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M. Astri Yulidar Abbas
Universitas Widya Gama Mahakam Samarinda
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Nursing Social Sciences Other

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Efektivitas Penggunaan Modal Kerja pada PT Sepatu Bata Tbk dan PT Primarindo Asia Infrastructure Tbk Periode 2019-2023 M. Astri Yulidar Abbas; Safrullah Safrullah; Sri Wahyuti; Ali Mushofa
MAMEN: Jurnal Manajemen Vol. 4 No. 4 (2025): Oktober 2025
Publisher : Yayasan Literasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55123/mamen.v4i4.6534

Abstract

This study investigates the effectiveness of working capital utilization at PT Sepatu Bata Tbk (BATA) and PT Primarindo Asia Infrastructure Tbk (BIMA) during the 2019–2023 period. Using a quantitative comparative approach, the research analyzes quarterly financial reports obtained from the Indonesia Stock Exchange. The analysis employs four key ratios: cash turnover, accounts receivable turnover, inventory turnover, and working capital turnover, compared to industry benchmarks. The results reveal that BATA demonstrates superior performance in managing cash and receivables, consistently exceeding the industry standard, while BIMA records lower effectiveness with only sporadic improvements. Both companies, however, perform poorly in inventory management, as indicated by consistently negative turnover values that highlight structural inefficiencies and declining demand in the footwear industry. Working capital turnover also fluctuates considerably: BATA reached extraordinary peaks in 2022–2023 but later recorded negative values, while BIMA persistently showed instability and negative performance after 2021. These findings suggest that effective working capital management is crucial to maintaining liquidity and operational continuity, particularly in industries facing global economic pressures, shifting consumer preferences, and supply chain disruptions. The study contributes to financial management literature by providing empirical evidence on the importance of optimizing working capital strategies to sustain competitiveness in the Indonesian footwear sector.
Co-Authors Adnan, Gandi Agus Riyanto Agus Riyanto Aini, Nur Fadilah Ali Mushofa Aurellia Leonny Suryanli Bilung, Noviana Dachlan, Rudy Syafariansyah Dahlan, Rudy Syafariansyah Dede Lawitan Devi Putri Milanda Dian Irma Aprianti Dita Dwijayanti Elmayani Parembang Erni Setiawati Firmansyah Firmansyah Firmansyah Fitriyani Flora Anggret Gandi Adnan Hutauruk, Martinus Robert Kadek Riska Dwi A. Larasati Larasati Marcella Reobita Lyan Marhumi, Rika Humairah Martinus Robert Hutauruk Meinard Maya Safitri MIRNAWATI Mohammad Febri Hibatullah Mowilos, Stevani Natalia Yeang Geah Naufal Yumna Lathif Ni Putu Sinta Ayu Novi Yanti Noviana Bilung Nur Fadilah Aini Nurul Munjannah Oks Fatima Sampe Buntu P Pantas Pardede P Pantas Pardede Pantas Pangondian Pardede Pardede, Pantas Pangondian Parembang, Elmayani Putri Indardaini Rahma Novianty Rapiah Rapiah Rapiah Rapiah, Rapiah Repli Surang Reslianty Rachim Rika Humairah Marhumi Rio Chandra Rita Rachmatika Firdaus Rudy Syafariansyah Safitri, Meinard Maya Safrullah Safrullah Sekar Wulandari Sekar Wulandari Siti Maulina Siti Rohmah Siti Rohmah Siti Rohmah Sri Wahyuti Sri Wahyuti sri wahyuti Stevani Mowilos Suci Ariani Rahmatiah Sugiarto S Suryanli, Aurellia Leonny Susanti Susanti Suyanto Suyanto Syafrullah, Syafrullah Syamsiar, Syamsiar Thomas Thomas Tika Taruk Padang Tika Taruk Padang Tira Safitri Hutabarat Wahyuti, Sri Yohanes Christian J Yohanes Christian J.