scholarly journals PENGARUH MODAL KERJA TERHADAP PROFITABILITAS STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

2013 ◽  
Vol 4 (1) ◽  
Author(s):  
Eva Larasati ◽  
Selmita Paranoan
Keyword(s):  
Stock Exchange ◽  
Financial Statement ◽  
Financial Assets ◽  
Debt Ratio ◽  
Sales Growth ◽  
Working Capital ◽  
Growth Ratio ◽  
Purposive Sampling ◽  
Cash Conversion Cycle ◽  
Accounts Payable

<p><strong><em>ABSTRACT</em></strong><strong> </strong></p> <p><em>Indonesia had instability economics situation which can affect to how manage an efficient working capital then capable to increase a profitability. This research is aimed to test how a working capital (which is </em><em>sales growth ratio, financial debt ratio, fixed financial assets ratio, number of days accounts </em><em>receivable</em><em>, number of days inventories, number of days accounts payable, cash conversion cycle</em><em>) can influenced a profitability of food and beverages companies. This Research is implemented to 12 Foods and Beverages company which is listed in The INDONESIA Stock Exchange from 2006-2011. Meanwhile, the evaluation of annual performance of this companies had audited from chosen public accountant. Data of financial statement as the object for this research was 5 years financial statement, from 2006 until 2011. Data of this research which has been used is secondary data with purposive sampling method. Analysis method used for this research is multi regression analysis.There was one of variable, a number of days account payable, must removed from a model based on enter removed test. The results is all independed variables can influenced to profitability simultanoues. But the only one of independend variable, number of days inventories can affect to profitability, when it tested partially. </em></p> <p><strong><em> </em></strong></p> <p><strong><em>Keyword : working capital, profitability</em></strong></p> <p><strong>ABSTRAK</strong></p> <p> </p> <p>Indonesia memiliki ketidakstabilan situasi ekonomi yang dapat mempengaruhi cara mengelola efisiensi modal kerja yang mampu meningkatkan profitabilitas. Penelitian ini bertujuan untuk menguji bagaimana modal kerja (yang merupakan <em>sales growth ratio, financial debt ratio, fixed financial assets ratio, number of days accounts </em><em>receivable</em><em>, number of days inventories, number of days accounts payable, cash conversion cycle</em>) dapat dipengaruhi <em>profitabilitas</em>pada perusahaan makanan dan minuman.Penelitian ini dilaksanakan untuk 12 Perusahaan Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia tahun 2006-2011. Evaluasi kinerja tahunan perusahaan telah diaudit dari akuntan publik yang dipilih. Obyek penelitian ini adalah Data laporan keuangan selama 5 tahun, dari 2006 sampai 2011. Data dari penelitian ini yang telah digunakan adalah data sekunder dengan metode <em>purposive sampling</em>. Metode analisis yang digunakan dalam penelitian ini adalah analisis regresi berganda.Salah satu variabel, <em>number of days account payable</em> (jumlah hari akun hutang), harus dihapus dari model yang didasarkan pada Analisis <em>Entered/Removed</em>. Hasil penelitian menunjukkan semua variabel Independen dapat berpengaruh terhadap profitabilitas secara simultan. Namunhanya satu variabel independen yaitu<em>number of days inventories</em>(jumlah hari persediaan) dapat mempengaruhi <em>profitabilitas</em>, ketika diuji secara parsial.</p> <p> </p> <p>Kata kunci: Modal kerja, Profitabilitas</p>

scholarly journals Pengaruh Manajemen Modal Kerja terhadap Gross Operating Profit Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2014-2018

2021 ◽  
Vol 5 (3) ◽  
pp. 307
Author(s):  
Tommy Tommy
Keyword(s):  
Stock Exchange ◽  
Debt Ratio ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Working Capital ◽  
Working Capital Management ◽  
Verification Method ◽  
Cash Conversion Cycle ◽  
Operating Profit ◽  
Research Period

