INFLUENCE AGAINST RECEIVABLE MANAGEMENT

CAPABILITIES IN PRODUCING INCOME ON THE BASIC INDUSTRY

AND CHEMICAL COMPANY SUB SECTOR FEED
LISTED IN INDONESIA STOCK EXCHANGE
By:
Resta Rosdiana,SE. and Dr. Edhi Asmirantho,MM.,SE.
Faculty of Economics Pakuan University
ABSTRACT: This study was conducted to determine and demonstrate empirically the effect
of accounts receivable management of the company's ability to generate profits on the
company grounds and chemical industry subsectors recorded fodder in the Indonesia Stock
Exchange. Each company has a complete data for 10 years in the period 2004 to 2013.
Technical analysis of using multiple regression analysis, the data processing using SPSS
version20.
The results showed receivable management firm base and chemical industry subsectors fodder
IDX can be said is still not optimal. Receivables management fluctuating and rising slowly
apparent from the Receivable Turnover (RTO), Receivable Turnover in Days (RTD) and Total
Asset Turnover (TATO) are unstable and there are accounts receivable with a long lifespan.
Based on the R-square is formed, the independent variables are able to explain the growth of
return on investment of 69.3%. Hypothesis testing using the F test showed F count > F table
(19.579 > 2.975) with a significance value of 0.000 < 0.05 indicates that Receivable Turnover,
Receivable Turnover in Days and Total Asset Turnover simultaneously significant effect on
Return on Investment. While testing the hypothesis using the t test showed the value
Receivable Turnover (1.642 < 2.056) with significant value 0.113 > 0.05 and Receivable
Turnover in Days (1.547 < 2.056) with significance 0.134 > 0.05 where t < t table and the
value significant > 0.05, which indicates that they do not affect the return on investment, while
the Total Asset Turnover value condition t > t table (6.520 > 2.056) and a significant value
0.000 < 0.05 indicates that positive and significant effect on Return on Investment.
Keywords: Activity, Profitability, Receivable Turnover, Receivable Turnover in Days, Total
Asset Turnover, Return on Investment.

INTRODUCTION
Accounts receivable is one of the company's
business activities that occur due to the
selling of credit. With the credit sales
(receivables), the company needs to do a
receivables management company. The
company's profit is the goal of every
company, for the company to be able to
manage their receivables properly and
efficiently so that the company can realized.
Company profits can be attributed to an
increase in the company's performance in the
utilization of assets owned by the company.
(Edhi Asmirantho, 2013)
Accounts Receivable is a bill or to other
parties as a result of credit sales. The
extension of credit is one of proportion
because it is one of the important proportion,
because it is part of a large company assets,
therefore the success of a company is not
free from interference management, because
management is part of the company
associated with the activity of the company.
(Sutrisno, 2007) Receivables Management
are receivables management in order to
achieve optimal credit policy, which is to
achieve a balance between the costs caused
by the credit policy with the benefits of the
policy. (Martono and Agus Harjito, 2010).
According Keown and Martin (2005)
Accounts receivable is something that is very
closely related to financial activities, because
at the time the company do credit sales it will
bring the trade receivables. These receivables
are recorded in current assets, accounts
receivable very dominating average in
current assets, is extremely important for
companies managing accounts receivable
management
efficiently
because
it
determines the profitability and liquidity.
Objects used in this study are the three basic
and chemical industry companies fodder
subsectors listed on the Stock Exchange,
namely PT. Charoen Pokphand Indonesia
Tbk, PT. Japfa Comfeed Indonesia Tbk and
PT. Sierad Produce Tbk. The reason the
researchers chose the object that companies
each seen the average age of accounts
receivable owned by the company has a long
period of time, among others, 90 days, 120
days and 180 days, and the Company was
selected based on the IPO before 2000 and
after years of 1990.Data complete finance for
10 years in the period 2004-2013.

