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This study examines the effect of working capital on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Working capital is operationalized through three distinct proxies derived from Akgün and Memiş Karatəs (2021): the Cash Holding Level (CHL), which measures the proportion of cash and cash equivalents relative to total assets; the Cash Interactive Effect (CIE), which captures the efficiency of converting revenue into operating cash flow; and the Gross Working Capital Ratio (GWCR), which reflects the share of current assets within total assets. Firm performance is assessed through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is measured using the model proposed by Gerson et al. (2025), expressed as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies. The study employs the Fixed Effect Model (FEM) for ROA and ROE, and the Random Effect Model (REM) for Tobin’s Q, as determined by the Hausman specification test. The findings reveal that CHL and CIE exert significant positive effects on ROA and ROE, while CIE is the only proxy to produce a statistically significant positive effect on Tobin’s Q. With respect to sustained growth, CHL and GWCR demonstrate significant negative effects, whereas CIE shows a significant positive effect, indicating that operational efficiency dimensions of working capital actively support long-term growth sustainability. These results reinforce the liquidity management theory and contribute empirical evidence that the structure and efficiency of working capital are strategic determinants of both short-term financial performance and long-term growth sustainability in Indonesia’s consumer goods manufacturing sector.

This study aims to examine the effect of working capital efficiency and leverage on profitability and its implications for firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. The post-COVID-19 pandemic condition has increased operational risks for manufacturing companies due to fluctuations in interest rates, exchange rates, cash management, inventories, and receivables. Therefore, companies are required to implement more effective financial strategies to maintain competitiveness. Profitability is positioned as an intervening variable because previous studies showed inconsistent results regarding the relationship between working capital efficiency, leverage, profitability, and firm value. This research uses a quantitative approach with path analysis to examine direct and indirect relationships among variables. The population consists of all manufacturing companies listed on the IDX, while the sample includes 45 companies selected from 270 firms using purposive sampling based on specific criteria, such as consistent listing and financial performance. The results indicate that working capital efficiency has a significant positive effect on profitability, leverage has a significant negative effect on profitability, profitability significantly increases firm value, and profitability fully mediates the effect of working capital efficiency and leverage on firm value. These findings provide theoretical and practical implications for managers and investors in financial decision-making.

The development of digital banks and the operational losses still experienced by PT Bank Aladin Syariah Tbk necessitate a financial health analysis to assess the potential for financial distress. This study aims to assess the potential bankruptcy level of Bank Aladin for the period 2021–2024 using the Modified Altman Z-Score model. The research method is descriptive quantitative with secondary data from annual financial reports and OJK publications, which are analyzed through four main ratios, namely working capital, retained earnings, earnings before taxes, and equity value to total debt. The results show that the Z-Score values are well above the safety threshold, with the highest value of 17.764 in 2021 and the lowest of 9.422 in 2022, mainly driven by high liquidity and equity strength. Thus, it can be concluded that PT Bank Aladin Syariah Tbk is in the Safe Zone category and does not show any potential for bankruptcy during the research period, although an increase in profitability is still needed.

Rapid technological developments create opportunities for businesses to scale their businesses. Sharia Micro KUR is a step toward optimizing working capital and investment in accordance with sharia principles. This study aims to analyze the role of Micro KUR financing, outline strategies for utilizing Micro KUR financing in the digital era, and identify challenges in distributing and utilizing Micro KUR to increase the competitiveness of MSMEs. This study uses a qualitative approach and descriptive methods with primary and secondary data sources through observation, interviews with Micro staff, and literature review of articles related to MSMEs in the Digital Era. The analysis shows that Micro KUR financing is a solution for economic development in Indonesia, serving halal MSMEs facing capital challenges. Sharia Micro KUR can be utilized by MSMEs to meet their capital needs as an alternative to adopting digital marketing technology through social media. However, behind the utilization of Micro KUR, there are significant challenges in distributing BSI and utilizing MSMEs. Suggestions for other researchers include applying a quantitative approach with statistical data analysis regarding the relationship between the use of Sharia Micro KUR and increasing the competitiveness of MSMEs in the digital era.

This study investigates the determinants of cash holdings in energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2018–2022. Cash holdings play a crucial role in ensuring company liquidity and financial flexibility, especially in industries that require large investments such as the energy sector. The study employs secondary data obtained from annual financial reports of the sampled companies, accessed through official company websites and the IDX portal. A quantitative research approach is used with multiple linear regression analysis to test the effect of several independent variables on cash holdings. The variables examined include firm size, leverage, growth opportunity, profitability, net working capital, capital expenditure, and cash flow. The findings reveal that firm size and leverage both have a negative and significant effect on cash holdings, indicating that larger firms and those with higher debt levels tend to maintain lower levels of cash. Net working capital and capital expenditure are also found to negatively affect cash holdings, suggesting that higher investments in working capital and assets reduce the need for holding large cash reserves. Conversely, cash flow demonstrates a positive effect, highlighting that firms with stronger cash inflows are likely to hold more cash. Growth opportunity and profitability show no significant effect on cash holdings.

