The Effect of Working Capital Turnover (WCTO), Total Asset Turnover (TATO), and Operating Profit Margin (OPM) on Profit Changes at PT. Tempo Scan Pacific, Tbk
Keywords:
Working Capital Turnover, Total Asset Turnover, Operating Profit Margin, Profit Changes.
Abstract
This study aims to analyze the effect of Working Capital Turnover (WCTO), Total Asset Turnover (TATO), and Operating Profit Margin (OPM) on profit changes at PT Tempo Scan Pacific, Tbk. The study uses a quantitative approach with an associative research type. The data used are secondary data in the form of annual financial reports of PT Tempo Scan Pacific, Tbk for the period 2013–2024 selected using a purposive sampling technique. Data analysis was carried out with the help of SPSS version 26 through classical assumption tests, multiple linear regression analysis, correlation coefficients, coefficients of determination, partial tests (t-tests), and simultaneous tests (F-tests). The results of the study indicate that partially Working Capital Turnover does not have a significant effect on profit changes (sig. 0.937 > 0.05), Total Asset Turnover also does not have a significant effect on profit changes (sig. 0.955 > 0.05), and Operating Profit Margin does not have a significant effect on profit changes (sig. 0.411 > 0.05). Simultaneously, the three independent variables also did not significantly influence profit changes with a significance value of 0.846 (>0.05). The coefficient of determination (R²) value of 0.118 indicates that Working Capital Turnover, Total Asset Turnover, and Operating Profit Margin are only able to explain 11.8% of the variation in profit changes, while the remaining 88.2% is influenced by other factors outside the research model. Thus, profit changes at PT Tempo Scan Pacific, Tbk during the research period are more influenced by other factors not analyzed in this study.
References
Abas, T., Rasjid, H., & Dungga, MF (2026). Financial Statement Analysis to Measure Financial Performance (Case Study of Plantation Sub-Sector Companies Listed on the Indonesia Stock Exchange for the 2022-2024 Period). Journal of Administration and Management, 16(2), 699–720.
Almadany, K. (2012). The Effect of Loan to Deposit Ratio, Operating Costs per Operating Income, and Net Interest Margin on the Profitability of Banking Companies Listed on the Indonesia Stock Exchange. Journal of Accounting and Business Research, 12(2).
Arikunto, S. (2016). Research Procedures: A Practical Approach. Rineka Cipta.
Azlina, N. (2009). The effect of working capital turnover rate, capital structure and company scale on profitability. Journal of Economic and Business Education, 1(02), 8934.
EKA, RA (2026). The Effect of Working Capital Turnover and Receivable Turnover on Profitability with Liquidity as an Intervening Variable at Bank Muamalat Indonesia for the 2020-2024 Period. Uin Raden Intan Lampung.
Ghozali, I. (2018). Multivariate analysis application with IBM SPSS 23 program.
Harningsih, H. (2012). Evaluation of the influence of financial ratios on profit changes in conventional commercial banks in Indonesia.
Kasmir, ALK, & Revisi, E. (2014). Depok: Rajawali Pers, 2018. Accessed.
Khoirunnida, SS, & Zaky, A. (2026). Determinants of Earnings Quality of Companies Listed on the Jakarta Islamic Index 2023-2024. Disclosure: Journal of Accounting and Finance, 6(1), 91–114.
Malik, M. (2020). The effect of current ratio, debt equity ratio, total assets turnover, long-term debt to equity, debt to total assets ratio and net profit margin on the financial performance of manufacturing companies in the cosmetics and household goods sub-sector listed on the Indonesia Stock Exchange (idx.co.id) for the period 2015-2019. Maulana Malik Ibrahim State Islamic University.
Maruta, H. (2019). Analysis of changes in gross profit as an evaluation tool for the causes of fluctuations in company profits. Journal of Islamic Accounting, 3(2), 133–146.
Meidiyustiani, R. (2016). The Effect of Working Capital, Company Size, Sales Growth, and Liquidity on Profitability in Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange (IDX) for the 2010–2014 Period. Journal of Accounting and Finance, 5(2), 41–59.
Nur'aidah, IDA (2020). The Effect of Profitability, Liquidity, and Solvency Ratios on Income Smoothing Practices in Companies Listed on the Index.
Miles, B. M., & Huberman, M. A. (1994). An expanded sourcebook: Qualitative data analysis. Sage publications.
Nasihin, I., Hendriani, M., Puspitasari, M., & Rahman, F. (2022). Financial Ratio Analysis of Profit Changes on the Islamic Stock Exchange with Economic Growth as a Moderating Variable. Khatulistiwa Informatika Journal, 6(1), 111–122.
Nurfatiha, SA-Z., Aluf, S., & Pujihastuti, I. (2026). The Influence of Financial Ratios on Profit Growth in Food and Beverage Companies Listed on the Indonesia Stock Exchange. Wahana Pendidikan Scientific Journal, 12(2. A), 78–100.
