profit margin and total asset
signals to users of financial turnover to profitability. Besides,
statements. According Jama'an using this analysis, cost control
(2008) Signaling Theory argued and efficiency can be measured
about how should a company asset turnover as a result of the
give a signal to users of financial increase in sales can be measured
statements. These signals in the down (Syafarudin, 1993).
form of information about what
has been done by the c. Financial statements
management to realize the wishes According Martono and Agus
of the owner. Signals can be (2010) revealed that the financial
either promotional or other report is an overview of a
information which states that the company's financial situation at a
company is better than any other given moment. The financial
company. statements are accurate and better
able to provide information that
Signal theory can also help is useful in terms of making
the company (agent), the owner investment decisions, lending
(the principal), and outside the decisions, assessment of cash
company reduce information flow and analyze the changes that
asymmetry to produce the quality occur on the source of funds. The
or integrity of financial reporting type of financial statement that is
information. To ensure that the often used is:
interested parties believe the 1) Statement of Financial
reliability of financial Position.
information submitted by the 2) Position reports net income
company, need to get the opinion (loss).
of other parties who freely give 3) Statement of Changes in
an opinion on the financial Capital Position.
statements Jama'an (2008). 4) Cash flow statement.
5) Top Reports Financial
b. Theory Du Pont Statements Notes.
According Syamsudin (2001)
analysis Du Pont System is the d. Financial statement analysis
profitability generated by One financial statement
multiplying the profits from sales analysis tools most widely used
of components as well as the by other research is the analysis
efficient use of total assets in of the ratio. The use of financial
generating profits. While the statement analysis is highly
opinion Sutrisno (2001) is an variable and depends on the
analysis that used to control the proper parties. From the point of
change in the ratio of activity and view of the investor, financial
statement analysis can be used to
 52

help predict earnings or future B. RESEARCH METHODS

dividends, while from the 1. Population and Sample
standpoint of management, The population in this study
analysis reports keuanan can be are all mining companies listed on
used to help anticipate the future the Indonesian Stock Exchange
and more important as a starting (BEI) during the period 2010-2014.
point for planning actions that
will affect future events. The criteria used to select the
sample were as follows:
e. Financial ratios • Mining companies listed in
According to Fahmi (2012) Indonesia Stock Exchange
financial ratios is to do an during the period 2010-2013.
analysis of the financial condition • Companies to publish financial
of the company. For the short and statements with the full period
medium term investors are 2010-2013.
generally more interested in • The annual financial statements
short-term financial condition published using the value of the
and ability to pay dividends rupiah (Rp)
adequate.
2. Definitions and Operational
In the long-term financial Variables
ratio is also used as a reference in In this study involving five
analyzing the condition of a variables consisting of one
company's performance. In the dependent variable (dependent) and
assessment of a company's four independent variables
financial condition is influenced (independent). The dependent
by factors that contribute to variables to measure is profitability
changes in the financial with ROA. While the independent
conditions such as micro and variables consist of inventory
macro economic conditions both turnover, accounts receivable
in the domestic and international turnover, working capital turnover
level. and asset turnover total. As for the
definition of each variable as
Kind or number of figures it follows:
a lot because the ratio can be
made according to the needs of a. Independent variables
the analyzer. The company's 1) Receivables Turnover (X1)
financial ratios are classified into Turnover Receivables
five groups, which are: (Receivable Turnover) is the
1) The solvency ratio (solvency company's ability to handle
ratios) sales and credit policies.
2) Activity Ratios (activity Understanding receivable here
ratios) is the accounts receivable
3) Profitability ratios (accounts receivable). As we
(profitability ratios) all know most companies
4) Investment ratio (investment menjualan credit. With credit
ratios) sales are expected to total sales
increased, profits increased
 53

