Analisis Pengaruh Efisiensi Modal Kerja Terhadap Profitabiilitas Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia(BEI) dan Singapore(SGX)

Suyanti, Suyanti (2012) Analisis Pengaruh Efisiensi Modal Kerja Terhadap Profitabiilitas Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia(BEI) dan Singapore(SGX). Undergraduate thesis, Universitas Internasional Batam.

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Abstract

Working capital management plays an important role in better performance of business because of its effect on firm’s profitability as well on liquidity. This both components should be balanced because the importance of profit and liquidity are the same so, one objective should not be at cost of the other. For these reasons working capital management should be given proper consideration and will ultimately affect the profitability of the firm as well as firm’s liquidity. All corporate can improve profitability and maintain stability of liquidity by managing the components of working capital. The study is based on secondary data collected from listed firms in Indonesia Stock Exchange and Singapore Exchange for the period of 2006-2010 with an attempt to investigate the relationship existing between accounts receivable period, inventory period, accounts payable period, cash conversion cycle and net trade cycle as independent variables, gross working capital turnover ratio, current assets to total assets ratio, current liabilities to total assets ratio, financial debt ratio, firm size, sales growth, current ratio and fixed financial assets ratio as control variables on profitability as measured by net operating profit. And also determine which country’s working capital management gives more impact to the company profitability as a whole in each country by comparing multiple linear regression analysis result. The results indicate the differences impact given by managing working capital on Indonesia’s companies and Singapore’s companies as a whole. Accounts receivable period, accounts payable period, cash conversion cycle, gross working capital turnover ratio, financial debt ratio, firm size and fixed financial assets ratio have significant effect on profitability of Indonesia’s firms whereas inventory period, net trade cycle, current assets to total assets ratio, current liabilities to total assets ratio, sales growth and current ratio do not significantly influence the firm net operating profit. While gross working capital turnover ratio, current assets to total assets ratio, financial debt ratio, sales growth, current ratio have significant effect on profitability of Singapore’s firms whereas accounts receivable period, inventory period, accounts payable period, cash conversion cycle, net trade cycle, current liabilities to total assets ratio, firm size and fixed financial assets ratio do not significantly influence the firm net operating profit. Keywords: working capital management, profitability, accounts receivable period, inventory period, accounts payable period, cash conversion cycle, net trade cycle, gross working capital turnover ratio, current assets to total assets ratio, current liabilities to total assets ratio, financial debt ratio, firm size, sales growth, current ratio and fixed financial assets ratio

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