THEORETICAL AND HYPOTHESES

Trade receivables is the amount of money a
company that still has not been paid to the
company by customers who have purchased
goods or services on credit (Van Horne and
Wachowish, 2005). In managing the
company's accounts receivable should pay
attention to some things that control the
amount of accounts receivable, procurement
amount of the receivable collection and
evaluation of the collection of accounts
receivable whether successful or not.
According to Edhi Asmirantho (2013)
Factors affecting the amount of investment in
receivables: 1) credit risk assessment 2) The
accounts receivable turnover rate. Credit risk
is the risk of non-payment of credit extended
to customers. Therefore, many companies are
trying to reduce credit risk by taking into
account the five "C", namely Character,
Capacity, Capital, Collateral, Conditions. In
determining the
company's accounts
receivable turnover can be done by looking
at the financial statement analysis by using
the ratio activity. In this study, the authors
used the accounts receivable turnover to
measure the receivables management
company. Receivable Turnover is to give
their views on the quality of the receivables
of the company and how successful
companies in the collection. The faster the
cash inflows, the better the company's ability
to meet its obligations and may eventually
buy back into inventory and resold on credit
and become debt back. Receivable Turnover
in Days is the ratio of the average policy rate
the collection of receivables by making
comparisons day of the year (360) that the
accounts receivable turnover generated.
According Darsono (2009) If the average
receivables collection is bigger than the
period specified in the credit agreement, the
lack of good management in collecting or
companies have customers who lack
discipline fulfill the terms of the loans
companies. Total Asset Turnover is an
efficient use of the total assets of the
company to generate sales. This ratio
examine the extent of the company's total
assets turnover occurs effectively. According
Prihadi (2007) more effective use of
company assets, the fewer assets needed.
And this is important because it can be seen
how the management is done in the use of
the asset management company in the

company. One other way that accounts can

be controlled is by making the aging
schedule in this schedule so that we can
control the accounts receivable bad debt can
be avoided. Profitability is a picture that
shows the effectiveness of the management
and efficiency of the overall company
addressed through a large amount of the
benefits the company based on the use of the
asset. In this study the authors used the ratio
of Return on Investment (ROI) to measure
the profitability of the company and the
chemical industry sub-sector basis fodder
listed on the Stock Exchange. Return on
Investment (ROI) is a ratio that saw the
extent of the investments made are able to
provide
returns
as
expected.
This receivable is one way to keep the
company at this time, therefore it is essential
for companies to manage receivables, it
concerns the activities of the company's cash
flow and is a benchmark of success of the
company in the sale of credit. Therefore, it is
required that is capable of determining the
management of accounts receivable credit
policy by looking at the pros and cons of the
policy of the credit sales (Harmono, 2011).
When a company to manage their receivables
are not carried out intensively it will affect a
company's profit.
1.
Analysis
of
Activity
Ratio
Activity ratio is the ratio that describes the
extent to which a company affect its
resources to support the activities of the
company, higher turnover of more effective
use of corporate assets. This ratio is used in
the measurement of trade receivables
management. To assess the activity ratio,
used namely (Prihadi, 2007)

2.
Profitability
Ratio
Analysis
Profitability ratio is the ratio to measure the
effectiveness of the overall management
addressed by the size of the level of profits in
connection with the sale or investment. The
better the profitability ratio, the better the
condition of the ability of the high profitability
of the company. (Edhi Asmirantho, 2013.) The
calculation of profitability ratios one of them
using the ROI are:

Return

a.

b.

ReceivableTurnover(RTO)

Anual Net Credit Sales

Average Account Receivables

Receivable

Turnover

360
Receivable Turnover

in

Total Asset Turnover (TATO) =

Days(RTD)

c.

Sales
Total Asset

on

Investment

Earning After Taxes

Average Total Asset

(ROI)

100%

Receivable Turnover (RTO)

Accounts receivable turnover ratio
is used to measure how quickly the
company can collect receivables.
Receivables owned company has a
close relationship with the volume
of credit sales. The position of
receivables and the estimated time
of collection can be assessed by
calculating the turnover rate piuang
ie by dividing the total credit sales
by average accounts receivable.
(Munawir, 2010).
The faster turnover of receivables
more effective for companies to
manage their receivables (Sutrisno,
2007). This is supported by
previous studies by Lutvianty
(2013) Good receivable turnover
indicates that the company is quite
good and efficient in managing
receivables. Receivable turnover
ratio provides an understanding of
the quality and success of billing
accounts receivable turnover can
be determined by the calculation is
done as follows (Van Horne and
Wachowish, 2005):
Receivable Turn Over in Days
(RTD)
This ratio examines how an
enterprise view collection period
that will be visible. Dependent
period capital in receivables or
average day of collection of
receivables can be calculated by

dividing the year into days with

turnover. Today the average
collection of receivables can be
calculated as follows:
Receivable

