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July 18, 2024
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September 27, 2024
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Effective management of working capital is essential for the profitability and long-term sustainability of micro and small-scale processed food businesses. However, at present, the business has not yet developed strong competency in managing working capital efficiently. This can certainly increase the potential for business bankruptcy, especially in the processed food business. This research examines the impact of working capital management, liquidity, and solvency ratios on the profitability of 1,563 micro and 241 small processed food enterprises in Indonesia. Multiple linear regression is used to assess the relationship between working capital management and profitability. The independent variables include the payable deferral period, inventory conversion period, current ratio, and debt-to-asset ratio, while profitability, as the dependent variable, is measured by return on assets (ROA). The findings indicate that both the payable deferral period and debt-to-asset ratio significantly affect the profitability of micro and small businesses, with the current ratio having a particular effect on the profitability of small businesses. These findings suggest that improving financial management practices, such as daily sales optimization and enhanced cash flow monitoring, could significantly enhance profitability in the micro and small processed food sector.
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Copyright (c) 2024 Syalma Nabila Kamal, Dwi Rachmina, Feryanto
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The Impact Of Working Capital Management On Profitability In Micro And Small Processed Food Enterprises In Indonesia. (2024). Jurnal AGRISEP: Kajian Masalah Sosial Ekonomi Pertanian Dan Agribisnis, 23(02), 685–704. https://doi.org/10.31186/jagrisep.23.02.685-704
References
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Adiwibowo, K. H. (2021). The Effect Of Cash Conversion Cycle Factors On Profitability (Study On Manufacturing Sector Companies Listed On Indonesia Stock Exchange). Jurnal Ilmiah Mahasiswa FEB, 9(2), 1-15. Retrieved from https://jimfeb.ub.ac.id/index.php/jimfeb/article/ view/7745
Adiyanto, R., Muhadi, W. R., & Wijaya, L. I. (2020). Working Capital Management Dan Firm Profitability Perusahaan Sektor Manufaktur Di Bursa Efek Indonesia Dan Bursa Efek Filipina Periode 2014-2018. Journal Of Entrepreneurship & Business, 1(1), 31-42. doi: 10.24123/jerb.v1i1.2822
Aktas, N., Croci, E., & Petmezas, D. (2015). Is Working Capital Management Value-Enhancing? Evidence From Firm Performance And Investments. Journal Of Corporate Finance, 30(1), 98-113. doi: 10.1016/j.jcorpfin. 2014.12.008
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat
Brigham, E. F., & Houston, J. F. (2019). Fundamentals Of Financial Management (15th Edition Ed.). Boston: Cengage Learning
Cahyani, R. A. (2020). Pengaruh Perputaran Modal Kerja, Likuiditas, Dan Solvabilitas Terhadap Profitabilitas. Jurnal Ilmu Dan Riset Manajemen, 9(6), 1-17. Retrieved from http://jurnalmahasiswa.stiesia.ac.id/index.php /jirm/article/view/3069
Chen, Y., et al. (2020). Working Capital Management And Quality Management Systems: Evidence From An Emerging Economy. International Journal Of Business Management And Economic Research, 11(4), 1861-1868. Retrieved from http://www.ijb mer.com/docs/volumes/vol11issue4/ijbmer2020110405.pdf
