Journal of Accounting Management and Economics

Vol. ..., No. ..., ... Year, pp. ...-...

Published by Faculty of Economics and Business,
Universitas Jenderal Soedirman
Published online ... inhttp://jos.unsoed.ac.id/index.php/jame

THE EFFECT OF FINANCIAL RATIO TOWARDS STOCK

RETURN (STUDY IN CEMENT COMPANY LISTED IN
INDONESIA STOCK EXCHANGE 2009 – 2018 PERIOD)
ROMI FREDYANTO, ARY YUNANTO, SE. MSI. , EKANINGTYAS WIDIASTUTI, SE. MSI.

The existence of a company in running the business cycle always capture by

Abstract reaching the company's purpose, so that the company needs to choose the correct
strategy to reach the achievement where it could be shown by the company’s
performance. The financial statement capture a financial position and financial
performance of an entity. The purpose of a financial statement is to declare the
information in financial position, financial performance and cash flow of an entity which
is useful to a wide range of parties in arranging an economic decision. The reason why
investor interest to invest their fund is because of they expected a stock return, To
analyze the stock return is necessary fundamental and technical information.
Fundamental analysis is based on information published by issuers or exchange
administrators in the capital market. This analysis starts from the corporate cycle in
general, then the industrial sector, finally an evaluation of the stock price was carried out
published.
Fundamental analysis is influenced by financial ratios is one indicator of the
company's financial performance. According to Ang (1997), financial ratios can be
devided into 5 kinds, namely: Liquidity ratio, Solvency ratio, Profitability ratio, Activity
ratios, Market ratios, namely the ratio that calculates prices the stock market relative to
the book value.This research would like to analyze the correlation among kinds of
financial ratio and stock return in the cement industry by several issues include in this
sector

Keywords Financial Statement; Financial Ratio; Stock Return; Cement Industry

INTRODUCTION source of information for the financial

The existence of a company in position of the company and business
running the business cycle always capture performance evaluation, numerous
by reaching the company's purpose, so strategic, tactical and operational
that the company needs to choose the decisions should be based on the quality
correct strategy to reach the achievement information. Therefore, objective and
where it could be shown by the company’s purpose in financial information is a
performance. The financial statement prerequisite for deciding decision-making
capture a financial position and financial processes.
performance of an entity. The purpose of The reason why investor interest to
a financial statement is to declare the invest their fund is because of they
information in financial position, financial expected a stock return. According to
performance and cash flow of an entity Home and Wachoviz (1998: 26) stated
which is useful to a wide range of parties that Stock Return is a return as benefit
in arranging an economic decision. The which is related to the owner that implies
financial statement also shows the result cash dividend last year which is paid,
of the management’s stewardship of the together with market cost appreciation or
resources entrusted to it ( IAS 1.9). The capital gain when it is realized in the end
financial statement provides a good of the year. On the other hand, the higher


Correspondence to : Received: ...

Give the information related to corresponding author and the email address Revised: ...
Accepted: ...
Journal of Accounting Management and Economics , Vol. ..., No. ..., ... Year, pp. ...-...

