P-ISSN: 2808-5957
E-ISSN: 2808-6724
ijoms.internationaljournallabs.com
907
THE INFLUENCE OF LIQUIDITY, ACTIVITY, AND SOLVENCY ON STOCK PRICES
WITH PROFITABILITY AND CORPORATE SOCIAL RESPONSIBILITY
DISCLOUSURE AS INTERVING VARIABLES IN THE RESTAURANT, HOTEL AND
TOURISM SUB-SECTOR
Weny Astutik
1
, Mulyanto Nugroho
2
, Nekky Rahmiyati
3
17 August 1945 University Surabaya, Faculty of Business Economics, Indonesia
email : wenyastutik93@gmail.co, mulyantonugro26@gmail.com, rahmiyatinekky@gmail.com
Abstract
The purpose of this study was to determine the effect of liquidity, activity, and solvency on stock prices
by using two intervening variables, namely profitability and CSRD. This research uses the causal
explanatory method which is a type of research where the researcher explains the causal relationship
between the variables through hypothesis testing, namely testing hypotheses based on the theory that
has been formulated previously, and then the data that has been obtained is calculated through a
quantitative approach. Liquidity has no significant effect on Profitability, Liquidity has no significant
effect on CSRD, Liquidity has no significant effect on Stock Price, Activity has no significant effect on
Profitability, Activity has no significant effect on CSRD, Activity has no significant effect on Stock
Price, Solvency has no significant effect on Profitability, Solvency has no significant effect on CSRD,
Solvency has no significant effect on stock prices, profitability has no significant effect on stock prices,
CSRD has no significant effect on stock prices.
Keywords: liquidity, activity, solvency, causal explamentory.
Indonesian Journal of Multidisciplinary Science © 2022 by International Journal Labs is licensed
under CC BY-SA 4.0
INTRODUCTION
The restaurant, hotel and tourism sector is one of the sectors that effectively increases the
country's foreign exchange earnings. In 2018, tourism in Indonesia experienced the highest
growth, ranking ninth in the world according to World Travel and Tourism Council (WTTC) data.
In early 2020, this sector experienced a slowdown due to the COVID-19 virus outbreak. The
tourism sector is one of the sectors affected by the COVID-19 pandemic (Sugihamretha, 2020).
The policy of prohibiting inter-regional mobility, including tourism activities, has led to a decrease
in the number of visits to tourist attractions.
Under these conditions, financial information that is only available in the form of income is
not sufficient to ensure the survival of the company. Companies must provide other necessary
information for stakeholders in relation to decision making, namely information on social and
environmental issues that are achieved through the implementation of corporate social
responsibility (Munsaidah, Andini, & Supriyanto, 2016).
Liquidity is a ratio that describes a company's ability to meet short-term obligations. That is,
if the company is billed, then the company is able to meet the debt, especially debt that is past due.
The liquidity ratio can be measured in one way, namely the Current ratio (CR).
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
908
Activities expressed in total assets turnover where the higher the total assets turnover, the
more efficient the use of assets as a whole in generating sales or in other words the same number
of assets increases sales volume.
Solvency is the ratio used to measure the extent to which the company's assets are financed
by debt. One of the solvency ratios, namely the Debt to Equity Ratio (DER), describes the
company's ability to fulfill its equity obligations. This ratio is useful for knowing the amount of
funds provided by the borrower with the owner of the company
During the last three years, from 2018 to 2020, there have been inconsistencies (fluctuations)
in share prices. In 2020 there was a fairly high decline from the average stock price in 2020, which
was55%. This phenomenon is due to a pandemicCOVID-19 in 2020 which caused many corporate
sectors, especially in the restaurant, hotel, and tourism sub-sectors to be released by investors from
these conditions which could affect stock prices.
Increase or decrease in stock prices due to liquidity, activity, and solvency, profitability
increases and decreases every year as well as the bargaining process on stock prices that will
continue to occur until trading ends and the financial performance of the sale of goods and services
is less effective, causing fluctuations in liquidity, activity, and solvency to profitability in each
year.
