PENGARUH MANAJEMEN MODAL KINERJA TERHADAP PROFITABILITAS PERUSAHAAN
STEFANIE, SHERLI ELZA (Adv.: Eduardus Tandelilin, Prof., Dr., MBA), Eduardus Tandelilin, Prof., Dr., MBA
Penelitian ini bertujuan untuk mengetahui serta menganalisa pengaruh manajemen modal kerja terhadap profitabilitas di masing-masing perusahaan barang konsumsi dan perusahaan retail, dan apakah ada perbedaan pengaruh manajemen modal kerja terhadap profitabilitas antara perusahaan barang konsumsi dan perusahaan retail. Proksi yang digunakan untuk mengukur manajemen modal kerja adalah cash conversion cycle (CCC) yang terdiri dari 3 komponen yaitu number of days inventory (DI), number of days account receivable (DAR), dan number of days account payable (DAP). Semakin pendek CCC maka profitabilitas perusahaan tersebut semakin tinggi. Variabel CCC, DI, DAR, DAP menjadi variabel independen dalam penelitian ini. Sedangkan proxy yang digunakan untuk mengukur profitabilitas perusahaan ROA (return on assets).
Pengambilan sampel dilakukan dengan menggunakan metode purposive sampling. Sampel yang didapat penelitian ini terdiri dari 27 perusahaan barang konsumsi dan 13 perusahaan ritel yang terdaftar di Bursa Efek Indonesia selama periode 2009-2012. Metode analisis yang digunakan adalah menggunakan regresi linear berganda.
Hasil penelitian menunjukkan bahwa pada perusahaan barang konsumsi CCC, DAR dan DAP berpengaruh terhadap profitabilitas perusahaan, sementara pada perusahaan retail DI, DAR, DAP berpengaruh terhadap profitabilitas perusahaan. Dari penelitian ini juga diperoleh hasil bahwa terdapat perbedaan pengaruh manajemen modal kerja antara perusahaan barang konsumsi dan perusahan retail.
This study aims to determine and analyze the effect of working capital management on the profitability of each company in the consumer goods and retail companies, and whether there are differences between them. Proxy that is used to measure working capital management is the cash conversion cycle (CCC), which consists of three components, namely the number of days of inventory (DI), number of days accounts receivable (DAR), and the number of days accounts payable (DAP). The shorter CCC means the higher profitability of the company. CCC, IN, DAR, and DAP becoming independent variables in this study. While proxy that is used to measure the profitability of a company is ROA (return on assets).
Sampling was done by using purposive sampling method. The samples obtained in this study consist of 27 consumer goods companies and 13 retail companies listed in Indonesia Stock Exchange during the period of 2009-2012. The analytical method used is multiple linear regressions.
The result shows that in the consumer goods companies, CCC, DAR and the DAP are effecting the profitability of the company, while in the retail companies, DI, DAR, DAP are effecting the profitability of the company. This study also shows that there is a difference between working capital management influences in consumer goods companies and retail companies.
Kata Kunci : working capital management, profitability, cash conversion cycle (CCC), number of days of inventory (DI), number of days accounts receivable (DAR), number of days accounts payable (DAP), enterprise agency, retail and consumer goods, manajemen modal kerja,
