Pengaruh Kebijakan Pendanaan Dan Manajemen Modal Kerja Terhadap Profitabilitas Usaha Mikro Desa Kesamben Jombang
Keywords:
Funding Policy, Working Capital Management, Debt To Asset Ratio, Working Capital Turnover, Return On AssetsAbstract
This research aims to analyze the influence of funding policy and working capital management on the profitability of micro-enterprises in Kesamben Village, Jombang Regency. The data used consists of financial reports from 14 micro-enterprises during the 2018–2020 period, resulting in 42 observations (time series–cross section). Funding policy is proxied by the Debt to Asset Ratio (DAR), working capital management is proxied by Net Working Capital Turnover (NWCT), and profitability is proxied by Return on Assets (ROA). The analysis was conducted using multiple linear regression supported by SPSS, along with classical assumption tests (normality and multicollinearity). Simultaneous test results indicate that funding policy and working capital management collectively have a significant effect on profitability. Partially, funding policy does not significantly affect ROA, whereas working capital management has a positive and significant effect on ROA. These findings indicate that in the context of rural micro-enterprises, the efficiency of working capital turnover is a more decisive factor in increasing profitability than variations in leverage levels. The practical implication is that business owners should prioritize the control of current assets and current liabilities, sales credit policies, and working capital requirement planning to maintain earnings performance
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