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International Journal of Research in Business, Economics and Management

Vol.1 Issue 1 July-August 2017

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THE IMPACT OF FINANCIAL RATIOON ON ABILITY TO PREDICT PROFIT: AN

EMPIRICAL STUDY IN MANUFACTURERS OF FOOD AND BEVERAGE SUB-

SECTOR

Mahendra Prasanti Hilamaya

Ari Susanti *)

HenyKurnianingsih

AininSyukuriaPutri

SekolahTinggiIlmuEkonomi Surakarta*)

[email protected]

ABSTRACT

This study is conducted to test the ability to predict profit changethrough financial ratioin food

and beverage companiesregistered inIndonesia Stock Exchangeduring 2010-2015 period. The

population used in this research as corporate objects are those food and beverage

companiesregistered inIndonesia Stock Exchange, with a research period of 2010-2015

amounting to 14 companies, and the ones taken to be the research objects (sample) amount to 10

companies. The data are tested using multiple regression analysis, where in order to process the

data, SPSS version 21 is used. The research results indicate that Current Ratio (X1)has negative

influence on profit change. Return On Equity (X3)has significant positive influence onDebt to

Equity Ratio (X2)change and Total Assets Turn Over (X4)has no significant negative influence

onprofit change.

Keywords: Profit change, Current Ratio, Debt to Equity Ratio, Return On Equityand Total

Assets Turn Over.

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INTRODUCTION

A company is established aiming at gaining profit. Profit is the advantageous results of

efforts made by the company during certain period. The profit a company could gain for the

following year cannot be assured, it may increase this year and it could decrease next year. Since

the change could not be assured, a profit change prediction is then needed.

A profit changegives highly important information for both the company and its external

stakeholder. Profit changewill have some influence on investors’ decision to invest in purchasing

the shares in the company and prospective investors who would like to invest in the company.

The profit increase or decrease change will influence the financial policy for the company’s next

activities, such as those policies on dividend, debt payment, investment, and maintining

company’s activity continuance (Widhi, 2011). The method to find out the financial condition in

the future is by performing a financial statements analysis.

A financial statements analysisis useful to indicate a company’s financial strength and

weakness. Financial statements analysisshould perform a useful calculation to predict the

company’s profit in producing cash flow. Calculation of financial ratios is needed to perform a

financial statements analysis. The financial statements analysisfrequently used to assess a

company’s performance is financial ratio analysis. Riyanto (2001) suggests that financial ratio

analysisis the one which connects estimated sheet balance and profit and loss statements one

another, which provides a description of company’s history and evaluation on a company’s state

of affairs.

Liquidity ratiois a ratio which depicts a company’s ability to fulfill its short-term

liabilities, and the one to be focused on in this research is Current ratio. Solubility ratiomeasures

a company’s abilityto fulfillits long-term financial liabilities, and the on to be focused on in this

research is Debt to Equity Ratio. As for rentability ratio, in this ratio a company’s abilityin

earning profits with the capital it owns could be figured out, this is highly important in order to




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find out a company’s efficiency, and the one to be focused on in this research is Return On

Equity.

Activity ratiois the one measuring how effective is the company in utilizing all of the

fund sources available to them, and the one to be focused on in this research is the Total Assets

Turnover. Financial ratiocould be used to find out a company’s profit changein the futurer;

whether it increases or decreases.The manufacturing industry sector will be the support of

Indonesia economic growth in the next few years. Indonesia government keeps on trying to bring

about that ideal. The Managing Director of CORE Indonesia, Hendri Saparini, states that in

2016, it is predicted that from the manufacturing industry the one which will grow higher than

others is the food and beverage industry. Hendri Saparini says the growth of food and beverage

industryis fairly high each year. Starting from 2011 to 2016,its growth is at least, on average, 7.8

percent.

This study aims at testing the influences of several financial ratiosin such forms as

current ratio, debt to equity ratio, return on equityand total assets turnover to predict profit

changein the future. In this research, the research questions include:

1. Does Current Ratio has influence onProfit Change?

2. Does Debt to Equity Ratiohas influence onProfit Change?

3. Does Return On Equityhas influence onProfit Change? and

4. Does Total Assets Turnover has influence onProfit Change?

THEORETICAL REVIEW

1. Liquidity

Liquidityis the ratio which measures a company’s abilityto fulfill its short-term liabilities.

