International Journal of Economics.
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Issue-1, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal.
stie-aas.
id/index.
php/IJEBAR Analysis of Current Ratio Changes Effect.
Asset Ratio Debt.
Total Asset Turnover.
Return On Asset.
And Price Earning Ratio In Predictinggrowth Income By Considering Corporate Size In The Company Joined In Lq45 Index Year 2013 -2016 Wikan Budi Utami STIE-AAS Surakarta Email: wikan.
budiutami@yahoo.
Abstract: This study aims to determine the effect of the partially and simultaneously of the Current Ratio (CR).
Debt Asset Ratio (DAR).
Total Asset Turnover (TATO).
Return On Assets (ROA), and Price Earning Ratio (PER) in predicting profit growth by considering firm size at company incorporated in LQ45 index year 2013 -2016 with company size as control a The technique of determining the sample in this research is by using purposive There are several criteria that must be met by companies listed in the LQ45 Index to be sampled in this study.
This research method is using multiple regression analysis which is used to know the influence of independent variable to the dependent variable together and The t test is used to test the influence of each variable change Current Ratio.
Debt Asset Ratio.
Total Asset Turnover.
Return On Asset , and Price Earning Ratio to earnings growth variable with firm size as control variable.
The statistical test F aims to examine the effect of changes in Current Ratio.
Debt Asset Ratio.
Total Asset Turnover.
Return On Asset, and Price Earning Ratio simultaneously to the variable of profit growth with firm size as control variable.
The R2 test (Coefficient of determinatio.
is done to find out how big the influence variable change Current Ratio.
Debt Asset Ratio.
Total Asset Turnover.
Return On Asset, and Price Earning Ratio to variable growth profit with company size as control From result of t test is known that change of Total Assets Turn Over and change of Return On Assets partially have significant effect to profit growth (OI EAT) .
Variable change of Curent Ratio (OICR), change of Debt Asset Ratio (OI DAR).
Price Earning Ratio (OIPER) partially no significant effect on profit growth variable with firm size as control variable.
From result of F test, it is known that Current Ratio (OI CR) change.
Debt Asset Ratio .
DAR) change.
Total Asset Turnover (OI TATO).
Return On Asset (OI ROA) change.
Price Earning Ratio (OI PER) simultant significant effect on profit growth variable at go public company listed in index LQ 45 in Indonesia with company siz.
as control variable.
Keywords: change of CR.
DAR.
TATO.
ROA.
PER, profit growth.
company (Simorangkir, 1.
Profit growth is a change in the percentage 1 Introduction The rapid development of capital markets increase in profit earned by the company.
has made investors excited again in The main purpose of financial ratio investing in companies that offer high analysis is to give an indication of company One of the lure of investors in performance in the future.
Financial ratios investing in companies is the profit offered are used to predict corporate earnings.
by the company.
Companies that provide increase or decrease in profit will affect the high returns to investors will be reflected in other ratios of Curent Ratio .
iquidity rati.
, good corporate financial performance.
Good Debt Assets Ratio .
olvency rati.
, activity earnings changes, suggesting that the ratio (Total Assets Turn Ove.
and company has a good financial performance, profitability ratio (Return On Asset.
which in turn will increase the value of the According to Riyanto .
in general.
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, activity ratio and profitability ratio.
The four ratios will be very useful for the management in carrying out its operations or activities of the company, especially in planning and decision making short term and long term.
In addition to profit that becomes another consideration for investors in investing capital is by looking at the value of a A company value can be reflected from financial information, corporate financial flows and financial performance of the company.
Some research on the ability of financial ratios in predicting earnings has been done with many diverse results, namely:
Dra.
Isnaniah Laili Khatmi Safitri.
MMA .
conducted a study to determine the influence of various financial ratios to profit growth of PT.
Kalbe Farma tbk.
Variable Inventory turnover has a significant influence on profit growth of PT.
Kalbe Farma tbk.
Variable Return on equity has no significant effect to profit growth of PT.
Kalbe Farma tbk.
Simultaneously debt to asset ratio, net profit margin, inventory turnover and return on equity have a significant effect on profit growth.
I Nyoman Kusuma Adnyana Mahaputra investigated the effect of current ratio, debt to equity ratio, total assets turnover, and profit margin on profit growth.
