PSYCHOLOGY AND EDUCATION (2022) 59(1): 385-396

ISSN: 1553-6939

The Effect of Working Capital Turnover, Accounts Receivable Turnover

and Inventory Turnover on Profitability Levels on the Indonesia Stock
Exchange 2015-2019
Roni Herison1, Romansyah Sahabuddin2, Muhammad Azis3, Fajriani Azis4
1
STIE Amkop Makassar, Indonesia / Postgraduate Doctoral Program, Universitas Negeri Makassar
2, 3,4
Universitas Negeri Makassar

*Correspondence email: abdul.karim8284@gmail.com

ABSTRACT
This study aims to determine the effect of working capital turnover, turnover of willingness, and receivables turnover on the level of profitability
of trading sub-sector companies listed on the Indonesia Stock Exchange. Working capital turnover (X 1) has a probability value (sig). of 0.0006>
0.05 and has a regression coefficient of -3.140 which means that working capital turnover (X1) partially has a negative and significant effect on
the profitability of ROA (Y) in retail trading sub-sector companies on the Indonesia Stock Exchange (IDX). 2015 – 2019. Accounts receivable
turnover (X2) has a probability value (sig) of 0.000 <0.05 and has a regression coefficient of 20.406 which means that receivables turnover (X 2)
partially has a positive and significant effect on the profitability of ROA (Y) in the company retail trading sub-sector on the Indonesia Stock
Exchange. Simultaneously working capital turnover (X1) and receivables turnover (X2) has a probability (sig) of 0.000> 0.05 and shows a value
of F 308.105> 19.43 which means that simultaneously the independent variables (working capital turnover and receivables turnover) have a
positive and significant influence on the dependent variable (ROA profitability). This shows that the two independent variables influence
profitability.

Keywords: Working Capital Turnover, Accounts Receivable Turnover, Inventory Turnover, Profitability Level.

Introduction
Historically, the capital market has existed long profit or profit. To achieve its goals, the company
before Indonesia's independence. The capital must run all activities or business activities
market or stock exchange has existed since the smoothly to generate optimal profits as well.
Dutch colonial era and to be precise in 1912 in However, companies often face many challenges
Batavia. The capital market at that time was in achieving company goals; this is due to several
established by the Dutch East Indies government factors. Competition in business encourages
for the benefit of the colonial government or the business people to manage their companies more
VOC. Although the capital market has existed efficiently and effectively to win the competition
since 1912, the development and growth of the in business (Arshad & Gondal, 2013). The
capital market did not go as expected, even during establishment of a company is closely related to
several periods of capital market activity management which has an important role in
experiencing a vacuum. This was caused by making a decision. The decisions that will be used
several factors, such as World War I and II, the must be implemented and useful for employees so
transfer of power from the colonial government to that the performance of a company is more
the government of the Republic of Indonesia, and efficient and effective so that the goals of the
various conditions that prevented the operation of company to be achieved can be implemented
the stock exchange from running properly. The (Roni et al, 2018).
Government of the Republic of Indonesia
reactivated the capital market in 1977, and several Working capital is the capital used to carry out the
years later the capital market experienced growth company's operations (Sirajuddin et al, 2021).
(Maddatuang et al. 2021) in line with various Working capital is defined as an investment
incentives and regulations issued by the invested in current assets or short-term assets,
government. such as cash, banks, securities, receivables,
inventories, and other current assets. Working
The purpose of establishing a company is to capital is the difference between current assets and
achieve the company's own goals (Rabiyah et al, current liabilities (Karim et al, 2021). There are
2021). One of the company's goals is to make a two types of working capital, namely: permanent
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working capital and variable working capital. The profit will be even higher. Meanwhile, if the
use of working capital is usually done by receivables of large companies will reduce the
companies for expenses for salaries, wages and level of profitability, this is due to the high
other company operating costs, expenses for operational costs to collect. Working capital is an
buying raw materials or merchandise, covering investment that is invested in short-term current
losses due to sales of securities, formation of activities such as receivables, cash, and
funds, and purchases of fixed assets. The inventories (Isnaini & Karim, 2021).
management in the company can observe the
company's development through analysis of Accounts receivable is a component of current
financial statements and financial performance assets that has an important role in large current
(Kalaivani & Jothi, 2017). One of the ratio activities after cash. Receivables exist because of
analyses that can be used by a company is the the sale of services or goods on credit or through
profitability ratio. Profitability can measure how the provision of loans. The faster the rotating
big the company is in getting a profit. period, the faster a company will benefit from
credit sales so that the company's profitability will
The growth rate of sales can affect the increase (Karim et al, 2021). Inventories of
profitability of the company. The higher the net merchandise are as follows: goods that have been
sales, the higher the gross profit that will be purchased for resale as the company's main assets
obtained, so that it will encourage the higher the to earn income. Business developments in
profitability of a company. The bigger the Indonesia are getting bigger and tighter, requiring
company, the greater the opportunity it has in managers in companies to be efficient and
reaching a broad market shares in product effective (Eryatna et al, 2021).
marketing (Agleintan et al, 2019). So that the