market price indicates that the stock return

also increasingly attractive to investors LITERATURE REVIEW AND
because the higher stock price will HYPOTHESES
produce even greater capital gains. 1. Literature Review
Capital gain is the difference between the a. Financial Statement
current market price and the previous The media using by the company
period price. Dividend yield and capital to read the financial firm condition is a
gain are total returns that will be received financial statement. Financial
by investors in the long run (Ang, 1997). statements which include the report of
To analyze the stock return is necessary company financial condition based on
fundamental and technical information. the data that got from the annual report
Fundamental analysis is based on periodically so that the related parties
information published by issuers or can use those report to evaluate and
exchange administrators in the capital apply related strategy to make the
market. This analysis starts from the financial company better.
corporate cycle in general, then the b. Financial Performance
industrial sector, finally an evaluation of The series of financial activities in
the stock price was carried out published. a given period is reported in financial
Fundamental analysis is influenced statements including income statement
by financial ratios is one indicator of the and balance sheet. Income statement
company's financial performance. describes an activity in one year and
According to Ang (1997), financial ratios for a balance sheet describe the
can be devided into 5 kinds, namely: situation at the end of the year for
Liquidity ratio, which is a ratio that changes incident from the previous
measures the ability of liquidity short-term year.
company by looking at current assets c. Information Asymmetry
relative to debt smooth, Solvency ratio is a Information asymmetry is a
ratio that measures the capability of a situation where managers have more
company to face all long-term obligations, access to information on company
namely Profitability ratios a ratio that prospects that are not owned by
measures the capability of a company to parties outside the company. Definition
earn profit has to do with sales, total of information asymmetry according to
assets and own capital Activity ratios, that Scoot (2009: 105) as follows:
is a ratio that measures how far the "Frequently, one type of participant in
effectiveness of the company in working the market (sellers, for example) will
on the source of funds and Market ratios, know something about the assets of
namely the ratio that calculates prices the the other type of participant (buyers)
stock market relative to the book value. does not know. This situation exists,
Because cement is an important the information is characterized by
instrument in building the infrastructure it information asymmetry" The statement
is a high potential of economic profitability explains that information asymmetry is
in cement companies in running their one of the parties involved in the
business. If we see the condition of transaction having superiority and
Indonesia that Indonesia is one of the excess information regarding the
developing countries where it still needs assets traded compared to other
many infrastructure projects to enhance parties
the mobility of society d. Signaling Theory
When the government expenditures Signaling theory was first
of the industry are increase absolutely the introduced by Spence in his research
profit should be increased as well because entitled Job Market Signaling. Spence
profit can be obtained when the sales are (1973) suggests that a signal or signal
high by high demand means that the provides a signal, the sender (the
circulation of the company is run well, but information owner) tries to provide
is that absolutely true? Is it possible that relevant pieces of information that can
even the cement industry has a good be utilized by the recipient. The
potential opportunity but the profitability is recipient will then adjust his behavior
lack so this company is not recommended according to his understanding of the
in the stock market? signal. Signaling theory suggests about
Journal of Accounting Management and Economics , Vol. ..., No. ..., ... Year, pp. ...-...

how a company gives signals to 2. Solvability ratio,

related parties of financial statements. The solvability ratio is a ratio
This signal is in the kind of information that measures the ability of a
about what has been finished by company to fulfill all its long-term
management to realize the owner's obligations. In this research
wishes. Signals could be in the form of solvability ratio that will be used is
promotions or other informations Debt to Equity Ratio (DER) where
stating that the company is better than The DER value is indicated by the
others. Meanwhile, according to total debts divided by the total
Brigham and Hosuton (2014: 184) value holders equity. The higher
signaling theory is a behavior of the DER shows the greater total debt
company's management in giving against total equity (Ang, 1997), it
instructions to investors regarding will also show greater
𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
management's views on the company's DER = 𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦
prospects for the future.
e. Fundamental Factors
To be able to choose a safe 3. Profitability ratio
investment, one analysis is needed which is a ratio that
careful, thorough, and supported by measures the ability of a company
accurate data. The correct technique in to earn profits about sales, total
the analysis will reduce the risk for assets, and own capital. In this
investors in investing. In a manner, In research, the profitability ratio that
general, there is a lot of analysis in will be used is Return on
carrying out investment assessments, Investment (ROI) where Return on
but the most widely used are investment is one of the ratios
fundamental analysis, technical used to measure company profits.
analysis, and analysis economy. According to Ang (1997), ROI is
(Anoraga and Pakarti, 2001) the most
𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐴𝑓𝑡𝑒𝑟 𝑇𝑎𝑥
Fundamental information is information ROI = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡
about the condition of the company
(issuer) which includes the conditions 4. Activity ratio,
of management, organization, sources The activity ratio is a ratio
of human power and financial that measures how far the
conditions reflected in financial effectiveness company in working
performance company on the source of funds. In this
f. Analysis of Financial Ratios research, the Activity ratio that will
1. Liquidity ratio, be used is Total Asset Turnover
which is a ratio that measures (TATO) where TATO is a ratio that
the ability of term liquidity short shows the ability and efficiency of
company by looking at current the company in utilizing assets or
assets relative to debt smooth. The turnover of these assets. TATO
commonly used liquidity ratio is the 𝑆𝑎𝑙𝑒𝑠
TATO = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
current ratio (Sawir, 2001). Liquidity
ratio is the ratio used to interpret a
short-term financial position. This 5. Market Ratio,
ratio measures how far the current The market ratio is a ratio
assets are companies can be used that measures stock market prices
to fulfill their current obligations. A relative to the value of the book. In
company that can fulfill all financial this research market ratio that will
obligations that must immediately be used is Price to Book Value
be fulfilled, then the company can (PBV) where PBV is a ratio used
be said to be liquid. In this research, to measure the performance of
the liquidity ratio that will be used is stock market prices against the
the Current Ratio (CR) value of the book. (Ang, 1997)
Companies that are generally
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 good show
CR =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Journal of Accounting Management and Economics , Vol. ..., No. ..., ... Year, pp. ...-...

