Determinants Of Financial Performance: The Role Of Liquidity, Solvency, And Profitability Ratios

Ardhika Fadhilah Yogastoro; Priyo Utomo; Syamsul Arifin; Nuryadi Nuryadi

doi:10.63922/ijebir.v5i05.6337

Ardhika Fadhilah Yogastoro Accounting Program, Sekolah Tinggi Ilmu Ekonomi Pemuda Surabaya
Priyo Utomo Accounting Program, Sekolah Tinggi Ilmu Ekonomi Pemuda Surabaya
Syamsul Arifin Accounting Program, Sekolah Tinggi Ilmu Ekonomi Pemuda Surabaya
Nuryadi Nuryadi Accounting Program, Sekolah Tinggi Ilmu Ekonomi Pemuda Surabaya

DOI: https://doi.org/10.63922/ijebir.v5i05.6337

Keywords: liquidity, solvabilitas, profitabilitas, kinerja keuangan

Abstract

This study aims to examine the effect of liquidity, solvency, and profitability ratios on the financial performance of automotive companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. A quantitative causal-associative method was used with secondary data from financial statements. Using purposive sampling, 12 companies were selected, yielding 48 firm-year observations. The independent variables were measured using the Current Ratio (CR), Debt to Equity Ratio (DER), and Net Profit Margin (NPM), while financial performance was measured by Return on Assets (ROA). Data were analyzed using multiple linear regression with SPSS 29. Results show liquidity has not improved financial performance as current assets remain underutilized, solvency is not yet a main determinant so funding structure must stay balanced, while profitability has a significant positive effect requiring continued operational efficiency. Simultaneously, all three ratios significantly affect financial performance (Adjusted R Square 46%), requiring balanced, integrated management.

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