Pengaruh Likuiditas dan Solvabilitas terhadap Profitabilitas pada Perusahaan Makanan dan Minuman di Bursa Efek Indonesia Periode 2021–2025

Abstract

This study examines how liquidity and solvency shape the profitability of food manufacturing firms listed on the IDX during 2021-2025. A quantitative associative approach was applied, using secondary data drawn from annual financial statements published by the IDX. Liquidity was proxied by CR, solvency was represented by DAR, and profitability was assessed through ROA. From a population of 95 firms, purposive sampling yielded 37 firms that met the selection criteria. Observing them over five years produced 182 pooled firm-year observations. The data were processed in SPSS 27 through classical assumption tests, multiple linear regression, the t-test, the F-test, and the coefficient of determination. The empirical results show that liquidity does not contribute meaningfully to higher profitability (t-value = 1.840; significance = 0.067). Solvency, by contrast, exerts a significant negative pressure on earnings generation (t-value = −3.336; significance = 0.001). The simultaneous test confirms that both independent variables jointly play a decisive role in explaining profitability, as indicated by an F-value of 29.472 (significance < 0.001). The Adjusted R Square of 0.248 indicates that CR and DAR together account for 24.8% of the variation in ROA, while the remaining 75.2% is governed by factors outside the model. These findings suggest that the efficiency of debt management occupies a central position in shaping the financial performance of food firms, whereas the sufficiency of current funds, taken on its own, does not yet produce a significant effect.