Profitability is one of the most important indicators for assessing a company's financial performance, as reflects the extent to which management efficiently manages resources to generate profits for the company. The purpose of this study was to determine the effect of working capital turnover, cash turnover, accounts receivable turnover, and inventory turnover on the profitability of mining companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The sample was selected using a purposive sampling technique with a non-probabilistic sampling approach based on specific criteria. As a result, 36 companies qualified for this study. Data were processed using multiple linear regression analysis with SPSS version 25. The results of this study indicate that working capital turnover has a positive effect on profitability, while cash turnover has no significant effect. Meanwhile, receivable turnover has a positive effect on profitability, and inventory turnover has a negative effect on profitability. These results indicate that effective current asset management in company can increase profits, while the low contribution of cash turnover indicates that liquidity don”t always correlate with profitability, the negative impact of inventory turnover indicates the potential for decreased profits if inventory management is suboptimal.. This study confirms that working capital management has diverse impact on profitability. Working capital and accounts receivable turnover are driving factors for improved financial performance, while cash turnover does not directly impact profits, inventory turnover can negatively impact profitability if not managed effectively.

The rapid development of the pharmaceutical industry in Indonesia presents both an opportunity and a challenge in increasing company value amidst the dynamics of an increasingly digital and competitive capital market. This phenomenon demonstrates that strong operational performance does not always translate into high market value, making it crucial to identify internal factors that influence company value, particularly in the pharmaceutical subsector, which plays a strategic role in Indonesia.This research aims to analyze the effect of Working Capital Turnover, Cash Turnover, Liquidity, and Profit Growth on Company Value in pharmaceutical companies listed on the Indonesia Stock Exchange for the 2021-2024 period. The research method used was quantitative with an explanatory approach. The sampling technique used total sampling, with a sample size of 10 companies. Secondary data, in the form of financial statements, were analyzed using multiple linear regression analysis.The results indicate that only Cash Turnover significantly impacts company value, with a negative effect, while Working Capital Turnover, Liquidity, and Profit Growth do not. These findings suggest that efficient working capital management and consistent profit growth play a crucial role in increasing the value of pharmaceutical companies. This research is expected to be a reference for management in strategic decision making and for academics for further research.  

The agricultural sector plays a crucial role in the Indonesian economy, contributing significantly to Gross Domestic Product (GDP), employment, and national food security. Conventional financing is often poorly suited to the unique characteristics of the agricultural sector, prompting the exploration of more adaptive alternatives. Islamic banking, with its principles of fairness and risk-sharing, offers innovative financing solutions. One such contract with significant potential but underutilized is the Salam contract, a purchase-and-sell contract where payment is made upfront and goods are delivered at a later date. This study aims to analyze the characteristics of the Salam contract in depth, identify challenges and opportunities in its implementation in the Islamic agricultural sector, and formulate strategies for optimizing its application. Using a qualitative descriptive research method based on literature review and comparative analysis, this article finds that the Salam contract offers an effective financing solution for farmers' working capital needs, price risk mitigation for farmers, and supply security for buyers. Key challenges include the risk of crop failure, quality risk, moral hazard risk, and limited supporting infrastructure and market understanding. Optimizing the Salam contract can be achieved through the development of innovative contract models, strengthening risk management through takaful instrumentation, utilizing digital technology, improving Islamic financial literacy, and collaboration between stakeholders. The implications of this research are expected to provide practical guidance for Islamic financial institutions, farmers, and policymakers to create a more inclusive and sustainable Islamic agricultural financing ecosystem. With the right approach, the Salam contract has the potential to become a key instrument in Islamic agricultural financing. Its widespread implementation can drive the transformation of the agricultural sector toward a more productive and equitable direction. Sustainable efforts are needed to ensure its effective implementation in the field.

This study aims to investigate the influence of Accounting Information Sistem (AIS) adoption on managerial performance within transportation companies listed on the Indonesia Stock Exchange (IDX) over the period 2017–2023. The adoption of AIS is assessed using three key financial indicators: net income after taxes, working capital, and total assets. Managerial performance is measured through Return on Equity (ROE), which reflects the company’s efficiency in generating profit from shareholders’ equity. 

