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there is no heteroscedasticity. In this study, heteroskedastisity test can be viewed with using the chart Scatterplot between the predicted value
of dependent variable ZPRED and residual SRESID. Y-axis becomes the axis that has been predicted and the X axis is the residual
Y predicted-Y actually that has been in the studentized. Basic for decision-making are as follows:
1 If there is a certain pattern, like dots that are forming a regular patternwavy, widening and then narrow, then it indicates that
there is heteroscedasticity. 2 If there is no clear pattern, as well as the dots spread above and
below zero 0 on the Y axis, then it indicates that there is no heteroscedasticity or homocedasticity.
3. Hypothesis Testing a. Multiple Regression Analysis
Multiple regression analysis is used to test the effect of two or more independent variables toward the dependent variable Ghozali,
2006. Regression analysis divided into two kinds, simple regression analysis if there is only one independent variable and multiple
regression analysis if there are more than one independent variables. Multiple regression analysis can be measured partially indicated by
coefficient of partial regression jointly indicated by coefficient of multiple determination or R
2
Indriantoro and Supomo, 2009.
48
This research will show us about the influence of independent variables, working capital turnover X
1
, inventories turnover X
2
,receivables turnover X
3
, current ratio X
4
toward dependent variable, Return on Investment Y. The form of multiple linear
regression equation as follows:
Where: Y = Return on Investment X
1
= Working Capital Turnover X
2
= Receivables Turnover X
3
= Inventories Turnover X
4
= Current Ratio b
i
= Coefficient of Regression Variable b. Simultaneous Significance Test F- Test
Essentially, F-test has purpose to know whether among independent variables simultaneously have significant influence toward
dependent variable. Independent variables in this research working capital turnover, inventories turnover, receivables turnover and current
ratio whereas dependent variable is ROI. So, F-test has function to know the influence among working capital management and liquidity
towards profitability ROI. α used for this research is 0.05 5 with assumption:
Y = b + b
1
X
1
+ b
2
X
2
+ b
3
X
3
+ b
4
X
4
+e
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1. F
test
F
table
, independent variables simultaneously not influence towards dependent variable or hypothesis is rejected.
2. F
test
F
table
, independent variables simultaneously influence significantly towards dependent variables or hypothesis is
accepted. c. Partial Significance Test T - Test
Partial Significance Test or t- test basically has purpose to know how far and how much the influence independent variables toward
dependent variables. In this research, t- test is done to know the influence of working capital turnover, receivable turnover, inventory
turnover, and current ratio as independent variables towards profitability ROI as dependent variable.
Assumption used for this test are if the significance value of t more than α significance value α, so H
= accepted and H
1 =
rejected but if on contrary the significance value of t
less than α significance value α, so H
= rejected and H
1 =
accepted. Level of sign ificance α
use in this research is 0.01 1, 0.05 5, and 0.10 10 d. Coefficient of Determination Test R
2
According to Wihandaru S. P., coefficient of determination test is used to measure proportion of dependent variable variance which is
explained by independent variable. The value of R Square is between zero and one. If the value close to one means that independent variable
50
gives almost all the information needed to predict the variation in the dependent variable Ghozali, 2009.
E. Variable Operational Research
Variable operational research is a concept that had variation point applied in a research and meant to ensure, so variable that wanted to be
researched clearly could be seen. As for variable that is meant as follows:
1. Independent Variable
The independent variable is the type of variables that explain or influence another variable or variables suspected as the cause of the
dependent variable Indriantoro and Supomo, 2009. The independent variables used are:
a. Working Capital Turnover
The sales of the current assets minus current liabilities
b. Inventory Turnover
The cost of good sold by the average of inventory Working capital Turnover = Sales Current assets
– Current Liabilities
Inventory Turnover = COGS Inventories x 100
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c. Receivable Turnover
The receivables divided by sales
d. Liquidity Current Ratio
Current assets divided by current liabilities
2. Dependent Variable
Dependent variable is type of variables that explained or influenced by other variables or variable expected as a result of the
independent variable Indriantoro and Supomo, 2009. Dependent variable used in this research is ROI.
