PERPUTARAN PERSEDIAAN, PERPUTARAN PIUTANG, LIKUIDITAS DAN PROFITABILITAS: ANALISIS PERAN LEVERAGE PADA PERUSAHAAN FARMASI DI BURSA EFEK INDONESIA

Abstract

The purpose of this study is to analyze the effect of inventory turnover, receivables turnover, current ratio on profitability and Leverage as moderating effect of the Pharmaceutical Sub-industry companies in Indonesia Stock Exchange . The data used in this study is panel data consist of 8 pharmaceutical companies for the 2015-2020 period with a total of 48 observations. The research method used is panel data regression method with the best estimate of Fixed Effect Model. The results of the study find that inventory turnover, accounts receivable turnover has a positive and significant effect on profitability, the current ratio seems insignificant effect on profitability. However, leverage has negative and significantly affected profitability. Furthermore, the result of the role of leverage as moderating effect on the relationship between inventory turnover, current ratio and profitability are positive and significant, implies that leverage has positive role, firm with higher leverage lead to increase inventory turnover and would like to raise profitability. Contradict result show that the interaction of receivables turnover and leverage is negative and significant, this mean leverage can explain negatively on the effect of receivables turnover on profitability of Pharmaceuticals companies.