Digdowiseiso, K., & Agustina, A. (2022). Pengaruh Current Ratio, Net Profit Margin, Dan Debt To Equity Ratio Terhadap Earning Per Share Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014-2020. Jurnal Ilmiah Indonesia, 7(3), 2889-2900. doi: 10.36418/syntax-literate.v7i3.6573
Faida, D. N., & Hadiprajitno, P. T. (2022). Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas (Studi Pada Perusahaan Dalam Sektor Barang Konsumen Primer Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2019). Diponegoro Journal Of Accounting, 11(4), 1-12. Retrieved from https://ejournal3.undip.ac.id/index.php/accounting/article/view/36336
Geddafa, T., Gedefa, F., & Abera, E. (2020). Assessing The Effect Of Working Capital Management On The Profitability Of Small Business In Chiro Town, West Hararghe Zone, Oromia Region, Ethiopia. Journal Of Finanzial And Accounting, 11(5), 10-30. doi: 10.7176/RJFA/11-15-03
Hantono. (2018). The Effect Of Current Ratio, Debt To Equity Ratio, Toward Return On Assets (Case Study On Consumer Goods Company). Jurnal Accountability, 7(2), 64-73. doi:10.32400/ja.24804.7.02.2018.64-73
Indradewi, C., & Widyarti, E. T. (2016). Analisis Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia Go Public Pada Bursa Efek Indonesia (BEI) Periode Tahun 2011 - 2014. Jurnal Studi Manajemen Organisasi, 13(2), 121-130. doi: 10.14710/jis.%v.%i.%Y.762-772
Luckieta, M., Imran, A., & Alamsyah, D. P. (2021). Pengaruh DAR dan Ukuran Perusahaan Terhadap ROA Perusahaan yang Terdaftar Di LQ45 Pada BEI. Jurnal Ekonomi Dan Manajemen Universitas Bina Sarana Informatika, 19(1), 17-23. doi: 10.31294/jp.v19i1.9235
Margaretha, F., & Oktaviani, C. (2016). Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Pada Usaha Kecil Dan Menengah Di Indonesia. Jurnal Bisnis Dan Akutansi, 18(1), 11-24. doi: 10.34208/jba.v18i1.33
Ministry of Cooperatives. (2021). Overview Of SMSE's Indonesia. Jakarta: Ministry of Cooperatives, Small and Medium Enterprises Publication
Novita, H., et al. (2022). Analisis Pengaruh Likuiditas, Solvabilitas Dan Aktivitas Terhadap Profitabilitas Pada Perusahaan Manufaktur Makanan Yang Terdapat Di BEI Periode 2017-2020. Owner: Riset & Jurnal Akuntansi, 6(2), 1665-1663. doi: 10.33395/owner.v6i2.806
Ponsian, N., et al. (2014). The Effect Of Working Capital Management On Profitability. International Journal Of Economics, Finance And Management Sciences, 2(6), 347-355. doi: 10.11648/j.ijefm.20140206.17
Prabowo, B., Suryana, A. K., & Theorupun, M. S. (2022). Pengaruh DER, DAR, LDER Dan LDAR Terhadap Profitabilitas Roe Pada Perusahaan Food And Beverages Yang Terdaftar Di BEI Periode 2015-2019. Jurnal Ilmu Manajemen Dan Akutansi, 10(1), 16-24. doi: 10.36596/ekobis.v10i1.655
Prafitri, T., Rachmina, D., & Tubagus, N. (2017). The Effect Of Working Capital On The Profitability Of Palm Oil Plantation Companies. Indonesian Journal Of Business And Entrepreneurship, 3(2) 111-120. doi: 10.17358/ijbe.3.2.111
Prijantoro, A. P., Karamoy, H., & D, A. (2022). Pengaruh Rasio Likuiditas Dan Solvabilitas Terhadap Profitabilitas Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di BEI. Jurnal LPPM Bidang EkoSosBudKum (Ekonomi, Sosial, Budaya, Dan Hukum), 5(2), 345 - 352. Retrieved from https://ejournal.unsrat.ac.id/v3/index.php/lppmekososbudkum /article/view/37803
Puka, Y. L. (2022). Pengaruh Leverage Terhadap Profitabilitas Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Kupang: Universitas Nusa Cendana
Purba, D. S., et al. (2021). Manajemen Usaha Kecil Dan Menengah. Medan: Yayasan Kita Menulis
Purnawan, E. (2015). Pengembangan Usaha Mikro Kecil dan Menengah (UMKM) Olahan Pangan Lokal dalam Gerakan One Day No Rice (ODNR) di Kota Depok. Depok: Univeristas Indonesia