Nurjanah, NI, & Hakim, ADM (2018). The Effect of Working Capital Turnover, Receivable Turnover, Inventory Turnover and Total Asset Turnover on Company Profitability (Empirical Study on Automotive and Component Manufacturing Companies Listed on the Indonesia Stock Exchange). Journal of Accounting and Finance, 7(1), 21–40.
Pramono, TD (2015). The Effect of Current Ratio, Working Capital to Total Assets, Debt to Equity Ratio, Total Assets Turnover, and Profit Margin on Profit Changes. Journal of Accounting and Information Technology Systems, 11.
Putra, HS (2020). The Effect of Current Ratio and Total Assets Turnover on Price to Book Value Mediated by Return on Equity in Pharmaceutical Sub-Sector Companies Listed on the Indonesia Stock Exchange. Maneggio: Scientific Journal of Master of Management, 3(1), 92–106. https://doi.org/10.30596/maneggio.v3i1.4856
Putri, HAZ, Andi, K., Indra, Z., & Sukmasari, D. (2022). Analysis of the Effect of Total Assets Turnover, Working Capital Turnover, Debt to Equity Ratio, and Current Ratio on Company Financial Performance. Journal of Applied Business Administration, 4(2), 128–139.
Rosiska, E., & Nopiana, PR (2017). Web-Based Ship Chartering Services Accounting Information System Application at PT Sekumbang Permata Engineering. Accounting Journal (Accounting & Financial Research Media), 5(2), 134–144.
Sari, SN, & Sisdianto, E. (2024). Analysis of the influence of liquidity and capital structure on company profitability. Jurnal Media Akademik (JMA), 2(12).
Sianturi, RA, Nasution, ZA, & Tanjung, M. (2024). The Effect of Current Asset Turnover Ratio and Total Asset Turnover Ratio on Return on Assets at the Savings and Loan Cooperative, Kopdit CU Pardomuan Pakkat, Pandan Branch, Central Tapanuli Regency. Kapital Deli Sumatera, 2(2), 40–51.
Silalahi, ERR (2016). Financial ratio analysis in predicting profit changes in manufacturing companies listed on the Indonesia Stock Exchange (IDX). Journal of Accounting & Finance Research.
Sugiyono. (2016). Qualitative Quantitative Research Methods and R&D. In Bandung: Alfabeta.
Sulistiyowati, Y., & Syahzuni, BA (2024). Fundamental Factor Analysis of Company Value. Journal of Applied Business Management and Accounting, 3(01), 15–32.
Suriani, N., & Jailani, MS (2023). The concept of population and sampling and participant selection as reviewed from the perspective of educational scientific research. IHSAN: Journal of Islamic Education, 1(2), 24–36.
Syamni, G. (2013). The Influence of OPM, ROE, and ROA on Profit Changes in Telecommunication Companies on the Indonesia Stock Exchange. National Journal.
Zulfi, YA, & Putri, TD (2025). The Effect of Quick Ratio, Debt to Asset Ratio, Accounts Receivable Turnover, and Dividend Payout Ratio on Company Profit Growth (Case Study of Food and Beverage Companies Listed on the Indonesia Stock Exchange (IDX) in 2021-2023). Bung Hatta University.
Almadany, K. (2012). The Effect of Loan to Deposit Ratio, Operating Costs per Operating Income, and Net Interest Margin on the Profitability of Banking Companies Listed on the Indonesia Stock Exchange. Journal of Accounting and Business Research, 12(2).
Arikunto, S. (2016). Research Procedures: A Practical Approach. Rineka Cipta.
Azlina, N. (2009). The effect of working capital turnover rate, capital structure and company scale on profitability. Journal of Economic and Business Education, 1(02), 8934.
EKA, RA (2026). The Effect of Working Capital Turnover and Receivable Turnover on Profitability with Liquidity as an Intervening Variable at Bank Muamalat Indonesia for the 2020-2024 Period. Uin Raden Intan Lampung.
Ghozali, I. (2018). Multivariate analysis application with IBM SPSS 23 program.
Harningsih, H. (2012). Evaluation of the influence of financial ratios on profit changes in conventional commercial banks in Indonesia.
Kasmir, ALK, & Revisi, E. (2014). Depok: Rajawali Pers, 2018. Accessed.
Khoirunnida, SS, & Zaky, A. (2026). Determinants of Earnings Quality of Companies Listed on the Jakarta Islamic Index 2023-2024. Disclosure: Journal of Accounting and Finance, 6(1), 91–114.
Malik, M. (2020). The effect of current ratio, debt equity ratio, total assets turnover, long-term debt to equity, debt to total assets ratio and net profit margin on the financial performance of manufacturing companies in the cosmetics and household goods sub-sector listed on the Indonesia Stock Exchange (idx.co.id) for the period 2015-2019. Maulana Malik Ibrahim State Islamic University.
Maruta, H. (2019). Analysis of changes in gross profit as an evaluation tool for the causes of fluctuations in company profits. Journal of Islamic Accounting, 3(2), 133–146.
