Detail Cantuman

This research aims to examine the relationship between independent variables, including Debt to Assets Ratio, Debt to Equity Ratio, Current Ratio, Inventory Turnover Ratio, and Accounts Receivable Ratio, and the dependent variable of Return on Assets.The moderating variable in this study is Total Assets. The research was conducted on pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2022, a period marked by the Covid-19 health outbreak. This study explores whether the outbreak has impacted the pharmaceutical sector, which is integral to disease prevention and treatment of Covid-19. The study findings indicate that private pharmaceutical companies outperform state-
owned enterprises in terms of financial ratios over both a 4-year period and the most recent year (2022). Among the pharmaceutical companies analyzed, PT. Industri Jamu
dan Farmasi Sido Muncul Tbk [SIDO] demonstrated the strongest financial performanceover the average 4-year period and the most recent year, while PT. Indofarma Tbk [INAF] exhibited the weakest financial performance. The study also finds that most independent variables have an insignificant relationship with Return on Assets, moderated by firm size. However, Inventory Turnover has a significant positive relationship with Return on Assets, moderated by firm size. These findings suggest that Inventory Turnover is a crucial factor for pharmaceutical companies looking to improve their financial performance. Overall, this study offers valuable insights into the relationship between various financial ratios and Return on Assets for pharmaceutical companies during a period of unprecedented global health crisis. The results provide a basis for future research in this field and can inform decision-making for pharmaceutical firms looking to improve their financial performance.