The test results show that the current ratio, debt to equity, total asset turnover, and profit margin have a significant influence on profit Based on the findings of the researchers described above, the authors are interested in re-testing the ability of the liquidity ratio (Cureent Rati.
, solvency (Debt Assets Rati.
, activity (Total Assets Turn Ove.
, profitability (Return On Asset.
, and market ratio (Total Assets Turn OverRati.
in predicting profit growth by considering the size effect.
Literature Review 1 Theoretical Review Financial Ratio Analysis Financial ratio analysis is an analytical tool that gives an indication that the company has sufficient cash to fulfill its financial obligations, the amount of receivables is quite rational, the efficiency of the company's inventory management, the planning of good investment and healthy Return On Assets so that the goal of maximizing shareholder wealth can be achieved (Agus Sartono, 2.
The ratios typically used are as follows:
Liquidity Ratio According to Toto Prihadi .
liquidity is the company's ability to pay off shortterm liabilities.
Liquidity measurements typically associate short-term liabilities with current assets available to pay them off.
Although this ratio does not speak of solvency issues, but a bad liquidity ratio in the long run will also affect the solvency of the company.
The measure of corporate liquidity in this research is Current Ratio (CR).
Current Ratio (CR) is obtained by comparing current assets and current The higher the current assets .
elative to current deb.
the higher the current ratio, which also means the higher the level of corporate liquidity.
But, the higher the amount of unused cash that will ultimately lower the level of profitability.
Thus, there is always a trade-off between liquidity and profitability (Handono Mardiyanto, 2.
Current ratio A current Assets Current Liabilitie s Solvency Ratio This ratio measures the company's ability to meet its long-term liabilities.
A non solvable company is a company whose total debt is greater than its total assets.
This ratio measures the company's long-term liquidity and thus focuses on the right side of the balance sheet.
Solvency ratios used in this research are: Debt To Total Assets Ratio.
Debt To Total Assets This ratio calculates how far funds are provided by creditors.
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inancial leverag.
Use of high financial leverage will increase the stock capital equity (Return On Equit.
However, on the contrary, if sales decrease in capital stocks equity will Debt To Tatal Assets Ratio = Activity Ratio This ratio looks at several assets and then determines what level of activity these assets have at a given level of activity.
Low assets at a certain level of sales will result in an increasing amount of excess funds embedded in these assets.
Excess funds will be better invested in other assets that are more productive.
Activity ratio used is Total Asset Turn Over (TATO).
Total Asset Turn Over (TATO) is an overall measure of asset turnover.
This ratio is quite often used because of its overall coverage.
Regardless of the type of business, this ratio can illustrate how well the support of all assets to obtain sales (Toto Prihadi, 2.
Sales Total Asset Turn Over A TotalAsset s Profitability Ratio The profit margin ratio shows the company's ability to generate net income at certain sales levels.
This ratio can be seen directly in the common-size analysis for the income statement.
A low profit margin signifies a company's ability to generate profits that are too low for a certain level of cost, or a cost too high for a certain level of sales, or a combination of both.
In general, a low ratio may indicate inefficient The ratios used in calculating profitability are Return On Investment (ROI).
Return On Equity (ROE) and Return On Assets (ROA).
Return On Investment (ROI) measures the ability of a company with overall funds invested in assets used for the company's operations in generating profits.
ROI =
While Return On Equity (ROE), measure the ability of companies to generate profits based on certain capital ROE = Return on Assets (ROA) is the profitability ratio to measure the company's ability to generate profits by using the total existing assets and after the capital costs .
he costs used to fund the asset.
are excluded from the analysis.
ROA is the ratio of tax net profit which also means a measure to assess how much the return of assets owned by the company.
(Bambang Riyanto, 1.
ROA =
x 100% Market Ratios The company's high Price Earning Ratio (PER) reflects good growth and has good prospects.
But in terms of investors, the price Earning Ratio (PER) that is too high may not be attractive because stock prices will probably not rise again which means the possibility of gaining capital gains will be smaller.
Price Earning Ratio (PER) Company Profit Net income becomes the result of operations after the interest and tax period.
Profit change is a factor that can be used for project activities, as this is because the quantity or volume of goods sold has a direct relationship to the sales activities.
addition, growth can also be generated by components - components of liquidity, profitability, solvency and activity.
Company Size (Size Effec.
Company size (Size effec.
is one tool to measure the size of a company.