The purpose of this study was to determine the effect of liquidity, activity, and solvency on
stock prices by using two interving variables, namely profitability and CSRD. This research uses
the causal explamentory method which is a type of research where the researcher explains the
causal relationship between the variables through hypothesis testing, namely testing hypotheses
based on the theory that has been formulated previously and then the data that has been obtained
is calculated through a quantitative approach.
Conceptual framework
Figure 1. Conceptual Framework
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
909
METHOD
According to (Hasanah, Darmawan, & Nanang, 2019) which states that the population is a
source of data in certain studies that have a large number and area. Meanwhile, according to
(Martono, 2015) explains that what is meant by population is the entire unit or individual within
the scope to be studied. In this study, the population used were 35 companies in the hotel,
restaurant, and tourism sub-sector from 2018 - 2020 which were listed on the Indonesia Stock
Exchange.
The sampling technique was carried out to determine the sample to be used in the study. In
this study, the sampling technique was used purposive sampling method. According to (Sugiyono,
2013), purposive sampling is a technique for taking sample members using certain considerations.
For this reason, researchers have sampling criteria. The criteria determined by the researcher for
the sample to be studied are based on:
a. The data taken is data from the Financial Statements from 2018 to 2020.
b. Companies engaged in the restaurant, hotel, and tourism sub-sectors that publish Annual
Reports on IDX and BEI
c. Companies that consistently enter the restaurant, hotel, and tourism sub-sector during the
period 2018 - 2020
Table 1. Sample list of companies in the restaurant, hotel and tourism sub-sector
NO
Company name
1.
PT Bayu Buana Tbk
2.
PT Bukit Uluwatu Villa Tbk
3.
PT Fast Food Indonesia Tbk
4.
PT Hotel Mandarine Regency Tbk
5.
PT Island Concepts Indonesia Tbk
6.
PT Indonesian Paradise Property Tbk
7.
PT Jakarta Setiabudi Internasional Tbk
8.
PT Red Planet Indonesia Tbk
9.
PT Mas Murni Indonesia Tbk
10.
PT Panorama Sentrawisata Tbk
11.
PT Pembangunan Jaya Ancol Tbk
12.
PT Pudjiadi And Sons Tbk
13.
PT Pioneerindo Gourmet International
Tbk
14.
PT Hotel Sahid Jaya International Tbk
Data collection technique
The method of collecting data in this research is the documented method, namely by
collecting data using documents related to this research. The data or documents of this research
are financial statements obtained from the Indonesia Stock Exchange (IDX), namely
www.idx.co.id.
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
910
Data analysis technique
Descriptive Analysis
According to (Sugiyono, 2014) descriptive statistics are statistics used to analyze data by
describing or describing the data that has been collected as it is without intending to make
conclusions that apply to the general public or generalizations.
The data analysis method is an activity after the data is collected. Activities in analyzing data are
grouping data based on variables or types of respondents, tabulating data based on variables from
all respondents, presenting data for each variable collected, performing calculations to obtain
hypotheses that have been proposed.
Quantitative Analysis
Analysis of the data in this study using PLS (Partial Least Square) version 3.0 M3 PLS
(Partial Least Square) was first developed by wold as a general method for estimating the path
model using latent constructs with types using mutype indicators. PLS (Partial Least Square) is a
strong factor of uncertainty in the analytical method because it does not assume that the data must
be of a certain scale, the number of samples is small. PLS (Partial Least Square) can also be used
to confirm the theory.
RESULT AND DISCUSSION
Descriptive Analysis
This descriptive statistic informs the maximum, minimum, mean (mean), and standard
deviation values of the dependent variable, independent variable, and intervening variable. The
results of descriptive statistics can be explained in table 1 as follows
Table 2. Descriptive statistics
Based on table 1, we can see that the
liquidity variable has 42 data (N) samples. This variable is measured using the current ratio, quick
ratio, and cash ratio indicators. The current ratio indicator has a maximum value of 748.40 and a
minimum value of 22.00 with an average value of 208.2000 and a standard deviation of 191.7841.
The quick ratio indicator has a maximum value of 748.40 and a minimum value of 6.90 with an
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
911
average value of 129.9476 and a standard deviation of 159.18247. The cash ratio indicator has a
maximum value of 737.00 and a minimum value of 16.80 with an average value of 84.8802 and a
standard deviation of 160.84623.