Literature Review
Every company always needs working capital to 4. It is possible for companies to provide more
finance the company's daily operations. Working favorable credit terms to their customer
capital is a company's investment in short-term 5. The company can be able to operate more
assets, such as cash, easily marketed securities, efficiently because there is no difficulty in
accounts receivable, and inventories (Amanda, obtaining the goods or services needed.
2019). The amount of working capital must be
able to finance expenses for the company's daily The use of working capital (Rabiyah et al, 2016)
operations. Working capital is the capital used to is usually done by companies for expenses for
carry out the company's operations (Ashraf, salaries, wages and other company operating
2012). Working capital is defined as an costs, expenses for buying raw materials or
investment invested in current assets or short-term merchandise, covering losses due to the sale of
assets, such as cash, banks, securities, receivables, securities, the formation of funds, and the
inventories, and other current assets. Working purchase of fixed assets. Working capital turnover
capital is the difference between current assets and is the ability of working capital to rotate in the
current liabilities (Syukur et al, 2021). cash cycle of the company (Amanda, 2019). This
ratio shows the relationship between working
There are two types of working capital, namely: capital and sales and shows the number of sales
Fixed Working Capital and Variable Working that can be obtained by the company (amount of
Capital. The benefits of working capital according rupiah) for each rupiah of working capital. To
to (Pohan, 2017) are: assess the effectiveness of working capital can use
1. Protecting companies against working capital the formula: working capital = total sales of
crises. working capital on average.
2. Allows paying all obligations on time.
3. It is possible to have sufficient inventory to The characteristics of receivables (Karmawan,
serve customers. 2011) are as follows: In the presentation of trade,
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receivables are classified as receivables from third

parties. Receivables that are past due in less than 1
year are classified as current assets. Usually, a
company will separate accounts receivable based Management in the company is required to be able
on accounts receivable. As for banking, all loans to meet the targets set in the company. The
given are disbursed loans. The Bank does not company's ability to earn profits about sales, total
classify loans based on current and non-current assets, and own capital (Barus, 2013). A
groups in the presentation of financial position profitability ratio is a ratio that describes the
(Maddatuang et al, 2021). Presentation of company's ability to earn profits through all
receivables, namely: the value of receivables is capabilities, and existing sources such as sales
presented in the financial statements after activities, cash, capital, number of employees,
deducting the allowance for impairment losses. number of branches, and so on.
Receivables are also usually presented on a single
line, so the sub-components are presented in the The objectives of the profitability ratio (Aisyah et
financial statements and notes (Andari & Azmy, al, 2017) are:
2019). The presentation of its subcomponents that 1. To calculate or measure the profit that has been
usually appears include third-party receivables, obtained by the company in one period.
allowance for losses on receivables displayed in 2. To measure the productivity of all company
separate lines, and receivables from related parties funds, both own capital is used.
(Wahyuni, 2021). The presentation of receivables 3. To assess the amount of net profit after tax with
from related parties follows the provisions in own capital.
PSAK 7 disclosure of related parties. 4. To assess the company's profit position in the
previous year with the current year.
Disclosure of receivables follows the provisions 5. To assess profit development over time.
of PSAK 50 presentation financial instruments 6. To measure the productivity of all company
and PSAK 60 financial instruments. The funds, both own capital is used.
accounting policies described in the accounts The benefits of using the profitability ratio
receivable accounting policies include: (Andayani & Andini, 2016) are:
1. Method for calculating impairment 1. Knowing the profit development from time to
2. Explanation of the write-off of accounts time.
receivable 2. Knowing the level of profit earned by the
3. Method of measurement after the acquisition company in one period.
4. Initial recognition method 3. Knowing the company's profit position in the
Accounts receivable turnover is a ratio used to previous year with the current year.
measure how long it takes to collect receivables 4. Knowing the productivity of all company funds
for a period or how many times the funds invested used both loan capital and own capital.
in these receivables rotate in one period. The 5. Knowing the amount of net profit after tax with
formula used to find receivables turnover (Astini own capital.
et al, 214) is as follows:

Methods
The research method is the method used by this time. This method provides a systematic,
researchers during an investigation to solve accrual, accurate description of the facts,
problems. The research method used in this characteristics, and relationships between the
research is descriptive and verification research phenomena being investigated.
method with a quantitative approach. The
descriptive analysis method is a method in The definition of the population is as a
examining the status of human groups, an object, generalization area consisting of objects or
and a condition, a system of thought or events at subjects that have certain qualities and
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characteristics that are applied by researchers to was 23 retail trade sub-sector service companies
be studied and then drawn conclusions listed on the Indonesian stock exchange in 2015-
(Hermawan, 2019). In this study, the population 2019.

Table 1. Research population of companies listed on the Indonesia Stock Exchange 2015-2019
No. Company code Emiten
1 DAYA Duta Intidaya Tbk
2 AMRT Sumber Alfaria Trijaya Tbk
3 CENT Centratama Telekomunikasi Indonesia Tbk d.h.
Centrin Inline Tbk
4 CSAP Catur Sentosa Adiprana Tbk
5 ACES Ace Hardware Indonesia Tbk
6 ECII Electronic City Indonesia Tbk
7 ERAA Erajaya Swasembada Tbk
8 GLOB Global Teleshop Tbk
9 GOLD Golden Retailindo Tbk
10 HERO Hero Supermarket Tbk
11 KOIN Kokoh Inti Arebama Tbk
12 LPPF Matahari Department Store Tbk
d.h Pucific Utama Tbk
13 MAPI Mitra Adiperkasa Tbk
14 MIDI Midi Utama Indonesi Tbk
15 MKNT Mitra Konsumen Nusantara Tbk
16 MPPA Matahari Putra Prima Tbk
17 RALS Ramayana Lestari Sentosa Tbk
18 RANC Supra Boga Lestari Tbk
19 RIMO Rimo International Lestari Tbk
d.h Rimo Catur Lestari
20 SKYB Skybee Tbk
21 SONA SONA Topas Industri Tourism Industri Tbk
22 TRIO Trikomsel Oke
23 TELE Tipon Mobile Indonesia Tbk
Source: Processed data, 2021.

Sampling techniques in determining the sample in used. The various sampling techniques are shown
this study there are various sampling techniques in the following figure:

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Figure 1. Various sampling techniques

This study uses no probability sampling technique does not provide equal opportunities for each
with a purposive sampling approach. Non- element or member of the population to be
probability sampling is a sampling technique that selected as a sample.

Result
1. Working capital turnover
Working capital must be managed as effectively capital turnover is a tool to measure or assess the
as possible so that the company's profitability can effectiveness of a company's working capital
be abandoned. Turnover of working capital is within a certain period. The formulation of
expected to occur in a relatively short period so working capital turnover is as follows:
that the invested working capital returns quickly.
The higher the turnover rate of working capital,
accounts receivable, and inventory indicates the
high sales volume achieved by the company and
has an impact on company profits. Working

Table 2. Calculation of working capital turnover for retail trading sub-sector companies on the Indonesia
Stock Exchange (IDX) 2015 - 2019
Working capital Working capital
No. Year Quarter Net sales (current assets-current liabilities) turnover
1 6,604,058 (5,698,982 – 6,765,866) -6.19
2 13,359,546 (7,473,606 – 9,784,421) -5.78
1 2015 3 20,344,016 (5,771,516 – 6,874,980) -18.43
4 27,303,248 (5,035,962 – 7,535,896) -10.92
1 7,575,564 (5,828,057 – 6,938,544) -6.82
2 15,430,393 (7,071,858 – 9,323,573) -6.85
2 2016 3 23,025,103 (6,118,018 – 7,166,964) -21.96
4 30,757,435 (5,862,939 – 8,419,442) -12.03
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1 8,725,116 (6,956,716 – 7,976,721) -8.55

