Pengaruh Cash Conversion Cycle (CCC) dan Working Capital Turnover (WCT) terhadap Return on Assets (ROA): (Studi Empiris pada Perusahaan Subsektor Garmen dan Tekstil yang Terdaftar di Bursa Efek Indonesia Periode 2021-2024)

Journal: Economics, Business, Management, & Accounting Journal (Ebisma)

Publication: 2026-06-25 · Vol. 6 No. 2 · pp. 287–296

DOI: 10.61083/ebisma.v6i2.142

Abstract

This study aims to empirically prove the contributions of the Cash Conversion Cycle (CCC) and Working Capital Turnover (WCT) toward the Return on Assets (ROA) of textile and textile product sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. Employing a quantitative research design coupled with a purposive sampling technique for sample selection, this study utilizes 59 observation units from 16 companies that met the criteria. Based on the multiple linear regression analysis conducted via IBM SPSS, the results indicate that, partially, both the CCC and WCT variables exert a significant negative impact on the companies' ROA level. Simultaneously, the model demonstrates a highly robust predictive power, with the coefficient of determination reaching 94.6%. These findings reinforce that efficiency in the cash cycle duration and acceleration of working capital turnover serve as primary determinants for textile companies in optimizing asset utilization to achieve competitive returns..