The activity variable has 42 data (N) samples. This variable is measured using indicators of
Receivable Turn Over, Working Capital Turn Over, Fixed Assets Turn Over and Total Assets Turn
Over. The Receivable Turn Over indicator has a maximum value of 5.30 and a minimum value of
-3.14 with an average value of 0.6281 and a standard deviation of 1.59762. The Working Capital
Turn Over indicator has a maximum value of 6984.2 and a minimum value of 1.06 with an average
value of 1055.3702 and a standard deviation of 1960.38838. The Fixed Assets Turn Over indicator
has a maximum value of 38.60 and a minimum value of 15.60 with an average value of 23.9755
and a standard deviation of 5.92151. The Total Assets Turn Over indicator has a maximum value
of 103.46 and a minimum value of 66,
The solvency variable has 42 data (N) samples. This variable is measured using the indicato
️ Asset , Debt to Equity Ratio, Long Term Debt to Equity Ratio, and Time Earned Interest.
Indicato Asset has a maximum value of 91.07 and a minimum value of 27.33 with an average
value of 80.1957 and a standard deviation of 8.59098. The Debt to Equity Ratio indicator has a
maximum value of 11.85 and a minimum value of 2.81 with an average value of 5.3810 and a
standard deviation of 2.31828. The Long Term Debt to Equity Ratio indicator has a maximum
value of 11.06 and a minimum value of 2.53 with an average value of 5.1700 and a standard
deviation of 1.76951. The Time Earned Interest indicator has a maximum value of 41.29 and a
minimum value of 11.27 with an average value of 18.3900 and a standard deviation of 6.25657.
Profitability variable has 42 data (N) samples. This variable is measured using the indicators of
Return On Assets, Return On Equity, Earning per Share, and Earning Power Basis. The Return On
Assets indicator has a maximum value of 87.54 and a minimum value of 0.15 with an average
value of 6.7500 and a standard deviation of 14.23443. The Return On Equity indicator has a
maximum value of 20.50 and a minimum value of -20.69 with an average value of 9.1807 and a
standard deviation of 8.22814. The Earning per Share indicator has a maximum value of 1107.96
and a minimum value of -5.92 with an average value of 338.3462 and a standard deviation of
325.29798. The Earning Power Basis Indicator has a maximum value of 163.63 and a minimum
value of -145.32 with an average value of 18,
The CSRD variable has 42 data (N) samples. This variable is measured using the indicator
CSRI. Indicator CSRI has a maximum value of 3.00 and a minimum value of 1.00 with an average
value of 1.9286 and a standard deviation of 0.55843.
The Stock Price variable has 42 data (N) samples. This variable is measured using the
indicator Closing Price. Indicator Closing Price has a maximum value of 7300.00 and a minimum
value of 50.00 with an average value of 1190.4814 and a standard deviation of 1562,46798.
Quantitative Analysis
According to (Jogiyanto & Abdillah, 2009), before testing the hypothesis to predict the
relationship between latent variables in structural capital, testing the measurement model must first
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
912
be done to verify indicators and latent variables. This test includes testing of construct validity
(convergent validity and discriminant validity) and testing of construct reliability.
Validity Test with Convergent Validity
The validity test was carried out by using the evaluation measurement (outer) model, namely
by using convergent validity, the magnitude of the loading factor for each > 0.50 of the intended
variable. The following is the output of the measurement model or outer model with PLS.
