The effect of capital structure, sales growth, working capital turnover, and liquidity on company profitability with firm size as a moderating variable
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Abstract
This study examines the effects of capital structure, sales growth, working capital turnover, and liquidity on profitability, with firm size as a moderating variable. Using financial data from food and beverage companies listed on the IDX (2019–2023), profitability is measured by ROA, while independent variables include DER, sales growth, working capital turnover, and CR. Firm size is represented by the natural logarithm of total assets. Data analysis through SPSS applies multiple and moderation regression. Results indicate that capital structure and sales growth do not significantly influence profitability, while working capital turnover does. Firm size moderates the effects of capital structure and sales growth on profitability but does not moderate the impacts of working capital turnover or liquidity. The study's limitations include the use of limited financial ratios, reliance on reports in Rupiah, and a narrow industry focus. Future research may expand by incorporating additional financial metrics, utilizing foreign currencies, and covering a wider sample from diverse sectors to better capture broader economic trends.
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How to Cite
Dianti, P. M., & Bawono, A. D. B. (2024). The effect of capital structure, sales growth, working capital turnover, and liquidity on company profitability with firm size as a moderating variable. Enrichment : Journal of Management, 14(5), 875-883. https://doi.org/10.35335/enrichment.v14i5.2160
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Adila, M., & Avriyanti, S. (2022). Http://jurnal.stiatabalong.ac.id/index.php/JAPB ISSN : 2723-0937. 5, 998–1010.
Aditia, I., & Kustinah, S. (2023). The Effect of Capital Structure, Investment Decision and Working Capital Turn Over on Profitability. Accounting and Finance Studies, 3(3), 157–169. https://doi.org/10.47153/afs33.6902023
Ahttps://ejournal.insightpower.org/index.php/JAMED/article/download/103/79
Afrianti, D., & Purwaningsih, E. (2022). The Effect of Leverage, Liquidity and Asset Growth on Profitability. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(2), 1781–1796. http://www.journal.stiemb.ac.id/index.php/mea/article/view/2343
Ahmeti, A., Ahmeti, Y., & Ahmeti, S. (2022). The impact of working capital management on SME profitability – evidence from Kosovo. Zbornik Radova Ekonomskog Fakulteta u Rijeci / Proceedings of Rijeka Faculty of Economics, 40(2), 459–478. https://doi.org/10.18045/zbefri.2022.2.459
Anggraeni, L. (2019). Pengaruh Perputaran Modal Kerja, Ukuran Perusahaan, Leverage dan Perputaran Piutang Terhadap Profitabilitas. Jurnal Ilmu Dan Riset Akuntansi, 8(3), 1–17. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/2321/2325
Anindita, V. (2019). Pengaruh Perputaran Modal Kerja , Likuiditas dan Pertumbuhan Penjualan terhadap Profitabilitas The Effect of Working Capital Turnover , Liquidity and Sales Growth on Profitability. 6(2), 54–64.
Felicia, & Viriany. (2023). Felicia dan Viriany: Pengaruh Likuiditas dan Ukuran Perusahaan Terhadap Profitabilitas... V(3), 1550–1557.
Free, P., Flow, C., Penjualan, P., Knerja, T., Periode, E. I., & Rahmi, F. (2023). Jurnal Akuntansi dan Keuangan ( JAK ) Perusahaan Pada Perusahaan Manufaktur Sub Sektor Aneka Industri Yang Terdaftar di Bursa. 11(1), 89–100.
Kasmir. (2019). Analisis Laporan Keuangan (Pertama). PT Raja Grafindo Perkasa.
Khoiroh, A. (2019). The Effect of Working Capital Turnover , Cash Turnover and Inventory Turnover on The Profitability of Companies Listed on The Indonesian Stock Exchange. 34–39.
Muthohharoh, N. (2021). Pengaruh Likuiditas, Multiplier Equity, Keputusan Investasi dan Kebijakan Dividen terhadap Profitabilitas dengan Ukuran Perusahaan sebagai Variabel Moderating (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di ISSI Periode 2016-2020). Accounting and Finance Studies, 1(4), 62–90. https://doi.org/10.47153/afs14.2502021
Nirawati, L., Samsudin, A., Stifanie, A., Setianingrum, M. D., RyanSyahputra, M., Khrisnawati, N., & Saputri, Y. (2022). Profitabilitas dalam perusahaan. Jurnal Manajemen Dan Bisnis, 5(1), 60–68.
Nurdiansyah, M. reza. (2023). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Moderasi. Repository.Upi.Edu, 0, 1–23.
Nurlela, & Laili Dimyati. (2022). Pengaruh Struktur Modal Terhadap Profitabilitas Pada Perusahaan Yang Terdaftar di Jakarta Islamic Index 70. Jurnal Aktiva : Riset Akuntansi Dan Keuangan, 3(3), 119–128. https://doi.org/10.52005/aktiva.v3i3.121
Pundissing, R., & Pagiu, C. (2022). Enrichment : Journal of Management Effect of Working Capital Turnover on Economic Profitability. 12(4).
Pusaka, S. A., & Takarini, N. (2023). Pengaruh Likuiditas , Leverage terhadap Profitabilitas dimoderasi Ukuran Perusahaan pada Sub Sektor Perusahaan Pertambangan Batu Bara. 7(2), 1209–1217. https://doi.org/10.33087/ekonomis.v7i2.1045
Puspawati, D., Kurniawati, L., & Ulynnuha, O. I. (2023). Pengantar Ekonometrika dan Terapan (N. I. Abas (ed.)).
Putu, N., Pramesti, E., Ngurah, P., Yasa, S., Luh, N., & Puspa, A. (2021). The Effect of Capital Structure and Sales Growth on Company Profitability and Value in the Cosmetics Manufacturing and Household Needs Manufacturing Companies. 8, 187–193.
Qabajeh, M., Alqsass, M., Al Natour, A. R., Alkayed, H., & Maali, H. (2024). The Impact of working capital turnover on profitability: A case study based on Jordanian banks. Quality - Access to Success, 25(201), 406–412. https://doi.org/10.47750/QAS/25.201.43
Septiani, K., Widiasmara, A., & Murwani, J. (2021). Seminar Inovasi Manajemen Bisnis dan Akuntansi (SIMBA) 3. September. https://www.topbrand-award.com/
Setiawan, M. R., Susanti, N., & Nugraha, N. M. (2021). Pengaruh Struktur Modal , Perputaran Modal Kerja , dan Ukuran Perusahaan Terhadap Nilai Perusahaan. xx, 208–218.
Sugiyono. (2013). Metode Penelitian Kuantitatif Kualitatif dan R&D (19th ed.). Alfabeta.
Sukesti, F., Ghozali, I., Fuad, F., Almasyhari, A. K., & Nurcahyono, N. (2021). Factors Affecting the Stock Price: The Role of Firm Performance. Journal of Asian Finance, Economics and Business, 8(2), 165–173. https://doi.org/10.13106/jafeb.2021.vol8.no2.0165
Zuhroh, I. (2019). The Effects of Liquidity , Firm Size , and Profitability on the Firm Value with Mediating Leverage. 2019, 203–230. https://doi.org/10.18502/kss.v3i13.4206