Turnover

360
Receivable Turnover

in

Days

(RTD)=

If the average receivables collection is

always greater than the payment deadline
specified means that less efficient way of
collecting receivables. (Bambang Riyanto,
2010). According to previous studies
conducted Komang Luh (2014) that the
collection period so directly in an effort to
support the increased profitability of the
company.
a. Total Asset Turnover (TATO)
Total Asset Turnover is important for the
owner of the company and important to the
management of the company, as this will
indicate whether or not an efficient use of all
assets in the company. Assets Turnover
numbers high is an indication that the
property management company has been
managing the company well. Calculation of
Total Assets Turnover carried out as follows:
(Van Horne and Wachowish, 2005)
Total Asset Turnover (TATO)=

Sales
Total Asset

b. Aging Schedule
Aging Schedule can be used to assess both
the composition of the receivables of the
company, this will give you an idea of the
proportion of each account for a certain
period. The existence of aging schedule
information will signify or can know how
many accounts are still in a period of
payment and receivables which are already
run through the payment period and the need
to take action and serious policy that needs to
be done company.
c.
Return
on
Investment
(ROI)
Return on Investment is a ratio that describes
and provides financial forecasting how much
is going on in a company. This ratio also
gives an idea of the level of enterprise
management capabilities to manage the fund
companies beginning and end of the period.
The higher the rate of return on investment
(ROI) of a company the better the state of the
company managing investment companies

that produce maximum profit. ROI can be

calculated by the formula: (Edhi Asmirantho,
2013)
Return

on

Investment

Earning After Taxes

Average Total asset

(ROI)

100%

The research hypothesis:

1. Management of the company accounts and
basic chemical industry subsectors fodder
IDX (CPIN, JPFA, SIPDs), is still not
optimal. Because time billing receivables
have a long time.
2. The ability to generate profits companies
in the chemical industry and the basic subsectors fodder IDX (CPIN, JPFA, SIPDs)
seen from the provision of its sales
receivables but still fluctuating walapupun an
increase but still quite slow. This affects the
profits
received
by
the
company.
3. There is the influence of management of
accounts receivable to the company's ability
to generate profits on the company and the
basic chemical industry subsectors fodder
IDX (CPIN, JPFA, SIPD).
1) Receivable Turnover has a positive effect
on the return on investment in the company
and the basic chemical industry subsectors
fodder IDX (CPIN, JPFA, SIPD). The higher
the receivables turnover, the better
management of the company accounts.
2) Receivable Turnover in Days have a
negative effect on the return on investment in
the chemical industry and the basic subsectors fodder IDX (CPIN, JPFA, SIPD). The
longer the average receivables collection
worse
for
the
company.
3) Total Asset Turnover has a positive effect
on the return on investment in the company
and the basic chemical industry subsectors
fodder IDX (CPIN, JPFA, SIPD). The higher
TATO the more efficient management of the
company
accounts.
4) Receivable Turnover, Receivable Turn
Over in Days and Total Asset Turnover has a
positive effect on the return on investment in
the company and the basic chemical industry
subsectors fodder IDX (CPIN, JPFA, SIPD).
RESEARCH METHODS

Types, Methods and Techniques Research

a) Type of Research, In this study, the type
of research is the study of associative
(relationship) where an associative research
study aimed to determine the effect nor is the
relationship between two or more variables.
(Imam Ghozali, 2005). b) Research
Methods, method used is the historical
method, ie where in solving research
problems using data in the past.
c) Engineering Research, Engineering
research used in this study are inferential
statistical
techniques,
including
the
parametric statistics, which take into
consideration the type of distribution
statistics / data distribution and the normal
distribution has a homogeneous variant. In
general, the data used in this parametric
statistics are interval and ratio.
Analysis unit
The unit of analysis used in this research is
PT. Charoen Pokphand Indonesia (CPIN),
PT. Japfa Comfeed Indonesia (JPFA), PT.
Sierad
Produce
(SIPD).
Data Collection Procedures
(a) Secondary Data
Research secondary data is data that has
been published in various media, this
data collection with indirect observation
of the object under investigation to
obtain the necessary data in this study
over the internet http://www.idx.co.id
obtained through the site.
(b) Study Library
By way of obtaining additional data
through literature dealing with the
problems examined for consideration of
research conducted and also use other
additional books that are related to the
problem under study.
Analysis Method
(1) The management of trade receivables
using the ratio of the activity a) Accounts
Receivable Turnover b) Receivables turnover
in days c) Turnover of assets
(2) Aging Schedule is used in the
management of trade receivables.
(3) The ability to generate profits using
profitability ratio Return on Investment
(ROI)
(4) Effect Against Receivables Management
Capabilities In produce Income In Basic and