risk also increases. Creating specific period. This ratio is

business opportunities and used to measure how much the
credit sales (account / trade company's efficiency in
receivable). Risk occurs when managing and selling its
the buyer is unable to pay or inventory. The formula used to
delay payment (Prihadi, 2008). search inventory turnover can
be used in the following ways:
The faster turnaround
mean less funds that need to IT = COGS
be planted in the accounts. In
this study, the accounts AI
receivable turnover is Information :
calculated by using the IT : Inventory Turnover
formula: COGS : Cost of Goods Sold
AI : Average Inventory
RT = Sales
3) Working Capital Turnover
ATR (X3)
Information : In the following ratio is
RT : Receivable Turnover used in the sense of net
Sales : Sales working capital. Companies
ATR : Average Trade operating normally will have a
Receivable positive net working capital,
which means that current
assets exceed current
2) Inventory Turnover (X2) liabilities.
Inventory Turnover
(Inventory Turnover) is an If current liabilities exceed
indication of the company to current Akiva then be negative
provide supplies to support the working capital. Generally it is
achievement of sales. Of said that the higher the better
course, this ratio is particularly turnover (Prihadi, 2008).
suitable for companies that sell
goods. Two types of
businesses that used to be
WCT = Sales
measured the velocity of AWC
persediaanya is a trading and Information :
manufacturing (Prihadi, 2008). WCT : Working Capital
Turnover
According Rahayu (2014) Sales : Sales
the inventory turnover ratio is AWR : Average Working
the number of times the goods Capital
on sale and held back during a
certain period atu. inventory
turnover ratio is the ratio
between the price of goods
sold by average inventory
owned by the company for a
 54

4) Total Assets Turnover (X4) 3. Data collection technique

Total asset turnover is the a. Data types
overall size of the entire asset The approach used in this
turnover. This ratio is quite research is using quantitative
often used as a comprehensive research approach. According
scope. Regardless of the type Sugiyono (2007) Quantitative
of business, this ratio can research is a research method that
describe to how well the is based on the philosophy of
support of all the assets to positivism, is used to examine the
obtain sales (Prihadi, 2008). population or a particular sample,
sampling techniques generally
carried out at random, the data
TATO = Sales menggunakn research
ATA instruments, data analysis is
quantitative / statistics with the
Information : aim untu test hepotesis which
TATO : Total Asset Turnover have been set.
Sales : Sales
ATA : Average Total Assets b. Data source
The data used in this study
b. Dependent variables comes from a report kuangan
This study uses ROA as a obtained from the data base of the
tool to measure the profitability Indonesia Stock Exchange (IDX),
of the company. Meanwhile, which is available online on the
according to RJ (2001), Return website http://www.idx.co.id,
on Assets (ROA) reflects how
much the company has obtained c. literature study
the results of all the financial This study was conducted
resources invested in the to obtain and collect data
company. theoretical basis related to the
problem under study, in which
Then ROA is also used to theoretical foundations are
measure the effectiveness of the obtained from documents -
company in generating profits documents, books - scholarly
earned by the company to exploit books, journals, or other writings
its assets and ROA can reflect the related to this study, with a view
level of efficiency of enterprise to complete the research data.
management. In this study, ROA
is calculated using the formula: d. Documentation
The collection of
ROA = EAT secondary data in this study in
TA the form of annual financial
statements audited in the
Information : Indonesia Stock Exchange.
ROA : Return on Assets
EAT : Earning After Tax 4. Technical Analysis Data
TA : total Assets In a study of the types of data
and hypotheses determine the
accuracy in the selection of test
 55

equipment. To test the hypothesis in chart is equipped with a

this study used the data analysis statistical test.
stage as follows:
2) autocorrelation test
a. Descriptive Statistics Analysis Autocorrelation test was
Descriptive statistics is a used to test whether a
statistical tool that serves to correlation exists between the
describe or members an overview regression model penggangu
of the object observed through error in period t with an error
the data sample or population. in period t-1 (previous). If
Descriptive statistics were used to there is a correlation, there is
describe the data that is seen from a problem it will be called
the mean, median, standard autocorrelation.
deviation, minimum value and a
maximum value. This test is done To detect the presence or
to ease in understanding the absence of autocorrelation
variables used in the study. can be used Run Test. If there
is no relationship between the
b. Classic assumption test residual correlation it is said
1) Normality test that the residuals are random
Normality test aims to test or random. Run a test used to
whether the regression model see whether the data residual
independent variables and the occur randomly or not
dependent variable or both (systematically).
distributed normally or not. A
good regression model is to 3) test Heteroskidastity
have a normal data According to Imam
distribution close to normal. Ghozali (2012) revealed that
To detect the normality of the in the heteroscedasticity test
data can be tested with the will show whether there is
Kolmogorov-Smirnov to inequality of the variance of
conduct testing on the the residuals of the
unstandardized residuals in observations to other
model research. In principle, observations or not. If the
the normality of the data can variance of the residuals of
be diketahuidengan see the the observations to other
spread of the data (points) on observations remain, then
the diagonal axis on the graph called homoskedastisitas and
of residual atauhistogram. if different is called
heteroscedasticity. Good
According to Imam statistical model is
Ghozali (2013) test for homoskedastisitas.
normality with charts can be
misleading if not carefully In this study, the test used
visually looks normal, but to detect the presence or
statistically vice versa. absence Heteroskidastity is to
Therefore, it is recommended see whether or not a specific
in addition to using the test pattern on a scatterplot graph
between SRESID and
 56