Figure 2. Outer Model 1
Table 3. Outer Model 1
X1
X3
Z2
Y
CR
0.263
QR
0.181
RK
0.985
FATO
RTO
TATTOO
WCTO
DAR
-
0.326
DER
0.158
LTDER
0.821
TIE
-
0.656
BEP
EPS
ROA
ROE
CSRI
1,000
CP
1,000
Based on the interpretation of table 3, it can be explained as follows (1) The liquidity variable
(X1) has three indicators, namely, current ratio, quick ratio, and cash ratio. The three indicators
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
913
each have a loading factor value, namely the current ratio of 0.360, the quick ratio of 0.281, and
the cash ratio of 0.965. Based on the minimum value of convergent validity > 0.5, the indicators
included in the criteria are cash ratio (RK), (2) Activity Variable (X2) has four indicators, namely,
FATO (Fixed Assets Turn Over), RTO (Receivable Turn Over), TATO (Total Assets Turn Over),
WCTO (Working Capital Turn Over). The four indicators each have a loading factor value, namely
FATO (Fixed Assets Turn Over) of 0.520, RTO (Receivable Turn Over) of 0.749, TATO (Total
Assets Turn Over) of 0.052, WCTO (Working Capital Turn Over) is 0.590. Based on the minimum
value of convergent validity > 0.5, the indicators included in the criteria are FATO (Fixed Assets
Turn Over), RTO (Receivable Turn Over) and WCTO (Working Capital Turn Over), (3) Solvency
Variable (X3) has four indicators, namely, DAR (Debt to Asset Ratio), (Debt to Equity Ratio),
LTDER (Long Term Debt to Equity Ratio), TIE (Time Earned Interest). The four indicators each
have a loading factor value, namely DAR (Debt to Asset Ratio) of -0.266, DER (Debt to Equity
Ratio) of 0.185, LTDER (Long Term Debt to Equity Ratio) of 0.870, TIE (Time Earned Interest)
of -0.601. Based on the minimum value of convergent validity > 0.5, the indicators included in the
criteria are LTDER (Long Term Debt to Equity Ratio), (4) Based on the minimum value of
convergent validity > 0.5, the indicators included in the criteria are FATO (Fixed Assets Turn
Over), RTO (Receivable Turn Over) and WCTO (Working Capital Turn Over), (3) Solvency
Variable (X3) has four indicators, namely, DAR (Debt to Asset Ratio), (Debt to Equity Ratio),
LTDER (Long Term Debt to Equity Ratio), TIE (Time Earned Interest). The four indicators each
have a loading factor value, namely DAR (Debt to Asset Ratio) of -0.266, DER (Debt to Equity
Ratio) of 0.185, LTDER (Long Term Debt to Equity Ratio) of 0.870, TIE (Time Earned Interest)
of -0.601. Based on the minimum value of convergent validity > 0.5, the indicators included in the
criteria are LTDER (Long Term Debt to Equity Ratio), (4) Based on the minimum value of
convergent validity > 0.5, the indicators included in the criteria are FATO (Fixed Assets Turn
Over), RTO (Receivable Turn Over) and WCTO (Working Capital Turn Over), (3) Solvency
Variable (X3) has four indicators, namely, DAR (Debt to Asset Ratio), (Debt to Equity Ratio),
LTDER (Long Term Debt to Equity Ratio), TIE (Time Earned Interest). The four indicators each
have a loading factor value, namely DAR (Debt to Asset Ratio) of -0.266, DER (Debt to Equity
Ratio) of 0.185, LTDER (Long Term Debt to Equity Ratio) of 0.870, TIE (Time Earned Interest)
of -0.601. Based on the minimum value of convergent validity > 0.5, the indicators included in the
criteria are LTDER (Long Term Debt to Equity Ratio), (4) then the indicators included in the
criteria are FATO (Fixed Assets Turn Over), RTO (Receivable Turn Over) and WCTO (Working
Capital Turn Over), (3) Solvency Variable (X3) has four indicators, namely, DAR (Debt to Asset
Ratio) , (Debt to Equity Ratio), LTDER (Long Term Debt to Equity Ratio), TIE (Time Earned
Interest). The four indicators each have a loading factor value, namely DAR (Debt to Asset Ratio)
of -0.266, DER (Debt to Equity Ratio) of 0.185, LTDER (Long Term Debt to Equity Ratio) of
