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ABSTRACK

This research is performed in order to test the influence of variabel, Current Ratio

(CR), Debt to Equity Ratio (DER), Total Assets Turn Over (TATO), dan Net Profit

Margin (NPM) toward Return on Equity (ROE).

Methodology research as the sample used purposive sampling with criteria as (1)

Pharmaceutical company that listed at JSX who provide financial report year ending

31st December during the observation period 2007 – 2011, well available at ICMD

and annual report. (2) Companies must be the listed at the beginning of the period of

observation and not on the delisting until the end of the observation period. (3) The

financial report include the value of financial ratios to be studied include ROE, CR,

DER, TATO, and NPM. (4) At the beginning of the observation period until the end.

Total of 9 samples obtained from 8 firms during the observation period of five years

in the farmasi sector. Data analysis with multi linier regression of ordinary least

square and hypotheses test used partial t - test, simultan F – test at level of

significance 5% and adjusted R square.

Empirical evidence show as CR, DER, TATO, and NPM to have positive influence

toward ROE of Pharmaceutical company listed in JSX over period 2007 – 2011 at

level of significance 5%, which amounted to CR at 0,347, DER at 0,479, TATO at

0,456, and NPM at 0.595. While, four independent variabel CR, DER, TATO, and

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NPM to have influence toward ROE at level of significance 5% as 0,252. Predictable

of the four variables toward ROE is 4% as indicated by adjusted R square that is 4%

while the rest 96% is affected by other factors is not included into the study model.

Key words : Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turn Over

(TATO), Net Profit Margin (NPM) and Return On Equity (ROE).

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ABSTRAK

Penelitian ini dilakukan untuk menguji pengaruh variabel Current Ratio (CR), Debt

to Equity Ratio (DER), Total Asset Turn Over (TATO), dan Net Profit Margin

(NPM) terhadap Return on Equity (ROE).

Teknik sampling yang digunakan adalah purposive sampling dengan kriteria (1)

Perusahaan farmasi yang listed di BEI yang selalu menyajikan laporan keuangan

tahun buku berakhir 31 desember selama periode pengamatan (2007-2011) baik

terdapat di ICMD dan annual report. (2) Perusahaan harus sudah listed pada awal

periode pengamatan dan tidak di delisting sampai akhir periode pengamatan.(3)

Dalam laporan keuangan mencantumkan nilai rasio keuangan yang akan diteliti

meliputi ROE, CR, DER, TATO, dan NPM. (4) Pada awal periode pengamatan

hingga akhir periode pengamatan menghasilkan laba yang positif. Diperoleh jumlah

sempel sebanyak 8 perusahaan dari 9 perusahaan selama periode pengamatan 5 tahun

pada sektor farmasi. Teknik analisis yang digunakan adalah analisis regresi berganda

dan uji hipotesis menggunakan uji t secara parsial, uji F secara simultan dengan level

of significance 5% dan uji koefisien determinasi.

Dari hasil analisis menunjukkan bahwa data CR, DER, TATO, NPM secara parsial

tidak berpengaruh terhadap ROE Perusahaan Farmasi di BEI periode 2007-2011 pada

level of significance lebih dari 5%, yaitu CR sebesar 0,347, DER sebesar 0,479,

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TATO sebesar 0,456, dan NPM sebesar 0,595. Sementara secara simultan (CR, DER,

TATO, dan NPM) tidak berpengaruh terhadap ROE Perusahaan Farmasi di BEI pada

level lebih dari 5%, yaitu 0,252. Kemampuan prediksi dari keempat variabel tersebut

terhadap ROE sebesar 4% sebagaimana ditunjukkan oleh besarnya adjusted R square

sebesar 4%, sedangkan sisanya 96% dipengaruhi oleh faktor lain yang tidak

dimasukkan ke dalam model penelitian.

Kata kunci : Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turn Over

(TAT), Net Profit Margin (NPM) dan Return on Equity (ROE).