ANALISIS PENGARUH PROFITABILITAS INDUSTRI, RASIO LEVERAGE KEUANGAN TERTIMBANG DAN INTENSITAS MODAL TERTIMBANG SERTA PANGSA PASAR TERHADAP "ROA" DAN "ROE" PERUSAHAAN MANUFAKTUR YANG GO- PUBLIC DI INDONESIA

Cyrillius Martono




Abstract


This study investigates four proxies of competitive ratios that being influence to the company profitability. These proxies are industry profitability, weighted leverage, weighted capital intensiveness, and market share. The sample employed in the present study consists of the 41 firms, which have been listed at Jakarta Stock Exchange since 1994. The annual financial report data employed spans the years 1994-1997. The t and F tests in multiple regression models are used to test hypotheses.
Research findings show that: first, industry profitability, weighted leverage, and capital intensiveness are statistically significant to influence return on assets. Second, industry profitability, weighted leverage, and market share are statistically significant to influence return on equity. Third, regression model of ROE has R2 higher than regression model of ROA. This result indicates that ROE model is more robust than ROA model. Fourth, industry profitability is superior to predict return on assets, while weighted leverage is superior to predict return on equity.


Abstract in Bahasa Indonesia :

Studi ini meneliti empat proksi rasio-rasio persaingan yang mempengaruhi profitabilitas perusahaan. Proksi tersebut meliputi profitabilitas industri, rasio leverage keuangan tertimbang, rasio intensitas modal tertimbang dan pangsa pasar. Penelitian ini menggunakan data laporan keuangan perusahaan manufaktur yang go-public di Indonesia sejak 1994-1997 dengan total sampel per tahun sebanyak 41 perusahaan yang terdaftar di Bursa Efek Jakarta. Teknik analisis yang digunakan adalah analisis regresi berganda dengan menggunakan pooling data. Uji t dan uji F digunakan untuk menguji hipotesis penelitian.
Hasil penelitian menunjukkan bahwa; pertama, tiga variabel, yaitu ROA industri, intensitas modal tertimbang, dan leverage keuangan tertimbang terbukti berpengaruh signifikan terhadap ROA perusahaan. Kedua, tiga variabel, yaitu ROE industri, leverage keuangan tertimbang, dan pangsa pasar terbukti berpengaruh signifikan terhadap ROE. Ketiga, berdasarkan nilai R2, hasil analisis regresi ROE lebih robust dibandingkan hasil analisis regresi ROA. Keempat, profitabilitas industri terbukti superior dalam menjelaskan ROA, sedangkan variabel yang superior dalam menjelaskan ROE adalah rasio leverage keuangan tertimbang.

Kata kunci: Return on assets, return on equity, rasio industri.


Keywords


Return on assets, return on equity, industry ratio.

Full Text: PDF

The Journal is published by The Institute of Research & Community Outreach - Petra Christian University. It available online supported by Directorate General of Higher Education - Ministry of National Education - Republic of Indonesia.

©All right reserved 2016.Jurnal Akuntansi dan Keuangan, ISSN: 1411-0288, e-ISSN: 2338-8137

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