Short-term Obligations Research Articles

The Effect of Profitability and Liquidity on Firm Value with Capital Structure as a Moderating Variable

This study aims to analyze the effect of profitability and liquidity on firm value with capital structure as a moderating variable in companies in the apparel and luxury goods subsector listed on the Indonesia Stock Exchange during the 2018–2022 period. The research methods used are descriptive and verification quantitative methods. Descriptive methods are used to describe firm value, profitability, liquidity, and capital structure. In contrast, verification methods are used to test the effect of independent variables on the dependent variable and the moderating role of capital structure. Data collection is done using secondary data from the company's published financial statements. The results showed that profitability and liquidity positively and significantly influence firm value. High profitability indicates good economic performance and provides a positive signal to investors. In contrast, high liquidity suggests the company's ability to meet short-term obligations and reduce the risk of bankruptcy. In addition, capital structure is found to function as a moderating variable that can strengthen or weaken the effect of profitability and liquidity on firm value. A balanced capital structure between debt and equity can maximize the benefits of profitability and liquidity, while an unbalanced capital structure can reduce these positive effects. This study implies that company management in the apparel and luxury goods subsector needs to optimize profitability and liquidity and manage the capital structure wisely to increase firm value. The findings also support signal, pecking order, and trade-off theories, which emphasize the importance of effective financial management and optimal capital structure. This study contributes to the financial management and corporate strategy literature and offers practical insights for corporate managers and investors in economic decision-making.

THE INFLUENCE OF FINANCIAL PERFORMANCE ON STOCK PRICES IN THE PROPERTY SECTOR AVAILABLE ON THE INDONESIAN STOCK EXCHANGE

The aim of this research is to determine the effect of financial performance on share prices in the property sector listed on the IDX. The population in this research is property sector companies listed on the Indonesia Stock Exchange (BEI), with a sample of 12 companies. This research was conducted using quantitative methods with the variables used in this research being Financial Ratios which are proxied by Current Ratio (CR), Return On Assets (ROA), Price Earning Ratio (PER), and Debt Equity Ratio (DER). The data analysis techniques used in this research are the classical assumption test, multiple linear regression analysis, hypothesis testing with partial tests (t tests) and determination tests with the help of SPSS software. The results of this research show that the Current Ratio (CR) has a positive and significant effect on the share prices of property companies listed on the Indonesia Stock Exchange (BEI) for the 2018-2022 period. Which means that the level of a company's ability to fulfill all its short-term obligations has a positive and significant effect on share prices, Return On Assets (ROA) has a positive and significant effect on the share prices of listed property companies (BEI) for the 2018-2022 period. Which means that the return on assets of a company has a positive and significant effect on share prices, the Price Earning Ratio (PER) has a positive and significant effect on the share prices of property companies listed on the Indonesia Stock Exchange (BEI) for the 2018-2022 period. Which means PER has increased in share prices. And the Debt Equity Ratio (DER) has no effect on the share prices of property companies listed on the Indonesia Stock Exchange (BEI) for the 2018-2022 period. Which means that the level of a company's ability to use owner's capital has no effect on share prices.

Analisis Rasio Likuiditas Pada Laporan Keuangan PT. Bank Negara Indonesia (Persero) Tbk Tahun 2019-2023

Bank Negara Indonesia (BNI) is one of the largest banks in Indonesia, which if you look at it has experienced significant development, especially in terms of assets and income, which are benchmarks for its financial performance. Financial ratio analysis, especially liquidity ratios, is an important part of measuring a bank's ability to pay short-term obligations. Liquidity ratios, such as Current Ratio, Cash Ratio, Loan to Deposit Ratio, and Loan to Asset Ratio, provide an overview of the bank's financial health. Through quantitative methods and research literature, we want to know how much Bank Negara Indonesia's liquidity ratio has developed from 2019 to 2023. From the analysis of this ratio, it can be concluded that Bank Negara Indonesia has quite good liquidity during the 2019 to 2013 period, which directly means that Bank Negara Indonesia has a good ability to pay its short-term obligations.