Food and beverage companies play a vital role in the Indonesian economy, despite facing various challenges such as fluctuating raw material prices and intense market competition. Return on Assets (ROA) is used as an indicator to assess a company's profitability performance, which is crucial for determining the extent to which a company can generate profits from its assets. This study aims to analyze the effect of three financial variables, namely the current ratio (CR), debt to equity ratio (DER), and working capital turnover (WCT), on return on assets in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. The approach used in this study is a quantitative approach with data analysis techniques that include classical assumption tests, multiple linear regression analysis, hypothesis testing, and coefficient of determination tests. The sample used in this study was 31 food and beverage companies selected using purposive sampling techniques based on certain criteria. The results of the study indicate that (1) debt to equity ratio and working capital turnover partially have a significant effect on return on assets, while the current ratio does not have a significant effect on return on assets. (2) Simultaneously, the current ratio, debt to equity ratio, and working capital turnover have a significant effect on return on assets in food and beverage companies listed on the IDX. The findings of this study state that the DER and WCT variables have a strong influence on ROA, which means that both are important factors in improving the profitability performance of companies in the food and beverage sector. Thus, the results of this study can provide insight for company managers and investors in making decisions related to financial management to maximize company profitability.

This study aims to evaluate the financial performance of PT. Matahari Department Store Tbk for the 2023–2024 period using financial ratio analysis, particularly profitability and liquidity ratios. The study applies a descriptive quantitative approach, utilizing secondary data from the company’s financial reports. Profitability ratios such as Net Profit Margin, Return on Assets (ROA), and Return on Equity (ROE), along with liquidity ratios including Current Ratio, Quick Ratio, and Net Working Capital Ratio, were used as indicators. The results show a significant increase in profitability ratios, indicating improved operational efficiency and asset utilization. Meanwhile, the liquidity ratios also improved but remained below the optimal level, suggesting that the company still faces challenges in meeting its short-term obligations. In conclusion, PT. Matahari has demonstrated enhanced profitability but needs to strengthen its liquidity position to ensure financial stability.

This study aims to determine the innovation of musyarakah contracts in Islamic Banking, Hadith Perspective and its Relevance to Modern Practices. This study uses a descriptive qualitative method through a literature study method, with secondary data in the form of the Qur'an, hadith, and related literature. The analysis was carried out using the syarah maudhui (thematic) method of relevant hadiths. The research findings show that musyarakah values such as justice, transparency, trust (amanah), and the prohibition of betrayal and usury are the ethical and spiritual basis for Islamic banking operations. The application of the musyarakah concept today, including in the form of schemes such as musyarakah mutanaqisah and working capital financing, has encouraged innovation and flexibility in Islamic financial products.

Plantation agriculture encompasses all activities involving the cultivation of specific crops and the commercialization of their products and services, supported by science, technology, capital, and management, with the aim of improving the welfare of plantation business actors and the wider community. This study aims to analyze the production scale, input elasticity, and factors affecting clove production in Umejero Village, Busungbiu District, Buleleng Regency. Given the high dependence of farmers on harvest outcomes and price fluctuations, this analysis is essential to understand the impact of economic and agronomic variables such as working capital, labor, land area, and selling price on production output. The study employs a quantitative method using multiple linear regression based on the Cobb-Douglas production function. Data were collected through questionnaires and interviews with clove farmers in Umejero Village using purposive sampling. The results indicate that all four variables simultaneously have a significant effect on clove production, with each variable also having a partial positive influence. The analysis of production scale shows increasing returns to scale, meaning that a proportional increase in all input factors leads to a more than proportional increase in output. The elasticity analysis indicates that capital input is elastic, suggesting that a small increase in capital leads to a disproportionately large increase in output. In contrast, labor, land area, and selling price are inelastic, implying that increases in these inputs result in only modest increases in output. These findings highlight the need for solid policy foundations and strategic initiatives to enhance clove productivity both at the farmer and local government levels. Furthermore, the study’s results are expected to assist farmers in making more informed and sustainable decisions in farm management, ultimately contributing to the improved welfare of clove-farming communities in the region.  

Bankruptcy is a state in which a company is unable to fulfil its financial obligations or a situation where the corporation initially functions but thereafter fails in business management. Bankruptcy is a state in which a firm lacks the money to operate its operation. The objective of the research is to identify the variables contributing to bankruptcy in PT. Garuda Indonesia. This research employs the Altman Z-score methodology using a bankruptcy calculation. This analysis indicates that the firm is at risk of bankruptcy, since its present assets from 2016 to 2019 are insufficient to meet its financial obligations. Companies must use deliberate, clear, and suitable measures to enhance operational cost efficiency. An inadequate business plan and human resources without a clear vision and goal for the organisation contribute to losses. This research seeks to evaluate the financial performance of PT Garuda Indonesia (Persero) Tbk from 2016 to 2019 using the Altman Z-Score model. The population and sample in this research consist of the complete financial statements of PT Garuda Indonesia (Persero) Tbk for the years 2016 to 2019. The findings of this research indicate that from 2016 to 2019, the bankruptcy rate at PT Garuda Indonesia (Persero) Tbk was unfavourable, as shown by a Z-Score below 1.10, signifying a state of bankruptcy. The most pronounced decrease was seen in the Working Capital to Total Asset ratio, particularly in 2019. This results from the annual growth in current obligations.

