ANALISIS PENGARUH OPERATING CASH FLOW DAN SOLVABILITAS TERHADAP PROFITABILITAS PERUSAHAAN INDEKS IDX30 YANG TERDAFTAR DI BEI TAHUN 2023-2025

Abstract

This study aims to examine the effect of operating cash flow and solvency on profitability of companies included in the IDX30 Index listed on the Indonesia Stock Exchange (IDX) during the 2023–2025 period. Profitability is measured using Return on Assets (ROA), operating cash flow is measured by the ratio of operating cash flow to total assets, and solvency is proxied by the Debt to Equity Ratio (DER). This research employs a quantitative approach using secondary data obtained from audited annual financial statements published by the Indonesia Stock Exchange and the official websites of the respective companies. The sample consists of 23 companies selected through purposive sampling, resulting in 69 firm-year observations. Panel data regression analysis was conducted using the Common Effect Model (CEM), which was selected based on the Chow Test and Lagrange Multiplier (LM) Test. The results indicate that operating cash flow has a positive and significant effect on profitability, suggesting that companies with stronger operating cash flow tend to generate higher returns on assets. In contrast, solvency does not have a significant effect on profitability, indicating that the level of debt financing does not necessarily influence the profitability of IDX30 companies during the observation period. These findings imply that operating cash flow is an important determinant of corporate profitability, while solvency may not be the primary factor affecting profitability among large and highly liquid companies.