INVENTORY TURNOVER, CASH CONVERSION CYCLE, DAN DIGITAL TRANSFORMATION SEBAGAI DETERMINAN KINERJA KEUANGAN BERBASIS RISIKO: A SYSTEMATIC LITERATURE REVIEW PADA RISK-ADJUSTED RETURN ON CAPITAL (RAROC)

Desi Rosalina (Universitas Bhayangkara Jakarta Raya)
Supardi Supardi (Universitas Adzkia)

MANAJEMEN DEWANTARA
Vol 10 No 3 (2026): MANAJEMEN DEWANTARA

This study aims to analyze the relationships among inventory turnover, cash conversion cycle (CCC), digital transformation, and risk-based financial performance, measured by Risk Adjusted Return on Capital (RAROC). A Systematic Literature Review (SLR) following the PRISMA 2020 guidelines was conducted on 17 articles collected from Scopus, ScienceDirect, MDPI, and Springer databases published between 2010 and 2025. The findings indicate that inventory turnover and digital transformation positively affect financial performance by improving operational efficiency, productivity, and decision-making quality. In contrast, the cash conversion cycle has a negative effect due to higher working capital requirements and liquidity risk. These findings suggest that the three variables are closely related to the main components of RAROC, namely return, risk, and capital. Furthermore, RAROC-related studies remain concentrated in the financial sector, indicating opportunities for future research in non-financial industries.