This study aims to analyze the dynamics of working capital, profitability, and capital structure, and their implications for corporate sustainability in the context of effective tax rates. Corporate sustainability has become increasingly important in an era of global competition and stringent regulations. A review of the literature indicates that well-managed working capital can enhance profitability and provide financial flexibility, while an optimal capital structure contributes to the financial stability of the firm. Furthermore, effective tax rates play a crucial role in determining a company's profitability and investment decisions. This research identifies a gap in the existing literature, as few studies integrate these three factors within the framework of sustainability. By employing a comprehensive analytical approach, this study seeks to provide deeper insights into how the dynamics of working capital, profitability, and capital structure interact to support corporate sustainability. The findings are expected to make a significant contribution to financial management practices and sustainable corporate policies.

Quick and Safe Credit (KCA) is one of the superior service product facilities of PT Pegadaian, which is a loan based on the pawn law with easy, safe, and fast service procedures. Quick and Safe Credit (KCA) is intended to help customers and communities with the problem of investment funds and funds for working capital.This study aims to analyze the factors that influence customer/community demand for PT Pegadaian’s Quick and Safe Credit (KCA) facility. This research is a quantitative descriptive study conducted at PT Pegadaian Oesapa Branch Kupang City. Data were collected using literature study methods, questionnaires, and observations. The results showed that the level of customer income, number of customer family dependents, and level of customer education had a significant effect on the demand for Quick and Safe Credit (KCA) at the Oesapa Branch Pegadaian office. This means that the higher the customer's income, the greater the number of dependents of the customer's family, and the higher the customer's education level, the greater the demand for Quick and Safe Credit (KCA).

In the background of this research problem, namely, operating costs have increased and working capital has decreased while net profit has increased, which should make high operating costs lower profits and lower working capital lower net profit. The occurrence of this phenomenon so researchers raised this issue.This study uses quantitative research methods and sampling using purposive sampling techniques with homogeneous sampling category criteria. The results of the research found from the three variables used that have an influence, namely operating profit has a significant effect on net profit with a value of 0.0000 and after being tested simultaneously operating profit also has a significant effect on net profit with a value of 0.0000 while working capital has no effect on net profit with a value of 0.1483. From the results of the study, the authors draw a conclusion that working capital does not always decrease will make net profit decrease. excess income is based on low operating profit and high working capital.

Nowadays, the business world is the world that is most often discussed in various forums, both national and international. The many discussions that are often discussed on this issue are the main benchmark for a country's progress. One measure of a country's progress is economic progress and the backbone of economic progress is the business world. The main problem that companies often face in any field cannot be separated from the funds needed, namely capital to finance the company's business, whether used for investment capital or working capital. A company that initially only cares about big profits will quickly do whatever it takes to achieve the desired target without thinking about the impact in the future. However, as time goes by, companies will also realize that every activity carried out must take into account future risks, which of course is the responsibility of the managerial side.    

The welfare of a trader can be measured from his income, therefore the factors that influence traders' income must be taken into account so that traders' income is stable and their welfare increases so that buying and selling activities in the market continue to run smoothly, the number of existing traders will remain and increase. In starting a trading business, one of the most important things needed is capital. so it will increase income. The higher the capital used, the higher the income. Vice versa, the lower the capital used, the lower the income earned will be. This research aims to determine the effect of working capital on the income of traders in the Karawang Baru market. This research method used is a quantitative research method. In processing the data, we used the SPSS application to analyze the independent influence variables and dependent variables. The results of this research show that working capital influences the income of Pasar Baru Karang traders. This is shown from the analysis of simple linear regression results which obtained significant values. This means that working capital influences the income of traders at Pasar Baru Karawang. Because most traders obtain capital through loans. So traders are motivated to maximize profits so they can repay the loan.

The important role of MSMEs in the Indonesian economy, especially in providing employment and income for low-income people. This research aims to examine the influence of working capital and sales on net profit in MSMEs in Telukjambe Timur Karawang. The purpose of this research is to find out how much influence working capital and sales have on net profit. The method used is descriptive quantitative with a sample of 100 MSME entrepreneurs selected by purposive sampling. Primary data was obtained through questionnaires and analyzed using multiple regression. Research findings show that working capital and sales simultaneously do not have a significant effect on net profit. The implications of this research indicate the need for more efficient working capital management and more effective sales increase strategies to increase net profits in MSMEs.