0.870, TIE (Time Earned Interest) of -0.601. Based on the minimum value of convergent validity
> 0.5, the indicators included in the criteria are LTDER (Long Term Debt to Equity Ratio), (4)
then the indicators included in the criteria are FATO (Fixed Assets Turn Over), RTO (Receivable
Turn Over) and WCTO (Working Capital Turn Over), (3) Solvency Variable (X3) has four
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
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indicators, namely, DAR (Debt to Asset Ratio) , (Debt to Equity Ratio), LTDER (Long Term Debt
to Equity Ratio), TIE (Time Earned Interest). The four indicators each have a loading factor value,
namely DAR (Debt to Asset Ratio) of -0.266, DER (Debt to Equity Ratio) of 0.185, LTDER (Long
Term Debt to Equity Ratio) of 0.870, TIE (Time Earned Interest) of -0.601. Based on the minimum
value of convergent validity > 0.5, the indicators included in the criteria are LTDER (Long Term
Debt to Equity Ratio), (4) (3) The Solvency Variable (X3) has four indicators, namely, DAR (Debt
to Asset Ratio), (Debt to Equity Ratio), LTDER (Long Term Debt to Equity Ratio), TIE (Time
Earned Interest). The four indicators each have a loading factor value, namely DAR (Debt to Asset
Ratio) of -0.266, DER (Debt to Equity Ratio) of 0.185, LTDER (Long Term Debt to Equity Ratio)
of 0.870, TIE (Time Earned Interest) of -0.601. Based on the minimum value of convergent
validity > 0.5, the indicators included in the criteria are LTDER (Long Term Debt to Equity Ratio),
(4) (3) The Solvency Variable (X3) has four indicators, namely, DAR (Debt to Asset Ratio), (Debt
to Equity Ratio), LTDER (Long Term Debt to Equity Ratio), TIE (Time Earned Interest). The four
indicators each have a loading factor value, namely DAR (Debt to Asset Ratio) of -0.266, DER
(Debt to Equity Ratio) of 0.185, LTDER (Long Term Debt to Equity Ratio) of 0.870, TIE (Time
Earned Interest) of -0.601. Based on the minimum value of convergent validity > 0.5, the
indicators included in the criteria are LTDER (Long Term Debt to Equity Ratio), (4) DER (Debt
to Equity Ratio) is 0.185, LTDER (Long Term Debt to Equity Ratio) is 0.870, TIE (Time Earned
Interest) is -0.601. Based on the minimum value of convergent validity > 0.5, the indicators
included in the criteria are LTDER (Long Term Debt to Equity Ratio), (4) DER (Debt to Equity
Ratio) is 0.185, LTDER (Long Term Debt to Equity Ratio) is 0.870, TIE (Time Earned Interest)
is -0.601. Based on the minimum value of convergent validity > 0.5, the indicators included in the
criteria are LTDER (Long Term Debt to Equity Ratio), (4) VariableProfitability (Z1) has four
indicators, namely, BEP (Basic Earning Power), EPS (Earning per Share), ROA (Return On
Assets), ROE (Return On Equity). The four indicators each have a loading factor value, namely
BEP (Basic Earning Power) of -0.635, EPS (Earning per Share) of 0.031, ROA (Return On Assets)
of 0.787, ROE (Return On Equity) of 0.234. Based on the minimum value of convergent validity
> 0.5, the indicators included in the criteria are ROA (Return On Assets), (5) CSRD variable (Z2)
has one indicator, namely CSRI. The CSRI indicator has a loading factor value of 1,000. Based
on the minimum value of convergent validity > 0.5, then the CSRI indicator is included in the
criteria (6) The stock price variable (Y) has one indicator, namely, closing price. The Closing Price
indicator has a loading factor value of 1,000. Based on the minimum value of convergent validity
> 0.5, then the Closing Price indicator is included in the criteria.
From the results of the convergent validity measurement, there are indicators that do not
meet the validity test criteria. So convergent validity is needed once again.
