Current Ratio and Debt to Equity Ratio as Determinants of Return on Equity in Food and Beverage Companies
DOI:
https://doi.org/10.56442/ijble.v6i2.1136Keywords:
Current Ratio, Debt to Equity Ratio, Return on Equity, Capital StructureAbstract
This study investigates the effect of Current Ratio (CR) and Debt to Equity Ratio (DER) on Return on Equity (ROE) in food and beverage sector companies listed on the Indonesia Stock Exchange (IDX). The population consists of 95 companies in 2023. Using purposive sampling, 26 companies were selected based on criteria such as consistent listing and publication of audited annual financial reports from 2020 to 2023. CR and DER are the independent variables, while ROE is the dependent variable. Panel data regression analysis was conducted using EViews software. The results show that CR and DER simultaneously have a significant effect on ROE. However, partially, CR does not significantly affect ROE, while DER has a negative and significant impact. This suggests that companies should manage their debt levels carefully, as excessive reliance on debt can reduce returns to shareholders. For investors, DER is a crucial indicator for evaluating financial risk and assessing a company's capital structure before making investment decisions.
References
Angelina, C., Sharon, S., Lim, S., Lombogia, J. Y. R., & Aruan, D. A. (2020). Pengaruh Current Ratio, Debt to Equity, Perputaran Kas dan Total Asset TurnOver (TATO) Terhadap Profitabilitas pada Perusahaan Food & Beverages yang terdaftar di Bursa Efek Indonesia. Owner, 4(1), 16. https://doi.org/10.33395/owner.v4i1.178
Apriliyani, Devi & Nugroho, R. D. (2022). Pengaruh Current Ratio dan Debt To Equity Ratio Terhadap Return On Equity Pada PT Bumi Serpong Damai, Tbk Periode 2011– 2023. Jurnal Neraca Peradaban, 2(2), 137–143. https://doi.org/10.55182/jnp.v2i2.181
Ardi, Syafira Mutiara & Damayanti, R. M. (2023). Pengaruh Current Ratio, Debt To Equity Ratio Dan Firm Size Terhadap Return on Equity Pada Pt.Adhi Karya (Persero) Periode 2015-2021. Jurnal Teknologi Dan Manajemen Sistem Industri, 2(1), 29–36. https://doi.org/10.56071/jtmsi.v2i1.458
Armin, K. &, & Maryandhi. (2018). Pengaruh Current Ratio Dan Debt To Equity Ratio Terhadap Return On Equity Pada Perusahaan Food And Baverage Yang Terdaftar Di Indonesia Stock Exchange (IDX)Tahun 2012-2016. Jurnal Media Wahana Ekonomika, 15(2), 53. https://doi.org/10.31851/jmwe.v15i2.2408
Balqish, A. T. (2020). Pengaruh CR dan DER terhadap ROE pada Perusahaan Perdagangan Eceran di BEI Periode 2015-2018. Owner (Riset Dan Jurnal Akuntansi), 4(2), 657. https://doi.org/10.33395/owner.v4i2.298
Basuki, A. T. (2021). Analisis Data Panel dalam Penelitian Ekonomi dan Bisnis. PT Rajagrafindo Persada.
Bizhare. (2024). Melihat Potensi Industri F&B Di Indonesia, Makin Kuat! https://www.bizhare.id/media/bisnis/potensi-industri-fnb-di-indonesia
Fajri, A., Rahayu, S., & Kurnia. (2017). Pengaruh Current Ratio, Debt Equity Ratio dan Total Asset Turn Over Terhadap Return On Equity (Studi Pada Sektor Industri Kimia dan Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2016). E-Proceeding of Management, 4(2), 1527–1533.
Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 (Edisi 10). Badan Penerbit Universitas Diponegoro.
Hartawan, T. (2024). Industri Makanan dan Minuman Tumbuh 5,53 Persen, Beri Sumbangan Terbesar ke PDB. Tempo. https://www.tempo.co/ekonomi/industri-makanan-dan-minuman-tumbuh-5-53-persen-beri-sumbangan-terbesar-ke-pdb--12737
Hendawati, H. (2017). Analisis Current Ratio, Debt To Equity Ratio Dan Total Asset Turn Over Terhadap Return on Equity. Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan), 1(1), 97. https://doi.org/10.32897/sikap.v1i2.52
Herlina & Dewi, S. (2019). Pengaruh Current Ratio (CR), Debt To Equity Ratio (DER), dan Market Share Terhadap Return On Equity (ROE) Pada Perusahaan Sektor Industri yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2018- 2022. Jurnal Studia Akuntansi Dan Bisnis, 7(1), 31–38.
Hery. (2020). Analisis Laporan Keuangan: Integrated and Comprehensive Edition. PT.Grasindo.
Istan, M. (2018). Pengaruh Debt To Asset Ratio Dan Debt To Equity Ratio Terhadap Return on Equity Dengan Sokongan Politik Sebagai Variable Interveining. Journal of Business Economics, 23(3), 200–217. https://doi.org/10.35760/eb.2018.v23i3.1829
Jumingan. (2019). Analisis Laporan Keuangan ((7th ed.)). PT.Bumi Aksara.
Kasmir. (2019). Analisis Laporan Keuangan (Cetakan 12). PT.Raja Grafindo Persada.