ZPRED where the y-axis is of multicollinearity.

the y had been predicted, and Multikolinearitas be due to
the x-axis is the residual (y the effect of the combination
prediction of actual -y) which of two or more independent
have been processed. The variables.
basis of chart analysis is if
there is a specific pattern c. Hypothesis testing
(such as existing dots forming 1) Multiple Linear Regression
a specific pattern of regular Analysis
waves, widened and then Regression analysis is
narrowed), then indicated to basically about the dependence
have occurred of the dependent variable with
heterokedastisitas. If there is one or more independent
no clear pattern as well as the variables, with the purpose to
points spread above and estimate or predict the
below zero on the Y axis, it population mean or average
does not happen value of the dependent
heterokedastisitas. variable based on independent
value known.
4) test Multicollinearity
Multikolinearitas is a Regression analysis
condition of the presence of a was used to examine the effect
linear relationship or a high of receivables turnover,
correlation between each inventory turnover, working
independent variable in the capital turnover and total
regression model. According assets perputran to profitability
to Imam Ghozali (2012) aim by using multiple regression
to test the assumption of analysis with significant level
multicollinearity is to test of 5 percent. To test the model
whether the regression model is then used multiple linear
found a correlation between regression analysis with the
the independent variable following formula:
(independent).
Y = a + b1x1 + b2X2 + b3X1X2 +
According to Imam e
Ghozali (2012) revealed that Information :
for detecting the presence or Y : Return on Assets
absence of multicollinearity a : constant
in a regression model to see X1: Receivable Turnover
the value of R2 is high X2: Inventory Turnover
(between 0.7-1) then if there X3: Working Capital Turnover
is correlation between the X4: Total assett Turnover
independent variable is high b1,2,3: coefficient regression
enough, then this is an of each variable
indication of their e : error
multikolinearitas. The
absence of a high correlation
between the independent
variables does not mean free
 57

2) Test the correlation dependent variable. If

2
coefficient (R ) significant value t > 0.05
This test is used to means that there is no
determine the level of influence of the independent
accuracy is best in the variable on the dependent
regression analysis in this variable (Ghozali, 2012).
case ditujukkan by the
coefficient of determination. C. RESULTS AND DISCUSSION
The coefficient of 1. Descriptive Statistics Analysis
determination (R²) was used Results
to determine the percentage Descriptive statistical analysis is
of the effect of the done in order to provide an
independent variable on the overview or descriptive of the
dependent variable. variables used in this research.
Variables used include Accounts
From here it will be known Receivable Turnover, Perutaran
how much the independent Inventory, Working Capital
variables can explain the Turnover, Total Asset Turnover and
dependent variable, while the profitability. From the results of
rest is explained by other descriptive statistical tests on four
causes outside the model. R² variables through the original data,
coefficients value having the the obtained results in accordance
interval zero to one. The with the table below:
greater the R² (close to 1), the
better the results for the
regression model and closer Description of Research Variables
to 0, then the overall
independent variables can not maximu Std.
explain the dependent
N Minimum m mean deviation
variable. To avoid bias, then
use the value of Adjusted R², statistic

because Adjusted R² can go s statistics statistics statistics Std. Error statistics

up or down when the PROF 32 ,0 ,3 , 081 , 0152 , 0859
independent variables are
PERPIU 32 1.8 35.8 11.597 1.4349 8.1171
added in the model.
PERSED 32 2.2 42.0 14.047 2.2067 12.4827

