Pengaruh Manajemen Modal Kerja terhadap Profitabilitas Perusahaan Manufaktur Sektor Transportasi dan Logistik yang Terdaftar di Bursa Efek Indonesia Periode 2021-2025

Abstract

This study aims to determine the impact of cash turnover, accounts receivable turnover, and inventory turnover on profitability (Return on Assets/ROA) for transportation and logistics companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The study population consisted of 40 companies; using purposive sampling, a sample of 23 companies was selected, yielding a total of 115 observations. Due to indications of autocorrelation in the initial model, the study applied the Cochrane-Orcutt pure lag model transformation to remedy this issue, resulting in a final sample size of 114 observations. A residual normality test was conducted using the non-parametric Kolmogorov-Smirnov approach with the Monte Carlo method to ensure the precision of the results following the transformation. Data analysis was performed using multiple linear regression. The t-test (partial test) results indicate that cash turnover and inventory turnover do not have a significant effect on ROA, whereas accounts receivable turnover is proven to have a positive and significant effect on ROA. Company management is advised to enhance the efficiency of credit policies and accelerate the collection of receivables to optimize the profitability of operating assets.