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
915
Figure 3. Outer Model 2
Table 4. Outer Model 2
X1
X2
X3
Z1
Z2
Y
RK
1,000
FATO
0.401
RTO
0.745
WCTO
0.687
LTDER
1,000
ROA
1,000
CSRI
1,000
CP
1,000
After conducting convergent validity, it was found that the data was still not valid, so
convergent validity was needed once again, following the output of model 3:
Figure 4. Outer Model 3
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
916
Table 5. Outer Model 3
X1
X2
X3
Z1
Z2
Y
RK
1,000
RTO
0.760
WCTO
0.771
LTDER
1,000
ROA
1,000
CSRI
1,000
CP
1,000
Validity Test with Discriminant Validity
The next evaluation is to see and compare between discriminant validity and square root of
average variance extracted (AVE). The measurement model was assessed based on the
measurement of cross loading with the construct. If the correlation of the construct with each
indicator is greater than the size of the other constructs, then the latent construct predicts the
indicator better than the other constructs. If the value is higher than the correlation value between
constructs, then good discriminant validity is achieved (if AVE > 0.5). The following are the
measurement results with AVE on each indicator
Table 6. Measurement with AVE Kriteria Criteria
Average Variance
Extracted (AVE)
Liquidity
(X1)
1,000
Activity (X2)
0.587
Solvency(X3)
1,000
Profitability
(Z1)
1,000
CSRD (Z2)
1,000
Share Price
(Y)
1,000
From the measurements in table 6, it can be seen that the six variables meet the convergent
validity criteria because the AVE value is more than > 0.5.
Reliability Test with Internal Consistency
To determine composite reliability, if the composite reliability value is > 0.8, it can be said
that the construct has high or reliable reliability and > 0.6 is said to be quite reliable. The results
of the reliability test with composite reliability are as follows.
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
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Table 7. Measurement with Composite Reliability Criteria
Composite Reliability
Liquidity
(X1)
1,000
Activity (X2)
0.739
Solvency(X3)
1,000
Profitability
(Z1)
1,000
CSRD (Z2)
1,000
Share Price
(Y)
1,000
From the measurement results in table 7, all latent variables have a composite reliability
value > 0.8, meaning that all independent latent variables are appropriate and feasible to be tested
variables to determine their effect on the dependent latent variable, namely firm value.
In PLS, the reliability test is strengthened by the presence of Cronbach alpha where the
consistency of each answer is tested. Cronbach alpha is said to be good if 0.6 and is said to be
sufficient if 0.3. The results of the Cronbach alpha measurement are as follows.
Table 8.Measurement by CriteriaCronbach's Alpha
Cronbach's Alpha
Liquidity
(X1)
1,000
Activity (X2)
0.259
Solvency(X3)
1,000
Profitability
(Z1)
1,000
CSRD (Z2)
1,000
Share Price
(Y)
1,000
Hypothesis testing
In testing the hypothesis, the value analyzed is the value in the t-statistic generated from the
PLS output by comparing it with the t-table value. The PLS output is an estimate of the latent
vaiable which is a linea aggegate of indicatos. The test citeia with a significance level (α) of
5% are determined as follows:
a. If t-count > t table which is more than 1.96, then the hypothesis is accepted.
b. If t count < t table, which is less than 1.96, then the hypothesis is rejected.
Hypothesis testing with PLS was carried out in two stages, namely calculating the direct
effect of the independent variable on the dependent variable, and calculating the indirect effect of
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
918
the independent variable on the dependent variable with the intervening variable. The output of
the PLS Bootstraping results to test the research hypothesis is as follows:
Figure 5. Boostrapping
Table 9 Bootstrapping (Path Coefficient)
Original
Sample(
O)
Sample
mean(M)
P- Values
Description
Liquidity
(x1) ->
profitabilit
y (z1)
-0.076
-0.104
0.466
Not significant
Liquidity
(x1) ->
csrd (z2)
-0.171
-0.160
0.211
Not significant
Liquidity
(x1) ->
share price
(y)_
-0.168
-0.206
0.152
Not significant
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
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Original
Sample(
O)
Sample
mean(M)
P- Values
Description
Activity
(x2)_ ->
profitabilit
y (z1)
-0.098
-0.094
0.402
Not significant
Activity
(x2)_ ->
csrd (z2)
-0.310
-0.310
0.036
Significant
Activity
(x2)_ ->
share price
(y)_
-0.098
0.052
0.716
Not significant
Solvency
(x3)_ ->
profitabilit
y (z1)
-0.218
-0.181
0.282
Not significant
Solvency
(x3)_ ->
csrd (z2)
0.131
0.147
0.486
Not significant
Solvency
(x3)_ ->
share price
(y)_
0.229
0.133
0.308
Not significant
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
920
Original
Sample(
O)
Sample
mean(M)
P- Values
Description
Profitabilit
y (z1) ->
share price
(y)_
0.255
0.185
0.392
Not significant
Csrd (z2) -
> share
price (y)_
-0.378
-0.243
0.230
Not significant
Discussion
The results of data processing that have been described above, it can be explained several
things as follows:
1. Liquidity has no significant effect on profitability
The effect of liquidity on profitability is not significant, which means that liquidity has no
effect on profitability. So in this study, hypothesis 1 was rejected. (Pantow, Murni, & Trang, 2015)
explains that the profitability ratio is a ratio that aims to determine the company's ability to generate
profits during a certain period. This ratio also provides an overview of the level of effectiveness
or ability of management in carrying out its operations.The results of this study are also supported
by research, (Ariyanti & Suwarno, 2015), and (Ambarwati, NS, Yuniarta, GA, & Sinarwati, 2015)
which states that liquidity has no significant effect on profitability.
