PENGARUH PERPUTARAN MODAL DAN LIKUIDITAS TERHADAP PROFITABILITAS DAN HARGA SAHAM

Abstract

Ali Hamdi
PT. Graha Sekar Kencana Surabaya
E-mail: ali_hamdii@yahoo.co.id

ABSTRACT

The research aim to examine (1) whether the cash, receivables, inventories turnover, current ratio,
acid test ratio and cash ratio simultaneously and partially affect the NPM, ROA, ROE and stock
price, (2) whether those variables also positively and significantly effect on stock prices through the
NPM, ROA and ROE. This study used the secondary data which taken from BEI at Muhammadiyah
University of Malang. The number of companies were only 7 in 2008 to 2011 and listed at the Stock
Exchange. The sampling was total sampling. Analysis techniques used path analysis. The results
showed that the cash, receivables, inventories turnover, current ratio, acid test ratio and cash ratio
were not significant simultaneously effect on NPM but positive and significant effect on ROA and
ROE. Whereas ROA and ROE positive and significantly effect on stock prices. Partially, cash, receivables
turnover and acid test ratio were not significant and negative effect on NPM. Inventory turnover,
current ratio and cash ratio were not positive effect. Cash, receivables and inventories turnover
were not significant and negative effect to ROA whereas current ratio, acid test ratio and cash ratio
were either. Cash, receivables turnover and acid test ratio were not significant negative effect on
stock prices through the NPM, ROA and ROE.

Keywords: Cash turnover, receivables turnover, inventories turnover, NPM, ROA and ROE.