Lutfi, A. M. (2022). Pengaruh Current Ratio dan Debt To Equity Ratio Terhadap Return On Equity Pada PT. Aneka Tambang Tbk. Periode 2010-2020. Jurnal Neraca Peradaban, 2(2), 137–143. https://doi.org/10.55182/jnp.v2i2.181
Maiyaliza, Budianto, E., & Khasanah, U. (2022). Pengaruh Current Ratio Dan Debt To Equity Ratio Terhadap Return On Equity Pada Perusahaan Subsektor Batu Bara. POINT: Jurnal Ekonomi Dan Manajemen, 4(1), 15–26. https://doi.org/10.46918/point.v4i1.1247
Muhani, Digdowiseiso, K., & Prameswari, K. M. (2022). The Effects of Sales Growth , Current Ratio , Total Asset Turnover , Debt to Asset Ratio , and Debt to Equity Ratio on the Return on Equity in Energy and Mining Companies. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(1), 1240–1246.
Nada, Nohita Cipta & Hasanuh, N. (2021). Pengaruh Current Ratio dan Debt to Equity Ratio Terhadap Return on Equity Pada Sub Sektor Otomotif. Pharmacognosy Magazine, 75(17), 399–405.
Nasyadilla, Richika Putri & Rahman, F. (2022). Pengaruh Current Ratio dan Debt To Equity Ratio Terhadap Return On Equity Pada PT. Aneka Tambang Tbk. Periode 2010-2020. Jurnal Neraca Peradaban, 2(2), 137–143. https://doi.org/10.55182/jnp.v2i2.181
Nurhamdi, Muhamad & Hendra, D. (2023). Pengaruh Current Ratio dan Debt to Equity Ratio Terhadap Return on Equity Pada Perusahaan Textile yang Terdaftar Di Bursa Efek Indonesia Periode 2013 – 2022. 19(1), 17–23.
Rolanda, I., Laksmiwati, M., & Ulfarianti, N. (2022). Pengaruh Current Ratio, Debt to Equity Ratio dan Total Assets Turnover Terhadap Return on Equity (Studi Empiris pada Perusahaan Publik Sub Sektor Advertising, Printing, dan Media di Bursa Efek Indonesia Periode 2015-2019). Jurnal Ekonomika Dan Manajemen, 11(1), 1. https://doi.org/10.36080/jem.v11i1.1706
Sagala, I. A. W., Pane, C. J., Yolanda, E., Yanti, N. F., & Panggabean, M. S. (2020). Pengaruh Debt to Equity Ratio, Current Ratio, dan Total Asset Turnover terhadap Return on Equity pada Perusahaan Consumer Goods Industry. Jurnal Ilmiah Universitas Batanghari Jambi, 20(3), 856. https://doi.org/10.33087/jiubj.v20i3.1029
Shafiq. (2025). Prospek Industri Mamin 2025, Apa saja Indikator Pertumbuhannya? https://www.shafiq.id/berita/461/prospek-industri-mamin-2025-apa-saja-indikator-pertumbuhannya/baca
Siregar, E. S., Lubis, P. A., & Hidayat, W. T. (2024). Pengaruh Debt to Assets Ratio (DAR) dan Debt to Equity Ratio (DER) Terhadap Return on Equity (ROE). ALFIDDHOH, 5(2), 57–69.
Siregar, Q. R., & Harahap, D. D. (2021). Influence Current Ratio, Debt to Equity Ratio and Total Asset Turnover on Return on Equity in the Transportation Sector Industry. International Journal of Business Economics (IJBE), 2(2), 99–112. https://doi.org/10.30596/ijbe.v2i2.6644
Titman, S., Keown, A. J., & Martin, J. D. (2021). Financial Management : Principles and Application.
Tyas, R. N., Fatonah, S., & Zahra, S. (2021). Pengaruh Current Ratio (CR) dan Debt To Equity Ratio (DER) Terhadap Return On Equity (ROE) (Studi pada perusahaan penghasil bahan baku sub sektor perkebunan yang terdaftar di Bursa Efek Indonesia). Business, Entrepreneuship and Finance, 1(1), 37–45. https://ijebef.esc-id.org/index.php/home/article/view/5/7
Wijaya, Y., Dhaniel, H., Amri, W. A. A., & Marusaha, T. J. (2022). Pengaruh Current Ratio Dan Debt To Equity Ratio Terhadap Return On Equity Pada PT Arwana Citramulia Tbk Periode 2012 - 2021. Jurnal Neraca Peradaban, 2(2), 137–143. https://doi.org/10.55182/jnp.v2i2.181
Wijayanti, R. F. P., Kusumawardani, M. R., & Rahmawati, Z. (2022). Pengaruh Net Profit Margin (NPM), Current Ratio (CR), dan Debt to Equity Ratio (DER) Terhadap Return on Assets (ROA) Perusahaan Subsektor Kosmetik dan Keperluan Rumah Tangga yang Terdaftar di BEI Tahun 2016-2020. Jurnal Mahasiswa: Jurnal Ilmiah Penalaran Dan Penelitian Mahasiswa, 4(3), 180–196. https://doi.org/10.51903/jurnalmahasiswa.v4i3.404
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