A Study on the Working Capital Management of Hindustan Unilever Limited

This paper aims to study the Working Capital Management of Hindustan Unilever Limited since working capital is one of the fundamental elements crucial for an organization's liquidity, profitability, solvency, and overall survival and Hindustan Unilever Limited is an FMCG company. The data collection included the financial statements of the organization. The research data was analyzed using Trend Analysis and Ratio Analysis. This research provided valuable insights into Hindustan Unilever Limited's Working Capital Management practices, affirming its consistent and effective management over the study period. Despite financial volatility, Hindustan Unilever Limited demonstrated proficiency ensuring its ability to meet short-term obligations, laying a foundation for further exploration into strategic aspects of working capital management in the broader context of corporate financial sustainability.

Analisis Rasio Profitabilitas dan Likuiditas untuk Menilai Kinerja Keuangan pada PT. Bukaka Teknik Utama Tbk Tahun 2018-2022

This study aims to analyze the financial performance of PT. Bukaka Teknik Utama Tbk, with a focus on profitability and liquidity ratios during the period 2018-2022. The method used is descriptive with a quantitative approach. This research aims to assess the company's ability to generate profits, meet short-term obligations, and improve its liquidity. The research findings indicate an improvement in profitability over the years, with an average net profit margin of 10.72%. However, operational efficiency remains a concern with an average gross profit margin of 16.95%. While PT. Bukaka Teknik Utama Tbk achieves an average return on assets (ROA) of 9.51%, the average return on equity (ROE) is 17.82%. Additionally, liquidity ratios, including the current ratio, quick ratio, and cash ratio, need to be evaluated to gain a better understanding of the company's financial condition. This study aims to provide deeper insights into the company's financial performance and recommend appropriate improvement measures.
 Keywords: Profitability, Liquidity, Financial Performance

Current Ratio and Financial Performance of Agricultural Firms Listed at the Nairobi Securites Exchange, Kenya

The significant importance of the Agricultural sub-sector is depicted through its contribution to the economic and social developments of Kenya. The study originates from the Doctoral dissertation of the first author in which the co-authors served as supervisors. A census approach was adopted where secondary data from audited annual financial reports of all the six Agricultural firms listed at the Nairobi Securities exchange, Kenya was used, covering the period 2015 to 2022. Descriptive analysis and panel regression analysis were applied. The findings from the panel regression analysis indicated that current ratio has significant effect on financial performance of the Agricultural firms listed at the Nairobi Securities Exchange, Kenya. The study recommends that agricultural firms listed at the Nairobi Securities Exchange need to increase their current assets holdings for purposes of increasing their liquidity levels. This is due to current ratio positive effect on the financial performance of agricultural firms listed at the Nairobi Securities Exchange, Kenya. However, just as very low current ratio is discouraged for firms, it should notably not to be too high as this will serve as an indication that managers are not efficiently utilizing assets. Managers need to properly assess the short term obligations of their firms so as to ensure a corresponding current ratio is attained. Further researches can be undertaken on current ratio and financial performance relationships in the context of firms in other sectors that are listed at the Nairobi Securities Exchange, Kenya.

The Effect of Profitability, Liquidity and Leverage Ratios on Internet Financial Reporting and Company Size as Moderating Variables During The Covid 19 Pandemic (An Empirical Study on the BEI Various Industries Sub-Sector)

Internet media has become a tool that provides a means for open company financial reporting as information for external parties because openness can reduce the level of information asymmetry that can occur in financial reports, so that it can accelerate company growth. The nature and characteristics of the internet which is easy to spread (pervasiveness), knows no borders (borderlessness), is timely (real time), low cost (low cost), makes disclosing information via the company website easier in finding all the necessary information related to the company, without having to incur high costs, Abdillah (2015). The development of the internet has created a new way of conveying company financial report information, namely using the Internet Financial Repoting (IFR) system, Yuli Kurniawati (2018). Every company has had many improvements in terms of company profits. Profitability is an indicator measuring management performance in managing company assets which can be shown by increasing profits that can be generated by the company. By indicating that the greater the company's profitability value, the company has good performance management. The liquidity ratio is an indicator of the level of a company's ability to pay short-term obligations. If the company is illiquid, there is a tendency for the company to experience bankruptcy. The ratio is prorated using the Current Ratio, which is about the comparison between current assets and current liabilities. The leverage ratio is a ratio that is an indicator of a company's capital structure. A high level of leverage can encourage management to carry out Internet Financial Reporting to take advantage of opportunities for good information from the company. Company size is a description of how big or small a company is, which can be measured by the size of the asset value, total sales, or the market value of the company's equity. Profitability and leverage influence the Internet Financial Report, while liquidity has no influence on the Internet Financial Report. Size can strengthen the influence of leverage on the Internet Financial Report, while size cannot strengthen the influence of profitability and liquidity on the Internet Financial Report