Employees.
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There are some fundamental differences between large companies and small companies.
Elton and Gruber in Juliana .
say larger-sized companies will have easier access to the capital market than small companies.
Small-company share of the trading frequency level is not as fast and as easy as a large company's stock.
Scherer in Juliana .
found evidence that larger companies are more stable and growth patterns can change rapidly than small firms.
This may be because the ability of large companies to make various product lines and operations easier.
Damayanti in Juliana .
in his research consider the size of the company seen from the total The results obtained are firm assets have no effect on the ability to predict financial ratios to future earnings growth in manufacturing companies.
2 Previous Study Several previous studies that have been conducted include:
Dra.
Isnaniah Laili Khatmi Safitri.
MMA .
conducted a study to determine the influence of various financial ratios to profit growth of PT.
Kalbe Farma tbk.
The result of this research is Debt to Asset Ratio variable has significant influence to profit growth of PT.
Kalbe Farma tbk.
Variable Current Ratiotidak significant effect on profit growth of PT.
Kalbe Farma tbk.
Variable Inventory turnover has a significant influence on profit growth of PT.
Kalbe Farma tbk.
Variable Return on equity has no significant effect to profit growth of PT.
Kalbe Farma tbk.
Simultaneously debt to asset ratio, net profit margin, inventory turnover and return on equity have a significant effect on profit growth.
Nita Hari Susanti .
conducted research with the aim to analyze and test ratio of Total Assets Turnover.
Net Profit Margin, and Return on Assets in predicting future earnings growth in automotive companies in Indonesia Stock Exchange.
This study shows .
Total Assets Turnover.
Net Profit Margin, and Return on Assets simultaneously have a significant effect on profit growth.
Total Assets Turnover.
Net Profit Margin, and Return on Assets partially significant effect to profit growth.
Return on Assets have dominant influence to earnings growth because have coefficient value of partial determinasi.
Ade Gunawan and Sri Fitri Wahyunu .
conducted research with the aim to:
partially test the influence of financial ratios on profit growth in trading companies in Indonesia Stock Exchange.
simultaneously test the influence of financial ratios on profit growth in trading companies in Indonesia Stock Exchange .
to know the most dominant financial ratios affecting profit growth in trading companies in Indonesia Stock Exchange .
to know aspect of asset and income management and aspect debt and equity to profit growth in trading companies in Indonesia Stock Exchange.
Adisetiawan tested the effect of Working Capital to Total Asset (WCTA).
Current Liabilities To Inventory (CLI).
Operating Income to Total Assets (OITL).
Total Asset Turnover (TAT).
Current Ratio (NPM) and Gross Profit Margin ) to earnings growth.
From result of regression analysis show that variable of Operating Income to Total Assets (OITL) and Current Ratio (NPM) partially have significant effect to profit growth.
While the variable Working Capital to Total Asset (WCTA).
Current Liabilities To Inventory (CLI).
Total Asset Turnover (TAT), and Gross Profit Margin (GPM) have no significant effect on profit growth.
The six variables used in this study (WCTA.
CLI.
OITL.
TAT.
NPM and GPM) simultaneously have no significant effect on profit growth, with predictive ability of the six variables of I Nyoman Kusuma Adnyana Mahaputra investigated the effect of current ratio, debt to equity ratio, total assets turnover, and International Journal of Economics.
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The test results show that the current ratio, debt to equity, total asset turnover, and profit margin have a significant influence on profit 3 Hypothesis Curret Ratio significant effect on the profit growth of companies incorporated in the LQ45 Index 2013 -2016 with the size of the company as a control variable.
Changes in Debt Assets Ratio partially significant effect on the profit growth of companies incorporated in the LQ45 Index 2013 -2016 with the size of the company as a control variable.
Changes Total Assets Turnover partially significant effect on the profit growth of companies incorporated in the LQ45 Index 2013 -2016 with the size of the company as a control Changes in Return On Assets partially significant effect on the profit growth of companies incorporated in the LQ45 Index 2013 -2016 with the size of the company as a control variable.
Changes in Price Earning Ratio partially significant effect on the profit growth of companies incorporated in the LQ45 Index 2013 -2016 with the size of the company as a control Curret Ratio Changes.
Debt Assets Ratio.
Total Assets Turnover.
