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All Journal Jurnal Manajemen Magister Darmajaya IJEBD (International Journal Of Entrepreneurship And Business Development) TIJAB (The International Journal of Applied Business) Abdimas Umtas : Jurnal Pengabdian kepada Masyarakat MABIS: Manajemen dan Bisnis Ilomata International Journal of Tax and Accounting Dinasti International Journal of Digital Business Management Journal of Education and Teaching Learning International Journal of Business, Economics, and Social Development Jurnal Publika Pengabdian Masyarakat Jurnal Inspirasi Binsis dan Manajemen Journal Research of Social Science, Economics, and Management Pena Nursing Jurnal Pintar Pengabdian dan Pemberdayaan Masyarakat
Mardiyani Mardiyani
Univeristas Swadaya Gunung Jati
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Nursing Social Sciences Other

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Working Capital Management Impacts on Consumer Cyclical Retail Firm’s Financial Performance Triwardhanie, Nindya Kartika; Virdausy, Siti Mariah; Mardiyani, Mardiyani; Maiyaliza, Maiyaliza
Journal Research of Social Science, Economics, and Management Vol. 5 No. 7 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i7.1351

Abstract

As the world has faced many economic crises and periods of instability, an appropriate strategy is needed to maintain sustainability and enhance the resilience of firms. The purpose of this study is to determine the impact of working capital management on the financial performance of consumer cyclical retail firms listed on the Indonesia Stock Exchange during the 2021–2024 period, with firm size as a moderating variable. As a quantitative study with a causal-associative approach, this research employed the Moderated Regression Analysis model using panel data. The samples used in this study were derived from secondary data through purposive sampling, resulting in 52 data observations. The results show that WCM practices, as measured by CCC, have a significant negative influence on ROA. In addition, WCM policies measured by WCIP have a significant positive influence on ROA, while WCFP has a significant negative influence on ROA. This study also found that firm size has a significant moderating effect on both the CCC–ROA relationship and the WCFP–ROA relationship. Thus, this study recommends the optimalization of WCM practices in day-to-day operations by improving the efficiency of its components. It is also recommended to adopt a conservative investment policy approach to ensure operational stability. On the other hand, large firms are advised to adopt an aggressive financing policy, while small firms should adopt a conservative approach to maximize profitability.
Co-Authors Acep Komara Adella, Resso Panji Agi Syarif Hidayat Aminah, Mina Siti Apriliyana, Lisa Audah, Taufan Budhiarto, Ahmad Rizal Cicilia Ester Novita Herawati Bunga Egi Arvian Firmansyah Erpina, Evi Erwin Budianto Febriansyah, Rian Ida Setya Wahyu Atmaja Ikka Nabila Ismu Lisara Kartono Kartono Lilis Setiawati Maiyaliza Maiyaliza Maiyaliza, Maiyaliza Pramudya, Muhammad Dwika Putra, Albiansyah Margana Putri, Uus Meilia Rismaya, Rismaya RR. Ella Evrita Hestiandari Shindi Hapsari Sinta Lestari, Sinta Sopiani, Lia Sugianto, Alya Nurlaella Suryani, Devi Triwardhanie, Nindya Kartika Ullum, Miftahul Virdausy, Siti Mariah Wicaksono, Fajrin Witri Hastuti