3) Test T (Partial) PERMOD 32 ,0 9.6 3.228 , 3984 2.2538

The statistical test t Agric 32 ,2 1.7 900 , 0668 , 3776
basically shows how far the
Valid N
influence of the individual 32
(listwise)
explanatory variables in
explaining the variation of the Source: SPSS Data Output
dependent variable. The test Based on the test results of 32
is performed using the 5% samples tested data it can be
significance level. If concluded:
significant value t <0.05
means that a significant
difference between the
independent variable on the
 58

a. Variable profitability (PROF) has normal. Normality Tests

the lowest value of 0.0 and the conducted by Kolmogorov-
highest score of 0.3. Variable Smirnov test carried out on data
profitability also has an average regression model residuals. As
value of 0.081 with a standard for the total sample test data is
deviation of 0.0859. presented on the following:

b. Receivables turnover variable Normality Test Results

(PERPIU) has the lowest value
of 1.8 and the highest score of Residual unstandardized
35.8. Variable receivable
N 32
turnover also has an average
value of 11.597 with a standard Normal mean , 0000000

deviation of 8.1171. Parametersa, b Std. deviation , 05732472

Most Extreme Absolute , 120

c. Inventory turnover variable
Differences positive , 120
(PERSED) has the lowest value
of 2.2 and the highest value of negative -, 085
42.0. Variable inventory Test Statistic , 120
turnover also has an average
Asymp. Sig. (2-tailed) , 200C, d
value of 13.583 with a standard a. Test distribution is Normal.
deviation of 12.4827.
b. Calculated from data.

c. Significance Lilliefors Correction.

d. Variable working capital
d. This is a lower bound of the true
turnover (PERMOD) has the significance.
lowest value of 0.0 and the Source: SPSS Data Output
highest score of 9.6. Variable
working capital turnover also From the table above
has an average value of 3.228 shows Asymp Sig value of 0.200
with a standard deviation of and the value of the independent
2.2538. variables that have a
significance greater than the
e. Variable total asset turnover value of 0.05, the data used is
(Agric) has the lowest value of normally distributed. The
0.2 and the highest score of 1.7. amount of data that results in
Variable total asset turnover also normal berdisribusi residual
has an average value of 0,900 value is as much as 32 samples.
with a standard deviation of
0.3776. The determination of a
normally distributed variable or
2. Classical Assumption Test Results not can also be viewed through
a. Normality Test Results the normal probability plots
This test aims to determine spread of dots variables should
whether or not normally be not much around the line Y =
distributed data were performed X and histogram that form the
using linear regression analysis. normal curve (normal curve).
A good regression model is the The graph plots the study shown
distribution of the respective data in Figure below:
variables are normal or near
 59

Autocorrelation test discussion

Quantity
total sample
Independe DW value
nt table
DW value Conclusion
Variables

DU 4-DU

No
autoco
1.732 rrelatio
32 4 1,983 2.2677
3 n

b. Autocorrelation Test Results

Autocorrelation test
indicated a correlation between Based on the test results in
bullies error in period t with an the table above autocorrelation
error in period t-1. good known Calculation DW value of
regression does not occur 1.983 and compared with DW
autocorrelation. If the tabel. The calculation of the
autocorrelation it will result in results of n = 32, k = 4 with α =
partial effect becomes less 0.05 DWtabel values obtained
accurate. And this study using the dL = 1.1769 and du = 1.7323.
Durbin-Watson test to look for Based on the results of these
the presence or absence of calculations are known DW
autocorrelation in the study by value (d) is between the value of
comparing the value of both tables and grades 4 - du (du
DWhitung with DWtabel. From <d <4 - du), so that it can be
the results of tests performed can concluded that this research
be seen in the table below: model, there are no symptoms of
auto correlation.
Autocorrelation Test Results
c. Test Results Heteroskidastity
There are several ways to
Model Change Statistics
Durbin detect heterokedastisitas which
D Sig. F Watson shows that research model less
F1 DF2 Change viable. This study used a point
1 4 27 , 000 1,983 diagram (scatter plot) should be
Source: SPSS Data Output the points are randomly
distributed so that there are no
Based on the above test heterokedastisitas. The test
results, when compared with results heterokedastisitas in this
DWtabel can be described as study are presented in Figure
follows: below:
 60

turnover, inventory turnover,

working capital turnover and total
asset turnover have a tolerance
value above 0.1 and Variance
Factor Invlation under 10, so it
can be concluded that all
independent variables there was
no correlation multicolinearity
and can be used in this study ,