According to Riyanto (2009),liquidity ratiois the identification of relationships between current

assetsand current liabilities.Thus, liquidity ratioprovides the basis for evaluation of a company’s

abilityto be compared with the current liabilities. The ratio used in this researchis current ratio.




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Current ratio shows a company’s abilityin managing their available fundby comparing

between their current assetsand their current debts. According to Harahap (2011) Current ratiois

the ratio which indicates to what extent the current assetscover the current liabilities. The bigger

the comparison between current assetsand the current debts,the higher the company’s abilityto

cover its short-term liabilities.

2. Solubility

Solubilityis the ratio which measures a company’s abilityto fulfillits long-term financial

liability. A company is said to be soluble if it has sufficient assets or properties to pay all of its

debts, on the contrary if its assets is inadequate or less than its debts, it means the company is

insoluble (Munawir, 2007).The ratio used in this researchis Debt to Equity Ratio.

Debt to Equity Ratio is the ratio of comparison between total debts and equity. This

ratioshows a company’s equityability to fulfillall of its liabilities. The higher the Debt to Equity

Ratio, the lower the profit changethat will be earned by the company. This is because the high

Debt to Equity Ratioindicates that the capital proportion it owns is less than its liabilities or there

is a high dependence on external parties. A company with exceedingly too many liabilities will

find it hard to obtain additional fund from the outside of it (Margaretha, 2011).

3. Rentability

Rentabilityaims at finding a company’s abilityin earning profit during certain period, and it

aims at measuring the management’s effectiveness level in running the company’s operation

(Sawir, 2001). Rentabilityis used to learn the relative part between the loan capitalgiven by

creditors and the equityby shareholdersin order to measure the company’s abilityto earn benefits

(Munawir, 1994). Rentability ratioused in this research isReturn On Equity.

Return On Equity is a ratio of comparison between profit after tax and equity (Cahyono,

1996). The Return On Equityor equityrentabilityis the ratio to measure net profit after tax with




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equity. This ratioindicates the equity utilization efficiency. The higher the ratio, the better it is. It

means that the position of company owner(s) is stronger, and vice a versa (Kasmir, 2008).

4. Activity

Activity ratio, i.e. the ratioto assess a company’s abilityin performing day-to-day activities

or a company’s abilityin sales, receivable collectionand utilization of assets they own (Munawir,

2002). The ratio used in this researchis Total Assets Turnover.

Total Assets Turnoveris the ratio which shows the effectivess of company’s use of all its

assets in order to gain revenue. A high Total Assets Turnoverindicates that the company could

utilize the assets the own to increase their sales, resulting in the increased profit (Margaretha,

2011). This ratio could be used to predict profit since total assets and sales are the components in

earning profits. The Total Assets Turnoverhas influence on company’s net profit change,in which

the faster the assets turnover rate the more the net profit it produces, because the company has

been able to utilize the assets to increase its sales, resulting in some influence on the revenue. An

increased revenue could increase the company’s net profit (Hanafi & Halim, 2003).

5. Profit Change

Profit changeis an increase or decrease in profit from two profit reporting periods. Profit

changeis influenced by those components in financial statements, such as sales change, costs of

good sold change, operating expenses change, interest expense change, income tax change

(Hutabarat, 2013).

Profit constitutes an important number in financial statementsfor some reasons such as:

profit is the basis in tax calculation, guideline in determining investment policy and making

decisions, the basis in forecasting profit and other economic events of the company in the future,

the basis in calculating and assessing efficiencyin running the company, and the basis in

appraising the company’s achievement or performance (Harahap, 2007).

The hypotheses and model of empirical research in this study are as follows:




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1. According to Nur Amalina and Susanna Hutabarat (2013),the Current Ratiovariable has

significant,positive influenceon profit change.

H1: There is significant influenceof Current Ratio (X1)on profit change.

2. Rosalina’s (2015) study suggests that the Debt to Equity Ratiovariable has significant,

negative influenceon profit change.

H2: There is significant influenceof Debt to Equity Ratio (X2) on profit change.

3. Ghazali’s (2013) research results indicate that the Return On Equity variable has

significant, positive influence onprofit change.

H3 : There is significant influenceof Return on Equity (X3) on profit change.

4. Syamsudin (2009) suggests that the Total Assets Turnovervariable has significant,

positive influence onprofit change.

H4: There is significant influenceof TotalAssets Turnover (X4) on profit change.