𝑃𝑠
PBV = 𝐵𝑉𝑆 the simplest assumption. The
analysis ignores the dimensions of
Ps = Stock Price
space and time, so the results given
BV = Book Value
are not seen either between
individuals or between time. The
g. Stock Return
2) Fixed Effect Model
According to (Mamduh M. Hanafi
This model is known as the
and Abdul Halim 2012), Stock Returns
Fixed Effect Model. This model
are also referred to as stock income
assumes that differences between
and changes in the value of the stock
individuals can be accommodated
price period t with t-ı. And means that
from their intercept differences. This
the higher the change in stock prices,
model makes it possible to find out
the higher the stock returns generated
the intercepts of each individual due
Capital Gain = (Pt – Pt-1) / Pt-1
to changing circumstances in each
Pt = Stock Price in t period
company. The
Pt-1 = Stock Price in previous t
3) Random Effects Model
period (t-1)
2. Hypothesis The random effects model is
also called the component error
H1 : CR has a positive effect towards
model. This is so named because
stock return in cement company
the calculation of this model uses
listed BEI 2009 – 2018
an error term from a combination of
H2 : DER has a positive effect towards
two (or more) components. The
stock return in cement company
components of time and error errors
listed BEI 2009 – 2018
need to be decomposed
H3 : ROI has a positive effect towards
because they have contributed to
stock return in cement company
the errors (Gujarati, 2012). The
listed BEI 2009 – 2018
Regression Equation for this study
H4 : TATO has a positive effect towards
is:
stock return in cement company
Yit = α+ β1X1it+ β2X2it+ β3X3it+ β4X4it+
listed BEI 2009 – 2018
β5X5it+ ε
H5 : PBV has a positive effect towards
stock return in cement company Yit = Response variable in the i-
listed BEI 2009 – 2018 th observation unit and t-
time
METHODS Xit = Predictor variable in the i
1. Descriptive Statistic Analysis observation unit and t time
Descriptive Statistic Analysis is 𝛽 = slope coefficient or
the method to arrang, summarize, and direction coefficient
provide the data in informative way α = Intercept regression
(Lind et al, 2005). The calculation that model
will be used is the value of minimum, ε = Component error in the i-th
maximum, mean, and standard observation unit at the t-
deviation of each variables. time
2. Panel Data Regression 3. Classical
According to Basuki and Prawoto a. Normality Test
(2017: 275), panel data is a Normality test needs to be
combination of time series data and examined for the several statistical
cross section data. Time series data is procedures in the tests of
data that consists of one or more parametric, because the validity
variables will be observed in one unit depends on this test result. Aim of
of observation within certain period of the normality test is to find out
time. While, Cross-section data is whether the values of standardized
observation data from several residual are normally distributed or
observation units in one time point. not. A good model of regression
1) Common Effect Model or Ordinary analysis must have the values of
Least Square (OLS) standardized residual that meet the
This model is known as the normally distribution.
Common Effect estimation and is
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b. Multikolinearity Test dependent variable (Sugiyono,

