MANAJEMEN MODAL KERJA DAN PROFITABILITAS PERUSAHAAN PADA SIKLUS BISNIS YANG BERBEDA (Studi kasus perusahaan yang tercatat dalam Bursa Efek Indonesia periode 2007-2010)
Abstract: The recent economic
downturn of 2008–2009 has brought renewed focus on working capital policies in
Indonesia. The crimping consumer demand in economic downturn rapidly exhausts
the working capital of businesses. Economic policy aimed at boosting cash flows
of firms, either directly or indirectly, can be of enormous benefit in
alleviating pressure on working capital.
The purpose of this research is to
analyze the relationship between working capital management and profitability
in different business cycle. The population of this research is all of the
firms listed on Indonesia Stock Exchange in period of 2007-2010. The samples
were selected by purposive sampling method and do outlier to remain 39
companies. Method used in this research is Ordinary Least Square (OLS) with
SPSS 23.0 as the analysis instrument.
The result of this research shows
cash conversion cycle and inventory conversion period have a negative and
significant effect. But receivable collection period and payable deferral
period have insignificant effect on the firm's profitability. During crisis
period, only cash conversion cycle indicate a negative and significant relation
with firm profitability. During economic boom, receivable collection period has
a negative and significant relation to profitability. Inventory conversion
period has a positive and significant relation during economic boom.
Keywords: Working Capital
Management, Cash Conversion Cycle, Receivable Collection Period, Payable
Deferral Period, Inventory Conversion Period, business cycle, global crisis,
economic boom
Penulis: Febrina Eka Dewi,
Harjum Muharam
Kode Jurnal: jpmanajemendd180416
