Komponen Modal Kerja dan Tingkat Pertumbuhan Berkelanjutan: Bukti Empiris Perusahaan Sektor Konsumen Primer di BEI
Kata Kunci:
Modal Kerja, Kas, Piutang Usaha, Utang Usaha, Tingkat Pertumbuhan BerkelanjutanAbstrak
Penelitian ini bertujuan untuk menganalisis pengaruh komponen modal kerja yang diproksikan melalui Cash Intensity (CI), Accounts Receivable Intensity (ARI), dan Accounts Payable Intensity (API) terhadap Sustainable Growth Rate (SGR) pada perusahaan sektor konsumen primer yang terdaftar di Bursa Efek Indonesia. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan periode 2018–2024. Sampel penelitian terdiri atas 112 perusahaan dengan total 543 observasi yang dipilih menggunakan teknik purposive sampling, yaitu tidak memasukkan perusahaan yang melakukan penerbitan ekuitas baru sebagai sumber pendanaan. Data dianalisis menggunakan regresi data panel dengan Random Effect Model dan robust standard errors. Temuan penelitian menunjukkan bahwa Cash Intensity dan Accounts Receivable Intensity berperan dalam mendukung kemampuan perusahaan mempertahankan pertumbuhan melalui pendanaan internal, sementara Account Payable Intensity belum dimanfaatkan sebagai sumber pendanaan spontan untuk mendorong pertumbuhan berkelanjutan. Penelitian ini memberikan bukti empiris bahwa peranan setiap komponen modal kerja dapat berbeda terhadap Sustainable Growth Rate bergantung pada karakteristik industri.
Referensi
Akhtar, T. (2025). Cash holdings in MENA region : evidence from trade ‑ off model , pecking order theory , and agency theory. Future Business Journal, 11(33). https://doi.org/10.1186/s43093-025-00454-5
Banasik, P., Morawska, S., Wedzki, D., Prusak, B., & Łukowski, M. (2025). How do businesses manage their overdue accounts receivable ? Evidence from Poland. Central European Management Journal, 1–21. https://doi.org/10.1108/CEMJ-01-2024-0010
Boisjoly, R. P., Jr, T. E. C., & Iv, M. B. M. (2020). Working capital management : Financial and valuation impacts. Journal of Business Research, 108(November 2018), 1–8. https://doi.org/10.1016/j.jbusres.2019.09.025
Garcia-Teruel, P. J., & Martinez-Solano, P. (2010a). A Dynamic Approach to Accounts Receivable : a Study of Spanish SMEs. European Financial Management, 16(3), 400–421. https://doi.org/10.1111/j.1468-036X.2008.00461.x
Garcia-Teruel, P. J., & Martinez-Solano, P. (2010b). A dynamic perspective on the determinants of accounts payable. Review of Quantitative Finance and Accounting, 34, 439–457. https://doi.org/10.1007/s11156-009-0124-0
Gyasi Sah, G. (2022). Influence of Account Receivable Management Practices on the Performance of Small and Medium Scale Enterprises. Technium Social Sciences Journal, 32, 376–388. https://doi.org/10.47577/tssj.v32i1.6679
Higgins, R. C., Koski, J. L., & Mitton, T. (2016). Analysis for Financial Management. In Mc Graw Hill Edducation (Vol. 11). https://doi.org/10.2307/2978199
Kijewska, A. (2016). Conditions for Sustainable Growth (SGR) for Companies from Metallurgy and Minning Sector in Poland. Metalurgija, 55(1), 139–142.
Lozano, M. B., & Yaman, S. (2020). The European Financial Crisis and Firms ’ Cash Holding Policy : An Analysis of the Precautionary Motive. 11(January), 84–94. https://doi.org/10.1111/1758-5899.12768
Mättö, M., & Niskanen, M. (2020). Role of the legal and financial environments in determining the efficiency of working capital management in European SMEs. International Journal Of Finance & Economics, January, 1–20. https://doi.org/10.1002/ijfe.2061
Mukherjee, T., & Sen, S. S. (2014). Sustainable Growth Rate and Its Determinants: A Study on Some Selected Companies in India. Global Multidisciplinary, 100–108.
Rahim, N. (2017). Sustainable Growth Rate and Firm Performance: A Case Study in Malaysia. International Journal of Management, Innovation & Entrepreneurial Research, 3(2), 48–60. https://doi.org/https://doi.org/10.18510/ijmier.2017.321
Rossa, E., & Natsir, N. (2026). Working Capital and Its Influence on Firm Performance and Sustained Growth : Evidence from Consumer Non-Cyclicals Manufacturing Companies on the Indonesia Stock Exchange. Idx. https://doi.org/https://doi.org/10.61132/ijems.v3i2.1218
Şahin, A., & Ergün, B. (2018). Financial Sustainable Growth Rate and Financial Ratios : A Research on Borsa İ stanbul Manufacturing Firms. Journal of Business Research Turk, 10(1), 172–197.
Subramanyam, K. R. (2014). Financial Statement Analysis (Eleventh E). McGraw-Hill Education.
Surikova, E., Kosorukova, E., Krainova, I., Rasskazova, M., Surikova, E., Kosorukova, E., Krainova, I., & Rasskazova, M. (2022). Management of Accounts Receivable for Railway Transport Enterprises Management of Accounts Receivable for Railway Transport Enterprises. Transportation Research Procedia, 63, 1790–1797. https://doi.org/10.1016/j.trpro.2022.06.195
Wang, J. (2025). Inventorbase Concentration and Corporate Cash Holdings. Internasional Review of Finance, 25(70005). https://doi.org/https://doi.org/10.1111/irfi.70005
Wooldridge, J. M. (2025). Introductory Econometrics: A Modern Approach, Eigth Edition (8th ed.). Cengage Learning.
.png)
.png)