Multikolinearuty test proposes 2006: 88). According to Suliyanto
to examine whether the regression (2011: 45)
model will be found the correlation
among free variable (Independent). c. T Test
A good regression model should be T test shows how far the effect
not correlated with the independent of one independent variable
variable. To examine the existence individually in influencing dependent
of multicollinearity could be applied variable variance (Sugiyono 2006:
with the way of analyzing the 88). T-test applied to examine the
correlation among variables and the hypothesis.
calculation of tolerance value also
variable inflation factor (VIF).
c. Heteroskedastisity Test RESULTS AND DISCUSSION
Based on Ghozali (2012: 139), 1. Hypothesis Result
the Heteroskedastisity test a. First Hypothesis
proposes to examine whether inside Based on the result summary
of the regression model happened of Fixed Effect Model analysis in
variance inequality from residual Table 4.3, it known that tstatistic value
one observer to the others. If the of current ratio (CR) on stock return (-
variance from one observer to the 0.688) is less than ttable value (1.711).
others is the same, so it will be said Thus Ho is accepted and Ha is
homoscedasticity and if different so rejected, it means that current ratio
it will be said heteroskedasticity. has no a positive effect on stock
d. Autocorrelation Test return. Therefore, first hypothesis
The autocorrelation test which states that current ratio (CR)
proposes to examine whether inside has a positive effect towards stock
of the regression model linear is return of cement companies listed on
attended the correlation disturbing Indonesia Stock Exchange year of
error to t period with the disturbing 2009-2018 is rejected.
error in t-1 period (previous). b. Second Hypothesis
Autocorrelation within thesis is Refers to the result summary of
tested by using “Durbin-Watson” Fixed Effect Model analysis in table
test with the criteria if value of 4.3, it can be seen that tstatistic value of
DW statistic from regression output is debt to equity ratio (DER) on stock
between dU and 4 - dU, then it can return (3.326) is greater than ttable
be stated there is no value (1.711). Thus Ho is rejected
autocorrelation. and Ha is accepted, it means that
4. Hypothesis Test debt to equity ratio (DER) has a
a. Determination Coefficient positive and significant effect on
The higher determination stock return. Therefore, second
coefficient () means the higher of hypothesis which states that debt to
the independent variable capability equity ratio (DER) has a positive
to describe the variance of change effect towards stock return of cement
towards the dependent variable. In companies listed on Indonesia Stock
using the multiple regression Exchange year of 2009-2018 is
analysis methods, needs the accepted.
adjusted determination coefficient c. Third Hypothesis
calculation (Adjusted ). Adjusted R Result summary of Fixed Effect
square as the determination Model analysis in Table 4.3 shows
coefficient adjusted propose to that tstatistic value of return on
know how far the research model investment (ROI) on stock return
arranged could show the real (0.249) is less than ttable value
condition (Suliyanto, 2005: 89). (1.711). Thus Ho is accepted and Ha
b. F test is rejected, it means that return on
F test shows that whether all investment (ROI) has no a positive
independent variables inside of the effect but no significant on stock
model affects together towards the return. Therefore, third hypothesis
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which states that return on
investment (ROI) has a positive effect
towards stock return of cement
companies listed on Indonesia Stock
Exchange year of 2009-2018 is
rejected.
d. Fourth Hypothesis
Refers to the result summary of
Fixed Effect Model analysis in table
4.3, it can be seen that tstatistic value of
total asset turnover (TATO) on stock
return (0.664) is less than ttable value
(1.711). Thus Ho is accepted and Ha
is rejected, it means that total asset
turnover (TATO) has a positive but
no significant effect on stock return.
Therefore, fourth hypothesis which
states that total asset turnover
(TATO) has a positive effect towards
stock return of cement companies
listed on Indonesia Stock Exchange
year of 2009-2018 is rejected.
e. Fifth Hypothesis Testing
Result summary of Fixed Effect
Model analysis in Table 4.3 shows
that tstatistic value of price to book
value (PBV) on stock return (2.825) is
greater than ttable value (1.711). Thus
Ho is rejected and Ha is accepted, it
means that price to book value has a
positive and significant effect on
stock return. Therefore, fifth
hypothesis which states that price to
book value has a positive effect
towards stock return of cement
companies listed on Indonesia Stock
Exchange year of 2009-2018 is
accepted.
2. Discussion
a. The Effect of Current Ratio on Stock
Return
Result within study shows that
current ratio (CR) has negative but no
significant effect on stock return of
cement companies listed on Indonesia
Stock Exchange year of 2009-2018. This
result means that the higher level of
current ratio is not always followed by
the higher level of stock return of cement
companies listed on Indonesia Stock
Exchange year of 2009-2018. Result of
current study is difference with the
finding of previous study conducted by
Arshad (2013) that CR ratio had a
positive and significant effect on stock
return in the country of Pakistan by
indicated in the cement industry. On the
other hand, result of current study is
consistent with the previous study
conducted by Endri (2018) who found
that current ratio (CR) has a negative
effect on stock return. Moreover Budi
Kho (2018) stated that this condition is
still possible because Current Ratio is
one of the liquidity ratio where this ratio
only estimate the short term debt of
company without include the obligation
as a whole, in fact inside of the
company’s debt is not only calculate the
short term only but also in long term debt
is important as well.
Moreover if we compare the
difference between current liability and
total liability most of a half, total liability
is pretty higher rather than the current
liability, take an example from the lowest
of current liability at INTP that touch in
number of 1.347 billion where the total
liability was 2.245 billion, it indicates that
the difference between current and total
liability is big enough which means that
current liability can not represent the
amount of liability andcan not represent
the company’s capability to face its
liability. In this context Current Ratio has
no effect towards stock return which
means that the intention of investor is
not only see the liquidity aspect but also
see the others. But at least Current Ratio
shows us the condition of company’s
ability in facing the short term debt
where if the Current Ratio is too low
indicates that the company has problem
in financial ability, but when the Current
Ratio is too high indicates that the
company could not manage the financial
aspect to operate the other fundamental
needs.
b. The Effect of Debt to Equity Ratio on
Stock Return
Current study found that debt to
equity ratio (DER) has a positive and
significant effect on stock return of
cement companies listed on Indonesia
Stock Exchange year of 2009-2018. This
causal relationship means that the
