PERAN UKURAN PERUSAHAAN DALAM MEMODERASI PENGARUH PERPUTARAN KAS DAN MODAL KERJA TERHADAP PROFITABILITAS PERUSAHAAN FARMASI

Abstract

This study aims to analyze the effect of cash turnover and working capital turnover on profitability and examine the role of firm size as a moderating variabel in pharmaceutical companies listed on the Indonesia Stock Exchange during 2022–2025. This research uses a quantitative approach with secondary data obtained from annual financial reports. The sample was selected using purposive sampling. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA). The results show that cash turnover and working capital turnover significantly affect profitability, while firm size has no significant effect on profitability. Simultaneously, cash turnover, working capital turnover, and firm size significantly affect profitability. Furthermore, firm size is unable to moderate the effect of cash turnover and working capital turnover on profitability. These findings indicate that profitability is more influenced by the efficiency of cash and working capital management than by the size of the company.