Liquidity as Mediation of DER and DAR on NPM in LQ45 for the 2019-2023 Period

https://doi.org/10.35912/sakman.v4i2.3786
Published: Jan 2, 2025

Abstract:

Purpose: The aim of this research is to study how the liquidity ratio functions as a mediating variable in the relationship between Debt to Equity Ratio (DER) and debt to asset ratio (DAR) to net profit margin (NPM) in LQ45 companies listed on the IDX during the 2019-2023.

Methodology: The quantitative method used in this research uses data from company financial reports for five years. To select samples, purposive sampling technique was used. The influence of direct and indirect variables is evaluated through data analysis using Modeling Equation Structural-Partial Least Squares (SEM-PLS).

Results: Research shows that DER has a positive and significant influence on NPM and liquidity ratios, while DAR has a negative influence on both. The liquidity ratio functions as a positive mediation between DER and NPM, but only affects NPM directly.

Conclusions: The research findings indicate that Return on Equity (ROE) significantly and positively influences the prediction of financial distress in Islamic banking in Indonesia. Conversely, Capital to Total Deposit (CTD) shows a significant negative effect, suggesting that a higher CTD ratio reduces the likelihood of financial distress. Meanwhile, the Loan to Total Asset (LTA) ratio, although showing some influence, does not have a statistically significant effect on predicting financial distress.

Limitations: This study has a limited sample size and observation period. Therefore, the findings do not fully reflect conditions or trends not included in the sample.

Contribution: This research provides opportunities for further studies with other mediating variables to understand more deeply the financial dynamics of companies in the Indonesian capital market and provide an important contribution to capital structure management in an effort to increase company profitability and liquidity.

Keywords:
1. Debt to Equity Ratio
2. Debt to Assets Ratio
3. Liquidity Ratio
4. Net Profit Margin
Authors:
1 . Fitria Ramadhani
2 . Firdaus Firdaus
https://orcid.org/0000-0003-1493-9839
3 . Nurhayati Nurhayati
4 . Dedik Purwanto
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How to Cite
Ramadhani, F., Firdaus, F., Nurhayati, N., & Purwanto, D. . (2025). Liquidity as Mediation of DER and DAR on NPM in LQ45 for the 2019-2023 Period. Studi Akuntansi, Keuangan, Dan Manajemen, 4(2), 355–364. https://doi.org/10.35912/sakman.v4i2.3786
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Vol. 4 No. 2 (2025): Januari
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References

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    Sari, D. P. (2021). Pengaruh Leverage dan Likuiditas Terhadap Profitabilitas pada PT Gudang Garam Tbk. BanKu: Jurnal Perbankan dan Keuangan, 2(1), 14-27. doi:https://doi.org/10.37058/banku.v2i1.2769

    Shabrina, N. (2020). Pengaruh Current Ratio dan Debt To Assets Ratio Terhadap Net Profit Margin pada PT. Ndo Tambang Raya Megah Tbk (Periode 2008-2017). Jurnal Semarak, 3(2), 91-102. doi:https://doi.org/10.32493/smk.v3i2.5627

