THE EFFECT OF DEBT TO ASSET RATIO AND CURRENT RATIO ON RETURN ON EQUITY IN CREATIVE ECONOMY COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2022-2024 PERIOD

Article Sidebar

PDF (BAHASA INDONESIA)
Published Mar 31, 2026
DOI https://doi.org/10.53651/jdeb.v19i1.626

Main Article Content

Ashraf Fadillah Adam
Sekolah Tinggi Ilmu Ekonomi Nasional Banjarmasin
Soedjatmiko Soedjatmiko
Sekolah Tinggi Ilmu Ekonomi Nasional Banjarmasin
Mega Andani
Sekolah Tinggi Ilmu Ekonomi Nasional Banjarmasin

Abstract

This study examines the effect of Debt to Asset Ratio (DAR) and Current Ratio (CR) on Return on Equity (ROE) of creative economy companies listed on the Indonesia Stock Exchange during the 2022–2024 period. A quantitative method was employed. Purposive sampling was used to select a sample of 34 companies over three periods, resulting in 102 units of observation. Data were tabulated and analyzed using SPSS software (version 27.00 for Windows) through descriptive statistics, classical assumption tests, and multiple linear regression, with the autocorrelation problem corrected using the Cochrane–Orcutt procedure. The results demonstrate that Debt to Asset Ratio and Current Ratio each have a significant negative partial effect on Return on Equity, with significance values of 0.000 and 0.003, respectively. Collectively, both variables also exert a significant effect, with a significance value of 0.000. The Adjusted R-squared value is 13.8%. The study concludes that Debt to Asset Ratio and Current Ratio negatively influence Return on Equity, both individually and simultaneously, on creative economy companies listed on the Indonesia Stock Exchange.

Article Details

How to Cite
Adam, A., Soedjatmiko, S., & Andani, M. (2026). THE EFFECT OF DEBT TO ASSET RATIO AND CURRENT RATIO ON RETURN ON EQUITY IN CREATIVE ECONOMY COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2022-2024 PERIOD. Dinamika Ekonomi: Jurnal Ekonomi Dan Bisnis, 19(1), 21-38. https://doi.org/https://doi.org/10.53651/jdeb.v19i1.626
Issue
Vol 19 No 1 (2026): DINAMIKA EKONOMI Jurnal Ekonomi dan Bisnis Vol.19 No. 1, Maret 2026
Section
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

This work is licensed under a Creative Commons Attribution 4.0 International License

References

Agus S. Irfani. (2020). Manajemen Keuangan dan Bisnis: Teori dan Aplikasi. Jakarta: PT Gramedia Pustaka Utama.
Andriani, D., dkk. (2022). Pengaruh DAR, CR dan DER terhadap ROE pada Perusahaan Sub Sektor Pertambangan di Indonesia. Jurnal Akuntansi dan Keuangan, 10(2), 45-58.
Bank Indonesia. (2024). Laporan Kebijakan Moneter: BI 7-Day Reverse Repo Rate. Diakses dari https://www.bi.go.id
CNBC Indonesia. (2024). PT Sepatu Bata Tbk (BATA) Tutup Pabrik Akibat Tekanan Likuiditas. Diakses dari https://www.cnbcindonesia.com
Dewi, P. Y. C., & Sedana, I. B. P. (2024). Pengaruh struktur modal terhadap kinerja keuangan pada perusahaan sektor industri barang konsumsi di BEI. Journal of Business, Finance, and Economics (JBFE), 5(1), 199–217.
Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301–325.
Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 26 (10th ed.). Semarang: Badan Penerbit Universitas Diponegoro.
Hani, S. (2015). Manajemen Keuangan Lanjutan. Jakarta: Kencana.
Harahap, S. S. (2013). Analisis Kritis atas Laporan Keuangan. Jakarta: Rajawali Pers.
Hendriksen, E. S., & Breda, M. F. (1992). Accounting Theory (5th ed.). New York: McGraw-Hill Book Company.
Indriani, F., & Gunawan, H. (2025). Pengaruh Debt to Asset Ratio (DAR) dan Current Ratio (CR) terhadap Return on Equity (ROE) pada PT Ace Hardware Indonesia Tbk periode 2011-2023. Journal of Research and Publication Innovation (JORAPI), 3(1), 2424–2436.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
Kasmir. (2015). Analisis Laporan Keuangan (Edisi Revisi). Jakarta: PT Raja Grafindo Persada.
Kasmir. (2018). Analisis Laporan Keuangan. Depok: Rajawali Pers.
Kasmir. (2019). Analisis Laporan Keuangan (Edisi Revisi). Depok: PT RajaGrafindo Persada.
Kemenparekraf/Baparekraf. (2023). Rencana Strategis Ekonomi Kreatif 2020–2024. Jakarta: Kemenparekraf RI.
Khusniawati, P., & Susila, G. P. A. J. (2025). Pengaruh CR dan DER terhadap ROE pada Bank Perkreditan Rakyat di Kabupaten Malang. Bisma: Jurnal Manajemen, 11(1), 1–7.
Nada, & Hasanuh, N. (2024). Pengaruh CR terhadap ROE pada Perusahaan Sub Sektor Otomotif.
Nur, & Rahmawati. (2023). Pengaruh DAR terhadap ROE pada Perusahaan Makanan dan Minuman.
Oktaviyani, M., & Lestiyadi, P. (2025). Pengaruh Current Ratio dan Debt to Equity Ratio terhadap Return on Equity pada PT Wilmar Cahaya Indonesia. Journal of Research and Publication Innovation, 3(1), 756–766.
Ross, S. A. (1973). The Economic Theory of Agency: The Principal's Problem. The American Economic Review, 63(2), 134–139.
Soedjatmiko, Iswoyo, A., Setiawan, N., & Saputra, A. J. (2025). Sectoral mapping of creative economy firms on the Indonesia Stock Exchange based on Kemenparekraf and IDX. Dinamika Ekonomi: Jurnal Ekonomi dan Bisnis, 18(2), 324–342.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Sujarweni, V. W. (2017). Analisis Laporan Keuangan: Teori, Aplikasi, dan Hasil Penelitian. Yogyakarta: Pustaka Baru Press.
Triyuni, N. (2025). Pengaruh Debt to Asset Ratio terhadap Return on Equity: Studi pada Perusahaan Terdaftar di Bursa Efek Indonesia.
Yolanda, & Indah. (2024). Pengaruh DAR, CR dan DER terhadap ROE.