higher level of debt to equity ratio (DER)
is always followed by the higher level of
stock return of cement companies listed
on Indonesia Stock Exchange year of
2009-2018. Result within study is
consistent with the result of previous
study conducted by Nauman (2015) who
found that DER had a positive and
significant effect on stock return in the
Journal of Accounting Management and Economics , Vol. ..., No. ..., ... Year, pp. ...-...
country of Saudi Arabia Cement
Industry. Moreover those study stated
that DER can lead the indicator of
company’s ability in facing the debt
accurately, because DER contains all of
the debt inside of the company wheter in
short term or long term. When the DER
shows a good performance it means that
the company has no problem in financial
ability due to the company can face all of
its debt, but when the DER shows in bad
condition indicates that the company has
problem in their capacity of financial
term. That is why the stock price could
be correlated because DER ensure the
investor to invest their capital by
showing a good performance of DER.
c. The Effect of Return On Investment on
Stock Return
Result within study shows that
return on investment (ROI) has a
positive effect but no significant on stock
return of cement companies listed on
Indonesia Stock Exchange year of 2009-
2018. This causal relationship means
that the higher level of return on
Investment (ROI) is not always followed
by the higher level of stock return of
cement companies listed on Indonesia
Stock Exchange year of 2009-2018. This
study result is difference with the finding
of previous study conducted by Carlos,
Noguera, White (2015) that ROI had a
positive and significant effect on the
Stock Return in the country of Mexico.
On the other hand, result of current
study is consistent with the previous
study conducted by Saragih (2018) who
found that profitability ratio has not
significant effect on stock return. This
condition is still possible because in the
perspective of investor they expect the
return towards the fluctuative of stock’s
price and profitability ratio is not he only
one which could influence the stock
price. Some of the investors expect the
return by trading in capital market where
trading only estimate the stock price
without determine the other aspect
include profitability ratio besides the the
stock price in cement industry is not too
aggresive in capital market,
Moreover if we see (Appendix 5)
the content ROI formula which include
Earning After Tax and Total Asset of
each cement’s company in this research,
indicates that the movement of value in
Earning After Tax is not big enough, the
movement of its Earning After Tax
condition was stagnant and several time
of years in each company is almost the
same. Besides, if we see the statistic
descritive we can see that the value of
ROI’s minimum was -0.044 where the
maximum was 0.250, it means that the
ROI’s character value is stagnant and it
is not profitable enough to attract the
stock’s demand from the investor in
stock market.
d. The Effect of Total Asset Turnover on
Stock Return
Current study shows that total
asset turnover has a positive but no
significant effect on stock return of
cement companies listed on Indonesia
Stock Exchange year of 2009-2018. This
causal relationship means that the
higher level of total asset turnover is not
always followed by the higher level of
stock return of cement companies listed
on Indonesia Stock Exchange year of
2009-2018. Result of current study is
difference with the previous study by
Martani, Mulyono, Khairurizka (2009)
who concluded that TATO is one of the
variables from Activity Ratio that
significantly affects the Stock Return in
the Manufacturing Industry in Indonesia.
So when the value of TATO is high
means that it will increase the stock
return as well because the company
shows the effectiveness of their
operations in an asset.
The unsignificant of activity ratio is
still possible because TATO is the
indicator to show how far the company
can make the total revenues from the
total asset they have, but the revenues it
self is still the total sell of their product
besides there are many aspect of
expenses that company must pay when
operating the production. Moreover,
when we see the content of TATO’s
formula which include Sales and Total
Asset we can indicates that the
difference between Sales and Earning
After Tax is pretty big ,take an example
from the lowest value of Sales from
SMCB at 2009 which the number of
2.943 billion where the value of Earning
After Tax is only 895 billion (Appendix
5,6). It means that the Earning After Tax
is much bigger rather than the Sales it
self, it tells that even though the Sales is
big but there were many expense that
company should pay in order to get the
Journal of Accounting Management and Economics , Vol. ..., No. ..., ... Year, pp. ...-...
final profit from the operation. That is
why TATO is not always followed by
high demand of stock price because the
effectiveness of this activity ratio can not
lead all of the succesfull of company in
managerial of financial term and Sales
which this is one of the value from the
TATO’s formula can not represent the
profitability of company because the
expense is pretty big and several time of
period it shows the negative value
because the sales is not followed by the
balance of expense of its company, this
condition is not can not give the good
signal on the stock’s demand and
difficult to influence the stock’s demand
in the stock market.
e. The Effect of Price to Book Value on
Stock Return
This study proves that price to
book value (PBV) has a positive and
significant effect on stock return of
cement companies listed on Indonesia
Stock Exchange year of 2009-2018. It
means that the higher level of price to
book value, is always followed by the
higher level of stock return of cement
companies listed on Indonesia Stock
Exchange year of 2009-2018. Result
within study is consistent with the finding
of previous study conducted by Carlos,
Noguera, White (2015) who proved that
in PBV is the Market Ratio that had a
positive and significant effect on Stock
Return. So when the value of PBV is
good means that it will increase the
stock return as well because the
existence of the company is stable by its
achievement in stock price. Moreover
the content of PBV is relevant to the
stock price because the aspect of PBV is
the stock price it self and the book value
where to calculate the book value is by
devided between total equity and
amount shares it self so when the PBV
shows a good value it will enhance the
stock price as well.
CONCLUSION (TAHOMA 10 BOLD,
UPPERCASE)
1. Current ratio has no effect towards stock
return of cement companies listed on
Indonesia Stock Exchange year of 2009-
2018.
2. Debt to equity ratio has a positive and
significant effect towards stock return of
cement companies listed on Indonesia
Stock Exchange year of 2009-2018.
3. Return on investment has no effect
towards stock return of cement companies
listed on Indonesia Stock Exchange year
of 2009-2018.
4. Total asset turnover has no effect towards
stock return of cement companies listed
on Indonesia Stock Exchange year of
2009-2018.
5. Price to book value has a positive effect
and significant towards stock return of
cement companies listed on Indonesia
Stock Exchange year of 2009-2018.
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List of Tables