Framework

Figure 1. Empirical Research Model

Current Ratio(X1)

Profit Change (Y)

Return On Equity(X3)

Total Assets Turnover

(X4)

Debt to Equity

Ratio(X2)




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RESEARCH METHOD

Sample

Sample is part of the number and characteristics owned by the population (Sugiyono, 2012). The

sample taken is those manufacturing companies of food and beveragesub-sectors in Indonesia

Stock Exchangefrom 2010-2015, which amounts to 10companies. It is taken using purposive

sampling. The criteria the companies should have for them to be included into the sample

involve:

a. Manufacturing companies of food and beveragesub-sector registered in BEI for six years,

from 2010 to 2015.

b. They have issued financial statements per 31 December for six years from 2010 to 2015.

c. They have the data and financial statementsrelated to the research variable measurements.

Tabe1.1. List of Company Names Included as Sample

NO Company Name

1. AISA (Tiga Pilar Sejahtera Food Tbk)

2. CEKA (Wilmar Cahaya Indonesia Tbk)

3. DLTA (Delta Djakarta Tbk)

4. ICBP (Indofood CBP Sukses Makmur Tbk)

5. INDF (Indofood Sukses Makmur Tbk)

6. MYOR (Mayora Indah Tbk)

7. PSDN (Prasidha Aneka Niaga Tbk)

8. ROTI (Nippon Indosari Corpindo Tbk)

9. SKLT (Sekar Laut Tbk)

10. ULTJ (Ultrajaya Milk Industry & Trading Co.Tbk)




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Source: Indonesia Stock Exchange

Data Collection Technique

The data collection technique used in this research is documentation by copying the data

taken from the official site of Indonesia Stock Exchange, namely www.idx.co.id.The collected

data are calculated using SPSS calculation to analyze the research data. The data used in this

research are the secondary ones. Secondary data are those data obtained by researcher indirectly

or through an intermediary which are recorded and obtained from other parties (Indriantoroand

Supomo, 2002).

Variables and Their Measurements

The Independent Variables used in this research are:

1. Liquidity Ratio

Liquidity Ratiois an indicator in regard to a company’s ability to pay all of its short-term

financial liabilities when they are due using the available current assets.

Current Ratio is a comparison between current assetsand current liabilitiesand it is the

most common measurement used to find out a company’s commitment to fulfill its short-term

liabilities. Current Ratioindicates to what extent the current assetscould cover current

liabilities. The greater the comparison between current assetsand current liabilities, the higher

the company’s abilityto cover its short-term liabilities. Low Current Ratiois usually deemed

as indicating problems in liquidation, and on the contrary too high current ratio is not good

either, because it indicates that too much fund is unused which, in turn, could reduce the

company’s profitability (Sawir, 2009).

Current Ratio could be calculated using the following formula:

Current Assets

Current Debts× 100%

2. Solubility Ratio

Solubility ratiorefers to the amount of debt funding in the company’s capital structure.

This term depicts the company’s abilityin utilizing their debts and assets to increase their

profit. Debt to Equity Ratiois included in solubility ratio. Debt to Equity Ratio (DER)

constitutes the ratioto measure the company’s performance based on the debts that the


http://www.idx.co.id/



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company has by calculating the comparison between total debts and total capital. This

ratiodepicts a comparison of debts and equity in the company’s funding and shows the

company’s equityability to fulfillall of its liabilities (Hanafi, 2009).

Debt to Equity Ratiocould be calculated using this formula:

Total Debts

Equity× 100%

3. Rentability Ratio

Rentabilityaims at finding out a company’s abilityin earning profit during certain period,

and it is intended to measure the level of management effectiveness in running the company’s

operation (Sawir, 2001). Rentabilityis used to learn the relative part between the loan capital

given by creditors and the equity by shareholders in order to measure the company’s ability to

earn benefits(Munawir, 1994).Return on equityis a ratio which depicts the comparison

between profit after tax and equity(Cahyono, 1996). The higher the return on equity,the

higher the profit rate it earns.

Return on equity could be calculated using the formula:

Net Profit After Tax

Equity× 100%

4. Activity Ratio

Activity ratiois the ratiowhich measures how effective a company is in utilizing all of

fund sources available to them. Activity ratioconsiders that it is better to have a feasible

balance between sales and various assets elements, such as supply, fixed assets, and other

assets.Total Assets Turnoveris a comparison between a company’s sales and its total assets,

where this ratiodepicts the rate of total assets turnover within a certain period. Total Assets

Turnoveris the ratiowhich shows the efficiencylevel of a company’s all assets use in earning

certain sales volume (Primayuta, 2009).

