Pengaruh Modal Kerja dan Likuiditas Terhadap Profitabilitas Food and Beverage di Bursa Efek Indonesia
DOI:
https://doi.org/10.58192/wawasan.v3i2.3635Keywords:
Working Capital, Liquidity, Profitability, Return on Equity, Indonesia Stock ExchangeAbstract
This study aims to analyze the effect of working capital and liquidity on the profitability of food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2019–2024. Profitability is measured by Return on Equity (ROE), working capital is calculated from the difference between current assets and current liabilities, while liquidity is measured using the current ratio. This research employs a quantitative approach with descriptive methods and multiple linear regression analysis. The results show that neither working capital nor current ratio has a statistically significant effect on ROE, both partially and simultaneously. The coefficient of determination (R²) of 6.9% indicates that these two variables only explain a small portion of ROE variation. The findings suggest that companies have not yet optimally utilized working capital efficiency and liquidity management to improve profitability. This study contributes to managerial insight by encouraging firms to consider more relevant factors in financial performance strategies. Moreover, the findings support the notion that the influence of the Trade-off and Pecking Order theories in Indonesian corporate finance remains inconsistent.
References
Brigham, E. F., & Daves, P. R. (2016). Intermediate financial management (12th ed.). Cengage Learning.
Brigham, E. F., & Houston, J. F. (2011). Fundamentals of financial management (13th ed.). South-Western Cengage Learning.
Fadli, A. (2019). Pengaruh modal kerja dan likuiditas terhadap profitabilitas pada perusahaan makanan dan minuman yang terdaftar di BEI. Jurnal Ilmiah Abdi Ilmu, 12(2), 7–19.
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
Gitman, L. J., & Zutter, C. J. (2015). Principles of managerial finance (14th ed.). Pearson Education.
Haron, R., Said, S. B., Jayaraman, K., & Ismail, I. (2017). Capital structure inconclusiveness: Evidence from Malaysia, Thailand and Singapore. International Journal of Managerial Finance, 13(3), 346–362. https://doi.org/10.1108/IJMF-10-2015-0183
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate accounting (16th ed.). Wiley.
Makky, A. F., Salim, M. A., & ABS, M. K. (2018). Pengaruh modal kerja dan likuiditas terhadap profitabilitas perusahaan (pada perusahaan manufaktur sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia tahun 2012–2016). E-JRM: Elektronik Jurnal Riset Manajemen, 7(2).
Mutiara, F. (2024). Pengaruh modal kerja dan likuiditas terhadap profitabilitas (studi kasus perusahaan manufaktur subsektor food and beverage di BEI periode 2020–2022) [Tesis tidak diterbitkan]. UIN Raden Intan Lampung.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2018). Fundamentals of corporate finance (12th ed.). McGraw-Hill Education.
Sariyana, B. M., Yudiaatmaja, F., & Suwendra, I. W. (2016). Pengaruh perputaran modal kerja dan likuiditas terhadap profitabilitas (studi pada perusahaan food and beverages). Jurnal Manajemen Indonesia, 4(1).
Sartono, R. A. (2012). Manajemen keuangan: Teori dan aplikasi (4th ed.). BPFE Yogyakarta.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Wawasan : Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