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  2. Anggriani, D., & Hasanah, N. (2017). Pengaruh Current Ratio (CR), Debt To Equity Ratio (DER) Terhadap Net Profit Margin (NPM). The Asia Pacific Journal of Management Studies, 4(3), 123-126. doi:https://doi.org/10.55171/.v4i3.230
  3. Cahyani, R. A., & Sitohang, S. (2020). Pengaruh Perputaran Modal Kerja, Likuiditas, dan Solvabilitas Terhadap Profitabilitas. Jurnal Ilmu dan Riset Manajemen (JIRM), 9(6), 1-17.
  4. Dewi, N. L. P. A., Endiana, I. D. M., & Arizona, I. P. E. (2019). Pengaruh Rasio Likuiditas, Rasio Leverage dan Rasio Profitabilitas Terhadap Financial Distress pada Perusahaan Manufaktur. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 1(1), 322-333.
  5. Djou, R. A., Pakaya, A. R., & Selvi, S. (2022). Pengaruh Profitabilitas Terhadap Harga Saham pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2017-2020. JAMBURA: Jurnal Ilmiah Manajemen dan Bisnis, 5(1), 116-124. doi:https://doi.org/10.37479/jimb.v5i1.14254
  6. Fadli, A. A. Y. (2018). Pengaruh Current Ratio (CR) dan Debt To Total Asset Ratio (DAR) Terhadap Net Profit Margin (NPM) pada PT. Ultrajaya Milk Industri & Trading Company Tbk fan PT. Mayora Indah Tbk Periode 2009–2016. Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi), 2(1), 107-118. doi:https://doi.org/10.32493/skt.v2i1.1968
  7. Faujia, E. N., & Nurulrahmatia, N. (2024). Pengaruh Debt To Equity Ratio (DER) dan Debt To Asset Ratio (DAR) Terhadap Return On Asset (ROA) pada PT. Mayora Indah Tbk. Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen, 3(3), 366-387. doi:https://doi.org/10.30640/inisiatif.v3i3.2802
  8. Ginting, S. (2018). Pengaruh Likuiditas, Profitabilitas. dan Leverage Terhadap Kebijakan Deviden pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Periode 2012-2016. Jurnal Wira Ekonomi Mikroskil, 8(2), 195-204. doi:https://doi.org/10.55601/jwem.v8i2.564
  9. Hair, J., & Alamer, A. (2022). Partial Least Squares Structural Equation Modeling (PLS-SEM) in Second Language and Education Research: Guidelines Using an Applied Example. Research Methods in Applied Linguistics, 1(3). doi:https://doi.org/10.1016/j.rmal.2022.100027
  10. Hair Jr., J. F., Howard, M. C., & Nitzl, C. (2020). Assessing Measurement Model Quality in PLS-SEM Using Confirmatory Composite Analysis. Journal of Business Research, 109, 101-110. doi:https://doi.org/10.1016/j.jbusres.2019.11.069
  11. Hantono. (2020). Pengaruh Current Ratio, Debt To Equity Ratio, Firm Size Terhadap Net Profit Margin pada Perusahaan Perdagangan Besar Produksi yang Terdaftar di Bursa Efek Indonesia. Statera: Jurnal Akuntansi dan Keuangan, 2(1), 31-44. doi:https://doi.org/10.33510/statera.2020.2.1.31-44
  12. Hidayat, M., & Suci, R. G. (2023). Analisis Kinerja Keuangan CV. ABC dengan Pendekatan Rasio Profitabilitas, Likuiditas dan Solvabilitas Tahun 2021-2022. Jurnal Akuntansi Kompetif, 6(3), 402-410. doi:https://doi.org/10.35446/akuntansikompetif.v6i3.1450
  13. Khairunnisa, Saputra, A. J., & Setiawati, D. (2024). Pengaruh Current Ratio, Return On Equity, dan Debt To Equity Ratio Terhadap Net Profit Margin pada Industri Transportasi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2018–2022. Dinamika Ekonomi: Jurnal Ekonomi dan Bisnis, 17(2), 405-420. doi:https://doi.org/10.53651/jdeb.v17i2.555