Total assets turnovercould be calculated using the formula:

Sales

Total Assets

5. Profit Change

Profit changeis an increase or decrease in profit from two profit reporting periods. Profit

changeis influenced by those components in financial statements, such as sales change, costs

of good sold change, operating expenses change, interest expense change, income tax

change(Hutabarat, 2013).Profit changecould be used to predict a company’s profit in the

future. Relative change of profit is obtained based on the difference between profit in a certain




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period and the previous period which is then divided by the profit during the previous period

(Harahap, 2013). Profit changecould be formulated as follows:

tYear′s Net Profit − t Year− 1′s Net Profit

t Year− 1′s Net Profitx100%

RESULTS

Classic Assumption Test

Prior to testing hypotheses, this study performs classic assumption tests. The classic

assumption tests used in this study are normality test, multicollinearity test, heteroscedasticity

test, and autocorrelation test. The results of classic assumption tests could be seen in Apendix 1.

The first one is normality test. Normality testaims at finding out whether or not the data in

the research are normally distributed (Ghozali, 2011). Kolmogorov-Smirnovtest is used to test

normality. The results of test using Kolmogorov-Smirnov(test) shows a significanceat 0.220,

meaning that it is more than 0.05 which shows that the data are normally distributed.

The second one is Multicollinearity Test. Multicollinearity testaims at testing whether in

the regression model a correlation between independent variables are found. Detecting whether

or not there is multicollinearityin the regression modelis by seeing the tolerancevalue with the

variance inflation factor (VIF) value. The criteria used to show that there is a multicollinearityis

tolerancevalue<0,10 or equal to VIF value >10 (Ghozali, 2011). The results of

multicollinearitytest in this research find that the tolerancevalue in variable CR (X1), DER (X2),

ROE (X3), TATO (X4) >0.10 and VIF value <0.10,thus no multicollinearity occurs between

variables.

The third one is Heteroscedasticity test. According to Ghozali (2011) this

heteroscedasticitytest aims at testing wthere or not in the regression a variance inequality of

residual of one observation to another observation occurs. Scatterplottest is performed to

discover whether or not heteroscedasticityoccurs by seeing the presence or absence of certain

pattern in the scatterplotdiagram.Based on the results, no certain pattern is formed, hence it

could be concluded that in this research no heteroscedasticity occurs.

The fourth one is Autocorrelation test. Autocorrelation testaims at testing whether or not in

the linear regression modela correlation between interfering errors in t period and interfering

errors in t-1 (previous) period. This research employs Durbin Watson (DW) test to discover

whether or not there is autocorrelation. Based on the output of autocorrelation testresults in this




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research, it could concluded that no autocorrelation occurs, since the Durbin Watson (DW) value

is in between -2 to 2, namely 1.585.

Hypothesis Testing

Table2. Recapitulation of Multiple Linear Regression Test Results

Independent

Variable

Regression

Coefficient

tstatistic Probability Hypothesis

(Constant) 0.357 0.930 0.356

CR (X1) -0.211 -2.116 0.039 H1 confirmed

DER (X2) -0.107 -0.494 0.624 H2 rejected

ROE (X3) 4.357 3.860 0.000 H3 confirmed

TATO (X4) -0.137 -0.923 0.360 H4 rejected

R =0.169

N = 10

Based on the table above, then, the equation is:

Profit change = 0.357 – 0.211CR– 0.107DER+ 4.537ROE – 0.137TATO+ e

t test basically indicates to what extent the influence of independent variables (Current

Ratio X1, Debt to Equity Ratio X2, Return On Equity X3 dan Total Assets Turn Over X4)

individually explain the dependent variable variance (Profit change Y) by comparing t tableand t

statisticat a confidence rate of 95% or a significance rate of 5% (𝛼 = 0.05) (Ghozali, 2011). The

results of t test are as follows:

The tStatisticvalue of variable Current Ratio (X1) = -0.2116 is less than t Table= 1.67 and its

significance value (Sig.) 0.039 < 0.05, hence it could concluded H1 is confirmed, meaning that

