ANALYSIS OF RECEIVABLE TURNOVER AND DEBT TO EQUITY RATIO ON RETURN ON ASSETS IN LQ45 INDEX ENERGY COMPANIES
Keywords:
Debt to Equity Ratio (DER), Multiple Linear Regression Analysis, Receivable Turnover, Return on Asset (ROA)
Abstract
This research aims to analyze the effect of receivable turnover and debt to equity ratio (DER) on return on assets (ROA) in energy companies listed in the LQ45 index. The research sample consists of 45 observation data taken from 9 energy companies for 5 years. The analysis method used is multiple linear regression with classical assumption testing to ensure the validity of the model. The results showed that receivable turnover has no significant effect on ROA, while DER has a significant effect on ROA. Simultaneously, both independent variables have a significant effect on ROA, but the largest contribution comes from DER. This finding suggests that the funding structure, specifically the debt-to-equity ratio, plays an important role in determining the profitability of energy companies. This study implies that prudent debt management is necessary to increase profitability and attract investors' interest in the stock market.
Downloads
Download data is not yet available.
References
Abeywardhana, D. Y. (2015). Capital Structure and Profitability: An Empirical Analysis of SMEs in the UK. Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB), 4(2), 1661-1675.
Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442-458. doi:https://doi.org/10.1108/JES-05-2017-0124
Aldubhani, M. A., Wang, J., Gong, T., & Maudhah, R. A. (2022). Impact of Working Capital Management on Profitability: Evidence from Listed Companies in Qatar. Journal of Money and Business, 2(1), 70-81. doi:https://doi.org/10.1108/JMB-08-2021-0032
Aminah, S. (2019). Pengaruh Current Ratio, Earning Per Share, Return on Equity Terhadap Debt to Equity Ratio pada Perusahaan yang Termasuk di Jakarta Islamic Index (JII) Periode 2013-2017. Ekonomica Sharia: Jurnal Pemikiran dan Pengembangan Ekonomi Syariah, 4(2), 25-34. doi:https://doi.org/10.36908/esha.v4i2.154
Andriani, S. D., Kusumastuti, R., & Hernando, R. (2023). Pengaruh Return On Equity (ROE), Earning Per Share (EPS) dan Debt To Equity Ratio (DER) Terhadap Harga Saham (Studi Empiris Pada Perusahaan Industri Makanan Olahan yang Terdaftar di Bursa Efek Indonesia Tahun 2018–2020). Owner: Riset dan Jurnal Akuntansi, 7(1), 333-345. doi:https://doi.org/10.33395/owner.v7i1.1268
Anh, D. L. T., & Gan, C. (2020). Profitability and marketability efficiencies of Vietnam manufacturing firms: An application of a multi-stage process. International Journal of Social Economics, 47(1), 54-71. doi:https://doi.org/10.1108/IJSE-05-2019-0321
Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The Effect of Capital Structure on Firm Value: A Study of Companies Listed on the Vietnamese Stock Market. International Journal of Financial Studies, 11(3), 1-20. doi:https://doi.org/10.3390/ijfs11030100
Fauziah, F., Lismawati, S. R., & Zien, N. H. R. (2025). Impact of Receivables Turnover and Collection Period on Manufacturing Profitability in Indonesia. Jurnal Ilmiah Manajemen Kesatuan, 13(2), 1019-1030. doi:https://doi.org/10.37641/jimkes.v13i2.3166
Febriani, Y., Sirait, S., Sitorus, F. Y., & Malau, M. (2023). Pengaruh Current Ratio, Debt Equity Ratio, dan Gross Profit Margin Terhadap Harga Saham pada Sektor Industri Dasar dan Kimia yang Terdaftar di BEI Tahun 2012-2021. Fundamental Management Journal, 8(2), 42 - 65. doi:https://doi.org/10.33541/fjm.v8i2.5280
Firmansyah, D., Suryana, A., Susetyo, D. P., & Mandasari, R. (2021). Kontribusi Perputaran Kas dan Perputaran Piutang Terhadap Profitabilitas pada PD. BPR Kota Sukabumi Periode Tahun 2011 – 2017. Jurnal Akuntansi, Keuangan, dan Manajemen, 2(2), 153-165. doi:https://doi.org/10.35912/jakman.v2i2.155
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi 9. Semarang: Badan Penerbit Universitas Diponegoro.