Return On Assets and Price Earning Ratio simultaneously have a significant effect on the profit growth of companies incorporated in the LQ45 Index of 2013 -2016 with firm size as control variables 3 Research Methodology This research is descriptive quantitative, which explains the relationship between variables by analyzing numerical data .
using statistical methods through hypothesis testing.
This research is a case study research company incorporated in the index LQ45 in Indonesia Stock Exchange in 1 Data Source.
Population.
Sample.
Data Collection Method The data required from this study consists of Annual Reports published by the company that became the object of research.
The population used for this research is all companies incorporated in LQ45 period 2013-2016 yag listed on Indonesia Stock Exchange (BEI).
The technique of determining the sample in this research is by using purposive sampling.
Criteria of companies incorporated in the LQ45 period 2013-2016 listed on the Indonesia Stock Exchange (IDX) to be able to sample in this study are:
Companies incorporated in LQ45 period 2013-2016.
Companies that are not engaged in Issue financial statements as of December 31, 2013 - 2016.
Having financial statement data related to the measurement of variables in the During the study period companies have a positive profit.
2 Research Variables and Operational Definition of Variables 4 Theoretical Framework Dependent variable in this research is relative profit growth.
Profit growth used is profit after tax.
With the calculation as follows:
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Yang calculated by the formula:
AEFrit A Frit A Frit A 1 Frit A 1 Whereas:
OIFrit = Changes in Current Ratio (CR).
Debt Assets Ratio (DAR).
Total Asset Turn Over (TATO).
Return On Assets (ROA).
Price Earning Ratio (PER).
Fit = Current Ratio (CR).
Debt Assets Ratio (DAR).
Total Asset Turn Over (TATO).
Return On Assets (ROA).
Price Earning Ratio (PER).
Frit -1 = Current Ratio (CR).
Debt Assets Ratio (DAR).
Total Asset Turn Over (TATO).
Return On Assets (ROA).
Price Earning Ratio (PER) for t period for t-1 period.
Control variables The control variable serves to see if with the inclusion of a number of control variables into the model, the main independent variable significantly becomes stronger.
this study the size effect is used as a control Company size is measured by the average total assets.
The total assets of the manufacturing company being sampled is averaged over the analysis period, then averaged by all manufacturing firms with arithmatic mean.
AEA
x A x A x A .
A x A Ae Whereas:
X = average total assets manufacturing companies.
x1, x2,.
xn = the average total assets of each company during the analysis period.
N = total number of manufacturing The size of the company is categorized into two levels ie large companies and small Companies whose total assets are above the average of all manufacturing firms are categorized as large companies and whose total assets are below average all manufacturing firms are categorized as small firms.
Company size is a dummy variable, valued at 0 if the firm is small and is worth 1 if it is a large company.
Data Analysis Techniques 1 Data Quality Test Normality test Normality test aims to test whether in the regression model, the dependent variable and the independent variable, both have a normal distribution or not.
A good regression model is to have normal or nearnormal data distribution.
In this study, the normality test of data used statistical test Kolmograv Smirnov with the criteria used is to compare the value of significance has been determined that is equal to 5% .
If the probability value obtained is greater 05 then the data is normally Autocorrelation Test The test done to detect this autocorrelation is Durbin Watson test.
ie by comparing the value of Durbin Watson count .
with its critical value or table value.
If the value .
lies between the upper bound .
, the autocorrelation coefficient is zero, meaning there is no autocorrelation.
Multicollinearity Test This test is to test whether there is a linear relationship between independent variables in the regression model and to indicate whether there is a high degree of cholinearity among the independent Multicolinearity test is done by International Journal of Economics.
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Commonly used values are tolerance values above 0.
10 or with VIF values less than 10.
Heteroscedasticity Test Aimed to test whether there is a variance inequality of the residual of a observation to another observation in the regression model.
heteroskedastisitas in this study then used Spearman Rank Method by way of regretting the independent variables with residual variables which then correlated If the residual probability value is greater than = 0.
then there is no symptoms of heteroskedastisitas vice versa if the value of residual is smaller than = then there will be symptoms of Hypothesis Test Multiple Regression Multiple regression analysis is used to determine the effect of independent variables (CR.
DAR.
TATO.
ROA.
PER) and control variables (SIZE) on dependent variable (Growth of profi.
together and In this research the multiple regression equation is:
Y = a b1X1 b2X2 b3X3 b4X4 b5X5 b6X6 e (Anto Dayan, 2.
