ANALISIS PENGARUH RASIO LIKUIDITAS, RASIO LEVERAGE, DAN RASIO MANAJEMEN MODAL KERJA TERHADAP TINGKAT PROFITABILITAS DI PERUSAHAAN BERBENTUK BADAN USAHA MILIK DAERAH (PERUMDA) MANUNTUNG SUKSES KOTA BALIKPAPAN

Abstract

This study examines the impact of liquidity, leverage, and working capital management ratios on profitability at PERUMDA Manuntung Sukses, Balikpapan City. The background highlights the importance of optimal financial management in Regionally-Owned Enterprises (BUMD) to achieve dual objectives: profitability and public service. The research questions address the partial and simultaneous effects of these financial ratios on profitability. The objective is to test the significance of liquidity (Current Ratio and Quick Ratio), leverage (Debt to Equity Ratio and Debt to Asset Ratio), and working capital management (Working Capital Turnover) on Return on Assets (ROA) and Return on Equity (ROE). A quantitative approach with multiple linear regression analysis was applied to annual financial reports from 2020–2024. Key findings indicate: (1) liquidity has a positive but nonlinear effect; (2) leverage negatively and significantly impacts profitability; (3) working capital management is the most dominant variable; (4) collectively, the three ratios explain 88.8% of ROE and 85.2% of ROA variations. The conclusion emphasizes that balanced management of these ratios is vital for enhancing BUMD profitability.

Keywords: Liquidity, Leverage, Working Capital Management, Profitability, PERUMDA.