Pengaruh Modal Kerja dan Likuiditas terhadap Profitabilitas pada Perusahaan Sub Sektor Transportasi yang Terdaftar di Bursa Efek Indonesia Periode 2021–2025

Abstract

This study aims to examine the effect of working capital and liquidity on profitability in transportation subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. Working capital is measured using the Working Capital Turnover (WCT), liquidity is measured using the Current Ratio (CR), and profitability is measured using Return on Equity (ROE). This study employs a quantitative approach using secondary data obtained from the annual financial statements of companies listed on the Indonesia Stock Exchange. The sample was selected using a purposive sampling technique, resulting in four companies that met the predetermined criteria. Data were analyzed using classical assumption tests, multiple linear regression analysis, t-test, F-test, and the coefficient of determination with SPSS version 25. The results indicate that working capital has a negative and significant effect on profitability, with a t-value of -4.124 and a significance level of 0.001. Meanwhile, liquidity has a positive but insignificant effect on profitability, with a t-value of 0.202 and a significance level of 0.842. Simultaneously, working capital and liquidity have a significant effect on profitability, as indicated by an F-value of 8.506 and a significance level of 0.003. The coefficient of determination (R²) of 0.500 indicates that working capital and liquidity explain 50.0% of the variation in profitability, while the remaining 50.0% is explained by other factors outside the research model. These findings emphasize the importance of efficient working capital management in supporting the profitability of transportation companies.