Current Ratio (X1) has significant influence onprofit change (Y).The tStatisticvalue of variableDebt

to Equity Ratio(X2) = -0.494 is less than t Table= 1.67 and its significance value (Sig.) 0.624 >

0.05,thus it could be concluded that H2 is rejected, meaning thatDebt to Equity Ratio(X2) has no




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significant influence onprofit change(Y). The tStatisticvalue of variableReturn On Equity (X3) =

3.860 is more than tTable= 1.67 and its significance value (Sig.) 0.000< 0.05 thus it could be

concluded that H3 is confirmed, meaning thatReturn On Equity (X3) has significant influence

onprofit change(Y).The tStatisticvalue of variableTotal Assets Turn Over (X4) = -0.923 is less than

tTabel = 1.67 and its significance value (Sig.) 0.360 > 0.05 thus it could be concluded that H4

rejected, meaning thatTotal Assets Turn Over (X4) has no significant influenceprofit change (Y).

Determination Coefficient (R2)

Determination coefficient (R2),in essence, measures to what extent the model possibly

explains the dependent variablevariance. The determination coefficientvalue is between nil and

one (Ghozali, 2011).

Table3.Determination Coefficient (R2) Value

R R Square

Adjusted R

Square

Std. Error of the

Estimate

.474a .225 .169 .64485

a. Predictors: (Constant), TATO, ROE, DER, CR

b. Dependent Variable: PL

The determination coefficienttest results indicate that the amount of Adjusted R2 value is

0.169. Based on such calculation, it could be concluded that from the model used here, its

independent variables give contribution at 16.9% to the dependent variable, and the remaining

83.1% is influenced by factors other than those variables being studied here.

DISCUSSION

The testing results of first hypothesiswhich says Current Ratio (X1) has significant influence

onProfit Change(Y) has proved true. It confirms Syamsudin and Ceky Primayuta’s

(2009)research which finds that the results of their research indicate that Current Ratiohas

significantnegative influence on profit change. This research’s results find that the company’s

abilityto pay their due payable or collectible short-term debts from one period to the next one

decreases. This decrease in their ability to pay short-term debts is not followed by the company’s

abilityin earning profits. In this case, negative Current Ratiodoes not ensure that their profit

changeability will decrease. The cash available in the company could gain profits and, thus, they

could pay their debts.




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In this research, the hypothesis that Debt to Equity Ratiohas significant influence onProfit

Change(Y) proves untrue. It confirms the research conducted by Rosalina Ariesta Sujarwo and

Nur Fadjrih Asyik (2015)which finds that Debt to Equity Ratiohas negative, significantinfluence

on profit change.Next, it is from the research results for debt to equity ratiovariable. Debt to

Equity Ratio is a ratioof comparison between total debts and equity. This ratioindicates a

company’s equityability to fulfillall of its liabilities. The higher the Debt to Equity Ratiothe

lower the profit changeobtained by the company will be. Based on the results of this research, it

is found that if the Debt to Equity Ratioin food and beverage companiesis high, then, the

proportion of capital it owns is less than its liabilities or there is a high dependence on external

parties.Based on the results of this research,it is found that the ability to pay debts decreases, yet

the companies remain capable of gathering equity both internally and externally in an optimal

manner. The company could gather funds from stakeholdersand could grow confidence in order

for these stakeholdersto buy their equity.

Return On Equityhas significant influence onProfit change,this proves true. It confirms Susanna

Hutabarat’s (2013)research which suggests that Current Ratiovariable has significantpositive

influence on profit change.The research results indicate that positive Return On Equitywith a

profit changeshows that the net profit continuously increases, thus it highly affects its equity

sales in the community.

The hypothesis that Total Assets Turn Over (X4) has significant influence onProfit change (Y)

has proven untrue. It confirms Agustina and Silvia’s (2012) research.Based on the partial

analysis result, a result is obtained that the one with most influence on a company’s profit

changeis Return On Equity at 4.357.This result indicates that during several periods the sales

proceeds decrease. This decrease is influenced by the less optimal asset utilization. In turn, this

results in the higher operating expenses and it also gives some effect on the sales proceeds which

should have been confirmed.

CONCLUSION AND SUGGESTIONS

Conclusion

This research studies a company’s ability to predict profit change through financial ratio in food

and beverage companies. Based on the research results it could be concluded thatCurrent

Ratiohas significant negative influence onprofit change, Debt to Equity Ratiohas insignificant,

negative influenceon profit change, Return On Equityhas significant positive influence onprofit




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change, Tottal Assets Turn Overhas insignificant, negative influenceon profit change, and Return

On Equityis the one with most influence on profit change.