The purpose of this study was to analyze the Effect of Working Capital Management on Gross Operating Profit in Manufacturing Companies in the Indonesia Stock Exchange in 2014-2018. This study uses a quantitative approach with an associative method to determine whether there is an influence from account receivable period, account payable period, account inventory period, cash conversion cycle to gross operating profit with financial debt ratio and sales growth as proxies and verification method that is testing the hypotheses perform based on data. This study uses a sample of 33 manufacturing companies on the stock exchange as panel data. The results of this study indicate that partially and simultaneously the account receivable period, account inventory period, account inventory period, cash conversion cycle with financial debt ratio and sales growth as proxies has a positive and significant effect on gross operating profit on manufacturing companies listed on the Indonesia Stock Exchange during the 2014-2018 research period. Tujuan penelitian ini adalah untuk menganalisis Pengaruh Manajemen Modal Kerja Terhadap Gross Operating Profit pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2014-2018. Penelitian ini menggunakan pendekatan kuantitatif dengan metode asosiatif untuk mengetahui ada tidaknya pengaruh dari account receivable period, account payable period, account inventory period, cash conversion cycle terhadap gross operating profit dengan proksi finansial debt ratio dan sales growth dan menggunakan metode verifikatif yaitu menguji kinerja hipotesa berdasarkan data. Penelitian ini menggunakan sampel 33 perusahaan manufaktur di bursa efek sebagai data panel. Hasil penelitian ini menunjukkan secara parsial dan simultan account receivable period, account inventory period, account inventory period, cash conversion cycle dengan proksi financial debt ratio dan sales growth berpengaruh positif dan signifikan terhadap gross operating profit pada perusahaan manufaktur yang tercatat di Bursa Efek Indonesia selama periode penelitian 2014-2018. 

scholarly journals PENGELOLAAN MODAL KERJA PADA USAHA KECIL DAN MENENGAH DI INDONESIA

2018 ◽  
Vol 2 (02) ◽  
Author(s):  
Farah Margaretha ◽  
Arianti Dwi Hapsari
Keyword(s):  
Stock Exchange ◽  
Measuring Method ◽  
Major Influence ◽  
Working Capital ◽  
Return On Assets ◽  
Purposive Sampling ◽  
Holding Period ◽  
Cash Conversion Cycle ◽  
Accounts Payable ◽  
Inventory Holding

PENGELOLAAN MODAL KERJA PADA USAHA KECIL DAN MENENGAH DI INDONESIA Abstrak Tujuan dari penelitian ini adalah untuk memprediksi tingkat modal kerja perusahaan UKM dalam menghasilkan laba. Desain penelitian ini berlaku pada perusahaan banyak UKM yang tergabung dalam PEFINDO 25 dan tercatat di Bursa Efek Indonesia yang telah terdaftar 2009-2013. Analisis data menggunakan metode pengukuran purposive sampling. Penelitian ini menggunakan metode regresi data panel untuk melihat kontribusi setiap variabel. Hasil penelitian menunjukkan bahwa ada tiga variabel memiliki dampak yang signifikan terhadap ROA yaitu: periode perputaran persediaan, periode pengumpulan piutang, siklus konversi kas memiliki dampak negatif dan signifikan terhadap profitabilitas, sedangkan periode penangguhan hutang tidak memiliki pengaruh besar dalam mencapai keuntungan dalam perusahaan UKM yang terdaftar di index PEFINDO. Kontribusi studi ini bagi manajemen perusahaan harus mampu mengelola modal kerja secara efektif dan efisien untuk menghasilkan keuntungan yang tinggi. Kata Kunci : return on assets (ROA), inventory holding period, account receivables period, account payables period, cash conversion cycle. Abstract The objective of this research is to predict level of working capital the SME‘s company is in generating profit. The design of this research applies on many SME‘s company which joined in PEFINDO 25 and listed on the Indonesian Stock Exchange which have been listed from 2009 to 2013. Data analysis applied measuring method on purposive sampling. This study uses panel data regression method to see the contribution of each variable. The results of research indicated that there are three variables have a significant impact on ROA that are the inventory holding period, accounts receivables period, cash conversion cycle has a negative and significant impact on profitability, while accounts payable period does not have a major influence in achieving gains in SME companies listed in PEFINDO. Implications for the management of the company‘s must be able to manage its working capital effectively and efficiently to produce high profits. Keywords : return on assets (ROA), inventory holding period, account receivables period, account payables period, cash conversion cycle.

