Pengaruh perputaran kas, perputaran persediaan terhadap return on assets pada PT. Unilever Indonesia Tbk periode 2015-2024

Authors

  • Tesalonika Syalomita Karundeng Sam Ratulangi University
  • Robert Lambey Sam Ratulangi University
  • Meily Y.B. Kalalo Sam Ratulangi University

DOI:

https://doi.org/10.58784/mbkk.422

Keywords:

cash turnover, inventory turnover, return on assets, PT. Unilever Indonesia Tbk

Abstract

This study investigates the effect of cash turnover and inventory turnover as key indicators of working capital management on Return on Assets (ROA) at PT Unilever Indonesia Tbk during the 2015–2024 period. Employing a quantitative explanatory research design, this study uses quarterly secondary data obtained from the company’s published financial statements, comprising 40 observations. The data are analyzed using multiple linear regression after meeting classical assumption requirements. The results reveal that cash turnover has a positive and statistically significant effect on ROA, indicating that efficient cash utilization enhances corporate profitability. Inventory turnover also exerts a positive and significant influence on ROA, reflecting the importance of inventory efficiency in optimizing asset performance. Furthermore, both variables simultaneously have a significant impact on ROA, demonstrating the critical role of effective working capital management in corporate financial performance. These findings are consistent with signaling theory, where efficient asset management conveys positive signals regarding firm value and operational efficiency to investors. This study provides empirical evidence that strengthening cash and inventory turnover is essential for improving profitability and financial efficiency in large manufacturing firms within the consumer goods sector.

Downloads

Download data is not yet available.

References

Anggarini, D. R., Safitri, D. R., & Nani, D. A. (2022). The effect of cash turnover and receivables turnover on Return on Assets (ROA) in manufacturing companies in the healthcare sector of the pharmaceutical industry listed on the IDX in 2016-2020. Jurnal Ekonomi dan Bisnis Jagaditha, 9(1), 31-40. https://doi.org/10.22225/jj.9.1.2022.30-38

Amelia, S., Suharyono, O., Yulianti, M. L., & Priatna, D. K. (2023). Pengaruh perputaran kas terhadap profitabilitas (Studi kasus pada PT Mayora Indah Tbk periode tahun 2014–2021). Jurnal Humaniora, Ekonomi Syariah dan Manajemen, 1(1), 16-25. https://doi.org/10.38035/jhesm.v1i1.3

Ariawan, Anas M., & Fakhruddin. (2024). Manajemen modal kerja: Maksimalkan efisiensi operasional. Takaza Innovatix Labs.

Febriyanti, E., Puspitasari, I., & Utomo, A. S. (2025). The influence of working capital, cash turnover, and receivables turnover on the profitability of PT Pegadaian Syariah Indonesia (2019–2023). Eduvest – Journal of Universal Studies, 5(4), 3951–3959. https://doi.org/10.59188/eduvest.v5i4.50911

Freddy, D., & Gultom, A. R. (2020). Analisis pengaruh perputaran persediaan dan perputaran aset tetap terhadap Return on Assets (ROA). Jurnal Kewirausahaan, Akuntansi, dan Manajemen TRI BISNIS, 2(1), 1–22. https://doi.org/10.59806/jkamtb.v2i1.94

Gulo, Y., & Tipa, H. (2024). Pengaruh perputaran persediaan dan penjualan terhadap profitabilitas PT Sumber Alfaria Trijaya Tbk Kota Batam. Scientia Journal: Jurnal Ilmiah Mahasiswa, 6(3). https://doi.org/10.33884/scientiajournal.v6i3.8638

Hasibuan, L., Daulay, P. B. M, Nasution, E. Z., L., & Utami, T. W. (2023). Analisa Laporan keuangan syariah. Merdeka Kreasi Group.

Hery. (2023). Analisis laporan keuangan: Intergrated and comprehensive edition. PT Grasiondo.

