The Effect of Operational Cash Flow, Sales Growth and Production Costs on Net Profit at PT Mayora Indah Tbk Period 2015-2025

Susi Eka Yulianti; Taufik Awaludin

doi:10.61536/escalate.v4i4.852

Authors

Susi Eka Yulianti Pamulang University
Taufik Awaludin Pamulang University

DOI:

https://doi.org/10.61536/escalate.v4i4.852

Keywords:

Return on Assets (ROA), Sales Growth, Working Capital Turnover

Abstract

This study aims to analyze the effect of Working Capital Turnover and Sales Growth on Return on Assets (ROA) in product personal care companies listed on the Indonesia Stock Exchange (IDX) for the 2015–2024 period. This study uses a quantitative method with secondary data in the form of annual financial statements. The research sample consisted of four companies selected using purposive sampling techniques. Data analysis was carried out using panel data regression with the help of the EViews 12 program. Based on the results of the Chow test, Hausman test, and Lagrange Multiplier test, the selected model is the Random Effect Model (REM). The results of the study show that partially the Working Capital Turnover does not have a positive and significant effect on ROA with a t-calculation value of 1.649061 and a significance of 0.1076. Sales Growth also had a positive and significant effect on ROA with a t-count value of 2.810271 and a significance of 0.0079. Simultaneously, the two variables had a significant effect on ROA with an F-count value of 5.256035, a significance of 0.009792, and a determination coefficient (Adjusted R²) of 0.221251 or 22.13%, while 77.87% was influenced by other factors outside the study.

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