Pengaruh Manajemen Modal Kerja dan Likuiditas Terhadap Profitabilitas Pada Perusahaan Perdagangan (Studi Kasus PT XYZ)
Abstract
Penelitian ini bertujuan untuk menginvestigasi dampak kesulitan dalam menerima pembayaran dari pelanggan dan kendala dalam membayar pemasok terhadap ketersediaan dana tunai perusahaan. Fokus penelitian ini juga melibatkan analisis tentang bagaimana komponen modal kerja dan tingkat likuiditas berpengaruh terhadap kinerja keuntungan suatu perusahaan dagang. Kasus yang dianalisis adalah PT XYY selama periode 2016 hingga 2021. Metode yang digunakan melibatkan analisis data time series setiap bulan dan penerapan model vector error correction model (VECM) untuk memahami hubungan antara variabel dalam jangka panjang. Variabel yang dianalisis meliputi elemen-elemen dalam modal kerja dan likuiditas perusahaan, days of sales in outstanding, days of sales in inventory (DSI), days of payable outstanding, cash conversion cycle (CCC). Likuiditas juga diukur dengan current ratio dan cash ratio. Tujuan utama adalah memahami bagaimana elemen-elemen ini mempengaruhi profitabilitas yang diukur dengan return on assets (ROA). Temuan menunjukkan bahwa DSI dan DPO memiliki dampak positif yang signifikan pada ROA, sementara DSO, cash ratio, dan CCC memiliki dampak negatif signifikan. Temuan ini menekankan pentingnya manajemen kewajiban kepada pemasok dalam menjaga profitabilitas. Implikasinya, perusahaan dapat menggunakan hasil ini untuk mengatur kebijakan operasional, terutama terkait pembayaran kepada pemasok dalam kontrak pembelian serta menjaga ketersediaan kas optimal dalam mengamankan likuiditas.
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