Heryaman, D., & Anasta, L. (2024). Pengaruh Return on Asset, Return on Equity, Debt to Equity Ratio, dan Price Earnings Ratio terhadap Return Saham: Studi Empiris pada Perusahaan Sektor Property & Real Estate yang Tercatat di Bursa Efek Indonesia periode 2018 – 2023. Goodwood Akuntansi dan Auditing Reviu, 3(1), 15-29. doi:https://doi.org/10.35912/gaar.v3i1.3537
Kavcic, M., Koritnik, B., Krzan, M., Velikonja, O., Prelog, T., Stefanovic, M., . . . Jazbec, J. (2017). Electrophysiological Studies to Detect Peripheral Neuropathy in Children Treated With Vincristine. Journal of Pediatric Hematology/Oncology, 39(4), 266-271. doi:https://doi.org/10.1097/mph.0000000000000825
Kuraesin, A. D., Santuri, O., & Mahyuni, R. Y. (2022). The Effect of Accounts Receivable Turnover on Profitability in Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2015–2020 Period. International Conference on Global Innovation and Trends in Economics and Business (ICOBIS 2022), 667, 112-118. doi:https://doi.org/10.2991/978-94-6463-068-8_9
Nabilla, Y. S., & Narundana, V. T. (2025). Pengaruh Pengelolaan Kas dan Piutang Terhadap Profitabilitas pada UMKM Askha Jaya. Celebes Journal of Community Services, 4(1), 79-97.
Pradnyawati, S. O. (2024). Faktor Determinan Kinerja Keuangan pada Return Saham (Studi Kasus pada Perusahaan Perbankan di Indonesia). Jurnal Akuntansi, Keuangan, dan Manajemen, 5(2), 121-132. doi:https://doi.org/10.35912/jakman.v5i2.1312
Rahayu, A., & Mahirun. (2025). Pengaruh Rasio Profitabilitas dan Likuiditas Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Moderasi. Jurnal Ekonomi dan Bisnis, 28(1), 76-89. doi:https://doi.org/10.31941/jebi.v28i1.5861
Shavkatovna, K. M. (2025). The deposit policy of commercial banks in Uzbekistan and the factors for enhancing its effectiveness. International Journal of Accounting and Management Information Systems, 3(2), 157-168. doi:https://doi.org/10.35912/ijamis.v3i2.3413
Sulawati, & Angka, A. F. S. (2023). Analisis Perputaran Piutang dan Perputaran Persediaan dalam Mengukur Kinerja Keuangan pada Perum Bulog. Jurnal Ilmiah Multidisiplin Amsir, 1(2), 178-194. doi:https://doi.org/10.62861/jimat%20amsir.v1i2.217
Suyanto, & Bilang, C. N. (2023). The Impact of Financial Performance, Firm Size and Capital Structure on Firm Value. Financial: Jurnal Akuntansi, 9(1), 75-89. doi:https://doi.org/10.37403/financial.v9i1.508
Umaryadi, M., & Jaya, E. (2024). The Effect of Debt to Equity Ratio, Return on Assets and Return on Equity on Stock Prices (Empirical Study of Mining Companies Listed on the Indonesia Stock Exchange for the 2017-2021 Period). INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen, 20, 854-865. doi:https://doi.org/10.30872/jinv.v20i4.2246
Vo, X. V. (2017). Determinants of capital structure in emerging markets: Evidence from Vietnam. Research in International Business and Finance, 40, 105-113. doi:https://doi.org/10.1016/j.ribaf.2016.12.001
Werdiningtyas, R. (2018). Analisis Pengaruh Receivable Turnover (RTO), Inventory Turnover (ITO), Working Capital Turnover (WCTO), dan Total Asset Turnover (TATO) Terhadap Profitabilitas pada Perusahaan yang Terdaftar di Jakarta Islamic Index (JII) Periode 2011-2017. Jurnal Sains Ekonomi dan Perbankan Syariah: Journal Science of Economic and Shariah Banking, 8(1), 19-29.
