PENGARUH PROFITABILITY RATIO, EFFICIENCY RATIO, DAN PERTUMBUHAN EKONOMI TERHADAP DEBT TO EQUITY RATIO PADA PERUSAHAAN SEKTOR KESEHATAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015 - 2020

Abstract

This study aims to determine the effect of Profitability Ratio, Efficiency Ratio, and Economic Growth on the Debt-to-Equity Ratio in Healthcare Sector Companies Listed on the Indonesia Stock Exchange for the 2015-2020 period. This study uses a quantitative approach. The technique of data collection is done by the method of documentation. The sampling method used is purposive sampling and the sample in this study is a health sector company with an IPO listing date or has been listed on the Indonesia Stock Exchange (IDX) at least 2015. The number of companies sampled in this study was 12 companies with a total of 72 objects of observation. The data analysis methods used are panel data analysis, descriptive statistical test, model selection test in panel data analysis, classical assumption test, and hypothesis testing using Microsoft Office Excel 365 software and Stata SE 17. Based on the results of the study, it can be concluded that: (1) Return on Equity as a representative of the profitability ratio has no significant effect on the Debt-to-Equity Ratio. (2) Return on Assets as a representative of the profitability ratio has no significant effect on the Debt-to-Equity Ratio. (3) Net Profit Margin as a representative of the profitability ratio has no significant effect on the Debt-to-Equity Ratio. (4) Account Receivable Turnover as a representative of the Efficiency Ratio has no significant effect on the Debt-to-Equity Ratio. (5) Account Payable Turnover as a representative of the Efficiency Ratio has a significant effect on the Debt-to-Equity Ratio. (6) Fixed Asset Turnover as a representative of the Efficiency Ratio has no significant effect on the Debt-to-Equity Ratio. (7) Economic growth has no significant effect on the Debt-to-Equity Ratio.