2 17,582,488 (8,505,223 – 10,921,740) -7.25
3 2017 3 26,089,807 (7,520,219 – 8,892,043) -19.01
4 34,511,534 (6,337,170 – 8,864,832) -13.65
1 9,413,452 (6,725,675 – 7,705,404) -9.6
2 18,801,546 (8,189,284 – 11,203,904) -6.32
4 2018 3 27,546,680 (7,423,304 – 9,400,595) -13.93
4 36,484,030 (6,623,114 – 10,127,542) -10.41
1 9,988,220 (7,366,121 – 9,450,833) -4.79
2 20,745,536 (9,443,805 – 13,172,612) -5.56
5 2019 3 20,745,536 (9,443,805 – 13,173,612) -5.56
4 40,053,732 (6,588,109 – 10,878,074) -9.33
Source: Author Finding’s

Figure 2. Working capital turnover graph

Based on table 2 and graph 2 above, it can be seen 2. Accounts receivable turnover
that the value of working capital turnover in retail Accounts receivable turnover is a ratio that is used
trading subsector companies for the 2015-2019 to measure how long the collection of receivables
Indonesian Stock Exchange (IDX) period, where for a period or how many times the receivables
in 2015 the working capital turnover increased in invested in this period rotates. The formulation of
the third quarter of 21.96 times while in 2015 in receivables is as follows:
2019 the first quarter decreased by 4.79 times.

Table 3. Calculation of Receivable Turnover of Subsector Companies

Retail Trading Period on the Indonesia Stock Exchange (IDX) 2015-2019

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No. Year Quarter Net Sales Average receivables Account turnover

1 6,604,058 2,409,665 2.74
2 13,359,546 2,548,080 5.24
1 2015 3 20,344,016 2,482,008 8.19
4 27,303,248 2,430,766 11.23
1 7,575,564 3,096,792 2.44
2 15,430,393 3,759,535 4.1
2 2016 3 23,025,103 3,401,219 6.77
4 30,757,435 3,284,063 11.09
1 8,725,116 4,188,504 2.08
2 17,582,488 4,871,493 3.6
3 2017
3 26,089,807 4,507,889 5.78
4 34,511,534 2,915,939 11.83
1 9,413,452 3,943,173 2.38
2 18,801,546 4,263,664 4.4
4 2018
3 27,546,680 3,793,414 7.26
4 36,484,030 3,257,983 11.19
1 9,988,220 3,967,763 2.51
2 20,745,536 4,617,364 4.49
5 2019 3 20,745,536 4,617,364 4.49
4 40,053,732 3,738,748 10.71

Source: Author Finding’s

Figure 3. Accounts receivable turnover graph

Based on table 3 and graph 3, it can be seen and Indonesia Stock Exchange (IDX) 2015 – 2019,
read that the value of receivables turnover in wherein 2017 receivables turnover increased in
Retail Trading Sub-Sector Companies on the
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the fourth quarter of 11.83 times while in 2017 In The formulation of the return on assets (ROA) is
2017, the first quarter decreased by 2.08 times. as follows: the formulation of the ROA
probability is as follows:

3. ROA profitability
Return on Assets (ROA) shows the company's
ability to generate profits from the activities used.

Table 4. Results of calculation of Return on Assets of companies in the retail trading sub-sector Period on
the Indonesia Stock Exchange (IDX) 2015-2019

No Year Quarter Profit after tax Total assets 100% ROA profitability
1 1,162,666 11,995,436 100 9.69
2 2,329,701 13,934,265 100 16.71
1 2015 3 3,653,568 12,421,910 100 29.41
4 4,839,145 11,984,979 100 40.37
1 1,431,983 12,906,257 100 11.09
2 2,823,890 14,193,134 100 19.89
2 2016 3 4,090,499 13,340,178 100 30.66
4 5,352,625 13,348,188 100 40.1
1 1,360,981 14,314,180 100 9.5
2 2,847,991 15,956,956 100 17.84
3 2017 3 4,048,929 15,170,111 100 26.69
4 5,738,523 14,280,670 100 40.18
1 1,591,699 14,772,554 100 10.77
2 2,930,640 16,486,178 100 17.77
4 2018 3 4,183,173 15,984,771 100 26.16
4 5,851,805 15,729,945 100 37.2
1 1,570,040 16,653,300 100 9.24
2 3,298,207 18,920,136 100 17.43
5 2019 3 3,298,207 18,920,136 100 17.43
4 6,390,672 16,745,695 100 38.16
Source: Author Finding’s

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Figure 4. ROA profitability graph

