MANAJEMEN MODAL KERJA, PROFITABILITAS, DAN KINERJA KEUANGAN PERUSAHAAN MAKANAN DAN MINUMAN

Cut Syahna Natasya, Ramzijah Ramzijah, Maisur Maisur

Abstrak


Penelitian ini menganalisis pengaruh manajemen modal kerja terhadap kinerja keuangan dan menguji profitabilitas sebagai variabel intervening pada perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2021-2025. Penelitian menggunakan pendekatan kuantitatif dengan desain asosiatif-kausal. Sampel dipilih melalui purposive sampling, menghasilkan 23 perusahaan dan 115 observasi perusahaan-tahun. Manajemen modal kerja diproksikan dengan Working Capital Turnover (WCT), profitabilitas dengan Return on Assets (ROA), dan kinerja keuangan dengan Return on Equity (ROE). Regresi data panel diestimasi menggunakan EViews 13, sedangkan pengaruh tidak langsung diuji dengan uji Sobel. Hasil menunjukkan bahwa WCT tidak berpengaruh signifikan terhadap ROE maupun ROA. ROA berpengaruh positif dan signifikan terhadap ROE. Uji Sobel menunjukkan bahwa ROA tidak memediasi pengaruh WCT terhadap ROE. Secara simultan, WCT dan ROA berpengaruh terhadap ROE, tetapi kemampuan penjelasan model rendah. Temuan menegaskan bahwa profitabilitas aset lebih dekat dengan pengembalian ekuitas dibandingkan perputaran modal kerja, sehingga peningkatan WCT perlu dievaluasi berdasarkan kualitas penjualan dan struktur modal kerja bersih.

Kata kunci: manajemen modal kerja, profitabilitas, kinerja keuangan, WCT, ROA

Teks Lengkap:

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Referensi


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DOI: https://doi.org/10.47647/jeko.v6i1.4532

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