The Effect of Working Capital and Accounts Receivable Turnover on the Profitability of Retail MSMEs
DOI:
https://doi.org/10.37385/75d62946Keywords:
Working Capital, Accounts Receivable Turnover, Profitability, MSMEsAbstract
This study aims to analyze the impact of working capital and accounts receivable turnover on the profitability of retail Micro, Small, and Medium Enterprises (MSMEs) in the North Padang District. This research was conducted because the management of working capital and accounts receivable constitutes a crucial factor influencing the financial performance and business sustainability of MSMEs. The study population consisted of all 1,369 retail MSME units in the North Padang District; a sample of 94 respondents was selected using the Yamane formula and convenience sampling. Primary data obtained directly from respondents were used for the analysis. Data analysis involved validity and reliability tests, classical assumption tests, multiple linear regression analysis, the coefficient of determination test, the F-test, and the t-test. The results indicate that working capital has a positive and significant partial effect on MSME profitability. Similarly, accounts receivable turnover has a positive and significant effect on MSME profitability. These findings suggest that more efficient working capital management and faster accounts receivable turnover enhance the ability of MSMEs to generate profit. The study's findings are expected to serve as a reference for MSME owners in improving the effectiveness of financial management to support sustainable business performance.
References
Abbas, D. S. (2017). Pengaruh current ratio, account receivable turnover, inventory turnover, total asset turnover, dan debt to equity terhadap return on assets. Competitive Jurnal Akuntansi dan Keuangan, 2(1), 55–72. https://doi.org/10.31000/competitive.v2i1.465
Afrifa, G. A., & Padachi, K. (2016). Working capital level influence on SME profitability. Journal of Small Business and Enterprise Development, 23(1), 44–63. https://doi.org/10.1108/JSBED-01-2014-0014
Aktas, N., Croci, E., & Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance, 30, 98–113. https://doi.org/10.1016/j.jcorpfin.2014.12.008
Anggraini, D., & Khoiriawati, N. (2023). Analisis rasio likuiditas, rasio profitabilitas dan rasio aktivitas untuk menilai kinerja perusahaan (Studi pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia tahun 2019–2021). Jurnal Ekonomi Pembangunan STIE Muhammadiyah Palopo, 9(1), 202–221.
Aniqotunnafiah, A., Yulianto, H., & Lestari, U. P. (2023). Pengaruh perputaran modal kerja, perputaran piutang, perputaran persediaan, dan perputaran kas terhadap profitabilitas perusahaan manufaktur subsektor makanan dan minuman periode tahun 2018–2021. Journal of Business, Finance, and Economics (JBFE), 4(1), 43–57.
Banos-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30(3–4), 573–588. https://doi.org/10.1111/1468-5957.00008
Dianasari, K. D., & Yasa, I. N. P. (2023). Pengaruh lokasi usaha, lama usaha, dan tingkat penjualan terhadap profitabilitas UMKM pasca revitalisasi di Pasar Seni Sukawati. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 14(2), 431–442.
Enqvist, J., Graham, M., & Nikkinen, J. (2014). The impact of working capital management on firm profitability in different business cycles: Evidence from Finland. Research in International Business and Finance, 32, 36–49. https://doi.org/10.1016/j.ribaf.2014.03.005
Fatahillah, I., Fauzi, A., Rambey, T., Syafitri, A. N., Maulana, F., Firda, M., Rinata, R., & Ramadhan, A. (2023). Analisis penerapan perilaku biaya terhadap profitabilitas UMKM di Indonesia. Jurnal Ekonomi dan Manajemen, 2(3), 189–197.
Firdaus, R. F., & Sisdianto, E. (2024). Analisis rasio profitabilitas sebagai penilaian kinerja keuangan Bank Syariah Indonesia: Studi kasus laporan tahun 2022–2023. Jurnal Intelek Insan Cendikia, 1(10), 7384–7391.
Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and Economics Journal, 2010(10), 1–9.
Hakim, H. M. Z., Manda, G. S., & Rakhman, A. (2020). Pengaruh perputaran kas dan perputaran piutang terhadap profitabilitas. Business Innovation & Entrepreneurship Journal, 2(1), 61–67.
Juliana, V., & Sidik, S. (2020). Pengaruh perputaran kas dan perputaran piutang terhadap profitabilitas pada perusahaan pertambangan subsektor batubara yang terdaftar di Bursa Efek Indonesia periode 2016–2019. Akuisisi, 16(2), 104–110.