Isqamah, M. D., Tawe, A., Nurman., Budiyati, H., & Aslam, A. P. (2024). Pengaruh perputaran kas, perputaran piutang dan perputaran persediaan terhadap profitabilitas: Studi pada perusahaan food and beverage di Bursa Efek Indonesia periode 2017-2022. Jurnal Penelitian Ekonomi Manajemen dan Bisnis, 12(1), 45-60. https://doi.org/10.55606/jekombis.v3i4.4379

Khaira, A. (2021). Pengaruh Perputaran Kas Dan Perputaran Piutang Terhadap Return On Assets (ROA) Pada PT. Unilever Indonesia Tbk Periode 2012-2019. Skripsi, Universitas Medan Area.

Linang, M. A., Setiyowati, S. W., & Sari, A. R. (2025). Analisis pengaruh perputaran kas, perputaran piutang, perputaran persediaan, perputaran modal kerja dan DPR terhadap profitabilitas (ROA). Jurnal Riset Pendidikan Ekonomi, 10(1), 72–85. https://doi.org/10.21067/jrpe.v10i1.11595

Mendrofa, S. A., Arfianty., Santoso, A., Buulolo, N.A., Hasanuddin, R., Duha, T., Rozak, A., Amrulloh, A., Farlina, W., Tasman, A., Fitra, H., Sutisna, E., Hastuti, W. (2024). Manajemen keuangan era digital. Mega Press Nusantara.

Purba, R. Br. (2023). Teori akuntansi. Merdeka Kreasi.

Putri, N. D., Fathurahman, M. A., Hartianti, A., & Budianto, E. (2024). The impact of current ratio, inventory turnover, on return on assets in listed mining sector companies on IDX in 2019–2022. Journal Research of Social Science, Economics, and Management, 3(11), 1955–1974. https://doi.org/10.59141/jrssem.v3i11.658

Nuraini, A. I. (2021). The effect of cash turnover and inventory turnover on return on assets (ROA). Almana: Jurnal Manajemen dan Bisnis, 5(2), 215–224. https://doi.org/10.36555/almana.v5i2.1659

Nurjaya, S., Istikomah, I., & Hidayat, A. I. (2023). Pengaruh perputaran kas dan piutang terhadap return on assets pada koperasi simpan pinjam mitra usaha Desa Cisempur tahun 2018-2022. Jurnal Riset Akuntansi Politala, 6(2), 267-277. https://doi.org/10.34128/jra.v6i2.172

Sari, R. (2023). Effect of working capital effectiveness and growth opportunity on profitability. Advances in Economics & Financial Studies, 1(2), 75–91. https://doi.org/10.60079/aefs.v1i2.84

Yudha, A., & Wiliyanti, R. (2025). Pengaruh cash turnover, inventory turnover, receivable turnover, dan total asset turnover terhadap profitabilitas pada perusahaan ritel yang terdaftar di Bursa Efek Indonesia periode 2021–2024. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(3), 3265–3277. https://doi.org/10.31004/riggs.v4i3.2422

Downloads

Published

2025-12-19

How to Cite

Karundeng, T. S., Lambey, R., & Kalalo, M. Y. (2025). Pengaruh perputaran kas, perputaran persediaan terhadap return on assets pada PT. Unilever Indonesia Tbk periode 2015-2024. Manajemen Bisnis Dan Keuangan Korporat, 3(2), 670–680. https://doi.org/10.58784/mbkk.422

Issue

Vol. 3 No. 2 (2025)

Section

Articles

License

Copyright (c) 2025 Tesalonika Syalomita Karundeng, Robert Lambey, Meily Y.B. Kalalo

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Under this license then authors free to:

  • Share - copy and redistribute the material in any medium or format.
  • Adapt - remix, transform, and build upon the material for any purpose, even commercially.

The licensor cannot revoke these freedoms as long as you follow the license terms.

Under the following terms:

  • Attribution - You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
  • No additional restrictions - You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.


Notices:

  • You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation.
  • No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.