Pengaruh Working Capital Turnover dan Total Asset Turnover terhadap Profitabilitas melalui Capital Structure sebagai Variabel Intervening pada Sektor Aneka Industri yang Terdaftar di BEI
DOI:
https://doi.org/10.32502/bfm0tj73Keywords:
Capital Structure, Profitability, Total Asset Turnover, Working Capital TurnoverAbstract
This study examines the effect of Working capital turnover (WCT) and Total asset turnover (TATO) on profitability through capital structure as an intervening variable in the miscellaneous industry sector listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024. The research employs a quantitative approach with an associative descriptive design. The sampling technique used is purposive sampling, yielding 35 companies as samples with 105 observation units over three years. Data analysis was conducted using multiple linear regression and path analysis assisted by IBM SPSS version 26. The results indicate that Working capital turnover has a negative significant effect on capital structure and Total asset turnover has a negative significant effect on capital structure , working capital turnover has a positive significant effect on profitability whereas Total asset turnover does not significantly affect profitability and Capital structure has no significant effect on profitability. Furthermore, capital structure is unable to mediate the effect of either Working capital turnover or Total asset turnover on profitability. These findings suggest that the direct effect of asset utilization on profitability is stronger than the indirect effect through capital structure.
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