Perputaran Kas Persediaan Likuiditas Leverage dan Profitabilitas PT Indofarma Tbk Studi Eksploratif Kuartalan 2023–2025
DOI:
https://doi.org/10.51903/586wqh12Keywords:
cash turnover, inventory turnover, leverage, liquidity, profitabilityAbstract
This study explores the associations of cash turnover, inventory turnover, liquidity, and leverage with the profitability of PT Indofarma Tbk over 2023–2025. Eleven reporting-date observations were reconstructed from financial statements; the first quarter of 2024 was excluded because all required accounts could not be verified. Profitability is measured by return on assets, liquidity by the current ratio, and leverage by the liabilities-to-assets ratio. The nine-month 2023 cost of goods sold was corrected to IDR435.464 billion. Ordinary least squares, HC3 covariance estimation, and sensitivity analyses were applied to cumulative year-to-date ratios. The conventional model yielded R² = 0.8095 and an inventory-turnover coefficient of −18.723 (p = 0.004). However, this coefficient was not significant with HC3 inference (p = 0.193), and joint significance disappeared (p = 0.646). Serious collinearity between liquidity and leverage, influential observations, and the change from consolidated reporting to parent-only statements in 2025 limit interpretation. The results describe fragile sample associations and do not establish causal effects. Inventory valuation and reporting comparability should be examined before interpreting turnover ratios as operational efficiency.
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