Lindananty, Meirina Nursahira

PENGARUH MANAJEMEN MODAL KERJA TERHADAP PROFITABILITAS PERUSAHAAN

Introduction

Pengaruh manajemen modal kerja terhadap profitabilitas perusahaan. Pelajari bagaimana manajemen modal kerja yang efektif secara signifikan meningkatkan profitabilitas perusahaan makanan & minuman. Analisis mendalam terhadap NPM, ROA, ROE, dan ROCE.

Abstract

Abstract This study aims to examine the effect of working capital management on firm profitability. Working capital management is measured by five indicators: inventory conversion period, receivables conversion period, payables conversion period, cash conversion cycle, and cash conversion efficiency. Profitability is assessed using four ratios: Net Profit Margin (NPM), Return on Asset (ROA), Return on Equity (ROE), and Return on Capital Employed (ROCE). This is a quantitative research using secondary data from the financial statements of 24 food and beverage manufacturing companies listed on the Indonesia Stock Exchange for the period 2019–2021. The regression analysis results indicate that all working capital indicators significantly and positively affect all four profitability measures. The efficiency of receivables and cash management contributes most dominantly to increasing profitability. These findings reinforce the importance of working capital management in supporting short-term financial performance and achieving corporate profitability.  Keywords: cash efficiency; profitability; return on asset; return on equity; working capital management.

Review

This study presents a clear and concise examination of the critical relationship between working capital management and firm profitability, utilizing a robust set of indicators and ratios. The research meticulously measures working capital management through five dimensions, including inventory, receivables, payables, the cash conversion cycle, and cash conversion efficiency. Similarly, profitability is comprehensively assessed using four widely recognized ratios: NPM, ROA, ROE, and ROCE. Employing a quantitative approach with secondary financial data from 24 food and beverage manufacturing companies listed on the Indonesia Stock Exchange between 2019 and 2021, the paper provides timely insights into a significant sector. The findings are compelling and contribute significantly to the existing literature by affirming a universal positive and significant impact of all working capital indicators on all four profitability measures. This comprehensive demonstration strengthens the established understanding of working capital's importance. A particularly valuable contribution is the identification of receivables and cash management efficiency as the most dominant contributors to increased profitability, offering practical guidance for managers seeking to optimize short-term financial performance. The specificity of the industry and time period further enhances the relevance of these findings, potentially revealing insights pertinent to the Indonesian market during a recent economic period. While the abstract clearly articulates the study's scope and key findings, a full paper would ideally elaborate on the specific methodologies of the regression analysis employed (e.g., panel data techniques, control variables) to ensure robustness and address potential methodological nuances. Future research could extend these findings by investigating the specific mechanisms through which receivables and cash management exert their dominant influence, perhaps exploring moderating factors such as firm size, economic conditions, or competitive intensity. Additionally, comparative studies across different industries or regions could provide broader generalizability, while exploring potential non-linear relationships or lagged effects of working capital management on profitability might uncover deeper insights into this dynamic interaction.

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