Modifying the cash conversion cycle: revealing concealed advance payments

2014 ◽  
Vol 63 (3) ◽  
pp. 341-353 ◽  
Author(s):  
Anna-Maria Talonpoika ◽  
Sari Monto ◽  
Miia Pirttilä ◽  
Timo Kärri
Keyword(s):  
Empirical Data ◽  
Stock Exchange ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Content Type ◽  
Remarkable Effect ◽  
Cash Conversion Cycle ◽  
Accounts Payable ◽  
Business Practitioners

Purpose – The cash conversion cycle (CCC) is widely used in the academic studies of working capital management and supply chain efficiency. The purpose of this paper is to introduce a modification of this measure that takes into account advance payments as a component of operational working capital. Design/methodology/approach – A new measure, the modified cash conversion cycle (mCCC) is introduced and tested with empirical data of companies in Helsinki Stock Exchange. Findings – The mCCC reveals the real efficiency of operational working capital in companies that receive advance payments to a remarkable extent. Research limitations/implications – The mCCC can be used in empirical analysis in academic studies. In this paper, the empirical data are used only for testing the mCCC. The paper concerns received advance payments, but the mCCC can also be extended also to other components of operational working capital ignored by the traditional CCC. Practical implications – The paper offers insights into the variations of CCC for class teachers, and business practitioners, particularly financiers, who deal with operational working capital, cash flow predictions and calculations. Originality/value – There are current items that may have a remarkable effect on operational working capital, but traditionally only inventories, accounts receivable and accounts payable are discussed. The authors argue that also other current items should be taken into account, if they affect the efficiency of operational working capital. The new mCCC is encouraged to be used instead of the CCC when observing working capital management.

scholarly journals Working Capital Management dan Firm Profitability Perusahaan Sektor Manufaktur di Bursa Efek Indonesia dan Bursa Efek Filipina Periode 2014-2018

2020 ◽  
Vol 1 (1) ◽  
pp. 31-42
Author(s):  
Ricky Adiyanto ◽  
Werner Ria Murhadi ◽  
Liliana Inggrit Wijaya
Keyword(s):  
Stock Exchange ◽  
Linear Regression Method ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Accounts Receivable ◽  
Cash Conversion Cycle ◽  
Accounts Payable ◽  
Conversion Period ◽  
Firm Profitability

This study aims to analyze the effect of working capital management on the profitability of companies in Indonesia and Philippines. This study uses secondary data from companies listed in Indonesia Stock Exchange and Philippines Stock Exchange in the 2014-2018 period.  The sample used in this study includes manufacturing sector companies listed in Indonesia Stock Exchange and Philippines Stock Exchange in that period. This research uses multiple linear regression method. Working capital is measured using cash conversion cycle, accounts receivable conversion period, inventories conversion period, and accounts payable deferral period. The results of the Indonesian sample show that the cash conversion cycle and its components, namely the accounts receivable conversion period, the inventories conversion period, and the accounts payable deferral period have a significant positive effect on firm profitability. For the Philippine sample, the result of the study show that the cash conversion cycle and its components does not have a significant effect on firm profitability. Keywords: cash conversion cycle, accounts receivable conversion period, inventories conversion period, accounts payable deferral period

scholarly journals PENGARUH KOMPREHENSIF ATAS STRATEGI MODAL KERJA MELALUI RASIO PERDAGANGAN (Merchandising Ratio)

2017 ◽  
Vol 1 (1) ◽  
pp. 35
Author(s):  
Wenty , ◽  
Murtanto ,
Keyword(s):  
Inventory Management ◽  
Descriptive Analysis ◽  
Financial Statement ◽  
Sales Growth ◽  
Analysis Method ◽  
Working Capital ◽  
Return On Assets ◽  
Cash Conversion Cycle ◽  
Correlation Analysis Method