Chemical Industry Company Sub Sector

Feed Listed on the Stock Exchange
Classical Assumption Test
(a) Test of Normality
The test method of normalization will be
done using the Kolmogorov Smirnov test
a simple one. Good regression model is
the residual value that is normally
distributed. (Duwi Priyatno, 2012)
(b) Test of Multicollinearity
This research will be conducted
multicollinearity test with test methods
Tolerance and inflation factor (VIF) in
the regression model. In good regression
models should not happen correlation
perfect or near perfect between the
independent variables (the correlation is
1 or close to 1).
(c) Test of Heteroskidastity
In this research, heteroscedasticity test
using Glejser test. Good regression
model is not heteroscedasticity occurs.
(d) Test of Autocorrelation
Good regression model is that there is no
autocorrelation problem. In this study
will be conducted using the test
autocorrelation test Durbin - Watson
(DW test).
Regression Analysis
Effect
of
Receivables
Management
Capabilities To Generate Income In:
Y = a + b1X1 + b2X2 + b3X3
Specification:
Y = Return On Investment (ROI)
X1 = Receivable Turnover
(RTO)
X2 = Receivable Turnover in Days (RTD)
X3 = Total Assets Turnover (TATO)
a = constant, the value of Y when X1, X2, X3
=0
b = regression coefficient, ie the value of the
increase or decrease based variable Y
variables X1, X2 and X3.
Hypothesis Testing
a) F test (Simultaneous)
F test is used to determine whether jointly
independent variables have a significant
effect, on the dependent variable, in this
matter to determine whether Receivable
Turnover, Receivable Turnover in Days, and
Total Assets Turnover significant effect or
not on Return On Investment. Tests using the
significant level of 0.05.

b) t test (Partial)
T test is used to determine whether partially
independent variables significantly influence
or not on the dependent variable to test using
a significance level of 0.05 and 2 sides.
RESEARCH RESULT
Receivables Management Company and
Chemical Industry Association Sub Sector
Feed
Recordable
in
BEI
Conditions of receivables management
companies are known from the calculation of
the ratio known that Receivable Turnover
and Receivable Turnover in Days for all
companies in the period 2004-2013 fluctuate
and increase slowly. Also note to PT.
Charoen Pokphand Indonesia Tbk (CPIN),
PT. Japfa Comfeed Indonesia Tbk (JAPFA),
and PT. Sierad Produce Tbk (SIPD) has an
average value that is below the average. This
is due to less efficient companies in the
billing process on a few customers who have
difficulty in paying debts and cash sales
higher than credit sales (receivables). Total
Asset Turnover for each year has increased
and fluctuated in the period 2004-2013 the

company is still not optimal and efficient in

turning and using its assets to generate sales
because it looks at each company despite
increased but improvement is slow and still
fluctuate. Ability to Generate Profit on Basic
and Chemical Industry Company Sub Sector
Feed the Listed on the Stock Exchange
(CPIN,
JPFA,
SIPD)
The ability to generate profits companies
seen from the calculation of return on
investment and relatively slow fluctuates
every year. condition of the company is still
not optimal and effective in generating
corporate profits and rotate their assets.
Visible still the fluctuations of the results
obtained, the effect on profits from the
company. This condition occurs because the
company has a value which is below the
average. Effect of Receivables Management
to Generate Income Capabilities In the
Company of Basic Industry and Chemical
Sub Sector Feed Recordable in Indonesia
Stock
Exchange.
Testing Assumptions Classic
(1) Test of Normality

One-Sample Kolmogorov-Smirnov Test

N
Normal Parametersa,b
Most Extreme
Differences

Mean
Std. Deviation
Absolute
Positive
Negative

Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)

Unstandardized
Residual
30
0E-7
7.39652651
.085
.085
-.042
.466
.982

a. Test distribution is Normal.

b. Calculated from data.

Based on the output table One Sample Kolmogorov Sminnov Test be discovered significance
value (Asymp.Sig 2-tailed) of 0.982 is greater than the significance level of 0.05 (0.982> 0.05),
then the residuals normally distributed
Coefficientsa

Model

Unstandardized
Coefficients
B

(Constant)
RTO

Standardized
Coefficients

Std. Error

-55.411
.655

18.130
.399

.479

RTD

TATO
21.534
a. Dependent Variable: ROI

Sig.