Putri, H. W., & Kusumawati, Y. T. (2022). Pengaruh Leverage Terhadap Profitabilitas Perusahaan Food And Beverages Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2017. Borneo Student Research, 1(2), 860-864. Retrieved from https://journals.umkt.ac.id/index.php/bsr/article/ view/1148
Radeya, R., & Haryanto, A. M. (2022). Analisis Pengaruh Working Capital Management (WCM) Terhadap Profitabilitas Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode Triwulan I 2019 – Triwulan Ii 2021). Diponegoro Journal Of Management, 11(3), 1-12. Retrieved from https://ejournal3.undip.ac.id/index.php/djom/article/view/ 36521/28078
Samosir, D. C., & Suryawati, R. F. (2017). Ukuran Perusahaan terhadap Profitabilitas pada Sektor Aneka Industri yang Terdaftar di BEI. Bogor: Institut Pertanian Bogor
Sartono, et al. (2024). Development Policies Of The Micro, Small, And Medium Enterprises (SMEs) For Improving Regional Competitiveness. Jurnal AGRISEP: Kajian Masalah Sosial Ekonomi, 23(1), 111–128. doi: 10.31186/jagrisep.23.01.111-128
Sensini, L., & Varquez, M. (2021). Effects Of Working Capital Management On SME Profitability: Evidence From An Emerging Economy. International Journal Of Business And Management, 16(4), 85-95. doi: 10.5539/ijbm.v16n4p85
Setiyanto, A. I., & Aji, S. B. (2018). Pengaruh Inventory Conversion Period, Average Collection Period, Payables Deferral Period Dan Cash Conversion Cycle Terhadap Profitabilitas Perusahaan. Journal Of Applied Accounting And Taxation, 3(1), 19-25. doi: 10.5281/zenodo.1304998
Statistic Agency Indonesia. (2015). Micro and Small Industry Survey. Jakarta: Statistic Indonesia Agency Publication
Sukoco, A., & Zahroh, Z. (2015). Pengelolaan Modal Kerja Usaha Mikro Untuk Memperoleh Profitabilias (Studi Pada UD. Warna Jaya Periode 2011-2013. Jurnal Administrasi Bisnis, 22(1), 1-9. Retrieved from https://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/875
Supriadi, A., & Utami, F. (2021). Analisis Kinerja Keuangan UMKM Sepatu Dan Sandal Di Desa Sindangsari Kecamatan Pabuaran Kabupaten Serang. Jurnal Sains Sosio Humaniora, 5(2), 732-741. doi:10.22437/jssh.v5i2.15779
Suyono. (2015). Analisis Regresi Untuk Penelitian. Yogyakarta: Deepublish
Ukaegbu, B. (2014). The Significance Of Working Capital Management In Determining Firm Profitability: Evidence From Developing Economies In Africa. Research In International Business And Finance, 31(3), 1-16. doi: 10.1016/j.ribaf.2013.11.005
Wedyaningsih, N., Nurlaela, S., & Titisari, K. H. (2019). Earning Per Share, Debt To Equity Ratio Dan Current Ratio Terhadap Profitabilitas Perusahaan Sub-Sektor Barang Konsumsi Di Bursa Efek Indonesia. Edunomika, 3(1), 97-107. doi: 10.29040/jie.v3i01.414
Zulkarnaen, Z. (2018). Pengaruh Debt To Assets Ratio Terhadap Return On Asset Pada Perusahaan Asuransi Yang Terdaftar Di BEI Tahun 2010 – 2015. Jurnal Warta, 56(1), 1-11. doi: 10.46576/wdw.v0i56.12
References
Adiwibowo, K. H. (2021). The Effect Of Cash Conversion Cycle Factors On Profitability (Study On Manufacturing Sector Companies Listed On Indonesia Stock Exchange). Jurnal Ilmiah Mahasiswa FEB, 9(2), 1-15. Retrieved from https://jimfeb.ub.ac.id/index.php/jimfeb/article/ view/7745
Adiyanto, R., Muhadi, W. R., & Wijaya, L. I. (2020). Working Capital Management Dan Firm Profitability Perusahaan Sektor Manufaktur Di Bursa Efek Indonesia Dan Bursa Efek Filipina Periode 2014-2018. Journal Of Entrepreneurship & Business, 1(1), 31-42. doi: 10.24123/jerb.v1i1.2822
Aktas, N., Croci, E., & Petmezas, D. (2015). Is Working Capital Management Value-Enhancing? Evidence From Firm Performance And Investments. Journal Of Corporate Finance, 30(1), 98-113. doi: 10.1016/j.jcorpfin. 2014.12.008