PENGARUH LIKUIDITAS, STRUKTUR MODAL DAN AKTIVITAS TERHADAP NILAI PERUSAHAAN

The purpose of this study was to determine an empirical evidence regarding the effect of profitability, capital structure, managerial ownership, institutional ownership, liquidity, activity, dividend policy, and firm size as independent variable on firm value as dependent variable. The population in this study used non-financial companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2021 period, 53 companies passed with a total of 159 data used for this study. The sampling technique used purposive sampling method with determining criteria in determining the population. The results of this study shows that profitability have a negative effect because some investors choose to buy shares of companies that have experienced a decline in profits. The capital structure have a positive effect because a good capital structure shows good business prospects in the future. Liquidity have a negative effect, due to high liquidity focusing the company on meeting short-term obligations rather than distributing shareholder dividends. Firm size have a positive effect on firm value because large firm size will result in greater profits and make it easier for firms to obtain external capital. Meanwhile, managerial ownership, institutional ownership, activity, dividend policy have no effect on firm value.

Pengendalian Likuiditas Perusahaan Dengan Pengaturan Pickup Service Perbankan Pada KCP Di PT Pos Indonesia Untuk Mencegah Terjadinya Fraud

Every business has debts that need to be paid in full and on schedule. But not every business is equally able to cover short-term obligations. If a corporation can effectively manage its liquidity and has good liquidity, it might be considered to have good capabilities. By employing liquidity ratio analysis to determine a company's level of capacity to pay its debts, Furthermore, a business must manage liquidity by examining how to best utilize liquidity in accordance with its responsibility requirements. Additionally, businesses must constantly estimate their cash availability and needs. Analyzing ratios is another way to accomplish it. Liquidity plays a crucial part in demonstrating the performance of the business. Pos Indonesia, a firm, is one that needs to

The Effect of Leverage, Liquidity and Firm Size on Tax Aggressiveness

Tax aggressiveness occurs when businesses apply various tax techniques to lower the amount of tax payable. This study aims to analyze the influence of such factors as leverage, liquidity, and firm size on the tax aggressiveness of companies in the building and construction industry. The level of tax aggressiveness is measured using the effective tax rate. The leverage indicator is presented by a debt-to-equity ratio, which shows the part of the total amount of funds used to pay the debt. The liquidity indicator is presented by a current ratio, which shows the company's ability to settle short-term obligations or debts that must be paid off when due. The firm size is defined as the natural logarithm of the company's total assets. The data for this study were obtained from the audited financial statements of the companies listed on the Indonesia Stock Exchange (IDX). The research sample covers 21 construction and building subsector companies. The research period lasted from 2020 to 2022, and 63 observation data were collected. For data analysis, the method used is Partial Least Square (PLS). The findings indicate that leverage and firm size do not significantly impact tax aggressiveness. Conversely, liquidity positively and significantly impacts tax aggressiveness. At the same time, the variables selected for this study explain only 15.5% of the variability of tax aggressiveness. This means that this study does not cover many other factors influencing a company's decision to optimize tax. Companies must conduct tax policy in compliance with legislation, which is one of the elements of the social responsibility of business. Although tax aggressiveness can provide short-term benefits, companies must consider potential reputational risks and long-term impacts. Transparency and compliance with tax regulations can also reduce the risk of conflict with tax authorities.