Yantri, O. (2022). Pengaruh Return on Assets, Leverage dan Firm Size terhadap Tax Avoidance pada Perusahaan Sektor Energi yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2021. Reviu Akuntansi, Manajemen, dan Bisnis, 2(2), 121-137. doi:https://doi.org/10.35912/rambis.v2i2.1530
Yusup, W. E., & Hariani, S. (2023). The Effect of Receivables Turnover, Inventory Turnover and Current Ratio on Profitability. Jurnal Riset Manajemen dan Bisnis, 8(1), 23-32. doi:https://doi.org/10.36407/jrmb.v8i1.987
Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442-458. doi:https://doi.org/10.1108/JES-05-2017-0124
Aldubhani, M. A., Wang, J., Gong, T., & Maudhah, R. A. (2022). Impact of Working Capital Management on Profitability: Evidence from Listed Companies in Qatar. Journal of Money and Business, 2(1), 70-81. doi:https://doi.org/10.1108/JMB-08-2021-0032
Aminah, S. (2019). Pengaruh Current Ratio, Earning Per Share, Return on Equity Terhadap Debt to Equity Ratio pada Perusahaan yang Termasuk di Jakarta Islamic Index (JII) Periode 2013-2017. Ekonomica Sharia: Jurnal Pemikiran dan Pengembangan Ekonomi Syariah, 4(2), 25-34. doi:https://doi.org/10.36908/esha.v4i2.154
Andriani, S. D., Kusumastuti, R., & Hernando, R. (2023). Pengaruh Return On Equity (ROE), Earning Per Share (EPS) dan Debt To Equity Ratio (DER) Terhadap Harga Saham (Studi Empiris Pada Perusahaan Industri Makanan Olahan yang Terdaftar di Bursa Efek Indonesia Tahun 2018–2020). Owner: Riset dan Jurnal Akuntansi, 7(1), 333-345. doi:https://doi.org/10.33395/owner.v7i1.1268
Anh, D. L. T., & Gan, C. (2020). Profitability and marketability efficiencies of Vietnam manufacturing firms: An application of a multi-stage process. International Journal of Social Economics, 47(1), 54-71. doi:https://doi.org/10.1108/IJSE-05-2019-0321
Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The Effect of Capital Structure on Firm Value: A Study of Companies Listed on the Vietnamese Stock Market. International Journal of Financial Studies, 11(3), 1-20. doi:https://doi.org/10.3390/ijfs11030100
Fauziah, F., Lismawati, S. R., & Zien, N. H. R. (2025). Impact of Receivables Turnover and Collection Period on Manufacturing Profitability in Indonesia. Jurnal Ilmiah Manajemen Kesatuan, 13(2), 1019-1030. doi:https://doi.org/10.37641/jimkes.v13i2.3166
Febriani, Y., Sirait, S., Sitorus, F. Y., & Malau, M. (2023). Pengaruh Current Ratio, Debt Equity Ratio, dan Gross Profit Margin Terhadap Harga Saham pada Sektor Industri Dasar dan Kimia yang Terdaftar di BEI Tahun 2012-2021. Fundamental Management Journal, 8(2), 42 - 65. doi:https://doi.org/10.33541/fjm.v8i2.5280
Firmansyah, D., Suryana, A., Susetyo, D. P., & Mandasari, R. (2021). Kontribusi Perputaran Kas dan Perputaran Piutang Terhadap Profitabilitas pada PD. BPR Kota Sukabumi Periode Tahun 2011 – 2017. Jurnal Akuntansi, Keuangan, dan Manajemen, 2(2), 153-165. doi:https://doi.org/10.35912/jakman.v2i2.155
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi 9. Semarang: Badan Penerbit Universitas Diponegoro.
Heryaman, D., & Anasta, L. (2024). Pengaruh Return on Asset, Return on Equity, Debt to Equity Ratio, dan Price Earnings Ratio terhadap Return Saham: Studi Empiris pada Perusahaan Sektor Property & Real Estate yang Tercatat di Bursa Efek Indonesia periode 2018 – 2023. Goodwood Akuntansi dan Auditing Reviu, 3(1), 15-29. doi:https://doi.org/10.35912/gaar.v3i1.3537
Kavcic, M., Koritnik, B., Krzan, M., Velikonja, O., Prelog, T., Stefanovic, M., . . . Jazbec, J. (2017). Electrophysiological Studies to Detect Peripheral Neuropathy in Children Treated With Vincristine. Journal of Pediatric Hematology/Oncology, 39(4), 266-271. doi:https://doi.org/10.1097/mph.0000000000000825
Kuraesin, A. D., Santuri, O., & Mahyuni, R. Y. (2022). The Effect of Accounts Receivable Turnover on Profitability in Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2015–2020 Period. International Conference on Global Innovation and Trends in Economics and Business (ICOBIS 2022), 667, 112-118. doi:https://doi.org/10.2991/978-94-6463-068-8_9
Nabilla, Y. S., & Narundana, V. T. (2025). Pengaruh Pengelolaan Kas dan Piutang Terhadap Profitabilitas pada UMKM Askha Jaya. Celebes Journal of Community Services, 4(1), 79-97.