2. Liquidity has no significant effect on CSRD
The effect of liquidity on CSRD is not significant, which means that liquidity has no effect
on CSRD. So in this study hypothesis 2 is rejected.Companies that have a safe level of liquidity
are considered capable of managing their business, resulting in a lower level of risk (Rafika &
Yulius, 2014). This is supported by research by (Kartika, Suwardi, & Setiawan, 2010) which
concludes that the lower the level of corporate liquidity, the higher the disclosure of social
responsibility will be. Liquidity is one of the performances that is often used as a benchmark for
investors in assessing the company. Therefore, when the liquidity generated is low, companies will
tend to disclose more CSR, this is in line with signal theory because compared to investors,
company management knows more about the company's internal performance.
3. Liquidity has no significant effect on share price
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
921
The effect of liquidity on stock prices is not significant, which means that liquidity has no
effect on stock prices. So in this study hypothesis 3 is rejected.A low liquidity value indicates a
problem in the company and results in a decrease in the market price of the company's shares. This
is supported by (Sunardi, 2019) which states that the liquidity of the independent variable
hypothesis, namely the proposed Current Ratio, is not accepted or is said to have no positive and
insignificant effect on the dependent variable, namely the stock price, thus the Liquidity variable
(CR) does not affect the stock price.
4. Activity has no significant effect on profitability
The effect of activity on profitability is not significant, which means that activity has no
effect on profitability. So in this study hypothesis 4 was rejected. This activity ratio measures the
effectiveness of the company in utilizing its sources of funds. The ratio used to measure the activity
ratio in this study is asset turnover (asset turnover). according to (Kasmir, 2014)asset turnover is
a ratio used to measure the use of all assets owned by the company and measure how much sales
are obtained from each rupiah of assets.
5. Activities have a significant effect on CSRD
The effect of activities on CSRD is significant, which means that activities have an influence
on CSRD. So, in this study, hypothesis 5 is accepted. Leverage is used to measure the company's
ability to pay its obligations to creditors. The level of leverage describes how much the company
depends on its debt to finance its operational activities. As quoted by (Astuti & Yadnya, 2019) that
the higher the leverage, the more likely the company will experience a violation of the debt
contract, the manager will try to report higher current earnings than future earnings. Companies
that have a high leverage ratio will disclose less CSRD in order to report higher current earnings.
6. Activity has no significant effect on stock prices
The effect of activity on profitability is not significant, which means that activity has no
effect on profitability. So, in this study, hypothesis 6 is rejected. Activities describe the ability and
efficiency in generating sales by utilizing the assets owned. Total asset turnover shows how
effectively the company uses the total asset value to create sales in terms of earning a profit.
Companies that are able to optimize their assets will be more attractive to investors, this will
increase stock returns for the company which can be seen from the increase in stock prices. This
is supported by research conducted by (Asmirantho & Somantri, 2017) which states that activity
has a significant negative effect on stock prices.
