THE IMPACT OF WORKING CAPITAL MANAGEMENT, INVENTORY TURNOVER, AND DIVIDEND POLICY ON THE PROFITABILITY OF FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (2020–2024)
Keywords:
Working Capital Management, Inventory Turnover, Dividend Policy, and ProfitabilityAbstract
This study aims to analyze the effect of Working Capital Management, Inventory Turnover, and Dividend Policy on Return on Assets (ROA) in Food and Beverage subsector companies listed on the Indonesia Stock Exchange during the 2020-2024 period. This study employs a quantitative method with a causal associative approach. The population consists of Food and Beverage subsector companies listed on the Indonesia Stock Exchange. The sampling technique used was purposive sampling based on predetermined criteria. The sample consisted of 20 companies observed over a five-year period, resulting in 100 observations. The data were analyzed using multiple linear regression with the assistance of IBM SPSS Statistics 26.0, including classical assumption tests, hypothesis testing, and the coefficient of determination. The results indicate that, partially, Working Capital Management, proxied by Working Capital Turnover, has no significant effect on ROA. Inventory Turnover also has no significant effect on ROA. Meanwhile, Dividend Policy has a positive and significant effect on ROA. Simultaneously, Working Capital Management, Inventory Turnover, and Dividend Policy have a significant effect on ROA. The R Square value of 0.167 indicates that the three independent variables explain 16.7% of the variation in ROA, while the remaining 83.3% is explained by other factors outside the research model.
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