<p class="Style4">The implementation of working capital strategy of successful compa­nies could be observed from its cash conversion cycle. Effective working capi­tal strategy will lead to an increasing to an increase of a firm's value. This thesis has two objectives : Firstly, it analyse the interrelationships between the merchandising ratio with the return on assets ratio and the long-term debt to total assets ratio. These two ratios have the ability to check the effectiveness of a firm's working capital management. Secondly, it analyse the effective of the firm's management of cash, receivable, inventory and payables.</p><p class="Style4">The writer is using the descriptive analysis method which describe the retail firm's working capital strategy from the financial statement information, and the correlation analysis method that detects the correlation between the merchandising ratio and the traditional ratio.</p><p>The analysis shows that PT Hero Supermarket, PT Matahari Putra Prima and PT Ma Retailindo have good and <em>effective </em>working capital strategy. The merchandising ratio has positive correlation with the return on assets ratio and negative correlation with the debt to total assets ratio.</p><p class="Style1">The purpose of this research is to prove the effectiveness in using the cash conversion cycle strategy. PT Hero Supermarket, PT Matahari Putra Prima and PT Alfa Retailindo should emphasize on their inventory management so that the percentage of sales growth is accompled by an equivalent increase in its inventory. Apart from that, these compa Iles should focus on their payables management by maximize the debt benefit.</p><p class="Style1">Crucial terms: working capital strategy, merchandising ratio and cash conversion cycle.</p>

scholarly journals Dampak kebijakan modal kerja, leverage, dan aset perusahaan terhadap profitabilitas perusahaan yang terdaftar di bursa efek in indonesia periode 2010-2012

2017 ◽  
Vol 20 (1) ◽  
Author(s):  
Agus Zainul Arifin ◽  
Prayogo Indrayang
Keyword(s):  
Stock Exchange ◽  
Random Effect ◽  
Sampling Technique ◽  
Financial Assets ◽  
Working Capital ◽  
Cash Conversion Cycle ◽  
Panel Data Regression ◽  
Data Regression ◽  
Asset Size ◽  
The Relationship

Objective of this study was to determine the relationship between working capital policy with proxy Cash Conversion Cycle (CCC), Leverage, company size, and Financial Assets, as independentvariables, and profitability as the dependent variable on the non-financial companies listed in Indonesia Stock Exchange period 2010-2012. To examine this relationship, using panel data regression. Sampling method was non-probability sampling with purposive sampling technique. The results of the analysis of the evidence obtained in the form of regression model used is Random Effect. Partial test effect prove that the policy of working capital, leverage, asset size, and Financial Assets no effect on profitability. The test results together prove significant effect.

scholarly journals Working capital management and corporate profitability of listed companies in South Africa

2010 ◽  
Vol 8 (1) ◽  
pp. 526-534 ◽  
Author(s):  
Sam Ngwenya
Keyword(s):  
Significant Relationship ◽  
Stock Exchange ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Trade Cycle ◽  
Cash Conversion Cycle ◽  
Johannesburg Stock Exchange ◽  
Operating Profit ◽  
Accounts Payable

Working capital management plays a significant role in creating value for shareholders. The objective of this study was to investigate the relationship between working capital management and profitability of companies listed on the Johannesburg Stock Exchange for the period 1998 to 2008. The results revealed a statistically negative significant relationship between profitability (as measured through gross operating profit), the cash conversion cycle, the net trade cycle and number of days accounts receivable. The results further revealed a positive significant relationship between the number of days accounts payable, the number of days inventory and gross operating profit. The results suggest that managers can increase their companies’ profitability by effectively managing the cash conversion cycle and/or the net trade cycle.

scholarly journals Pengaruh Diversifikasi dan Pengelolaan Modal Kerja terhadap Nilai Perusahaan dan Profitabilitas (ROA) pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2016-2018