Beta

Collinearity Statistics
Tolerance

VIF

.380

-3.056
1.642

.005
.113

.220

4.536

.309

.405

1.547

.134

.173

5.797

3.303

.905

6.520

.000

.612

1.634

(1) Test Multicollinearity

Based on the results of the output table, note that the VIF value of less than 10 and more
tolerance value of 0.1 for the three variables, it can be concluded there is no problem of
multicollinearity in regression models free of multicollinearity, which has a value of VIF
(Variance Inflation Factor) of less than 10 and have more tolerance figure of 0.1.

Coefficientsa
Unstandardized
Standardized
Coefficients
Coefficients
B
Std. Error
Beta
12.622
10.591
-.322
.233
-.537
-.179
.181
-.436
1.630
1.929
.197

Model

(Constant)
RTO
RTD
TATO

1.

Sig.

1.192
-1.381
-.992
.845

.244
.179
.330
.406

Dependent Variable: ABS_RES

(2) Test Heteroskidastity

Of the output table, note that the value of the third significant independent variables are
Receivable Turnover (RTO) (0.179), Receivable Turnover in Days (RTD) (0.330), and Total
Asset Turnover (TATO) (0.406) greater than 0.05. It can be concluded that there was no trouble
heteroscedasticity in regression models.
(3) Test Autocorrelation

Model

.892a

R Square
.796

Model Summaryb
Adjusted R
Std. Error of the
Square
Estimate
.762
6.63087

a. Predictors: (Constant), RTO, RTD, TATO

2. Dependent Variable: ROI

Durbin-Watson
1.898

Autocorrelation test results in the table, note the value of the Durbin-Watson at 1,898. DU and
DL values can be obtained from the Durbin-Watson statistic table. With n = 30, and k = 3, the
obtained values and DL DU = 1.6498 = 1.2138. So the value obtained 4-DU = 2.3502 and 4-DL
value = 2.7862. Because the value of DU <DW <4-DU = 1.6498 <1.898 <2.3502, it can be
concluded there is no autocorrelation in the regression model.
Regression Test

Model
1

R
R Square
a
.833
.693

Model Summaryb
Adjusted R Square
Std. Error of the Estimate
.658
7.81160

a. Predictors: (Constant), TATO, RTO, RTD

3. Dependent Variable: ROI

a) Figures R obtained is 0,833 which means the correlation between the RTO, RTD and TATO to
the ROI of 0,833 or 83.3% .b) R Square (R) the percentage contribution of variables influence
the RTO, RTD and TATO on the ROI of 69.3% .c) adjusted R Square, is the R Square that has
been adjusted, a value of 0.658 or 65.8%. d) Standard Error of the Estimate, is a measure of
prediction error, a value of 7.81160. This means that errors can occur in predicting the Return On
Investment by 7.81160.
Hypothesis Testing
(1) F test
ANOVAa
Model
1

Sum of Squares

Df

Mean Square

Regression

3584.178

1194.726

Residual
Total

1586.550
5170.728

26
29

61.021

F
19.579

Sig.
.000b

a. Dependent Variable: ROI

b. Predictors: (Constant), TATO, RTO, RTD

F-test or test regression coefficients together. F test is used to determine whether jointly
independent variables have a significant effect on the dependent variable. 4:12 of the output
table. obtained F count equal to 19.579. F table can be seen in the statistics table F distribution at
a significance level of 0.05 with 1 df (variable number-1) = 3, and df 2 (nk-1) or 30-3-1 = 26 (n is
the number of data and k is the number of independent variables), the results obtained for the F
table by 2.98. Because the results of the F count> F table (19.579> 2.975), then Ho is rejected. So
it can be concluded that the Receivable Turnover, Receivable Turnover in Days and Total Asset
Turnover jointly significant effect on Return on Investment.