Determinants of Financial Performance: An Evidence from Primary Cooperative Agriculture Developments Banks of Punjab

This research investigates the determinants of financial performance in Primary Cooperative Agriculture Development Banks operating in Punjab, India. By analysing the impact of Capital Adequacy, Asset Quality, Management Efficiency, Earnings, and Liquidity on Return on Assets (ROA), the study aims to offer insights into enhancing financial health and regional economic growth. Using a panel regression model, financial data from multiple periods and banks are analysed. Key findings indicate that maintaining adequate capital positively influences ROA, while prudent lending practices are crucial for asset quality maintenance. Efficient management enhances ROA, and higher earnings and effective asset use contribute to profitability. While liquidity management’s impact is limited, its role in meeting short-term obligations remains significant. This study provides actionable insights for banks and policymakers, emphasising capital reserves, prudent lending, operational efficiency, and asset utilisation. Effective liquidity management remains important. This research contributes uniquely to understanding financial determinants in cooperative banks, guiding decision-making, policy formulation, and promoting agricultural development and economic growth.

Analysis of the Effect Current Ratio on Return on Assets at PT Astra Otoparts TBK.

This study makes an important contribution in understanding the relationship between current ratio and return on assets at PT Astra Otoparts Tbk. Through the use of a simple linear regression test on financial statement data for the period 2015-2022, this study intends to explain the extent to which the current ratio affects the company's return on assets. Current ratio, as the independent variable, is used as an indicator of the company's ability to meet its short-term obligations, while return on assets, as the dependent variable, reflects the company's level of profitability. The results show that, although the current ratio has a positive influence on return on assets, the influence is not statistically significant. In other words, the increase in current ratio does not contribute significantly to the increase in return on assets at PT Astra Otoparts Tbk. The findings can provide valuable insights for company management in designing financial strategies, especially in terms of managing short-term assets and liabilities. In the context of the automotive and spare parts industry in Indonesia, where PT Astra Otoparts Tbk operates, an in-depth understanding of the factors that influence return on assets is crucial. The results of this study can serve as a basis for similar companies to evaluate and improve their financial performance, optimize asset allocation, and manage short-term liabilities more effectively. Further research and the integration of other factors in financial analysis can help shape a more holistic and sustainable business strategy amidst changing market dynamics.

Analisis Likuiditas dan Profitabilitas untuk Meningkatkan Kinerja pada Bumdes di Kecamatan Gending Probolinggo

The Village-Owned Enterprises (BUMDes) emerge as a crucial solution in supporting economic growth at the village level. Key factors such as liquidity and profitability play a significant role in enhancing the performance of BUMDes. This research employs the method of liquidity ratio analysis, particularly the Current Ratio, to evaluate BUMDes' ability to meet short-term obligations. Profitability analysis focuses on gross profit ratio, net profit ratio, and margin to measure operational efficiency and profitability of BUMDes. Data from the financial reports of BUMDes over four periods were analyzed using a quantitative descriptive method, involving primary data from the researcher's observations and secondary data from relevant literature. The research findings reveal several points. Firstly, BUMDes "KDS Jaya" in Pesisir Village and BUMDes "Jaya Makmur" in Sumberkerang Village experienced fluctuations in the Current Ratio, indicating unstable liquidity performance. Secondly, BUMDes "Unggul Jaya" in Sebaung Village, BUMDes "Sumber Rejeki Pemuda" in Brumbungan Lor Village, and BUMDes "Sumber Rejeki" in Klaseman Village showed an increase in the Current Ratio, signifying good liquidity conditions. Return of Equity analysis indicates that BUMDes "KDS Jaya," "Sumber Rejeki Pemuda," and "Sumber Rejeki" experienced a decline over two periods, indicating less efficient performance. BUMDes "Jaya Makmur" experienced a decline for one period and an increase for two periods, while BUMDes "Unggul Jaya" experienced a decline over two periods and an increase for one period, indicating a relatively good level of efficiency. Recommendations to enhance support programs include the implementation of effective strategies, strengthening financial management, continuous education and training for business actors, and a focus on product innovation and marketing strategies to remain competitive in the dynamic market.

