Pengaruh Manajemen Modal Kerja Dan Struktur Modal Terhadap Profitabilitas Melalui Ukuran Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Properti Dan Real Estate   Di Bursa Efek Indonesia Periode 2021-2024

Riri Purnama Sari; Zefriyenni Zefriyenni; Lusiana Lusiana

doi:10.55903/juria.v5i1.368

Authors

Riri Purnama Sari Universitas Putra Indonesia YPTK Padang, Sumatera Barat
Zefriyenni Zefriyenni Universitas Putra Indonesia YPTK Padang, Sumatera Barat
Lusiana Lusiana Universitas Putra Indonesia YPTK Padang, Sumatera Barat

DOI:

https://doi.org/10.55903/juria.v5i1.368

Keywords:

Manajemen Modal Kerja, Struktur Modal, Ukuran Perusahaan;, Profitabilitas

Abstract

Industri properti dan real estate bersifat padat modal dan memiliki siklus proyek panjang, sehingga keputusan modal kerja dan pendanaan berpotensi memengaruhi profitabilitas. Tujuan penelitian ini menguji pengaruh manajemen modal kerja (cash conversion cycle/CCC) dan struktur modal (debt to equity ratio/DER) terhadap profitabilitas (Return on Assets/ROA), serta menilai ukuran perusahaan (ln(Total Aset)/SIZE) sebagai variabel moderasi. Metode yang digunakan adalah penelitian kuantitatif-deskriptif berbasis data sekunder. Teknik pengambilan sample secara purposive sampling menghasilkan 26 perusahaan properti dan real estate terdaftar di BEI periode 2021–2024 (104 observasi). Analisis data adalah regresi data panel dengan seleksi model melalui Uji Chow dan Uji Hausman yang menghasilkan Fixed Effect Model (FEM) terpilih. Hasil penelitian adalah manajemen modal kerja tidak berpengaruh signifikan terhadap profitabilitas. Struktur modal berpengaruh signifikan terhadap profitabilitas. Ukuran perusahaan tidak memoderasi hubungan antara manajemen modal kerja terhadap profitabilitas. Ukuran perusahaan memoderasi pengaruh struktur modal terhadap profitabilitas.

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