THE EFFECT OF CASH TURNOVER, ACCOUNTS RECEIVABLE TURNOVER, AND INVENTORY TURNOVER ON PROFITABILITY WITH LIQUIDITY AS AN INTERVENING VARIABLE
Keywords:
Liquidity, Cash Turnover, Accounts Receivable Turnover, Inventory Turnover, ProfitabilityAbstract
This study aims to analyze the effect of cash turnover, accounts receivable turnover, and inventory turnover on profitability, with liquidity as an intervening variable in pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. This study employs a quantitative approach with an associative research design. The data used are secondary data obtained from the companies' financial statements. The research sample consists of 7 companies, with a total of 35 observations. The data analysis technique uses Structural Equation Modeling–Partial Least Squares (SEM-PLS) with the assistance of SmartPLS 4.0 software.
The results show that cash turnover and accounts receivable turnover have a negative and significant effect on profitability, while inventory turnover has no significant effect on profitability. Inventory turnover has a positive and significant effect on liquidity, whereas cash turnover and accounts receivable turnover have no significant effect on liquidity. Liquidity also has no significant effect on profitability. Furthermore, liquidity is unable to mediate the effects of cash turnover, accounts receivable turnover, and inventory turnover on profitability.
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