PENGARUH PENGELOLAAN MODAL KERJA, MANAJEMEN RISIKO, DAN PERTUMBUHAN PENJUALAN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2018-2020
Keywords:
Working Capital Management, Risk Management, Sales Growth, Financial Performance, ROAAbstract
This study aims to analyze the effect of working capital management, risk management, and sales growth on financial performance of food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2020. Financial performance is proxied by Return on Assets (ROA). Working capital management is measured using the Cash Conversion Cycle (CCC), risk management is measured by the Debt to Equity Ratio (DER), and sales growth is measured by the annual sales growth ratio. The population consists of all food and beverage sub-sector companies listed on the IDX, with a sample of 18 companies selected by purposive sampling, yielding 54 units of analysis. Panel data regression with Fixed Effect Model (FEM) is employed. Results show that working capital management has a negative and significant effect on financial performance; risk management has a negative and significant effect; and sales growth has a positive and significant effect. Simultaneously, all three variables significantly influence financial performance with an adjusted R² of 68.91%.
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