Analysis of working capital management in food and beverage sub-sector companies during the covid-19 period: A financial performance perspective of ROA
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Published:
Feb 28, 2025
Keywords:
Accounts Receivable, Financial Performance, Working Capital
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Economy
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Abstract
The food and beverage sub-sector is an integral part of the global economy and has a significant impact on economic growth. However, the COVID-19 pandemic has brought unprecedented challenges to this industry. It was recorded that in 2020, the Net Profit Margin of the food and beveerage sub-sector experienced a significant decline compared to the Net Profit Margin of other manufacturing sub-sectors. In this study, profitability is measured using Return on Assets (ROA). ROA is a ratio that shows the return on the total assets used in a company. ROA is also a measure of management's effectiveness in managing its investments. An analysis of Return on Assets (ROA) can provide valuable insights into understanding how working capital management in food and beverage sub-sector companies performed during the COVID-19 pandemic. In this context, ROA can provide an overview of how well companies were able to optimize their assets to generate profits, given the changes in market dynamics and challenges faced during the pandemic
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Muni, W., Sanga, M. H. ., Seran, P. . and Takena, R. A. . (2025) “Analysis of working capital management in food and beverage sub-sector companies during the covid-19 period: A financial performance perspective of ROA”, Jurnal Mantik, 8(4), pp. 1791-1802. doi: 10.35335/mantik.v8i4.6131.
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Suteja, J. (2013). Manajemen Modal Kerja Perusahaan. January, 206.
Wahyuni, M. (2020). Statistik Deskriptif Untuk Penelitian Olah Data Manual dan SPSS versi 25. In Angewandte Chemie International Edition, 6(11), 951–952. (Issue Mi).
Weston, J. F. TEC. (1999). Manajemen Keuangan (Jaka. K. Wasana, Ed.; 8th ed.). Penerbit Erlangga.
Yudi Supiyanto, et. all. (2023). Dasar-Dasar Manajemen Keuangan (Hommy Dorthy Ellyany Sinaga, Ed.). Sanabil.
Zahriyah, A., Suprianik, Parmono, A., & Mustofa. (2021). Ekonometrika Teknik Dan Aplikasi Dengan SPSS. In Mandala Press.
Bakrie, B. R., & Rudianto, D. (2023). Comparative Analysis of the Financial Performance of the Food and Beverage Industry before and during the Pandemic Period. International Journal of Management and Business Applied, 2(1), 39–49.
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Hartini, E. F., Jayadi, J., Husnaini, H., & Pea, B. D. (2023). ROA, ROE, NPM dan Pertumbuhan Laba Perusahaan Makanan Minuman Sebelum dan Saat Pandemi Covid-19. MASTER: Jurnal Manajemen Strategik Kewirausahaan, 3(1), 1–12.
Arifin, M. A. (2018). Pengelolaan Modal Kerja Terhadap Profitabilitas Perusahaan Food and Beverage. BALANCE Jurnal Akuntansi Dan Bisnis, 3(1), 312. https://doi.org/10.32502/jab.v3i1.1155
Cahyani, P. D., & Fuadati, S. R. (2019). Pengaruh Perputaran Modal Kerja, Kas Dan Piutang Terhadap Profitabilitas Perusahaan Property Dan Real Estate. Jurnal Ilmu Dan Riset Manajemen, 8(5), 1–16.
Calvin Rahaja. (2022). Pengaruh Current Ratio, Debt To Equity Ratio, Total Asset Turnover, Dan Inventory Turnover Terhadap Net Profit Margin. (Skripsi), Universitas Multi Media Nusantara Tanggerang, 4.
Diana, P. A., & Santoso, B. H. (2016). Pengaruh perpuratan kas, piutang, persediaan terhadap profitabilitas pada perusahaan semen di BEI. Jurnal Ilmu Dan Riset Manajemen, 5(3), 1–18.
Fahmi, I. (2018). Pengantar Manajemen Keuangan: Teori dan Soal Jawab (Edisi keenam). Alfabeta, cv.
Fitri, A., Rahim, R., Nurhayati, Aziz, Pagiling, S. L., Natsir, I., Munfarikhatin, A., Simanjuntak, D. N., HUatgaol, K., & Anugrah, N. E. (2023). Dasar-dasar Statistika untuk Penelitian. In Yayasan Kita Menulis.
Harmono. (2018). Manajemen Keuangan Berbasis Balanced Scorecard (Rini Rachmatika, Ed.; 1st ed.). PT Bumi Aksara.
