Peran Likuiditas, Solvabilitas, dan Profitabilitas dalam Menentukan Kinerja Keuangan Perusahaan Manufaktur BEI 2020–2024
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Afrilliya Cholisatunnisa
*
Sekolah Tinggi Ilmu Ekonomi Studi Ekonomi Modern, Sukoharjo,
Indonesia
Abstract
This study aims to examine and analyze the effect of liquidity, solvency, and profitability on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This period covers the COVID-19 pandemic crisis phase through the economic recovery period. This research employs a quantitative method using purposive sampling, resulting in a sample of 30 companies with a total of 150 panel data observations. Data analysis is conducted using multiple linear regression. The results indicate that, partially, liquidity has a positive and significant effect on financial performance, while solvency has a negative and significant effect. Profitability is proven to have a positive and significant effect and is the most dominant variable influencing financial performance. Simultaneously, liquidity, solvency, and profitability significantly affect financial performance, with an explanatory power of 94.1%. The implications of this study suggest that company management should maintain liquidity ratios above a safe threshold, reduce debt levels, and prioritize operational efficiency to enhance profitability, which will directly improve overall financial performance. This study is also expected to contribute by providing recent empirical evidence on the role of liquidity, solvency, and profitability in explaining financial performance during the post-pandemic economic transition period, as well as enriching the literature by integrating Agency Theory, Trade-off Theory, and Signaling Theory.
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