ANALISIS KINERJA KEUANGAN PADA PERUSAHAAN PROPERTI DAN REAL ESTATE PERIODE 2017-2021

The purpose of this study is to determine the financial performance of PT. Plaza Indonesia Realty Tbk, PT. Roda Vivatex Tbk, and PT Urban Jakarta Propertindo Tbk from 2017 to 2021 using liquidity, solvency, activity and profitability ratios. This study uses secondary data obtained from the company's annual financial reports at IDN financials and on the company's website itself. This study uses a quantitative descriptive method. The results of this study indicate that the company's liquidity when viewed from the current ratio and quick ratio is running quite well, but the cash ratio is not running well, which means the company is less current in its short-term obligations. Then in terms of company solvency, seen from the Debt Asset to Ratio, all companies are in a fairly good category and the Debt to Equity Ratio is only PT Plaza Indonesia Realty Tbk, which is not good, this shows that the company is increasingly finding it difficult to pay long-term obligations. Then, in the company's activities, it can be seen from the inventory turnover of PT Urban Jakarta Propertindo, which is not going well and the asset turnover ratio of the three companies is also not doing well, which means that the company gets less income per dollar of assets. While seen from the profitability using the net profit margin ratio only PT. Urban Jakarta Propertindo Tbk which is above the industry standard so that it shows the company is running quite well in terms of net profit after tax so that the company is able to reduce its operational costs in certain periods while the Return on Assets and Return on Equity ratios of the three companies are below standard industry so that it shows the size of a company is not good for the profitability of the company itself which shows the effectiveness of management in using assets to earn income every year.

Analisis Rasio Likuiditas, Solvabilitas dan Rentabilitas Pada Commanditaire Vennootschap (CV) Sumber Rezeki

Analysis of liquidity ratios shows that the company is in quite good condition in meeting its short-term obligations. With a current ratio in 2020 of 8.57 times, in 2021 of 7.41 times and in 2022 of 0.1 times. The quick ratio in 2020 was 8.57 times, in 2021 it was 7.41 times, and in 2022 it was 0.1. The cash ratio in 2020 was 822%, in 2021 it was 718%, and in 2020 it was 4%. Solvency ratio analysis shows that the company fulfills all its obligations in good condition. The Debt to Asset Ratio in 2020 was 12%, in 2021 it was 13%, and in 2022 it was 70%. Debit to Equity in 2020 is 13%, in 2021 is 15%, and in 2022 is 24%, Long Term Debt to Equity Ratio in 2020, 2021 and 2022 cannot be analyzed due to the unavailability of long-term liabilities. Profitability ratio analysis shows that the profit margin calculation results in 2020 are 11%, in 2021 they are 23%, and in 2022 they are 11%. Net Profit Margin in 2020 will be 8%, in 2021 it will be 10%, and in 2022 it will be 6%. Return on Investment in 2020 will be 15%, in 2021 it will be 29% and in 2022 it will be 31%. Return on Equity in 2020 was 17%, in 2021 it was 34%, and in 2022 it was 104%.

Effect of Net Profit Margin on Current Ratio in PT. Siantar Top, PT. Kimia Farma and PT. Gudang Garam Companies Period 2020-2022

Net Profit Margin and Current Ratio are two financial ratios used to analyze the financial health of a company. Net Profit Margin is one of the important indicators to assess the financial performance of a company as it provides an insight into how effectively the company generates profits from its operations after considering all costs and expenses. It measures the company’s efficiency in generating profit from each unit of revenue. Companies with a high Net Profit Margin are often considered more attractive to investor because the high net profit indicates the company’s ability to generate strong cash flow and provide good returns to shareholders. Current Ratio is a liquidity ratio that measures a company’s ability to meet its shortterm obligations with liquid assets that can be quickly converted into cash. A high Current Ratio indicates that the company has sufficient current assets to meet its shortterm liabilities. This can provide assurance to investors that the company will not face financial difficulties in paying its obligations when they become due. This research aims to determine the influence of Net Profit Margin on Current Ratio in PT.Siantar Top, PT.Kimia Farma and PT. Gudang Garamwhich were studied on a quarterly basis during the period 2020-2022. This is a quantitative research using secondary data, which are the financial statements of each company accessed through the official website of the Indonesia Stock Exchange (BEI). Data analysis was conducted using simple linear regression analysis with the assistance of SPSS softwareversion 25. The result of the research show that simultaneously or collectively, Net Profit Margin has an influence on Current Ratio and partially, it is found that Net Profit Margin has a significant positive effect on Current Ratio. The coefficient of determination indicates a result of 0,304, which means that rthe influence of Net Profit Margin on Current Ratio is 30,4% while the remaining percentage is influenced by other factors that were not examined in this study.