Pradnyawati, S. O. (2024). Faktor Determinan Kinerja Keuangan pada Return Saham (Studi Kasus pada Perusahaan Perbankan di Indonesia). Jurnal Akuntansi, Keuangan, dan Manajemen, 5(2), 121-132. doi:https://doi.org/10.35912/jakman.v5i2.1312
Rahayu, A., & Mahirun. (2025). Pengaruh Rasio Profitabilitas dan Likuiditas Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Moderasi. Jurnal Ekonomi dan Bisnis, 28(1), 76-89. doi:https://doi.org/10.31941/jebi.v28i1.5861
Shavkatovna, K. M. (2025). The deposit policy of commercial banks in Uzbekistan and the factors for enhancing its effectiveness. International Journal of Accounting and Management Information Systems, 3(2), 157-168. doi:https://doi.org/10.35912/ijamis.v3i2.3413
Sulawati, & Angka, A. F. S. (2023). Analisis Perputaran Piutang dan Perputaran Persediaan dalam Mengukur Kinerja Keuangan pada Perum Bulog. Jurnal Ilmiah Multidisiplin Amsir, 1(2), 178-194. doi:https://doi.org/10.62861/jimat%20amsir.v1i2.217
Suyanto, & Bilang, C. N. (2023). The Impact of Financial Performance, Firm Size and Capital Structure on Firm Value. Financial: Jurnal Akuntansi, 9(1), 75-89. doi:https://doi.org/10.37403/financial.v9i1.508
Umaryadi, M., & Jaya, E. (2024). The Effect of Debt to Equity Ratio, Return on Assets and Return on Equity on Stock Prices (Empirical Study of Mining Companies Listed on the Indonesia Stock Exchange for the 2017-2021 Period). INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen, 20, 854-865. doi:https://doi.org/10.30872/jinv.v20i4.2246
Vo, X. V. (2017). Determinants of capital structure in emerging markets: Evidence from Vietnam. Research in International Business and Finance, 40, 105-113. doi:https://doi.org/10.1016/j.ribaf.2016.12.001
Werdiningtyas, R. (2018). Analisis Pengaruh Receivable Turnover (RTO), Inventory Turnover (ITO), Working Capital Turnover (WCTO), dan Total Asset Turnover (TATO) Terhadap Profitabilitas pada Perusahaan yang Terdaftar di Jakarta Islamic Index (JII) Periode 2011-2017. Jurnal Sains Ekonomi dan Perbankan Syariah: Journal Science of Economic and Shariah Banking, 8(1), 19-29.
Yantri, O. (2022). Pengaruh Return on Assets, Leverage dan Firm Size terhadap Tax Avoidance pada Perusahaan Sektor Energi yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2021. Reviu Akuntansi, Manajemen, dan Bisnis, 2(2), 121-137. doi:https://doi.org/10.35912/rambis.v2i2.1530
Yusup, W. E., & Hariani, S. (2023). The Effect of Receivables Turnover, Inventory Turnover and Current Ratio on Profitability. Jurnal Riset Manajemen dan Bisnis, 8(1), 23-32. doi:https://doi.org/10.36407/jrmb.v8i1.987
Published
2025-07-30
How to Cite
Purba, A., Yusuf, M., & Gurendrawati, E. (2025, July 30). ANALYSIS OF RECEIVABLE TURNOVER AND DEBT TO EQUITY RATIO ON RETURN ON ASSETS IN LQ45 INDEX ENERGY COMPANIES. Jurnal Akuntansi Dan Keuangan (JAK), 30(2), 212-221. https://doi.org/https://doi.org/10.23960/jak.v30i2.3689
Section
Articles
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Jurnal Akutansi dan Keuangan allows readers to read, download, copy, distribute, print, search, or link to the full texts of its articles and allow readers to use them for any other lawful purpose. The journal allows the author(s) to hold the copyright without restrictions. Finally, the journal allows the author(s) to retain publishing rights without restrictions
Authors are allowed to archive their submitted article in an open access repository
Authors are allowed to archive the final published article in an open access repository with an acknowledgment of its initial publication in this journal
