Pengaruh Modal kerja dan Struktur Modal Terhadap Profitabilitas Pada Perusahaan Sektor Makanan dan Minuman Yang terdaftar di BEI Periode 2020-2024

Abstract

Profitability is an important indicator for assessing a company's ability to generate earnings through the effective and efficient utilization of its resources. In food and beverage companies, profitability fluctuated during the 2020–2024 period, indicating the need to examine internal factors, particularly working capital management and capital structure. This study aims to analyze the effect of working capital and capital structure on profitability, as measured by Return on Assest (ROA), in food and bereverage companies listed on the Indonesia stock Exchange during the 2020-2024 period. This study employed an associative quantitave approach using secondary data obtained from the companies’annual financial statements. The population consisted of 26 companies, and the sample was selected using a purposive sampling technique, resulting in 5 companies with a total of 25 observations. The results indicate that, partially,working capital has a positive and significant effect on profitability ( significance value = 0,014 < 0,05).in contrast, capital structure has a negative but insignificant effect on profitability (significance value = 0,823 > 0.05). simultaneously, working capital and capital structure have a significant effect on profitability, with an f-statistic of 4,799 and a significance value of 0,019 (< 0,05). These findings imply that companies should prioritize effective working capital management to improve profitability, while capital structure policies should be managed carefully to prevent debt utilization from increasing financial burdens without generating meaningful improvements in earnings.