Pengaruh Perputaran Modal Kerja, Pertumbuhan Penjualan, dan Perputaran Persediaan terhadap Kinerja Keuangan dengan Struktur Modal sebagai Variabel Moderasi
DOI:
https://doi.org/10.33395/owner.v10i2.3254Keywords:
Working Capital Turnover, Sales Growth, Inventory Turnover, Capital Structure, Financial PerformanceAbstract
This study aims to examine the impact of working capital turnover, sales growth, and inventory turnover on financial performance, with capital structure as a moderating variable, in manufacturing companies listed on the Indonesia Stock Exchange during the 2022-2024 period. The panel data includes 153 companies, resulting in 459 observations, which were then filtered outliers to 359 observations. The analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with a pooled Ordinary Least Squares (OLS) approach. The findings reveal that working capital turnover and inventory turnover have a positive and significant effect on financial performance (p < 0.05), while sales growth is insignificant (p > 0.05). Furthermore, capital structure is not shown to moderate this relationship. These results imply that financial performance is more influenced by operational efficiency than by financing.
Downloads
Plum-X Analityc
References
Absah, Y. (2025). Enrichment?: Journal of Multidisciplinary Research and Development Intrinsic Value of Property Companies with Profitability as Intermediate Variable. 3(4), 579–596.
Ahmed, F., Ur, M., Mudassir, H., Imran, M., Dunay, A., & Hossain, B. (2024). Heliyon Corporate capital structure effects on corporate performance pursuing a strategy of innovation in manufacturing companies. Heliyon, 10(3), e24677. https://doi.org/10.1016/j.heliyon.2024.e24677
Ainia, R. N. (2023). The Effect of Capital Structure Moderating Receivable Turnover and Inventory Turnover on Profitability. 24(1), 40–45.
Akmalia. (2018). 5. Pengaruh Perputaran Kas, Perputaran Persediaan, Perputaran Piutang, Dan Perputaran Aset Terhadap Kinerja Keuangan Perusahaan. 1–22.
Al-mahbashi, T. A., & Shuib, A. (2017). An Overview Of The Tourism Marketing Strategy In Yemen. V(10), 99–107.
Aldubhani, M. A. Q., Wang, J., Gong, T., & Maudhah, R. A. (2026). Impact of working capital management on profitability?: evidence from listed companies in Qatar. 2(1), 70–81. https://doi.org/10.1108/JMB-08-2021-0032
Andre, R., Prasetya, A., & Susilowati, C. (2024). Peran Profitabilitas dalam Memoderasi Pengaruh Capital Structure dan Sales Growth terhadap Financial Performance. 12(2), 153–161. https://doi.org/10.26740/akunesa
Andreani, Y., Nurlaila, N., Syahbudi, M., Syariah, A., Islam, U., Sumatera, N., Islam, U., & Sumatera, N. (2022). Analisis Perputaran Persediaan dalam Meningkatkan Profitabilitas pada Pt . Charoen Pokphand Indonesia TBK. 1(4), 460–471. https://doi.org/10.54259/akua.v1i4.1231
Aristya, P., Cahyani, E., Wahyudi, A., Gama, S., Putu, N., & Astiti, Y. (2022). Pengaruh Struktur Modal, Kebijakan Dividen, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Sektor Property & Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2022. 5(September 2024).
Arry Eksandy, A. M. D. (2018). Pengaruh Perputaran Modal Kerja , Perputaran Piutang Dan Perputaran Kas Terhadap Profitabilitas Perusahaan ( Studi Pada Perusahaan Konstruksi Sektor Infrastruktur Di Bursa Efek Indonesia Periode 2012 – 2015 ). II(2), 1–14.
Bhattacharya, S. (1979). Imperfect Information , Dividend Policy , and “ the Bird in the Hand ” Fallacy. 8–11.
Bonansius, A. R. (2022). Capital Structure As A Moderating Variable Between Profitability And Firm Growth To Firm. 1.
Cekrezi, A. (n.d.). A literature review of the trade?off theory of capital structure.
Dermawan, E. S. (2024). The Effect Of Sales Growth , Firm Size , Profitability , Business Risk On Capital Structure. 2(1), 3095–3105.
Dianti, P. M., Dwi, A., & Bawono, B. (2024). Enrichment?: Journal of Management The effect of capital structure , sales growth , working capital turnover , and liquidity on company profitability with firm size as a moderating variable. 14(5).
Eugene F. Brigham & Joel F. Houston. (2019). Fundamentals of Financial Management (15th Editi).
Fachri, M. (2024). The Effect Of Capital Structure , Firm Size , and Inventory Turnover on Profit Growth ( Empirical Study of Coal Mining Companies Listed on The BEI in 2021-2023 ). 2(2), 369–380.
Fahira, N. M. (2024). The Moderate Role of Capital Structure , Corporate Social Responsibility Relations and Working Capital Turnover on Company Value. 5(2), 69–82.