Whereas:
One-Sample Kolmogorov-Smirnov Test Unstandardize d Residual Normal Parametersa,b Mean Std.
Deviation Most Extreme Differences Absolute Positive Negative Kolmogorov-Smirnov Z Asymp.
Sig.
-taile.
Y = Variable Growth Earning After Taxes X1 = Variable Growth Current Ratio (CR) X2 = Variable Growth Debt Assets Ratio
(DAR)
X3 = Growth Variable Total Asset Turn Over (TATO) X4 = Growth Variable Return On Assets (ROA) X5 = Variable Growth Price Earning Rati (PER) X6 = Variable Growth Control of Company Size a: constants b: regression coefficient e: error term t Test This t test is used to test the influence of each independent variable (CR.
DAR.
TATO.
ROA.
PER) to variable growth of profit with firm size as control variable.
F Test The statistical F test aims to examine the effect of all independent or independent variables (CR.
DAR.
TATO.
ROA.
PER) and control variables (SIZE) together on the dependent or dependent variable .
rofit Coefficient of determination (R.
This test is conducted to find out how much the influence of independent variables (CR.
DAR.
TATO.
ROA.
PER) and control variables (SIZE) to the dependent variable .
rofit growt.
Finding and Discussion 1 Data Analysis 1 Classic Assumption Test Normality test Normality test was performed by Kolmogorov Smirnov test from the residual value of a regression model (Ghozali.
Good data is normally distributed From the test results of Kolmogorof Smirnov normality that appears in table 4.
above shows the significance value of 1.
> = 0.
005 then the data is normally Autocorrelation Test Table 4.
Test Results of Auto Correlation Durbin-Watson Method International Journal of Economics.
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D-W
Kriteria Kesimpulan X1,X2, 1,914 4-du > DW > There is no X3,X4.
2,2322>1,914
>1,7678
Data source: secondary data processed, 2017 The term autocorrelation can be defined as the correlation between members of a series of observations sorted (Gujarati, 1991:
A good regression model is a regression independent of autocorrelation.
autocorrelation symptoms in the regression calculation of this study, it will be used durbin watsen test (DW TES).
From the results of the above table it is known that the D-W test value of 1.
914 where the number is between du = 1.
7678 and 4-du = 2,2322 it can be concluded there is no autocorrelation, then the model used in this study is feasible for basic analysis.
Heteroscedasticity test with Glejser test The purpose of the heteroscedasticity test is to test whether in the regression model there is a variance inequality of the residual one observation to the other.
If the variance of the residual one observation to another observation remains then it is called A good regression model is if there is no heteroscedasticity.
From the Coefficientsa Unstandardized Standardized Coefficients Coefficients Std.
Model (Constant Error Beta Sig.
DAR
TATO
ROA
PER
SIZE
3 the value of variable significance of liquidity / Current Ratio 0,216, significance of solvability variable (DAR) 147, activity variable (TATO) 0,174, profitability variable (ROA) 0, 575 and variable PER 0, 695.
The significance value of the five independent variables is greater than = 0.
05 it means the regression model does not occur heteroscedasticity.
Table 4.
Heteroscedasticity Test Company size as a control variable value of 752, greater than = 0.
05 it means that regression model did not occur Multicolinearity Test The purpose of multicollinearity test is to find out whether the regression model found a correlation between independent variables .
A good model should not have a correlation between independent variables .
o multicolonierit.
If the VIF value is less than 10, then there is no multicollinearity to the data being tested.
Conversely, if the VIF value is greater than 10, it means multicollinearity to the data being tested.
From the results of multicolinearity test in table 4.
4 obtained VIF value CR 1.
DAR variable 1.
TATO
variable 1,495.
ROA variable 1,191 and variable PER 1,193.
VIF value of Size variable as varabel kontro 1,034.
VIF value of the five independent variables and one control variable is smaller than 10 so it can be said that the model there is no multicollinearity between these variables.
Table 4.
Multicollinearity Test Results Data source: secondary data processed, 2017
Variabel
DAR
TATO
ROA
PER
SIZE
International Journal of Economics.
