PENGARUH WORKING CAPITAL TURNOVER (WCTO), TOTAL ASSET TURNOVER (TATO), DAN DEBT TO EQUITY RATIO (DER) TERHADAP RETURN ON ASSET (ROA) PADA PERUSAHAN MANUFAKTUR TEMBAKAU YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2013-2023
Abstract
This research aims to determine the influence of the variables Working Capital Turnover (WCTO), Total Asset Turnover (TATO), and Debt To Equity Ratio (DER) on Return On Assets (ROA) in tobacco manufacturing companies listed on the Indonesian Stock Exchange (BEI). This type of research is quantitative. The data analysis technique used is panel data regression with an 11 (eleven) year time series, namely the 2013-2023 period and 4 (four) tobacco manufacturing companies. Based on the results of the partial test (T test) of Working Capital Turnover (WCTO), the T value is 1.264558 with a significance of 0.2133. Because Tcount < Ttable (1.264558 <1.68385) and the significance value > significant level (0.2133 > 0.05). So the conclusion is that Working Capital Turnover (WCTO) has no effect on Return On Assets (ROA). The research results for Total Asset Turnover (TATO), obtained a T value of 9.618405 with a significance of 0.0000. Because Tcount > Ttable (9.618405 > 1.68385) and the significance value < significant level (0.0000 < 0.05). So the conclusion is that Total Asset Turnover (TATO) has a positive effect on Return On Assets (ROA). Meanwhile, the Debt To Equity Ratio (DER) obtained a T value of 0.489860 with a significance of 0.6269. Because Tcount < Ttable (0.489860<1.68385) and the significance value > significant level (0.6269>0.05). So the conclusion is that Debt To Equity Ratio (DER) has no effect on Return On Assets (ROA). The results of simultaneous hypothesis testing (F test) can be seen that the Fcount value is 31.68553, which is greater than the Ftable of 2.838745 or 31.68553 > 2.838745, while the significance value of 0.000000 is smaller than 0.05 or 0.000000 < 0.05, so it can be concluded that Working Capital Turnover (WCTO), Total Asset Turnover (TATO) and Debt To Equity Ratio (DER) simultaneously have a significant effect on Return On Assets (ROA).
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