PENGARUH PERPUTARAN KAS DAN PERPUTARAN MODAL KERJA TERHADAP PROFITABILITAS (ROA) PADA PT CHANDRA ASRI PETROCHEMICAL TBK PERIODE 2015-2024
DOI:
https://doi.org/10.58174/ijqmr.v1i7.120Keywords:
perputaran kas, perputaran modal kerja, profitabilitas, return on assets, industri petrokimia, cash turnover, working capital turnover, profitability, return on assets, petrochemical industryAbstract
This study aims to analyze the effect of Cash Turnover and Working Capital Turnover on Profitability, as proxied by Return on Assets (ROA), at PT Chandra Asri Petrochemical Tbk during the 2015-2024 period. This study employs an associative quantitative approach using secondary data drawn from the company's annual financial statements over ten years (n = 10), processed through multiple linear regression analysis with the assistance of SPSS version 27. The results show that the regression model satisfies all classical assumption tests (normality, non-multicollinearity, non-heteroscedasticity, and non-autocorrelation). The partial t-test results indicate that Cash Turnover has a positive and significant effect on ROA (t count 6.203 > t table 2.365; Sig. 0.000 < 0.05), whereas Working Capital Turnover has a negative and significant effect on ROA (t count -4.759; Sig. 0.002 < 0.05). Simultaneously, both independent variables are proven to have a significant effect on ROA (F count 19.247 > F table 4.74; Sig. 0.001 < 0.05), with a coefficient of determination (Adjusted R Square) of 0.802, meaning that 80.2 percent of the variation in ROA can be explained by these two variables. These findings confirm that in the capital-intensive petrochemical industry, accelerating cash turnover plays a strategic role in improving profitability, while an excessively high working capital turnover may instead suppress profitability due to constrained funds tied up in current assets. This study contributes academically to the development of financial management theory in capital-intensive sectors and offers practical benefits for management and investors in evaluating the efficiency of corporate cash and working capital management.
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