2021 ◽  
Vol 5 (1) ◽  
pp. 50
Author(s):  
Mashudiah Sainul Putri ◽  
Eko Harry Susanto
Keyword(s):  
Firm Value ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Return On Assets ◽  
Purposive Sampling ◽  
Cash Conversion Cycle ◽  
Accounts Payable ◽  
Sample Data ◽  
Regression Test ◽  
Food And Beverage

This study aims to examine the effect of diversification and working capital management (inventory periods, accounts receivable periods, accounts payable periods, cash conversion cycles) on firm value and profitability of ROA on food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange during the 2016-2018 period. The method used is multiple linear regression test (T-test and F-test) using Eviews 8.0. Samples were selected using a purposive sampling method, which consisted of 12 companies that met the criteria and obtained 36 research sample data. The results of this study indicate that the inventory period and the receivable period significantly influence the value of the company, and the inventory period, the receivable period, the debt period and the cash conversion cycle also have a significant effect on the profitability (ROA) of the company. Penelitian ini bertujuan untuk menguji pengaruh diversifikasi dan pengelolaan modal kerja (periode persediaan, periode piutang, periode hutang, siklus konversi kas) terhadap nilai perusahaan dan profitabilitas ROA (Return on Assets) pada perusahaan manufaktur sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia selama periode 2016-2018. Metode yang digunakan yaitu uji regresi linear berganda (uji-T dan uji-F) dengan menggunaan Eviews 8.0. Sampel diseleksi dengan menggunakan metode purposive sampling, yang terdiri dari 12 perusahaan yang memenuhi kriteria dan diperoleh 36 data sampel penelitian. Hasil penelitian ini menunjukkan bahwa periode persediaan dan periode piutang berpengaruh signifikan terhadap nilai perusahaan, serta periode persediaan, periode piutang, periode hutang dan siklus konversi kas juga berpengaruh signifikan terhadap profitabilitas (ROA) perusahaan.

scholarly journals The Relationship between Working Capital Management and Profitability: Evidence in Viet Nam

2017 ◽  
Vol 12 (8) ◽  
pp. 175
Author(s):  
Le Duc Toan ◽  
Ho Van Nhan ◽  
Le Nguyen Ngoc Anh ◽  
Le Quang Man
Keyword(s):  
Stock Exchange ◽  
Negative Relationship ◽  
Financial Assets ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Construction Companies ◽  
Cash Conversion Cycle ◽  
Doing Business ◽  
Significant Negative Relationship

This study is aimed at explaining relationship between working capital management and profitability with Vietnam empirical evidence. We selected a sample of 34 construction companies listed in the Vietnam stock exchange for the period of 2007 -2015. We found statistically significant negative relationship between the cash conversion cycle with profitability and also found statistically significant positive relationship between the debt ratio and the fixed financial assets ratio with construction companies’ profitability. The results have the special meaning to construction companies in which Vietnamese construction companies doing business in the Vietnamese economy have their own characteristics.

scholarly journals Struktur Modal dalam Memediasi Pengaruh Profitabilitas, Struktur Aktiva dan Pertumbuhan Penjualan terhadap Harga Saham

2019 ◽  
Author(s):  
Indah Yunita ◽  
Riri Mayliza
Keyword(s):  
Capital Structure ◽  
Significant Influence ◽  
Stock Price ◽  
Sampling Method ◽  
Stock Exchange ◽  
Financial Statement ◽  
Sales Growth ◽  
Sample Collection ◽  
Purposive Sampling

This research is meant to test the influence of profitability, assets structure, and sales growth to the stock price with capital structure as variable intervening on company manufacture in Indonesia stock exchange. The population is 50 company manufacture in sector miscellaneous industry in Indonesia stock exchange. The sample collection technique has been done by using purposive sampling method. The data has been done by using the financial statement in 2013-2017 which is processed by using the software spss 16.0, the result of the classic assumption test. The results of this study indicate that profitability has a negative and significant effect on capital structure, assets structure has positive and significant influence, sales growth has a positive and significant effect, capital structure has a positive and significant effect.

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