Meidiyustiani, R. (2016). The Effect of Working Capital, Company Size, Sales Growth, and Liquidity on Profitability in Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange (IDX) for the 2010–2014 Period. Journal of Accounting and Finance, 5(2), 41–59.
Nur'aidah, IDA (2020). The Effect of Profitability, Liquidity, and Solvency Ratios on Income Smoothing Practices in Companies Listed on the Index.
Miles, B. M., & Huberman, M. A. (1994). An expanded sourcebook: Qualitative data analysis. Sage publications.
Nasihin, I., Hendriani, M., Puspitasari, M., & Rahman, F. (2022). Financial Ratio Analysis of Profit Changes on the Islamic Stock Exchange with Economic Growth as a Moderating Variable. Khatulistiwa Informatika Journal, 6(1), 111–122.
Nurfatiha, SA-Z., Aluf, S., & Pujihastuti, I. (2026). The Influence of Financial Ratios on Profit Growth in Food and Beverage Companies Listed on the Indonesia Stock Exchange. Wahana Pendidikan Scientific Journal, 12(2. A), 78–100.
Nurjanah, NI, & Hakim, ADM (2018). The Effect of Working Capital Turnover, Receivable Turnover, Inventory Turnover and Total Asset Turnover on Company Profitability (Empirical Study on Automotive and Component Manufacturing Companies Listed on the Indonesia Stock Exchange). Journal of Accounting and Finance, 7(1), 21–40.
Pramono, TD (2015). The Effect of Current Ratio, Working Capital to Total Assets, Debt to Equity Ratio, Total Assets Turnover, and Profit Margin on Profit Changes. Journal of Accounting and Information Technology Systems, 11.
Putra, HS (2020). The Effect of Current Ratio and Total Assets Turnover on Price to Book Value Mediated by Return on Equity in Pharmaceutical Sub-Sector Companies Listed on the Indonesia Stock Exchange. Maneggio: Scientific Journal of Master of Management, 3(1), 92–106. https://doi.org/10.30596/maneggio.v3i1.4856
Putri, HAZ, Andi, K., Indra, Z., & Sukmasari, D. (2022). Analysis of the Effect of Total Assets Turnover, Working Capital Turnover, Debt to Equity Ratio, and Current Ratio on Company Financial Performance. Journal of Applied Business Administration, 4(2), 128–139.
Rosiska, E., & Nopiana, PR (2017). Web-Based Ship Chartering Services Accounting Information System Application at PT Sekumbang Permata Engineering. Accounting Journal (Accounting & Financial Research Media), 5(2), 134–144.
Sari, SN, & Sisdianto, E. (2024). Analysis of the influence of liquidity and capital structure on company profitability. Jurnal Media Akademik (JMA), 2(12).
Sianturi, RA, Nasution, ZA, & Tanjung, M. (2024). The Effect of Current Asset Turnover Ratio and Total Asset Turnover Ratio on Return on Assets at the Savings and Loan Cooperative, Kopdit CU Pardomuan Pakkat, Pandan Branch, Central Tapanuli Regency. Kapital Deli Sumatera, 2(2), 40–51.
Silalahi, ERR (2016). Financial ratio analysis in predicting profit changes in manufacturing companies listed on the Indonesia Stock Exchange (IDX). Journal of Accounting & Finance Research.
Sugiyono. (2016). Qualitative Quantitative Research Methods and R&D. In Bandung: Alfabeta.
Sulistiyowati, Y., & Syahzuni, BA (2024). Fundamental Factor Analysis of Company Value. Journal of Applied Business Management and Accounting, 3(01), 15–32.
Suriani, N., & Jailani, MS (2023). The concept of population and sampling and participant selection as reviewed from the perspective of educational scientific research. IHSAN: Journal of Islamic Education, 1(2), 24–36.
Syamni, G. (2013). The Influence of OPM, ROE, and ROA on Profit Changes in Telecommunication Companies on the Indonesia Stock Exchange. National Journal.
Zulfi, YA, & Putri, TD (2025). The Effect of Quick Ratio, Debt to Asset Ratio, Accounts Receivable Turnover, and Dividend Payout Ratio on Company Profit Growth (Case Study of Food and Beverage Companies Listed on the Indonesia Stock Exchange (IDX) in 2021-2023). Bung Hatta University.
Published
2026-07-14
How to Cite
Safira Maharani, Aliah Pratiwi, & Hanifah Muthiah. (2026). The Effect of Working Capital Turnover (WCTO), Total Asset Turnover (TATO), and Operating Profit Margin (OPM) on Profit Changes at PT. Tempo Scan Pacific, Tbk. International Journal of Economics, Business and Innovation Research, 5(04), 4076-4098. https://doi.org/10.63922/ijebir.v5i04.5227
.png)
Contact Person +6282139474255
Email : ijebir@citakonsultindo.or.id / editor.ijebir@gmail.com