Ibthia, D. M., & Muda, I. (2024). International Journal of Current Science Research and Review Analysis of Debt Structure and Liquidity on Company Performance with Firm Size as a Moderation Variable?: Sub-Sector Food and Beverage Listed on the IDX in the Period 2018-2022. 07(07), 4634–4642. https://doi.org/10.47191/ijcsrr/V7-i7-08
K.S.Ginanta, & F.Yudiaatmaja. (2024). Pengaruh Perputaran Modal Kerja Dan Perputaran Total Aktiva Terhadap Kinerja Keuangan Pada Bank Perkreditan Rakyat Di Bali. 10(3), 971–981.
Kalaitzidakis, P., & Mamuneas, T. P. (2018). Greenhouse Emissions and Productivity Growth. 1998. https://doi.org/10.3390/jrfm11030038
Karlina, L., Nursita, M., Putri, B. A., & Eka, N. W. (2026). Pengaruh Struktur Modal Dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan. 7, 147–157.
Kasmir, D. (2019). Analisis Laporan Keuangan. 314 halaman.
Kiymaz, H., Haque, S., & Abir, A. (2024). Borsa Istanbul Review Working capital management and firm performance?: A comparative analysis of developed and emerging economies. Borsa Istanbul Review, 24(3), 634–642. https://doi.org/10.1016/j.bir.2024.03.004
Liu, W. (2018). “ Trade-off theory of capital structure?: evidence from estimations of non-parametric and semi-parametric panel fixed effect models ” Trade-off theory of capital structure?: evidence from estimations of non-parametric and semi-parametric panel fixed effect models. 2017. https://doi.org/10.21511/imfi.14(1).2017.12
Megawati, F. T., Umdiana, N., Nailufaroh, L., & Naskah, I. (2021). Faktor-Faktor Struktur Modal Menurut Trade Off Theory. 26. https://doi.org/10.23960/jak.v26i1.255
Ngwenya, S. (2008). The Relationship between Working Capital Management and Profitability of Companies Listed on the Johannesburg Stock Exchange.
Nurlaela, S., Mursito, B., Kustiyah, E., & Hartono, S. (2019). Asset Turnover , Capital Structure and Financial Performance Consumption Industry Company in Indonesia Stock Exchange. 9(3), 297–301.
Prabasari, B., Amalia, N. R., Ekonomi, F., Semarang, U., Ekonomi, F., & Semarang, U. (2022). Pengaruh Sales Growth Dan Capital Structure Terhadap Financial Perfomance. 20(3), 230–235.
Pranaditya, A., Andini, R., & Andika, A. D. (2021). https://jurnal.stie-aas.ac.id/index.php/IJEBAR. 2021(4), 1099–1110.
Rachmawati, L., & Hanun, N. R. (2023). The Influence of Capital Structure , Receivables Turnover , Inventory Turnover and Profitability on Profit Quality ( Study of Pharmaceutical Sub-Sector Companies on the Indonesian Stock Exchange for the 2019- 2023 Period ) [ Pengaruh Struktur Modal , Perp. 1–15.
Rezki Erdian , Hermanto Siregar, dan R. D. I. (2022). Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Perusahaan Ritel Indonesia?: Peran Moderasi Makroekonomi. 8(2), 620–629.
Rika Nur Ainia, I. Y. (2025). Effect of Capital Structure on Profitability with Liquidity as a Moderating Variable?: Empirical Study on Food and Beverage Companies. 3(03), 813–832.
Salimi, S., Almuktar, S. A. A. A. N., & Scholz, M. (2021). The moderating effects of strategy on working capital management and profitability. Journal of Environmental Management, 286(August 2020), 112160. https://doi.org/10.1016/j.jenvman.2021.112160
Savestra, F., Hermuningsih, S., Wiyono, G., & Tamansiswa, U. S. (2021). Peran Struktur Modal Sebagai Moderasi Penguatan Kinerja Keuangan Perusahaan. 6.
Setiawanta, Y., Azizium, M., Dian, U., Semarang, N., Dian, U., & Semarang, N. (2019). Apakah sinyal kinerja keuangan masih terkonfirmasi???: Studi empiris lembaga keuangan di PT . BEI transparan untuk lebih bisa bersaing ( Utomo & Setiawanta , 2011 ). 22(2), 289–312.
Shabihah, K., & Rusdi, D. (2025). Moderation of Firm Size in the Influence of Working Capital and Inventory on the Company ’ s Financial Performance. 6(1), 28–37.
Spence, M. (1973). Job Market Signaling.
Ullah, A., Pinglu, C., Ullah, S., Zaman, M., & Haider, S. (2020). Heliyon The nexus between capital structure , fi rm-speci fi c factors , macroeconomic factors and fi nancial performance in the textile sector of Pakistan. HLY, 6(8), e04741. https://doi.org/10.1016/j.heliyon.2020.e04741
Yuliani, E. (2021). Pengaruh Struktur Modal , Likuiditas dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan Pendahuluan Perusahaan manufaktur merupakan industri Keuangan Pada Perusahaan Go Publik yang. 10(2), 111–122. https://doi.org/10.32502/jimn.v10i2.3108
Yusniar, V., Jayanih, A., Hidayat, I., & Abbas, D. S. (2025). Pengaruh Perputaran Persediaan , Total Asset Turnover , Struktur Modal terhadap Pertumbuhan Laba dengan Ukuran Perusahaan Sebagai Variabel Moderasi. 4(2), 6476–6485.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Josephin Kezia, Erny Luxy D. Purba
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
