Pengaruh Modal Kerja, Likuiditas, Leverage, dan Ukuran Perusahaan terhadap Profitabilitas Sektor Agrikultur Periode 2020-2024

Abstract

Penelitian ini bertujuan menganalisis pengaruh Cash Conversion Cycle (CCC), Current Ratio (CR), Debt to Asset Ratio (DAR), dan Firm Size terhadap Return on Assets (ROA) perusahaan sektor agrikultur serta menguji perbedaan pengaruh variabel tersebut antara periode COVID-19 dan setelah COVID-19. Penelitian menggunakan data sekunder berupa laporan keuangan 20 perusahaan sektor agrikultur yang terdaftar di BEI periode 2020–2024 dengan total 100 observasi. Analisis dilakukan menggunakan regresi data panel. Hasil penelitian menunjukkan bahwa CCC berpengaruh negatif signifikan terhadap ROA, sedangkan Firm Size berpengaruh positif signifikan terhadap ROA. Sementara itu, CR dan DAR tidak berpengaruh signifikan terhadap ROA. Pengujian variabel dummy menunjukkan bahwa hanya interaksi COVID-19 × DAR yang berpengaruh negatif signifikan, sedangkan interaksi COVID-19 dengan CCC, CR, dan Firm Size tidak menunjukkan perbedaan pengaruh yang signifikan.

This study examines the effects of Cash Conversion Cycle (CCC), Current Ratio (CR), Debt to Asset Ratio (DAR), and Firm Size on Return on Assets (ROA) of agricultural companies and investigates whether these effects differ between the COVID-19 and post-COVID-19 periods. The study employs secondary data from the annual financial statements of 20 agricultural companies listed on the Indonesia Stock Exchange during 2020–2024, resulting in 100 observations. The analysis was conducted using panel data regression. The results indicate that CCC has a significant negative effect on ROA, while Firm Size has a significant positive effect on ROA. In contrast, CR and DAR have no significant effect on profitability. The interaction analysis reveals that only the COVID-19 × DAR interaction is significantly negative, whereas the interactions with CCC, CR, and Firm Size are insignificant.