Relationship between working capital management and corporate profitability of manufacturing firms listed in the Jakarta Stock Exchange

PRATAMA, Ridwan Adi, Indra Wijaya Kusuma, Prof.Dr.,MBA

2007 | Tesis | Magister Manajemen

Tujuan dari studi ini adalah untuk menguji efek dari manajemen modal kerja terhadap profitabilitas perusahaan dengan sampel perusahaan manufaktur Indonesia yang tercatat di Bursa Efek Jakarta. Data panel dengan jumlah pengamatan 544 tahun-perusahaan dikumpulkan dari kombinasi 136 perusahaan manufaktur selama periode 2002-2005. Manajemen modal kerja diukur dengan periode konversi persediaan, periode konversi piutang, periode konversi hutang usaha, dan siklus konversi kas. Di sisi lain, profitabilitas perusahaan sebagai variabel terikat, diukur dengan return on assets. Hasil regresi menunjukkan bahwa perusahaan manufaktur Indonesia bisa meningkatkan profitabilitas perusahaan dengan cara mengurangi periode konversi persediaan dan meningkatkan periode konversi hutang usaha. Lebih lanjut, hasil penemuan juga menunjukkan bahwa siklus konversi kas mempunyai hubungan negatif dengan profitabilitas.

The purpose of this study is to examine the effects of working capital management on corporate profitability of a sample of Indonesian manufacturing firms listed in the Jakarta Stock Exchange. A balanced panel data set of 544 firmyear observations is collected from the combination of 136 manufacturing firms covering the period 2002 – 2005. Working capital management is measured by the number of days of inventory, number of days accounts receivable, number of days accounts payable, and the cash conversion cycle. On the other hand, corporate profitability, the dependent variable, is measured by the return on assets. The regression results show that Indonesian manufacturing firms can improve their corporate profitability by reducing their number of days of inventory and lengthening their number of days accounts payable. In addition, the findings also reveal that the cash conversion cycle has negative relation on profitability.

Kata Kunci : Manajemen Modal Kerja,Profitabilitas Perusahaan, Working capital, profitability, Indonesian manufacturing firms, panel data