3. Hypotheses Test Results

By looking at the scatterplot a. Results of Multiple Linear
graph, dots randomly spread, and Regression Analysis
spread both above and below the Linear regression is used to
number 0 on the Y axis so it can describe the effect of two or more
be concluded that there are no independent variables and the
symptoms heteroscedasticity in dependent variable. Multiple
regression models were used. linear regression analysis
conducted for the independent
d. Test Results Multicollinearity variables that influence
Multicolinearity test is mengenalisis receivable turnover,
intended to determine whether inventory turnover, working
there is a perfect intercorrelation capital turnover and total asset
between the independent turnover on the dependent
variables used in this study. This variable, namely profitability.
test is performed by the Tolerance The results of multiple regression
Value and Variance Inflation analysis testing can be seen
Factor (VIF). To avoid below:
multicollinearity, Tolerance limits
Value> 0.1 and VIF Multiple Linear Regression Test
<multikolinearitas 10. The test Results
results in this study can be seen
in the table below: Coefficients standardized

unstandardized Coefficients
Test Results Multicollinearity Model T Sig.
Std.
B beta
Error
collinearity Statistics
Model (Constant) , 027 , 032 , 848 , 404
tolerance VIF
PERPIU , 006 .002 , 521 3.247 , 003
1 (Constant)
1 PERSED -, 003 .001 -, 418 -2.492 .019
PERPIU , 641 1,560
PERMOD -, 002 , 007 -, 061 -, 353 , 727
PERSED , 586 1,708
Agric , 043 , 036 , 188 1.171 , 252
PERMOD , 556 1.798
Source: SPSS Data Output
Agric , 643 1,555
Source: SPSS Data Output The regression equation that is
derived from this study are as
Multikoliniearitas test results
follows:
showed that the receivable
 61

Y = 0.027 + 0.006 PERPIU + - of (Y) 48.9% influenced by the

0,003 PERSED + accounts receivable turnover (X1),
PERMOD -0.002 + inventory turnover (X2), working
0.043 cu + 0,032 e capital turnover (X3) and turnover
total assets (X4), while the rest
Information: (100% -48, 9% = 51.1%) was
influenced by variables other
Y = Profitability
variables.
PERPIU = Receivable Turnover
PERSED = Inventory Turnover
c. T Test Results (Partial)
PERMOD = Turnover
The results of the t test
Work
between receivables turnover,
Cu = Turnover Total Assets
inventory turnover, working
e = Standard Error
capital turnover and total asset
turnover on profitability is
b. Test results of the correlation
reflected in the table below:
coefficient (R2)
The value used is the
T Test Results
adjusted R-square for the
independent variables used in this Unstandardized Coefficients Standardized Coefficients
study more than two pieces. The Model
B Std. Error Beta
T Sig.

adjusted R-square value of the (Constant) ,027 ,032 ,848 ,404

results of calculations using PERPIU ,006 ,002 ,521 3,247 ,003

SPSS version 22, shown in the 1 PERSED -,003 ,001 -,418 -2,492 ,019

table below: PERMOD -,002 ,007 -,061 -,353 ,727

PERTA ,043 ,036 ,188 1,171 ,252

Test Results Adjusted R-square

Based on the value of the
Change Statistics
constant and the regression
Adjusted Std. Error of
Model R R Square R Square coefficients table above simple
R Square the Estimate F Change
Change regression equation is as follows:
1 ,745a ,555 ,489 ,0614 ,555 8,407

A constant value of 0.027

The value of the correlation explains that if the independent
coefficient (R) of greater than 0.5 variables are considered constant,
is equal to 0745. This shows that then the dependent variable,
there is a strong relationship namely the profitability of 0.006.
between the independent variable The regression coefficient is
on the dependent variable, the 0.003 receivable turnover,
receivables turnover, inventory inventory turnover amounting to
turnover, working capital turnover -0.003, -0.02 working capital
and total asset turnover to turnover and total asset turnover
profitability. amounted to 0.043 explain that
any increase in the profitability of
Based on the above table it can Rp 1 it will raise the profitability
be concluded that the value of R = of 0.006 to 0.043 untu receivable
0.745 and Adjusted Rsquare at turnover and total asset turnover,
0.489. This shows the while any decline in profitability
understanding that the profitability of Rp 1 will lower the
 62