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat
Brigham, E. F., & Houston, J. F. (2019). Fundamentals Of Financial Management (15th Edition Ed.). Boston: Cengage Learning
Cahyani, R. A. (2020). Pengaruh Perputaran Modal Kerja, Likuiditas, Dan Solvabilitas Terhadap Profitabilitas. Jurnal Ilmu Dan Riset Manajemen, 9(6), 1-17. Retrieved from http://jurnalmahasiswa.stiesia.ac.id/index.php /jirm/article/view/3069
Chen, Y., et al. (2020). Working Capital Management And Quality Management Systems: Evidence From An Emerging Economy. International Journal Of Business Management And Economic Research, 11(4), 1861-1868. Retrieved from http://www.ijb mer.com/docs/volumes/vol11issue4/ijbmer2020110405.pdf
Digdowiseiso, K., & Agustina, A. (2022). Pengaruh Current Ratio, Net Profit Margin, Dan Debt To Equity Ratio Terhadap Earning Per Share Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014-2020. Jurnal Ilmiah Indonesia, 7(3), 2889-2900. doi: 10.36418/syntax-literate.v7i3.6573
Faida, D. N., & Hadiprajitno, P. T. (2022). Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas (Studi Pada Perusahaan Dalam Sektor Barang Konsumen Primer Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2019). Diponegoro Journal Of Accounting, 11(4), 1-12. Retrieved from https://ejournal3.undip.ac.id/index.php/accounting/article/view/36336
Geddafa, T., Gedefa, F., & Abera, E. (2020). Assessing The Effect Of Working Capital Management On The Profitability Of Small Business In Chiro Town, West Hararghe Zone, Oromia Region, Ethiopia. Journal Of Finanzial And Accounting, 11(5), 10-30. doi: 10.7176/RJFA/11-15-03
Hantono. (2018). The Effect Of Current Ratio, Debt To Equity Ratio, Toward Return On Assets (Case Study On Consumer Goods Company). Jurnal Accountability, 7(2), 64-73. doi:10.32400/ja.24804.7.02.2018.64-73
Indradewi, C., & Widyarti, E. T. (2016). Analisis Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia Go Public Pada Bursa Efek Indonesia (BEI) Periode Tahun 2011 - 2014. Jurnal Studi Manajemen Organisasi, 13(2), 121-130. doi: 10.14710/jis.%v.%i.%Y.762-772
Luckieta, M., Imran, A., & Alamsyah, D. P. (2021). Pengaruh DAR dan Ukuran Perusahaan Terhadap ROA Perusahaan yang Terdaftar Di LQ45 Pada BEI. Jurnal Ekonomi Dan Manajemen Universitas Bina Sarana Informatika, 19(1), 17-23. doi: 10.31294/jp.v19i1.9235
Margaretha, F., & Oktaviani, C. (2016). Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Pada Usaha Kecil Dan Menengah Di Indonesia. Jurnal Bisnis Dan Akutansi, 18(1), 11-24. doi: 10.34208/jba.v18i1.33
Ministry of Cooperatives. (2021). Overview Of SMSE's Indonesia. Jakarta: Ministry of Cooperatives, Small and Medium Enterprises Publication
Novita, H., et al. (2022). Analisis Pengaruh Likuiditas, Solvabilitas Dan Aktivitas Terhadap Profitabilitas Pada Perusahaan Manufaktur Makanan Yang Terdapat Di BEI Periode 2017-2020. Owner: Riset & Jurnal Akuntansi, 6(2), 1665-1663. doi: 10.33395/owner.v6i2.806
Ponsian, N., et al. (2014). The Effect Of Working Capital Management On Profitability. International Journal Of Economics, Finance And Management Sciences, 2(6), 347-355. doi: 10.11648/j.ijefm.20140206.17
Prabowo, B., Suryana, A. K., & Theorupun, M. S. (2022). Pengaruh DER, DAR, LDER Dan LDAR Terhadap Profitabilitas Roe Pada Perusahaan Food And Beverages Yang Terdaftar Di BEI Periode 2015-2019. Jurnal Ilmu Manajemen Dan Akutansi, 10(1), 16-24. doi: 10.36596/ekobis.v10i1.655
Prafitri, T., Rachmina, D., & Tubagus, N. (2017). The Effect Of Working Capital On The Profitability Of Palm Oil Plantation Companies. Indonesian Journal Of Business And Entrepreneurship, 3(2) 111-120. doi: 10.17358/ijbe.3.2.111
