Pengaruh WCM terhadap financial performance pada perusahaan consumer non-cyclical yang terdaftar pada BEI periode 2021-2024
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Abstract
This research examines the influence of working capital management (WCM), proxied by CCC, DSO, DSI, and DPO, on financial performance (ROA and ROE) in consumer non-cyclical sector companies on the IDX during 2021-2024. In this stable industry, efficient working capital management is crucial for maintaining and enhancing corporate profitability. This research was conducted with a quantitative approach using secondary annual financial statement data. The data were analyzed using Panel Data Regression Analysis with the EViews software, controlling for Size and GDP, to determine the connection between variables. The research results indicate that CCC and DPO have a significant negative influence on ROA, while DSO and DSI were insignificant. A crucial finding is that none of the WCM components or control variables significantly influenced ROE. This result highlights the importance of CCC and DPO efficiency as the main strategy for enhancing company asset profitability (ROA). Companies are advised to prioritize the optimization of their cash cycle and trade payables. This finding contributes to the financial management literature in emerging markets and provides practical insights for developing effective working capital policies in the consumer non-cyclical sector.
Penelitian ini mengkaji pengaruh manajemen modal kerja (WCM) yang diproyeksikan melalui CCC, DSO, DSI, dan DPO terhadap kinerja keuangan (ROA dan ROE) pada perusahaan sektor consumer non-cyclical di BEI periode 2021-2024. Dalam industri yang stabil ini, pengelolaan modal kerja yang efisien sangat krusial untuk mempertahankan dan meningkatkan profitabilitas perusahaan. Pendekatan kuantitatif dengan menggunakan data sekunder laporan keuangan diterapkan dalam penelitian ini. Data dianalisis menggunakan Analisis Regresi Data Panel dengan program EViews, mengontrol variabel Size dan GDP, dalam menguji keterkaitan antar variabel. Temuan penelitian menyatakan bahwa CCC dan DPO memiliki arah hubungan negatif yang signifikan terhadap ROA, sementara DSO dan DSI tidak signifikan. Temuan krusialnya adalah tidak ada satu pun komponen WCM maupun variabel kontrol yang berpengaruh signifikan terhadap ROE. Hasil ini menyoroti pentingnya efisiensi CCC dan DPO sebagai strategi utama untuk meningkatkan profitabilitas aset (ROA) perusahaan. Perusahaan disarankan untuk memprioritaskan optimalisasi siklus kas dan utang usaha. Temuan ini berkontribusi pada literatur manajemen keuangan di pasar negara berkembang dan memberikan wawasan praktis bagi pengembangan kebijakan modal kerja yang efektif di sektor consumer non-cyclical.
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