profitability of inventory turnover where t is smaller than

and 0,003 to 0,002 for working ttabel meaning inventory
capital turnover. From the test turnover and significant
results of t test between negative effect on
receivables turnover, inventory profitability so that H2 is
turnover, working capital rejected.
turnover and total asset turnover
above it can be concluded as 3) Working Capital
follows: Turnover coefficient test
(PERMOD)
1) Coefficient Test Accounts The third
Receivable Turnover hypothesis being tested is
(PERPIU) working capital turnover
The first hypothesis which states that the
tested was that states that the turnover of working
accounts receivable turnover capital and no significant
receivables turnover positive positive effect on
and significant impact on profitability. The result of
profitability. The result of the the regression coefficients
regression coefficients in in Table 4:21 receivable
Table 4:21 receivable turnover indicates that
turnover indicates that significant of 0.727 or
significant of 0.003 or less greater than 0.05 (0.727
than 0.05 (0.003 <0.05) and <0.05) and tcount of -
tcount of 3.247 or (3.247> 0.353 or (-0.353> -1.703)
1.703) where t is greater than where t is greater than t
t table which means the table which means
influence receivables turnover working capital turnover
positive and significant and no significant positive
impact on the profitability of effect on profitability so
that H1 is accepted. H3 is rejected.

2) Coefficient Test 4) Total Asset Turnover

Inventory Turnover coefficient test (Agric).
(PERSED) The fourth
The second hypothesis being tested is
hypothesis tested was that the total asset turnover
states that the inventory which states that the total
turnover inventory asset turnover and no
turnover and significant significant negative effect
negative effect on on profitability. The
profitability. The result of results of the regression
the regression coefficients coefficient test total asset
in Table 4:21 inventory turnover at 4:21 table
turnover indicates that shows that significant of
significant of 0.019 or 0.252 or greater than 0.05
less than 0.05 (0.019 (0.252 <0.05) and tcount
<0.05) and tcount of - of 1.171 or (1.171
2.492 or (-2.492 <-1.703) <1.703) where t is smaller
 63

than ttabel meaning the of the cash used as a reference for

total turnover assets and the company's profitability.
no significant negative
effect on profitability so 2. Effect of Inventory Turnover
H4 is rejected. (PERSED) to Profitability (H2)
Variable inventory turnover
D. DISCUSSION AND RESULTS showed tcount of -2.492 with
1. Influence Receivable Turnover significant value 0.019 <0.05. This
(PERPIU) to Profitability (H1) suggests that the inventory turnover
Accounts receivable turnover variable significant negative effect
variable indicates tcount of 3.247 on profitability, which means that
with significant value 0.003 <0.05. the second hypothesis is rejected.
This shows that the accounts The negative effect indicates when
receivable turnover variable positive the inventory turnover to increase or
significant effect on profitability, decrease the profitability also
which means that the first increased or decreased in the same
hypothesis is accepted. Basically, direction.
mining companies have a dominant
company profits resulting from the In the mining sector enterprises,
accounts receivable turnover, as which means that the negative effect
sales on credit are regular periods of inventory turnover and
capable of generating high profits. profitability period occurred
Because in addition to direct sales, because the longer the time it takes
credit sales has also become one of the company to spend inventory, the
the factors that can improve ROA greater the cost to be incurred by the
enterprises. company for the cost of
maintenance. With the high costs,
Proven at. Bukit Asam Tbk the profits of the company will
in 2011 which has a net profit decrease.
increase of 53.7% from net income
in 2010, causing the value of The results are consistent with
profitability increases. It means research Hastuti (2010) which states
showing that the information that the inventory turnover
receivable turnover as a result of the significant negative effect on the
company's performance is read by profitability of the results of this
investors. study do not correspond with the
results of research conducted by
The results are consistent with Naibaho and Rahayu (2013) which
research conducted by Santhi (2014) states that the inventory turnover
and Suminar (2014) which states has a positive effect on profitability.
that the accounts receivable turnover This means that the faster inventory
to profitability. The faster the turnover, the higher level of
accounts receivable turnover the less corporate profitability and lower
the risk management in investing inventory turnover then the lower
funds in accounts receivable, which the level of corporate profitability.
means indicate that the increase in
sales will be followed by the receipt
of cash, which the health condition
 64

3. Effect of Working Capital 4. Effect of Total Assets Turnover

Turnover (PERMOD) (H3) (Agric) (H4)
Variable working capital Variable total asset turnover
turnover in the table 4:22 shows indicates tcount amounted to 1.171
tcount of -0.353 with a significant with significant value 0.252> 0.05.
value of 0.727> 0.05. This indicates This indicates that the variable total
that the variable rotation of working asset turnover and no significant
capital and no significant negative negative effect on profitability,
effect on profitability, which means which means thatThe fourth
that the third hypothesis is rejected. hypothesis is rejected. The negative
The negative effect when working effect when working capital
capital turnover shows an increase turnover shows an increase or
or decrease in the profitability also decrease in the profitability also
increased or decreased in the same increased or decreased in the same
direction. direction.