Narundana, V. T. (2025). Pengaruh pengelolaan kas dan piutang terhadap profitabilitas pada UMKM Askha Jaya. Celebes Journal of Community Services, 4(1), 79–97.
OECD. (2023). Financing SMEs and entrepreneurs 2023: An OECD scoreboard. OECD Publishing. https://doi.org/10.1787/fin_sme_ent-2023-en
Pais, M. A., & Gama, P. M. (2015). Working capital management and SMEs profitability: Portuguese evidence. International Journal of Managerial Finance, 11(3), 341–358. https://doi.org/10.1108/IJMF-11-2014-0170
Paulina, J. (2019). Pengaruh likuiditas terhadap profitabilitas pada PT Astra Otoparts Tbk. Jurnal Ekonomi, 21(1), 46–59.
Rinofah, R., & Sari, A. H. F. (2022). Pengaruh perputaran modal kerja, perputaran kas, dan perputaran piutang terhadap profitabilitas UMKM Banyumedia sebelum dan saat pandemi COVID-19. Jurnal Manajemen Terapan dan Keuangan, 11(2), 270–282.
Santoso, E. E., & Clairene, E. (2013). Working capital turnover and accounts receivable turnover effect on profitability. Jurnal EMBA, 1(4), 1581–1590.
Serina, S. S., & Nilwan, A. (2019). Pengaruh perputaran modal kerja dan perputaran piutang terhadap profitabilitas pada usaha mikro kecil dan menengah (UMKM). Jurnal Online Insan Akuntan, 7, 39–50.
Sijabat, J., & Sijabat, M. I. (2021). Pengaruh perputaran kas, perputaran piutang, dan perputaran persediaan terhadap profitabilitas (Studi empiris pada perusahaan manufaktur sektor barang konsumsi yang terdaftar di Bursa Efek Indonesia periode 2016–2019). Visi Sosial Humaniora, 2(1), 17–30.
Singhania, M., Sharma, N., & Rohit, J. Y. (2014). Working capital management and profitability: Evidence from emerging Asian countries. South Asian Journal of Global Business Research, 3(1), 80–98. https://doi.org/10.1108/SAJGBR-10-2012-0080
Siregar, E. I. (2021). Kinerja keuangan terhadap profitabilitas sub sektor konstruksi. Penerbit NEM. https://books.google.co.id/books?id=uGU4EAAAQBAJ
Siregar, S. A. (2024). Kumpulan jurnal terakreditasi SINTA (Akuntansi syariah). BAO Publishing. https://books.google.co.id/books?id=cnH8EAAAQBAJ
Sitanggang, M., Triana, N., & Nadeak, T. (2023). Pengaruh perputaran modal kerja dan omzet penjualan terhadap laba usaha pada UMKM Saesnack Wangkong Kabupaten Karawang tahun 2020–2022. Jurnal Administrasi dan Manajemen, 13(3), 276–293.
Suraya, A., & Ratnasari, L. (n.d.). Pengaruh perputaran modal kerja dan perputaran persediaan terhadap profitabilitas (ROA) pada PT Mayora Indah.
Suryani, A. I., Sari, M. I., Hafidzi, A. H., & Suardi, M. (2021). Dasar-dasar manajemen keuangan. Samudra Biru. https://books.google.co.id/books?id=LV5BEAAAQBAJ
Susanti, A. (2024). Manajemen keuangan: Implementasi pada industri kreatif dan perusahaan. Penerbit Andi. https://books.google.co.id/books?id=9wEREQAAQBAJ
Syarief, M. E., Setiawan, I., Assidiki, H., Novianty, I., Apriliawati, Y., Afiyanti, F., Kristianingsih, K., & Sudjana, S. (2021). Persepsi pemahaman pengelolaan modal kerja dan pengaruhnya terhadap profitabilitas. Prosiding Seminar Nasional Pengabdian Masyarakat Universitas Ma Chung, 1, 349–358.
Tauringana, V., & Afrifa, G. A. (2013). The relative importance of working capital management and its components to SMEs' profitability. Journal of Small Business and Enterprise Development, 20(3), 453–469. https://doi.org/10.1108/JSBED-12-2011-0029
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, 1–16. https://doi.org/10.1016/j.ribaf.2013.11.005
Widianto, A., Sjahruddin, H., & Rifai, D. F. (2024). Pengaruh perputaran modal kerja dan perputaran persediaan terhadap profitabilitas. Jurnal Bina Bangsa Ekonomika, 17(1), 950–961.
World Bank. (2022). Small and medium enterprises (SMEs) finance. World Bank.
.png){kind=logo}