(2) t test

Model

(Constant)
RTO
RTD
TATO

Coefficientsa
Unstandardized Coefficients
Standardized Coefficients
B
Std. Error
Beta
-55.411
18.130
.655
.399
.380
.479
.309
.405
21.534
3.303
.905

t
-3.056
1.642
1.547
6.520

Sig.
.005
.113
.134
.000

a. Dependent Variable: ROI

a) the value of t for Receivable Turnover was 1,642. Because the value of t <t table (1.642
<2.056), then Ho is accepted. So it can be concluded that the partial Receivable Turnover is not
positive and significant effect on Return on Investment. b) the value of t for Receivable Turnover
in Days is 1.547 Because the value of t <t table (1.547 <2.056), then Ho is accepted. So it can be
concluded that the Receivable Turnover in Days is partially not positive and not significant to the
Return on Investment.c) t value for Total Asset Turnover was 6.520. Because the value of t> t
table (6.520> 2.056), then Ho is rejected. So it can be concluded that the Total Asset Turnover
partially positive and significant effect on Return on Investment.

a) Effect Receivable Turnover on Return

on Investment in Basic Industrial
Company and Feed Chemistry sub
sector which recorded on the Stock
Exchange
The results of the t test hypothesis
known that partially Receivable
Turnover is not positive and not
significant to the Return on Investment.
Because the value of t <t table (1.642
<2.056) and a significant value
generated
by
0.113>
0.05.
b) Effect of Receivable Turnover in
Days to Return on Investment in Basic
Industrial Company and Feed Chemistry
sub sector which recorded on the Stock
Exchange
The results of the t test hypotheses in
mind that Receivable Turnover In Days
is partially not positive and not
significant to the Return on Investment.
Because the value of t <t table (1.547
<2.056) and the resulting significant
value
of
0.134>
0.05.
c) Effect of Total Asset Turnover on
Return on Investment in Basic Industrial
Company and Feed Chemistry sub
sector which recorded on the Stock
Exchange
The results of the t test of
hypothesis testing, it is known that the
Total Asset Turnover partially positive
and significant effect on Return on
Investment. Because the value of t> t

table (6.520> 2.056) and the value

generated signifakan 0.000 <0.05.
d)
Effect
Receivable
Turnover,
Receivable Turnover in Days, and Total
Asset Turnover on Return on
Investment in Basic Industrial Company
and Feed Chemistry sub sector which
recorded on the Stock Exchange
The results of hypothesis testing is
known that F test Receivable Turnover,
Receivable Turnover in Days, and Total
Asset
Turnover
simultaneously
significant effect on Return on
Investment. Because the results of the F
count> F table (19.579> 2.975) with
significant value generated 0.000 <0.05.
CONCLUSION
General conclusions
1) animal feed industry plays an important
role in the livestock industry in Indonesia.
2) The series of activities the company is
engaged in several business units, namely
the production and sale of poultry feed,
processing of various kinds of food, and
breeding or breeding birds.
Special conclusion
1. Management of receivables by PT.
Charoen Pokphand Indonesia Tbk (CPIN),
PT. Japfa Comfeed Indonesia Tbk (JPFA)
and PT. Sierad Produce Tbk (SIPD) level of

credit sales (receivables) is fluctuating and

slow improvement in each company from
2004 to 2013 period.
2. The ability to generate profits in the
company of PT. Charoen Pokphand
Indonesia Tbk (CPIN), PT. Japfa Comfeed
Indonesia Tbk (JPFA) and PT. Sierad
Produce Tbk (SIPD) fluctuates every year.
This indicates an increase and a decrease
instability Return on Investment from the
calculation Receivable Turnover, Receivable
Turnover in Days and Total Asset Turnover
increased but not accompanied by an
increase in the return on investment that the
company
produced.
3. Simultaneously, the independent variables
are measured with Receivable Turnover,
Receivable Turnover in Days and Total
Asset Turnover affect the company's ability
to generate profits as measured by Return on
Investment. This can be seen from the
calculated F value is greater than the F table
(19.579> 2.975). While the partial influence
of Receivable Turnover, Receivable
Turnover in Days and Total Asset Turnover
summarized as follows:
(1) The value of t Receivable Turnover
smaller than t table (1.642 <2.056)
Receivable Turnover can be concluded that
no significant positive effect and not on
Return on Investment. (2) The value of t
Receivable Turnover in Days smaller than t
table (1.547 <2.056) it can be concluded that
the Receivable Turnover in Days not
positive and significant effect on Return on
Investment. (3) Value Total Asset Turnover t
is greater than t table (6.520> 2.056) it can
be concluded that the Total Asset Turnover
positive and significant effect on Return on
Investment.
ADVICE
1) The company should consider before
deciding policies that credit will be applied
to the company.
2) The company must be tightened, control
and analyze and oversee the policy of
receivables and receivables collection.
3) Taking into account the funds will be
invested
into
the
accounts.
4) The company should be able to select
customers.
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