The Effect Of Working Capital Turnover On The Financial Performance Of Manufacturing Companies In The Consumer Goods Sector Listed On The Indonesian Stock Exchange (Idx) For The 2021–2024 Period
Abstract
This study is motivated by the importance of working capital management in improving a company’s operational efficiency and financial performance. An optimal working capital turnover is expected to support increased profitability; however, previous research has yielded mixed results. This study aims to analyze the effect of Working Capital Turnover (WCT) on Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM) in manufacturing companies in the consumer goods sector listed on the Indonesia Stock Exchange for the period 2021–2024. The study employs a quantitative approach with a causal design. Secondary data in the form of annual financial statements were analyzed using descriptive statistics, classical assumption tests, simple linear regression, t-tests, and the coefficient of determination with the aid of SPSS. The research sample was determined through purposive sampling and consisted of 11 companies with a total of 44 observations. The results indicate that Working Capital Turnover does not have a significant effect on ROA (sig. 0.800), ROE (sig. 0.126), or NPM (sig. 0.132). The coefficient of determination also indicates that WCT’s ability to explain variations in profitability remains low. This study concludes that working capital turnover is not yet a major factor influencing the financial performance of manufacturing companies in the consumer goods sector. Consequently, companies need to improve operational efficiency, cost management, capital structure, and sales strategies to optimize their financial performance. Translated with DeepL.com (free version)
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