Return On Investment ROI is one of the profitability ratios are intended to measure the ability of companies with total funds
invested in assets that are used for the operation of the company to generate profits. Return on investment can be formulated as follows
Munawir, 2004: Receivable Turnover = Receivables Sales x 100
Current Ratio = Current Assets Current Liabilities
ROI = Net Operating Income Total Assets
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CHAPTER IV FINDING AND ANALYSIS
A. General Description of Research Object
National automotive industry is one of the Indonesian economic driving. The automotive industry has begun manufacturing value chain
components, manufacturing the vehicle itself, the distribution network and after-sales service, both official and public workshops, including network
sales of spare parts throughout Indonesia. In addition, the industry also develop supporting industries such as finance and insurance. Thus the
chain of the automotive industry is also creating opportunities tremendous work for the community. Based on data GAIKINDO, the automotive
industry is the fourth rank contributors to the tax. Furthermore, the rapid development of the national automotive industry will attract foreign
investors to participate in developing its business in Indonesia. Automotive and Components number of companies listed in the Indonesia Stock
Exchange period 2008-2012 amounted to 12 companies. But companies are still listed and issued financial statements amounted to only 12
companies. Here is the company profile Automotive and Components in brief:
1. PT. Astra International Tbk. ASII PT Astra International Tbk, known as the Astra Group is one of the
largest business groups in Indonesia, established since the 20
th
February 1957. The company has been listed on the Jakarta Stock Exchange since
53
April 4
th
, 1990. Currently the majority of its shares owned by Singapores Jardine Cycle Carriage. In 1957, PT Astra International was founded. In
1965 the company began importing heavy equipment and cars from the United States. 1969 Astra then became the sole distributor of Toyota cars
in Indonesia. Astra was appointed as the sole distributor of Honda Motor and copy machine Xerox in Indonesia in 1970. Astra International 1990
listed in the Jakarta Stock Exchange and Surabaya Stock Exchange. Then in 2005 Toyota Astra Finance was established to support the financing of
the Toyota brand. 2. PT. Astra Otoparts. AUTO
Astra Otoparts established in 1976 which is a leading group of companies engaged in the manufacturing and distribution automotive
components, serving the market: the domestic automotive manufacturers, parts replacement, and export mostly to Asia Oceania, Middle East, and
Africa. As a group of leading companies, Astra Otoparts always improve capabilities in the field of manufacturing technology through cooperation
strategic strategic joint ventures as well as technical assistance agreement with the companies manufacturing components from Japan and Europe.
Products production subsidiaries have been widely used assembled by the manufacturer of cars and motorcycles, such as Toyota, Daihatsu, Isuzu,
Mitsubishi, Suzuki, Honda, Yamaha, and Kawasaki, Hino. In 1998, Astra Otoparts has been listed in the Jakarta Stock Exchange.
54
3. PT. Gajah Tunggal Tbk. GJTL Established in 1951, PT. Gajah Tunggal Tbk. start production tires
with a bicycle tire. The company has since grown into a manufacturer the largest integrated tire in Southeast by making a variety of products through
the production of motorcycle tires in 1971,followed by bias tires for passenger cars and commercial in 1981. Early90s, the company began
manufacture radial tires for cars passenger and truck. PT Gajah Tunggal Tbk listed in the Stock Exchange Jakarta and Surabaya in 1990.
4. PT.Goodyear Indonesia Tbk. GDYR PT Goodyear Indonesia is the first tire company and the oldest in
Indonesia, which was founded in 1935 on an area of 172,000 of
greenery in the city of Bogor. GDYR was one of the first companies listed on the Jakarta Stock Exchange in 1980. Since 1935, Goodyear became a
pioneer for the development of the tire industry in Indonesia, and provide technical support in the establishment of PT Intirub Indonesian Tire
Rubber Company. It also contributed to the technology industry by forming a bead wire for PT Indocordsa Tbk.
5. PT.IndoKordsa Tbk. BRAM PT Indocordsa Tbk is the Indonesia-based tire thread cable and
fabric manufacturers. Indocordsa engaged in the manufacture and distribution of tire cord fabric, nylon yarn and polyester yarn. On
December 31
th
, 2009, Indocordsa subsidiaries are PT Indocordsa Polyester and Thailand Indocordsa Co.
