Pengaruh Manajemen Modal Kerja, Beban Keuangan dan Makroekonomi terhadap Profitabilitas Sub Sektor Konstruksi Bangunan

Abstract

Percepatan dan pembangunan infrastruktur merupakan salah satu prioritas kerja pemerintah sejak tahun 2014 hingga saat ini. Dukungan pemerintah dalam sektor konstruksi juga terlihat melalui peningkatan anggaran serta rencana pembangunan infrastruktur yang masif. Namun demikian, stimulus tersebut belum berdampak pada profitabilitas perusahaan konstruksi bangunan yang cenderung mengalami penurunan. Di sisi lain, profitabilitas adalah indikator penting yang dapat menunjukkan kemampuan perusahaan dalam mengelola aset dan biaya. Manajemen modal kerja menjadi krusial bagi perusahaan konstruksi bangunan karena memiliki keputusan investasi yang didominasi oleh aset lancar. Pengelolaan modal kerja yang tidak tepat dapat mengarahkan perusahaan pada inefisiensi operasional, permasalahan likuiditas, penurunan profitabilitas hingga kebangkrutan. Indikator makroekonomi seperti suku bunga modal kerja dan pertumbuhan ekonomi juga perlu diperhatikan karena dapat memengaruhi kinerja keuangan perusahaan. Berdasarkan uraian latar belakang di atas, maka tujuan penelitian ini dilakukan mencakup (1) Menganalisis kondisi manajemen modal kerja, beban keuangan dan profitabilitas sub sektor konstruksi bangunan, serta indikator makroekonomi di Indonesia; (2) Menganalisis perbedaan manajemen modal kerja, beban keuangan dan profitabilitas sub sektor konstruksi bangunan serta kondisi makroekonomi pada periode sebelum dan selama pandemi COVID-19 di Indonesia; (3) Menganalisis pengaruh manajemen modal kerja, beban keuangan dan makroekonomi terhadap profitabilitas sub sektor konstruksi bangunan di Indonesia. Penelitian dilakukan menggunakan jenis data kuantitatif dengan sumber data sekunder berupa laporan keuangan kuartalan periode tahun 2015 sampai dengan 2023. Data tersebut diunduh dari situs Bursa Efek Indonesia, Badan Pusat Statistik dan Bank Indonesia. Berdasarkan kriteria menggunakan purposive sampling, terpilih 4 BUMN dan 6 BUMS yang diteliti sebagai sampel penelitian. Metode analisis yang digunakan meliputi analisis deskriptif, uji komparatif serta regresi data panel. Analisis deskriptif menunjukkan bahwa manajemen modal kerja pada sub sektor konstruksi bangunan didominasi oleh umur piutang. Sementara uji komparatif membuktikan bahwa fenomena pandemi berdampak pada perubahan manajemen modal kerja, beban keuangan dan profitabilitas kedua badan usaha. Berdasarkan regresi data panel, pengaruh manajemen modal kerja, beban keuangan dan makroekonomi terhadap kedua proksi profitabilitas memiliki hasil yang sama. Dalam rangka meningkatkan profitabilitas, manajemen perusahaan perlu mengelola modal kerja dengan cara mengurangi DIO dan DPO. Kemudian, kedua faktor makroekonomi yakni suku bunga modal kerja dan pertumbuhan PDB konstruksi juga perlu diperhatikan karena berpengaruh positif terhadap RoA dan RoE. Lebih lanjut, porsi utang terhadap modal perusahaan perlu dikurangi serta pertumbuhan penjualan perlu ditingkatkan.

Acceleration and infrastructure development have been one of the government's work priorities since 2014 until now. Government support in the construction sector is also evident through increased budget allocation and massive infrastructure development plans. However, this stimulus has not yet had an impact on the profitability of building construction companies, which tend to experience a decline. On the other hand, profitability is an important indicator that can demonstrate a company's ability to manage assets and costs. Working capital management is crucial for construction companies as they make investment decisions dominated by current assets. Mishandling working capital can lead to operational inefficiencies, liquidity problems, decreased profitability, and even bankruptcy. Macroeconomic indicators such as working capital interest rates and economic growth also need to be considered as they can affect the financial performance of the company. Based on the background explanation above, the objectives of this research are as follows: (1) To analyze the conditions of working capital management, financial burdens, and profitability in the building construction sub-sector, as well as the macroeconomic indicators in Indonesia; (2) To analyze the differences in working capital management, financial burdens, and profitability in the building construction sub-sector, as well as the macroeconomic conditions in the period before and during the COVID-19 pandemic in Indonesia; (3) Analyzing the impact of working capital management, financial burden, and macroeconomic factors on the profitability of the construction sub-sector in Indonesia. Research was conducted utilizing quantitative data with secondary data sources in the form of quarterly financial reports for the period from 2015 to 2023. The data were downloaded from the websites of the Indonesia Stock Exchange, the Central Statistics Agency, and Bank Indonesia. Based on purposive sampling criteria, four BUMN and six BUMS were selected as the research samples. The analysis methods employed include descriptive analysis, comparative testing, and panel data regression. Descriptive analysis indicates that working capital management in the building construction sub-sector is predominantly influenced by DSO. Meanwhile, comparative tests demonstrate that the pandemic phenomenon has affected changes in working capital management, financial charges, and profitability of both enterprises. Based on panel data regression, the impact of working capital management, financial charges, and macroeconomic factors on both profitability proxies yields consistent results. In order to enhance profitability, company management must manage working capital by reducing DIO and DPO. Furthermore, working capital interest rates and GDP growth in the construction sector, also require attention as they positively influence RoA and RoE. Moreover, the proportion of debt to company equity needs to be decreased, and sales growth should be improved.