The Ordered Weighted Average Sector Liquid Return Index: A Method for Determining Financial Recovery from Sectoral Debt

The primary aim of this article is to demonstrate that using the average of ratios as a representative value for measuring the health of a sector does not constitute a valid procedure. After mathematically demonstrating this objective, the article will then focus on introducing a new index for estimating the potential debt return value for a sector or group of companies. Next, the article details the start of the process for creating a new index to improve investors’ understanding of the risk associated with a sector or a group of companies meeting short-term obligations based on assigned probabilities of future sales. Given that said value is intended to represent an indicator of expected liquid solvency, its construction will take treasury tensions into account. An Ordered Weighted Average type of aggregation function is used to aggregate the magnitudes in this scenario. Consequently, the second objective of the present work is the creation of this index, which provides an initial estimate of how much money can be recovered from a sector’s debt.

Pengaruh Piutang Dan Utang Jangka Pendek Terhadap Pendapatan Pada PT. Astra International Tbk

The purpose of this research is to determine the effect of short-term receivables and debt on income at PT. Astra International Tbk. This research shows that there is a discrepancy between theory and financial reports at PT. Astra International Tbk. In 2020 and 2021, income decreased, receivables increased in those years, namely 2020 and 2021, while income decreased, and short-term debt increased in 2018 and 2021, and income also increased. The formulation of the problem in this research is whether short-term receivables and debts have an effect on income at PT. Astra International Tbk. The discussion in this research is related to the field of accounting which discusses financial report analysis. The theory used in this research is regarding company income, namely the company's ability to fulfill its short-term obligations, receivables, namely company claims to other parties whose maturity is less than one year, and short-term debt, namely the company's obligations to other parties which must be paid immediately within a period of time. less than one year. The type of research used in this research is quantitative research. The data source used is secondary data obtained via the website www.idx.co.id. Data processing in this research was carried out using SPSS version 23. Data analysis techniques used descriptive tests, normality tests, linearity tests, classical assumptions, hypothesis testing, and multiple linear regression analysis. The results of this research show that there is a partial influence between the receivables variable and the income variable with a calculated t value of 3.264901 > ttable with a value of 2.026192. Partially, short-term debt has an effect on income with a calculated t value of 15.93768 > t table with a value of 2.026192.

The Tacticality of Working Capital

In today's dynamic and competitive business landscape, the effective management of working capital has emerged as a critical factor for the success and sustainability of organizations. Literature review has shown that working capital management can be an effective survival tool in a tough macroeconomic environment where businesses can enhance their ability to meet short-term obligations, improve cash flow, and ultimately achieve long-term success. As businesses strive to maintain financial stability and optimize operational efficiency, tactical working capital management has taken center stage. This research sheds light on the importance of working capital management and how it affects companies. The study goes on to demonstrate that working capital management may influence the performance of a firm and therefore its strategic management can enhance business sustainability.

Analysis of The Financial Performance of PT. Adhi Karya (Persero) Tbk Listed on The Indonesia Stock Exchange

The purpose of this study is to measure the company's financial performance based on the financial statements of a company using analysis of liquidity, solvency, and profitability ratios. The report used is every account in the balance sheet and income statement. The financial statements discussed are the financial statements of PT Adhi Karya (Persero) Tbk for the 2019-2020 period. The results of this study show that PT Adhi Karya (Persero) Tbk for the 2019-2020 period has poor financial performance. This is due to the company's lack of ability to meet short-term obligations and long-term obligations as well as the company's lack of ability to earn profits for 1 (four) period from 2019-2020. With this, the company is expected to be able to increase profits and be able to streamline the costs incurred in the company