Managerial Implication

1. Companies shoudl manage their current assetsto enable them to cover their current liabilities

or their short-term debts. The low Current Ratioindicate that there are problems in paying

their liabilities. On the contrary, too high Current Ratiois not good either, because it shows

how much fund is unused. For investorswho intend to invest in these companies, they could

consider a company’s Current Ratio in order to determine whether or not the company is

good at managing their current assetsto fulfilltheir current liabilities.

2. Companies shall be capable of maximizing their performance by considering their Debt to

Equity Ratio. Any company capable of maximizing their performance in managing their

funding will experience a profit change growth increase. For investors, by considering the

Debt to Equity Ratiothey will figure out how much greater the total debts are than the

equity.If the debts are more thanthe equity, then the company should finance their creditor

loan interest and in this case it will disrupt the profit growth.

3. Companies should be capable of increasing their efficiencyin managing equity to earn their

net profits. Investors could consider that the higher rge Return On Equitythe better the

company's assumed performance from their equity management perspective.

4. Companies should be able to optimize the assets they own to earn sales proceeds. For

investorsintending to make investment or for creditors intending to give a loan, they could

consider the Total Assets Turn Over, where the higher the Total Assets Turn Overvalue, the

better the companies in managing their assetes, and on the contrary the lower the Total Assets

Turn Overvalue, the poorer the companies in optimizing their assets.

Research Limitation

This research has its limitations: (1) the sample in this research is limited to financial

statementsof food and beverage companies, thus, the conclusions it draws could not be

generalized to other industries. (2) This research does not consider other variables which

influence profit changesuch inflation rate, interest rate, and security issuance.

Further Research

The researchers recommend several issues to be considered in further research, which

involve: (1) expanding the research sample to manufacturing companies. (2) considering other

variables which influence profit change.




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Silvia, & Agustina. (2012). Pengaruh Rasio Keuangan Terhadap Perubahan Laba Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Wira Ekonomi Mikroskil, 2(2), 113-122.

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Perubahan Laba Akuntansi, Manajemen dan Ekonomi, 2(1), 1-30.

Appendix 1:

1. Classic Assumption Test a. Normality test Test results by using Kolmogorov-Smirnov can be seen in the table below shows the significance

value of 0.220 which means above 0.05 indicates the data is normally distributed.

.

Tabel 1.Normality test

One-Sample Kolmogorov-Smirnov Test

Unstandardized

Residual

N 60

Normal Parametersa Mean .0000000

Std. Deviation .62260576

Most Extreme Differences

Absolute .136

Positive .136

Negative -.099

Kolmogorov-Smirnov Z 1.050

Asymp. Sig. (2-tailed) .220

a. Test distribution is Normal.

b. Multicollinearity Test

Multicollinearity test results in the study are as follows:




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Tabel 2. Multicollinearity Test

Coefficientsa

Model

Collinearity Statistics

Tolerance VIF

1 CR .448 2.231

DER .666 1.502

ROE .635 1.575

TATO .946 1.057

a. Dependent Variable: PL

The result of multicollinearity test is known that the tolerance value of CR (X1), DER

(X2), ROE (X3), TATO (X4)> 0,10 and VIF <0,10 so that the inter variable does not

occur multicolinearity.

C. Heteroscedasticity Test

The scatterplot test is performed to determine the occurrence of heteroskedastisitas or heteroskedastisitas not to

see whether there is a certain pattern in the scatterplot diagram. The test results on the scatterplot diagram look as

follows:

Table 3. Heteroscedasticity Test

Tabel 3.Uji Heteroskedastisitas

Based on the picture above, it is seen that does not form a certain pattern so that it can be concluded that in this

research did not happen heteroskedastisitas




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c. Test autocorrelation

Tabel 4.Test autocorrelation

Based on the output of autocorrelation test results in this study can be concluded there is no autocorrelation, because

the value of Durbin Watson (DW) is between -2 to 2 is 1.585.

Model Summaryb

Model R R

Square Adjusted R

Square Std. Error of the Estimate

Durbin-Watson

1 .474a .225 .169 .64485 1.585

a. Predictors: (Constant), TATO, ROE, DER, CR

b. Dependent Variable: PL


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