PENGARUH PERPUTARAN KAS, PIUTANG, DAN PERSEDIAAN TERHADAP PROFITABILITAS INDUSTRI MANUFAKTUR SEMEN
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Abstract
This study examines the effect of cash turnover, receivables turnover, and inventory turnover, both simultaneously and partially, on the profitability of manufacturing companies in the cement subsector listed on the Indonesia Stock Exchange (IDX). The sample consists of six companies selected through purposive sampling and observed from 2019 to 2023. The data were analyzed using multiple linear regression after classical assumption testing. The results show that cash turnover, receivables turnover, and inventory turnover have no significant effect on profitability, either partially or simultaneously. The three variables explain only a small share of the variation in profitability, which suggests that the profitability of cement companies depends more on factors outside short-term working capital efficiency, such as capital structure, firm size, production cost efficiency, and market demand. Even so, management still needs to keep cash and inventory management efficient and to maintain a balanced credit and collection policy to control liquidity risk. Future research should extend the observation period, enlarge the sample, and add variables beyond working capital to explain corporate profitability more fully.
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
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