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  16. Melinda, & Ompusunggu, H. (2022). Analisis ROA, ROE dan NPM Terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. eCo-Buss (Economy and Bussiness), 4(3), 450-461. doi:https://doi.org/10.32877/eb.v4i3.281
  17. Nazir, A., Azam, M., & Khalid, M. U. (2021). Debt Financing and Firm Performance: Empirical Evidence from the Pakistan Stock Exchange. Asian Journal of Accounting Research, 6(3), 324-334. doi:https://doi.org/10.1108/AJAR-03-2019-0019
  18. Ramadhani, S., Hidayati, K., & Retnowati, N. (2021). Analisis Laporan Keuangan Berdasarkan Rasio Likuiditas, Solvabilitas dan Profitabilitas terhadap Kinerja Keuangan pada Badan Penyelenggara Jaminan Sosial (BPJS) Ketenagakerjaan. Equity: Jurnal Akuntansi, 1(2), 43-53. doi:https://doi.org/10.46821/equity.v1i2.172
  19. Salman, A. (2019). Effect of Capital Structure on Corporate Liquidity and Growth: Evidence From Tobacco Industry in Pakistan. Academy of Strategic Management Journal, 18(2), 1-20.
  20. Sari, D. P. (2021). Pengaruh Leverage dan Likuiditas Terhadap Profitabilitas pada PT Gudang Garam Tbk. BanKu: Jurnal Perbankan dan Keuangan, 2(1), 14-27. doi:https://doi.org/10.37058/banku.v2i1.2769
  21. Shabrina, N. (2020). Pengaruh Current Ratio dan Debt To Assets Ratio Terhadap Net Profit Margin pada PT. Ndo Tambang Raya Megah Tbk (Periode 2008-2017). Jurnal Semarak, 3(2), 91-102. doi:https://doi.org/10.32493/smk.v3i2.5627
  22. Siringoringo, L. (2020). Analisis Debt To Equity Ratio pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia. STIE Perbanas Surabaya, Surabaya. Retrieved from http://eprints.perbanas.ac.id/id/eprint/7771
  23. Stema, S. M. (2019). Pengaruh Current Ratio, Debt to Equty Ratio dan Total Assets Turnover terhadap Net Profit Margin pada Perusahaan Kosmetik di BEI Periode 2013-2017. Science of Management and Students Research Journal (SMS), 1(3), 81-90. doi:http://dx.doi.org/10.33087/sms.v1i3.13
  24. Suratminingsih. (2018). Pengaruh Perputaran Piutang, Likuiditas, Leverage, dan Ukuran Perusahaan Terhadap Profitabilitas. Akademika: Jurnal Manajemen, Akuntansi, dan Bisnis, 16(1), 60-67. doi:https://doi.org/10.51881/jak.v16i1.103
  25. Utami, D. F. (2021). Analisis Rasio Likuiditas dan Solvabilitas pada PT Samudera Indonesia yang Terdaftar di Bursa Efek Indonesia. Universitas Negeri Jakarta, Jakarta. Retrieved from http://repository.unj.ac.id/id/eprint/15498
  26. Wahyuni, A. N., & Suryakusuma, K. H. (2018). Analisis Likuiditas, Solvabilitas, dan Aktivitas Perusahaan Terhadap Profitabilitas pada Perusahaan Manufaktur. Jurnal Manajemen, 15(1), 1-17. doi:https://doi.org/10.25170/jm.v15i1.95
  27. Yanto, D., & Frymaruwah, E. (2022). Kinerja Keuangan Perusahaan LQ45 pada Masa Pendemi Covid19. Jurnal Riset Terapan Akuntansi, 6(2), 211-224. doi:https://doi.org/10.5281/zenodo.7267489
  28. Yuliyansa, W., & Sisdianto, E. (2024). Analisis Laporan Keuangan: Memahami Kinerja Perusahaan Melalui Data Keuangan. Jurnal Media Akademik (JMA), 2(12), 1-11. doi:https://doi.org/10.62281/v2i12.1215
  29. Yulsiati, H. (2016). Pengaruh Debt To Assets Ratio, Debt To Equity Ratio dan Net Profit Margin Terhadap Return On Equity Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntanika, 1(2), 1-25.
  30. Zeng, N., Liu, Y., Gong, P., Hertogh, M., & Konig, M. (2021). Do right PLS and do PLS right: A Critical Review of the Application of PLS-SEM in Construction Management Research. Frontiers of Engineering Management, 8(3), 356-369. doi:https://doi.org/10.1007/s42524-021-0153-5