ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh manajemen modal kerja terhadap
profitabilitas perusahaan dalam kondisi siklus ekonomi yang berbeda di Indonesia.
Penelitian ini menggunakan data sekunder dari perusahaan perkebunan,
pertambangan, manufaktur, dan retailer yang tercatat di Bursa Efek Indonesia pada
tahun 1997-2012. Manajemen modal kerja diukur melalui cash conversion cyle
sedangkan siklus ekonomi ditentukan berdasarkan pertumbuhan GDP. Dalam
penelitian ini juga diukur pengaruh receivable conversion period, inventory
conversion period, dan account payable deferral period pada profitabilitas. Hasil
penelitian menunjukkan bahwa manajemen modal kerja berpengaruh negatif dan
signifikan terhadap profitabilitas perusahaan. Receivable conversion period,
inventory conversion period, dan account payable deferral period juga diketahui
memiliki pengaruh yang negatif terhadap profitabilitas. Dari hasil penelitian juga
diketahui bahwa siklus ekonomi tidak berpengaruh terhadap signifikansi pengaruh
manajemen modal kerja terhadap profitabilitas perusahaan di Indonesia.
ABSTRACTThis study aimed to determine the effect of working capital management on the
company's profitability in the different business cycle in Indonesia. This study uses
secondary data from plantations, mining, manufacturing, and retailers firm that are
listed on the Indonesia Stock Exchange in 1997-2012. Working capital management
is measured by cash conversion cycle while the economy cycle is determined by the
growth of GDP. In this study also measured the effect of the receivable conversion
period, inventory conversion period, and account payables deferral period on
profitability. The results showed that the working capital management has negative
effect on firm profitability and statistically significant. Receivable conversion period,
inventory conversion period, and account payables deferral period is also known to
have a negative effect on profitability. The result showed that economic cycle has no
effect on the significance of the relationship between working capital management
and firm profitability.