Table 1. Result Summary of Fixed Effect Model

Independent Regression ttable Prob
No. tstatistic
Variables Coefficient (one tailed)
1. Current ratio (CR) -0.057842 -0.688 < 1.711 0.4984
2. Debt to equity ratio (DER) 0.905577 3.326 > 1.711 0.0031
3. Return on investment (ROI) 0.712525 0.249 < 1.711 0.8052
4. Total asset turnover (TATO) 0.597253 0.644 < 1.711 0.5134
5. Price to Book Value (PBV) 0.891714 2.825 > 1.711 0.0098
Constant = 0,481
R Square = 0.64
F statistic = 5.587
F table = 2.62

Table 2. Result Summary of Normality Test

Jarque-Bera
No Variable Probability Judgment
Value
1 Residuals 1.903 0.386 Normal
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Table 3. Result Summary of Multicollinearity Test

VIF
No Independent Variables Judgment
Value
1. Current ratio (CR) 4.032 No multicollinearity
2. Debt to equity ratio (DER) 6.558 No multicollinearity
3. Return on investment (ROI) 9.607 No multicollinearity
4. Total asset turnover (TATO) 6.164 No multicollinearity
5. Price to Book Value (PBV) 4.229 No multicollinearity

Table 4. Result Summary of Heteroscedasticity Test

No Independent Variables Prob. Judgment
1. Current ratio (CR) No heteroscedasticity
0.205
2. Debt to equity ratio (DER) 0.779 No heteroscedasticity
3. Return on investment (ROI) 0.217 No heteroscedasticity
4. Total asset turnover (TATO) 0.431 No heteroscedasticity
5. Price to Book Value (PBV) 0.256 No heteroscedasticity

List of Figures

Figure 1. F Test Model

Rejection Area of H0
Acceptance Area of H0

Ftable = 2.62 Fstatistic = 5.587

Figure 2. T Test Model

TROI = 0,249
TCR = -0.688 TTATO = 0.664
TPBV = 2.825
TDER = 3.326
Acceptance Area of H0
Rejection Area of H0
0 ttable = 1.711