Prijantoro, A. P., Karamoy, H., & D, A. (2022). Pengaruh Rasio Likuiditas Dan Solvabilitas Terhadap Profitabilitas Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di BEI. Jurnal LPPM Bidang EkoSosBudKum (Ekonomi, Sosial, Budaya, Dan Hukum), 5(2), 345 - 352. Retrieved from https://ejournal.unsrat.ac.id/v3/index.php/lppmekososbudkum /article/view/37803
Puka, Y. L. (2022). Pengaruh Leverage Terhadap Profitabilitas Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Kupang: Universitas Nusa Cendana
Purba, D. S., et al. (2021). Manajemen Usaha Kecil Dan Menengah. Medan: Yayasan Kita Menulis
Purnawan, E. (2015). Pengembangan Usaha Mikro Kecil dan Menengah (UMKM) Olahan Pangan Lokal dalam Gerakan One Day No Rice (ODNR) di Kota Depok. Depok: Univeristas Indonesia
Putri, H. W., & Kusumawati, Y. T. (2022). Pengaruh Leverage Terhadap Profitabilitas Perusahaan Food And Beverages Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2017. Borneo Student Research, 1(2), 860-864. Retrieved from https://journals.umkt.ac.id/index.php/bsr/article/ view/1148
Radeya, R., & Haryanto, A. M. (2022). Analisis Pengaruh Working Capital Management (WCM) Terhadap Profitabilitas Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode Triwulan I 2019 – Triwulan Ii 2021). Diponegoro Journal Of Management, 11(3), 1-12. Retrieved from https://ejournal3.undip.ac.id/index.php/djom/article/view/ 36521/28078
Samosir, D. C., & Suryawati, R. F. (2017). Ukuran Perusahaan terhadap Profitabilitas pada Sektor Aneka Industri yang Terdaftar di BEI. Bogor: Institut Pertanian Bogor
Sartono, et al. (2024). Development Policies Of The Micro, Small, And Medium Enterprises (SMEs) For Improving Regional Competitiveness. Jurnal AGRISEP: Kajian Masalah Sosial Ekonomi, 23(1), 111–128. doi: 10.31186/jagrisep.23.01.111-128
Sensini, L., & Varquez, M. (2021). Effects Of Working Capital Management On SME Profitability: Evidence From An Emerging Economy. International Journal Of Business And Management, 16(4), 85-95. doi: 10.5539/ijbm.v16n4p85
Setiyanto, A. I., & Aji, S. B. (2018). Pengaruh Inventory Conversion Period, Average Collection Period, Payables Deferral Period Dan Cash Conversion Cycle Terhadap Profitabilitas Perusahaan. Journal Of Applied Accounting And Taxation, 3(1), 19-25. doi: 10.5281/zenodo.1304998
Statistic Agency Indonesia. (2015). Micro and Small Industry Survey. Jakarta: Statistic Indonesia Agency Publication
Sukoco, A., & Zahroh, Z. (2015). Pengelolaan Modal Kerja Usaha Mikro Untuk Memperoleh Profitabilias (Studi Pada UD. Warna Jaya Periode 2011-2013. Jurnal Administrasi Bisnis, 22(1), 1-9. Retrieved from https://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/875
Supriadi, A., & Utami, F. (2021). Analisis Kinerja Keuangan UMKM Sepatu Dan Sandal Di Desa Sindangsari Kecamatan Pabuaran Kabupaten Serang. Jurnal Sains Sosio Humaniora, 5(2), 732-741. doi:10.22437/jssh.v5i2.15779
Suyono. (2015). Analisis Regresi Untuk Penelitian. Yogyakarta: Deepublish
Ukaegbu, B. (2014). The Significance Of Working Capital Management In Determining Firm Profitability: Evidence From Developing Economies In Africa. Research In International Business And Finance, 31(3), 1-16. doi: 10.1016/j.ribaf.2013.11.005
Wedyaningsih, N., Nurlaela, S., & Titisari, K. H. (2019). Earning Per Share, Debt To Equity Ratio Dan Current Ratio Terhadap Profitabilitas Perusahaan Sub-Sektor Barang Konsumsi Di Bursa Efek Indonesia. Edunomika, 3(1), 97-107. doi: 10.29040/jie.v3i01.414
Zulkarnaen, Z. (2018). Pengaruh Debt To Assets Ratio Terhadap Return On Asset Pada Perusahaan Asuransi Yang Terdaftar Di BEI Tahun 2010 – 2015. Jurnal Warta, 56(1), 1-11. doi: 10.46576/wdw.v0i56.12
