ESG Exposure, Working Capital Management, dan Profitabilitas: Bukti Komparatif Sektor Industrials dan Consumer Cyclicals Indonesia

A. Muh. Cakra Irsad Mursalaat; Wisudanto; Serena Refa Alayna

doi:10.47709/jebma.v6i3.9567

Authors

A. Muh. Cakra Irsad Mursalaat Universitas Airlangga
Wisudanto Universitas Airlangga
Serena Refa Alayna Universitas Airlangga

DOI:

https://doi.org/10.47709/jebma.v6i3.9567

Keywords:

Cash Conversion Cycle; ESG Exposure; Manajemen Modal Kerja; Profitabilitas; Sektor Komparatif

Abstract

Penelitian ini menginvestigasi peran Working Capital Management (WCM) terhadap profitabilitas perusahaan di sektor industrials dan consumer cyclicals Indonesia selama periode pasca pandemi 2022–2024, dengan ESG exposure sebagai variabel moderasi. Menggunakan data sekunder dari 55 perusahaan terdaftar di BEI, penelitian ini mengaplikasikan regresi linier berganda untuk menguji pengaruh enam komponen WCM (CCC, DIO, DSO, DPO, Current Ratio, dan Inventory Turnover) terhadap ROA dan ROE. Hasil analisis menunjukkan tidak ada perbedaan profitabilitas signifikan antara kedua sektor. Pada sektor consumer cyclicals, hanya DSO yang memberikan pengaruh negatif signifikan terhadap profitabilitas. Sebaliknya, pada sektor industrials, DSO dan Current Ratio mempunyai pengaruh positif terhadap ROA. ESG exposure membuktikan dirinya sebagai pemoderasi signifikan yang memperkuat hubungan antara WCM dan profitabilitas pada sektor industrials melalui mekanisme legitimasi. Temuan ini menyimpulkan bahwa strategi WCM perlu dirancang secara sektoral, dan pengungkapan ESG dapat menjadi pendorong profitabilitas pada periode pemulihan pasca pandemi.

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