IDX. (2022). Bursa Efek indonesia (IDX). Net Profit Margin Perusahaan Manufktur Yang Terdapat Di BEI Periode 2018 - 2020. idx.co.id
Jane. (2021). Statistik Deskriptif dan Regresi Linier Berganda dengan SPSS. In Semarang University Press (Issue April 2012).
Mulyawan, S. (2017). Manajemen Keuangan Setia Mulyawan pdf. In 1-48.
Nuriyani, N., & Zannati, R. (2017). Pengaruh Perputaran Kas Dan Perputaran Piutang Terhadap Profitabilitas Perusahaan Sub-Sektor Food and Beverages Tahun 2012-2016. Jurnal Riset Manajemen Dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 2(3), 425–432. https://doi.org/10.36226/jrmb.v2i3.77
R. Heru Kristanto HC. (2017). Pengaruh Manajemen Modal Kerja terhadap Profitabilitas ( Studi Empiris pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2013-2015 ) (Vol. 6). LPPM UPN Veteran Yogyakarta.
Ratnasari, S. L., Awaliah, N., Zahara, Z., Pancaningrum, E., Jesajas, T. G. J., Sanga, M. H., Marnisah, L., & Herminingsih, A. (2023). Dasar - Dasar Manajemen. In A. Iskandar (Ed.), Dasar-Dasar Manajemen (1st ed., Vol. 1). Cendekiawan Inovasi Digital Indonesia.
Sanga, M. H., & Hajanirina, A. (2022). Board Size and Leverage in Indonesian’s Pharmaceutical Companies. The Moderating Role of Profitability. Journal of Practical Management Studies, 1(2), 23–29. https://doi.org/10.61106/jpms.v1i2.9
Sanga, M. H., Kefi, D. Y., & Sanam, Y. (2024). The effect of EVA and REVA’s financial performance on shareholder value creation in the healthcare industry during the COVID-19 pandemic. Enrichment: Journal of Management, 13(6), 3699–3707.
Sanga, M. H., Situmorang, R., Benu, Y. S. I. P., Tuka, T. J., & Prince, N. S. (2024). ESG Risk Ratings, Financial Performance and Corporate Value: The Case of The Indonesia Stock Exchange. Jurnal Ekonomi, 13(4), 1370–1379. https://doi.org/10.54209/ekonomi.v13i04
Sanga, M. H., Situmorang, R., Seik, M. F., Bangngu, S. A., & Taus, S. P. W. (2025). The Effect of Liquidity on the Financial Performance of Companies in the Property, Real Estate and Building Construction Sectors Listed on the Indonesia Stock Exchange in 2023. Science Get Journal, 2(1), 1–8. https://doi.org/10.69855/science.v2i1.97
Sartono, A. (2012). Manajemen Keuangan Teori dan Aplikasi (Keempat). BPFE-Yogyakarta.
Situmorang, R., & Sanga, M. H. (2023). Analisis Laporan Keuangan PT Delta Djakarta. Bisman - Jurnal Bisnis Dan Manajemen, 8(2), 1–11. https://doi.org/10.32511/bisman.v2i2.56
Suteja, J. (2013). Manajemen Modal Kerja Perusahaan. January, 206.
Wahyuni, M. (2020). Statistik Deskriptif Untuk Penelitian Olah Data Manual dan SPSS versi 25. In Angewandte Chemie International Edition, 6(11), 951–952. (Issue Mi).
Weston, J. F. TEC. (1999). Manajemen Keuangan (Jaka. K. Wasana, Ed.; 8th ed.). Penerbit Erlangga.
Yudi Supiyanto, et. all. (2023). Dasar-Dasar Manajemen Keuangan (Hommy Dorthy Ellyany Sinaga, Ed.). Sanabil.
Zahriyah, A., Suprianik, Parmono, A., & Mustofa. (2021). Ekonometrika Teknik Dan Aplikasi Dengan SPSS. In Mandala Press.
Bakrie, B. R., & Rudianto, D. (2023). Comparative Analysis of the Financial Performance of the Food and Beverage Industry before and during the Pandemic Period. International Journal of Management and Business Applied, 2(1), 39–49.
Bayu, D. J. (n.d.). Daya Tahan Industri Makanan dan Minuman di Masa Pandemi Covid-19. Katadata.
Hartini, E. F., Jayadi, J., Husnaini, H., & Pea, B. D. (2023). ROA, ROE, NPM dan Pertumbuhan Laba Perusahaan Makanan Minuman Sebelum dan Saat Pandemi Covid-19. MASTER: Jurnal Manajemen Strategik Kewirausahaan, 3(1), 1–12.
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