Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas: (Studi Empiris pada Perusahaan IDX30 yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024)

Siti Luthfiani; Sugeng Priyanto

doi:10.51903/eszh3k53

Authors

Siti Luthfiani Universitas Budi Luhur
Sugeng Priyanto Universitas Budi Luhur

DOI:

https://doi.org/10.51903/eszh3k53

Keywords:

Working Capital Management, Profitability, Return on Assets, IDX30

Abstract

This study aims to analyze the effect of working capital management on profitability in companies listed in the IDX30 index during the period 2020–2024. Working capital management is proxied by Working Capital Turnover (WCTO), Cash Turnover (CTO), Accounts Receivable Turnover (ARTO), and Inventory Turnover (ITO), while profitability is proxied by Return on Assets (ROA). The sample consists of 10 companies selected using purposive sampling based on predetermined criteria, resulting in 50 observations obtained from the official website investing.com. The data were analyzed using multiple linear regression with SPSS version 22. The results indicate that Working Capital Turnover (WCTO) and Inventory Turnover (ITO) have a significant negative effect on Return on Assets (ROA), while Cash Turnover (CTO) has a significant positive effect on Return on Assets (ROA). In contrast, Accounts Receivable Turnover (ARTO) does not have a significant effect on Return on Assets (ROA). These findings suggest that efficient working capital management, particularly in terms of cash turnover, contributes positively to company profitability, while inefficiencies in working capital and inventory turnover may reduce profitability.

References

[1] Y. N. Prastiwi and S. H. Sarjana, “Profitabilitas perusahaan pada PT Ultraja Milk Industry Tbk tahun 2014–2021,”

[2] J. Econ., vol. 2, no. Nov., pp. 3540–3566, 2023.

[3] J. Studi et al., “Manajemen modal kerja dan profitabilitas perusahaan,” vol. 17, no. 2, pp. 49–57, 2020.

[4] H. Jirwanto et al., Manajemen Keuangan. 2024. [Online]. Available: www.penerbitazkapustaka.com

[5] Y. Söylemez, “The effect of working capital management on profitability in airline companies,” Airline Financ. Glob. World, no. 2, pp. 153–168, 2025.

[6] L. E. Putri, “Pengaruh perputaran kas, perputaran persediaan, dan perputaran piutang terhadap profitabilitas pada perusahaan manufaktur yang terdaftar di BEI tahun 2020–2022,” J. Akunt. dan Pajak, vol. 24, no. 2, pp. 1–8, 2024.

[7] L. P. Rianingsih, E. P. Saputro, and I. Susila, “Analisis efektivitas manajemen piutang terhadap kinerja keuangan perusahaan (Studi kasus: PT Indo PD Mandiri),” Remik, vol. 7, no. 1, pp. 810–820, 2023.

[8] L. Nirawati et al., “Lia Nirawati 2022,” J. Manaj. dan Bisnis, vol. 5, pp. 60–68, 2022. [Online]. Available: https://jurnal.uts.ac.id/index.php/jmb/article/view/1623/947

[9] N. A. A. Ilham, “Pengaruh manajemen modal kerja terhadap profitabilitas pada UD Andini Kota Palopo,” 2021. [Online]. Available: http://repository.umpalopo.ac.id

[10] M. Y. Kurniawan and F. Ariyani, “Pengaruh manajemen modal kerja terhadap profitabilitas (Studi pada perusahaan pupuk negara tahun 2016–2020),” Competence J. Manag. Stud., vol. 15, no. 2, pp. 230–248, 2021.

[11] T. Siswanti et al., “Pengaruh ukuran perusahaan, perencanaan pajak, dan leverage terhadap kualitas akrual,” J. Bisnis Akunt., vol. 9, no. 1, pp. 12–28, 2024.

[12] Lindananty and M. Nursahira, “Pengaruh manajemen modal kerja terhadap profitabilitas perusahaan,” Akses J. Publik Bus. Adm. Sci., vol. 7, no. 2, pp. 87–95, 2025.

[13] P. M. Kerja and R. L. Dan, “Pengaruh modal kerja, rasio likuiditas dan rasio aktivitas terhadap profitabilitas,” 2015.

[14] S. Hans and N. Anastasia, “Pengaruh manajemen modal kerja terhadap profitabilitas perusahaan jasa konstruksi publik di Indonesia periode 2018–2022,” Dimens. Utama Tek. Sipil, vol. 11, no. 1, pp. 45–56, 2024.

[15] P. Perputaran et al., “Pengaruh perputaran usaha dan persediaan terhadap return,” vol. 3, no. 1, 2021.

[16] N. Triana et al., “Pengaruh manajemen modal kerja terhadap profitabilitas perusahaan manufaktur yang terdaftar di BEI,” Cent. Econ. Students J., vol. 6, no. 2, pp. 239–252, 2023.

[17] C. G. Ayuntari and D. S. Wahyuningrum, “Analisis pengaruh manajemen modal kerja terhadap profitabilitas,” J. Revenue, vol. 5, no. 1, pp. 1058–1064, 2024.

[18] P. Gemini et al., “Analisis modal kerja terhadap tingkat profitabilitas,” Lokawati J., vol. 2, no. 1, pp. 1–10, 2023.

[19] E. D. Mayanti and S. Agustin, “Pengaruh likuiditas, struktur modal, dan perputaran modal kerja terhadap profitabilitas,” J. Ilmu dan Ris., vol. 9, no. 2, pp. 1–17, 2020.

[20] J. I. Ekonomi et al., “Pengaruh modal kerja dan perputaran piutang terhadap profitabilitas,” vol. 1, no. 2, 2024.

[21] A. M. I. P. Sari and R. Setiawan, “Pengaruh manajemen modal kerja terhadap profitabilitas dengan moderasi financial constraints,” Sketsa Bisnis, vol. 8, no. 1, pp. 72–81, 2021.

[22] K. F. Nasution, “Pengaruh manajemen modal kerja terhadap profitabilitas pada industri manufaktur yang terdaftar di BEI,” 2022.

[23] I. Ghozali, Aplikasi Analisis Multivariate dengan Program SPSS 26.