Adiyanto, R., Muhadi, W. R., & Wijaya, L. I. (2020). Working Capital Management Dan Firm Profitability Perusahaan Sektor Manufaktur Di Bursa Efek Indonesia Dan Bursa Efek Filipina Periode 2014-2018. Journal Of Entrepreneurship & Business, 1(1), 31-42. doi: 10.24123/jerb.v1i1.2822
Aktas, N., Croci, E., & Petmezas, D. (2015). Is Working Capital Management Value-Enhancing? Evidence From Firm Performance And Investments. Journal Of Corporate Finance, 30(1), 98-113. doi: 10.1016/j.jcorpfin. 2014.12.008
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat
Brigham, E. F., & Houston, J. F. (2019). Fundamentals Of Financial Management (15th Edition Ed.). Boston: Cengage Learning
Cahyani, R. A. (2020). Pengaruh Perputaran Modal Kerja, Likuiditas, Dan Solvabilitas Terhadap Profitabilitas. Jurnal Ilmu Dan Riset Manajemen, 9(6), 1-17. Retrieved from http://jurnalmahasiswa.stiesia.ac.id/index.php /jirm/article/view/3069
Chen, Y., et al. (2020). Working Capital Management And Quality Management Systems: Evidence From An Emerging Economy. International Journal Of Business Management And Economic Research, 11(4), 1861-1868. Retrieved from http://www.ijb mer.com/docs/volumes/vol11issue4/ijbmer2020110405.pdf
Digdowiseiso, K., & Agustina, A. (2022). Pengaruh Current Ratio, Net Profit Margin, Dan Debt To Equity Ratio Terhadap Earning Per Share Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014-2020. Jurnal Ilmiah Indonesia, 7(3), 2889-2900. doi: 10.36418/syntax-literate.v7i3.6573
Faida, D. N., & Hadiprajitno, P. T. (2022). Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas (Studi Pada Perusahaan Dalam Sektor Barang Konsumen Primer Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2019). Diponegoro Journal Of Accounting, 11(4), 1-12. Retrieved from https://ejournal3.undip.ac.id/index.php/accounting/article/view/36336
Geddafa, T., Gedefa, F., & Abera, E. (2020). Assessing The Effect Of Working Capital Management On The Profitability Of Small Business In Chiro Town, West Hararghe Zone, Oromia Region, Ethiopia. Journal Of Finanzial And Accounting, 11(5), 10-30. doi: 10.7176/RJFA/11-15-03
Hantono. (2018). The Effect Of Current Ratio, Debt To Equity Ratio, Toward Return On Assets (Case Study On Consumer Goods Company). Jurnal Accountability, 7(2), 64-73. doi:10.32400/ja.24804.7.02.2018.64-73
Indradewi, C., & Widyarti, E. T. (2016). Analisis Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia Go Public Pada Bursa Efek Indonesia (BEI) Periode Tahun 2011 - 2014. Jurnal Studi Manajemen Organisasi, 13(2), 121-130. doi: 10.14710/jis.%v.%i.%Y.762-772
Luckieta, M., Imran, A., & Alamsyah, D. P. (2021). Pengaruh DAR dan Ukuran Perusahaan Terhadap ROA Perusahaan yang Terdaftar Di LQ45 Pada BEI. Jurnal Ekonomi Dan Manajemen Universitas Bina Sarana Informatika, 19(1), 17-23. doi: 10.31294/jp.v19i1.9235
Margaretha, F., & Oktaviani, C. (2016). Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Pada Usaha Kecil Dan Menengah Di Indonesia. Jurnal Bisnis Dan Akutansi, 18(1), 11-24. doi: 10.34208/jba.v18i1.33
Ministry of Cooperatives. (2021). Overview Of SMSE's Indonesia. Jakarta: Ministry of Cooperatives, Small and Medium Enterprises Publication
Novita, H., et al. (2022). Analisis Pengaruh Likuiditas, Solvabilitas Dan Aktivitas Terhadap Profitabilitas Pada Perusahaan Manufaktur Makanan Yang Terdapat Di BEI Periode 2017-2020. Owner: Riset & Jurnal Akuntansi, 6(2), 1665-1663. doi: 10.33395/owner.v6i2.806
Ponsian, N., et al. (2014). The Effect Of Working Capital Management On Profitability. International Journal Of Economics, Finance And Management Sciences, 2(6), 347-355. doi: 10.11648/j.ijefm.20140206.17
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