7. Solvency has no significant effect on profitability
The effect of solvency on profitability is not significant, which means that solvency has no
effect on profitability. So, in this study, hypothesis 7 is rejected. The company is said to be solvable
if the company has sufficient assets or wealth to pay off all its debts. In this study, the solvency
ratio used is the Debt to Equity Ratio. Debt to Equity Ratio is the most frequently used debt ratio.
The amount of debt contained in the company's capital structure is very important to understand
the considerations between risk and profit. This is supported by research by (Banusu & Subarjo,
2017)which states that solvency has a negative effect on profitability.
8. Solvency has no significant effect on CSRD
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
922
The effect of solvency on CSRD is not significant, which means that solvency has no effect
on CSRD. So in this study hypothesis 8 was rejected. The solvency ratio describes a company's
ability to meet its long-term obligations (Prastowo & Juliaty, 2008). Debt is one aspect that
underlies the assessment for investors to measure the company's financial condition. Debt ratio is
a ratio that shows the proportion of liabilities owned and owned wealth (Sawir, 2001). A high debt-
to-asset ratio (DAR) will be in the spotlight, especially from debtholders, so it is predicted to affect
the value of the company. If the debt ratio is higher while total assets do not change, then the debt
owned by the company is getting bigger. thus the ratio of the company's failure to repay the loan
is getting higher. This is supported by the research of (Itsnaini & Subardjo, 2017) which states that
solvency has a negative effect on CSRD.
9. Solvency has no significant effect on stock prices
The effect of solvency on stock prices is not significant, which means that solvency has no
effect on stock prices. So in this study, hypothesis 9 was rejected. The amount of debt contained
in the company's capital structure is very important to understand the considerations between risk
and profit. Debt carries risks because every debt in general will cause a permanent attachment for
the company in the form of an obligation to pay interest expenses along with periodic installments
of principal obligations. The magnitude of this ratio indicates the magnitude of the commitment
of a company to be financed by its debts. So that the risk faced by a company is getting higher.
Research conducted by (Trista & Saryadi, 2013) states that solvency has a significant negative
effect on stock prices.
10. Profitability has no significant effect on stock prices
The effect of profitability on stock prices is not significant, which means that solvency has
no effect on stock prices. So that in this study the hypothesis10 rejected. According to (Kasmir,
2012), profitability is a ratio to assess the company's ability to seek profit. This profitability
provides an illustration of how effectively the company operates so as to provide profits for the
company. High profitability reflects the company's ability to generate high profits for shareholders.
The greater the profit obtained, the greater the company's ability to pay dividends, and this has an
impact on increasing the value of the company. This is in accordance with the opinion expressed
by (Avialda & Muslihat, 2020) which states that profitability has a significant negative effect on
stock prices.
11. CSRD has no significant effect on stock prices
The effect of CSRD (Corporate Social Responsibility Disclosure) on stock prices is not
significant, which means that solvency has no effect on stock prices. So that in this study
hypothesis11 rejected corporate Social Responsibility Disclosure or corporate social
responsibility is a concept or action taken by the company as a sense of corporate responsibility
towards social and environmental surroundings where the company is located. CSRD is a
phenomenon and strategy used by companies to accommodate the needs and interests of their
stakeholders. This is in accordance with research conducted by (Novitasari & Bernawati, 2020)
which states that CSRD has a significant negative effect on stock prices.
The Influence of Liquidity, Activity, and Solvency on Stock Prices With Profitability and Corporate Social
Responsibility Disclousure As Interving Variables In The Restaurant, Hotel and Tourism Sub-Sector
Indonesian Journal of Multidisciplinary Science, Vol 1 (8), Mei 2022
923
CONCLUSION
Based on the overall research results, the following conclusions can be drawn:
1. Liquidity has no significant effect on profitability
2. Liquidity has no significant effect on CSRD
3. Liquidity has no significant effect on share price
4. Activity has no significant effect on profitability
5. Activities have a significant effect on CSRD
6. Activity has no significant effect on stock prices
7. Solvency has no significant effect on profitability
8. Solvency has no significant effect on CSRD
9. Solvency has no significant effect on stock prices
10. Profitability has no significant effect on stock prices
CSRD has no significant effect on stock prices.
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