Based on table 4 and graph 4, it can be seen that income after tax with the total assets of the
the profitability value of Return On Assets (ROA) company as a whole. ROA also describes the
in retail trading sub-sector companies on the extent to which the level of taking of all assets is
Indonesia Stock Exchange (IDX) 2015-2019, in owned by the company. The results of this ratio
2015 the profitability of Return On Assets (ROA) calculation show the effectiveness of management
increased in the fourth quarter. By 40.37% while in generating profits related to the availability of
in 2019 the first quarter decreased by 9.24%. company assets.
ROA is the ratio between the balances of net

Discussions
Based on the tests that have been carried out, it production capacity. Thus the company's
can be seen that the working capital ratio has a operations cannot run smoothly so the company's
regression coefficient of -3.140 with a profitability profit decreases.
value (sig). Amounting to 0.006 which is smaller
than a significant level of 0.05, then working Based on the tests that have been carried out, it
capital turnover has a negative and significant can be seen that accounts receivable turnover has
effect on the profitability of Return on Assets a regression coefficient of 20.406 with a
(ROA) in Retail Trading Subsector Companies in probability value (Sig) of 0.000 which is smaller
the 2015 – 2019 Indonesian Stock Exchange than the significance level of 0.05, then Accounts
(IDX) profitability. The effect of working capital Receivable Turnover has a significant positive
turnover accounts receivable turnover and effect on profitability Return On Assets (ROA) in
inventory turnover on the profitability of the trading sub-sector companies. Retail period on the
Indonesia Stock Exchange (Syahruddin & Karim, Indonesia Stock Exchange (IDX) 2015-2019. This
2021). In the study, it can be concluded that the is because the company can collect receivables
working capital turnover variable, partially does quickly and efficiently so that the receivables
not affect profitability (Y). This means that return to cash and can be used for company
increasing the component of current assets in the operations to earn a profit.
form of working capital will not provide the
potential for the company to develop its business Based on data analysis and research results on
such as developing marketing and increasing retail trading sub-sector companies on the

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Indonesia Stock Exchange (IDX) 2015-2019 a regression coefficient of 20.406 which means
which are listed on the Indonesia Stock Exchange that receivables turnover (X2) partially has a
by processing up to the 2015 – 2019 quarterly positive and significant effect on ROA (Y) in
financial statements regarding working capital the retail trading sub-sector companies on the
turnover, receivable turnover on profitability, stock exchange. Indonesian effect. This is
return on assets. (ROA) as a research discussion because the company can collect receivables
as follows: quickly and efficiently so that the receivables
1. Working capital turnover (X1) has a probability are returned to cash and can be used for
value (Sig). of 0.006> > 0.05 and has a company operations. ROA (Y) in retail trading
regression coefficient of -3.140 which means subsector companies on the Indonesia Stock
that Working Capital Turnover (X1) partially Exchange. This is because of the company's
has a negative and significant effect on ROA profit.
Profitability (Y ) in Retail Trading Sub-Sector 3. Simultaneously working capital turnover (X1)
Companies on the Indonesia Stock Exchange and receivables turnover (X2) has a probability
(IDX) 2015 - 2019. Another factor that causes (sig) of 0.000 <0.05 and shows an F value of
negative working capital turnover is seen from 308.105 > 19.43 which means that
the source of working capital originating from simultaneously the independent variables
current assets which are smaller than current (working capital turnover and receivables
debt so that the company experiences a minus turnover) has a positive and significant effect
every year. on the dependent variable (ROA Probability).
2. Accounts receivable turnover (X2) has a This shows that the two independent variables
probability value (sig) of 0.000 <0.005 and has influence the probability.

Conclusion
Based on the results of the study, the researcher Cash turnover has a significant effect on
provides suggestions that are expected to be able profitability (ROA) of retail trading companies on
to add information to interested parties. the Indonesia Stock Exchange. This shows that
Companies must pay more attention to working the size of profitability (ROA) is influenced by
capital turnover and receivables turnover so that cash turnover. Accounts Receivable Turnover has
they are more effective and efficient in achieving a significant effect on the profitability (ROA) of
maximum profit and can continue to improve and retail trading companies on the Indonesia Stock
improve the company's financial performance. Exchange. Accounts receivable turnover has been
Investors should pay attention to the level of going well and smoothly so that it will quickly
performance of a company to invest their funds to turn into cash.
be able to project profits (profits generated by the
company every year.

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