Pengaruh Perputaran Modal Kerja dan Debt to Asset Ratio Terhadap Return on Asset pada PT Phapros TbkPeriode 2014-2023

Abstract

This study aims to analyze the effect of Working Capital Turnover and Debt to Asset Ratio (DAR) on Return on Assets (ROA) of PT Phapros Tbk during the 2014–2023 period. The research is motivated by the importance of efficient working capital utilization and effective financing structure management in improving corporate profitability. The method employed is associative quantitative analysis using multiple linear regression, with secondary data sourced from the company’s annual financial statements. The partial test (t-test) results show that Working Capital Turnover has no significant effect on ROA (tcount 1.452 < ttable 2.364; sig. 0.190 > 0.05), while DAR has a significant negative effect on ROA (tcount -4.224 > ttable 2.364; sig. 0.004 < 0.05). The simultaneous test (F-test) indicates that both variables jointly have a significant effect on ROA (Fcount 8.929 > Ftable 4.74; sig. 0.012 < 0.05). The coefficient of determination (R²) of 0.638 shows that 63.8% of ROA variation can be explained by Working Capital Turnover and DAR, while the remaining 36.2% is influenced by other factors outside the model. These findings emphasize the importance of maintaining an optimal debt ratio and enhancing the efficiency of working capital turnover to support sustainable financial performance and profitability.