Proven at. Ratu Prabu Energi Proven at. Ratu Prabu Energi
Tbk 2014 net income declined by Tbk assets in 2014 increased by
55%, profit decline was due to the 12% from the 5% increase in current
decrease in net income and an assets and an increase in non-current
increase in the cost of goods from assets 7%.This is because of a loan
operating expenses. Additional from Clipan Finance, any alteration
working capital for the company / conversion loans from Bank Mega
mining company may be a good IDR to USD, resulting in a surge in
thing, but if it is not followed by an the exchange rate. time the addition
increase in production capacity and of assets derived from debt, so the
an increase in sales will be a burden company has the obligation to pay
for the company. Among them is the interest, which is interest expense
interest payback in the form of loan will reduce the profitability of the
capital. company.

The results are consistent with The results are consistent with
research Verawati et al (2014), the research Sari (2014), the results of
results of this study do not this study do not correspond
correspond conducted by Yuliati conducted by Mercy et al (2012)
(2012) and Mulatsih (2014) which which memyatakan that the total
states that the turnover of working asset turnover significant positive
capital positive effect on effect on profitability. When
profitability. Which states that it is analyzing the ratio TATO over the
known if the working capital plays a period showed a matter that is likely
very important to the efficiency of to increase, it can give you an idea
the company. The higher the that the efisisen use of assets that
turnover rate of working capital increase. TATO influenced by the
means that companies are able to size of income and total assets, both
optimize the consumption levels of current assets and fixed assets. Thus
working capital in its operations in it is possible that the relationship
order to gain profit between TATO by Return on Assets
(ROA) is positive.
 65

E. CONCLUSIONS AND c. Working capital turnover does not

RECOMMENDATIONS have a significant effect on
1. Conclusion profitability. From the results of
The purpose of this study was the t test inventory turnover has a
to obtain empirical evidence about significance value of 0.727. This
the influence receivables turnover, value is greater than the
inventory turnover, working capital probability value of 0.05 or a
turnover and total asset turnover value 0.727> 0.05. At t test can
partially to profitability. also be seen that the turnover of
inventory has a value of tarithmetic -
Based on the analysis and 0.353 at this value below the
discussion that has been described, value of ttable as big as 1.70329,
the conclusions of this study as Working capital turnover was
follows: therefore concluded no
significant effect on profitability.
a. Accounts receivable turnover
have a significant positive effect Total asset turnover have a
on profitability. From the results significant effect on profitability.
of the t test receivable turnover From the results of the t test
has a significance value of 0.003. inventory turnover has a
This value is smaller than the significance value of 0.252. This
probability value of 0.05 or a value is greater than the probability
value 0.003 <0.05. At t test can value of 0.05 or a value 0.252>
also be seen that the turnover of 0.05. At t test can also be seen that
receivables has a value of tarithmetic the inventory turnover has amounted
amounting to 3.247 this value to 1.171 tcount this value is below
below the value of ttable as big as the value ttabel1.70329, Total asset
1.70329, So we can conclude turnover was therefore concluded no
receivables turnover positive significant effect on profitability.
significant effect on profitability.
2. Suggestion
b. Inventory turnover did not have a Researchers realized that this
significant effect on profitability. research is still far from perfect. To
From the results of the t test the researchers provide
inventory turnover has a recommendations for the next
significance value of 0.019. This research as follows:
value is smaller than the a. Theoretical advice
probability value of 0.05 or a 1) for Investor
value 0.019 <0.05. At t test can Can consider the ratio of
also be seen that the turnover of activity in the decision
inventory has a value of tarithmetic - making in the context of
2.492 at this value above the long-term investment. The
value of ttable as big as 1.70329, results of this study prove
Inventory turnover was therefore that the accounts receivable
concluded a significant negative turnover positive significant
effect on profitability. effect on profitability.
 66

2) for Issuers
2) for Companies The author expects that the
To pay more attention to turnover of accounts
the smallest things that can receivable, inventory
reduce the profits of the turnover, working capital
enterprise so as to minimize turnover and total turnover
losses that are unexpected so Akiva on profitability as a
that it can quickly make a reference in management
decision. decision-making process in
the use of working capital.
3) for Academic
This study is expected to
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