Business Research (IJEBAR) 042and Accounting Dependent Variable: RES2
Data source: secondary data processed, 2017
Tolerance 0,937 0,690 0,669 0,840 0,967 VIF
1,067
1,449
1,495
1,193
1,034
Infromation Did not happen multikolinearitas Did not happen multikolinearitas Did not happen multikolinearitas Did not happen multikolinearitas Did not happen multikolinearitas Did not happen multikolinearitas Page 32 International Journal of Economics.
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DAR variable 0.
TATO
ROA variable 0.
840 and PER 0.
838 variables.
The tolerance value of the Size variable as the control variable is The tolerance value of the five independent variables and one control variable is greater than 0.
1 so it can be said multicollinearity among variables.
independent variables that negatively affect the profit growth is Debt Assets Ratio with 206.
Total Assets Turn Over with coefficient 0.
739 and Price Earning Ratio with coefficient 0.
This means that if the Debt Assets Ratio.
Total Assets Turn Over and Price Earning Ratio decreased the profit growth increased and vice versa.
Company size as control variable is negatively affect profit growth with coefficient 0,013.
2 Hypothesis testing Multiple Linear Regression Equation Table 4.
Summary of Hypothesis Test Results Variable Konstans DAR
TATO
ROA
PER
SIZE
Fcount
0,137
0,043
-0,206
-0,739
0,974
-0,079
-0,013
Tcount Sig Conclusion 1,278 -1,414 -3,642 18,745 -1,075 -0,216 0,207 0,164 0,001 0,000 0,288 0,830 68,322 0,000 No Significant Impact No Significant Impact Significant Influence Significant Influence No Significant Impact No Significant Impact Significant Influence 0,882 Source: Data processed with SPSS 17 Based on the calculation of SPSS that appear in table 4.
5 regression equation as Y = 0,137 0,043 CR - 0,206 DAR - 0,739 TATO 0,974 ROA - 0,079 PER - 0,013 SIZE e From the analysis results, it can be seen that the independent variables that have a positive effect on profit growth is Current Ratio with coefficient of 0.
043 and Return On Assets with coefficient 0.
This means that when the Current Ratio, and Return on Total Assets increases then profit growth also increases.
While the Individual Parameter Significant Test .
Statistic Tes.
The t test is used to know the partial significance of the independent variables:
Curent Ratio (X.
Debt Assets Ratio (X.
Total Assets Turn Over (X.
Return On Assets (X.
and Price Earning Ratio (X.
namely: Profit Growth .
Y).
From table 4.
5 above is known magnitude influence of each independent variable to the dependent variable is as follows:
Test the hypothesis of the influence of Current Ratio on profit growth.
From the calculation results t significance for the variable Ratio of 0.
207> .
This means that the Current Ratio in partial has no significant effect on profit growth with the size of the company as a control .
Test the hypothesis Debt Assets Ratio to profit growth.
From the calculation results obtained significance t for the variable Debt Assets Ratio of 0.
164> .
This means that Debt Assets Ratio has no significant effect to profit growth with firm size as control .
Hypothesis test Total Assets Turn Over on profit growth From the calculation results obtained t significance for the variable Total Assets Turn Over Ratio of 0.
001 < .
This means Total Assets Turn Over has a significant effect on profit growth with firm size as a control variable.
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Test the hypothesis Return On Assets to profit growth From the calculation results obtained significance t for the variable Return On Assets of 0.
000 < .
This means Return On Assets has significant effect to profit growth with firm size as control .
Test the hypothesis Price Earning Ratio to profit growth From the calculation results obtained significance t for Price Earning Ratio variable of 0.
288> .
This means Price Earning Ratio has no significant effect to profit growth with firm size as control F Test From the results of statistical calculations using SPSS shown in table 4.
5 obtained F value count of 68.
322 with a significance level of 0.
The resulting significance value of F is smaller than = 0.
This means that the variable Current Ratio.
Debt Assets Ratio.
Total Assets Turn Over.
Return On Assets.
Price Earning Ratio and Size control variables simultaneously significantly influence the profit growth Coefficient of Determination (R.
From the calculation results with SPSS program that appears in table 4.
5 can be seen that the coefficient of determination that can be seen from Adjusted R Square, obtained for 0.
This means that 88.
of profit growth can be explained by the variable Current Ratio.
Debt Assets Ratio.
Total Assets Turn Over.
Return On Assets.
Price Earning Ratio and Size in this study, while the remaining 11.
8% is explained by other variables that are not investigated in this study.
2 Discussion