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"[Tujuan penulisan penelitian ini adalah untuk mengetahui hubungan serta pengaruh dari manajemen modal kerja terhadap profitabilitas untuk perusahaan manufaktur di Indonesia dengan melihat rasio perputaran hutang, piutang dan persediaan pada periode 2009-2013. Jumlah perusahaan yang termasuk kedalam penelitian ini adalah sebanyak 175 perusahaan dengan periode 5 tahun. Pada penelitian ini menggunakan 1 model dengan jumlah total 4 rasio yang digunakan untuk menggambarkan modal kerja dan profitabilitas, antara lain return on assets, account receivable turnover, account payable turnover dan inventory turnover. Hasil dari penelitian ini menunjukan bahwa variabel account receivable turnover dan inventory turnover berpengaruh terhadap profitabilitas, namun variabel account payable turnover tidak berpengaruh terhadap profitabilitas secara signifikan.

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The purpose of this writing is to determine relationship and effect of efficiency of working capital toward profitability by looking at payable turnover ratio, accounts receivable turnover ratio and inventories turnover ratio on manufacture’s company in Indonesia (2009-2013). The number of companies included in this study are 175 companies on 5 years. This study used 1 model with 4 ratio, such as return on assets, account receivable turnover, account payable turnover dan inventory turnover. Result from this study shown that variable variabel account receivable turnover dan inventory turnover has significant effect for profitability, but account payable turnover does not significantly affect the profitability.;The purpose of this writing is to determine relationship and effect of efficiency of working capital toward profitability by looking at payable turnover ratio, accounts receivable turnover ratio and inventories turnover ratio on manufacture’s company in Indonesia (2009-2013). The number of companies included in this study are 175 companies on 5 years. This study used 1 model with 4 ratio, such as return on assets, account receivable turnover, account payable turnover dan inventory turnover. Result from this study shown that variable variabel account receivable turnover dan inventory turnover has significant effect for profitability, but account payable turnover does not significantly affect the profitability.;The purpose of this writing is to determine relationship and effect of efficiency of working capital toward profitability by looking at payable turnover ratio, accounts receivable turnover ratio and inventories turnover ratio on manufacture’s company in Indonesia (2009-2013). The number of companies included in this study are 175 companies on 5 years. This study used 1 model with 4 ratio, such as return on assets, account receivable turnover, account payable turnover dan inventory turnover. Result from this study shown that variable variabel account receivable turnover dan inventory turnover has significant effect for profitability, but account payable turnover does not significantly affect the profitability.;The purpose of this writing is to determine relationship and effect of efficiency of working capital toward profitability by looking at payable turnover ratio, accounts receivable turnover ratio and inventories turnover ratio on manufacture’s company in Indonesia (2009-2013). The number of companies included in this study are 175 companies on 5 years. This study used 1 model with 4 ratio, such as return on assets, account receivable turnover, account payable turnover dan inventory turnover. Result from this study shown that variable variabel account receivable turnover dan inventory turnover has significant effect for profitability, but account payable turnover does not significantly affect the profitability., The purpose of this writing is to determine relationship and effect of efficiency of working capital toward profitability by looking at payable turnover ratio, accounts receivable turnover ratio and inventories turnover ratio on manufacture’s company in Indonesia (2009-2013). The number of companies included in this study are 175 companies on 5 years. This study used 1 model with 4 ratio, such as return on assets, account receivable turnover, account payable turnover dan inventory turnover. Result from this study shown that variable variabel account receivable turnover dan inventory turnover has significant effect for profitability, but account payable turnover does not significantly affect the profitability.]"

"ABSTRAKPenelitian ini bertujuan untuk menganalisis pengaruh manajemen modal kerjaterhadap profitabilitas perusahaan pada perusahaan manufaktur yang terdaftar diBursa Efek Indonesia selama periode 2009 sampai dengan 2013. Pengujiandilakukan dengan model regresi Generelized Least Square (GLS). Hasil penelitianini menemukan bahwa manajemen modal kerja memiliki pengaruh terhadapprofitabilitas perusahaan.

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ABSTRACTThis research is aimed to analyze the effect of working capital management onprobability of manufacturing company who were listed in Bursa Efek Indonesiawithin 2009-2013. The tests were conducted with the general least squareregression model. The results of this research found that working capitalmanagement have an influence on the corporate probability."

"Keuntungan dan likuiditas perusahaan sektor manufaktur dapat dilihat melalui faktor keuangan dengan menghitung rasio keuangan perusahaan tersebut. Penelitian ini bertujuan untuk meneliti pengaruh antara perputaran kas (CCC), rasio hutang (DR) dan ukuran penjualan (LOS) terhadap profitabilitas dan likuiditas perusahaan. Sampel yang digunakan dalam penelitian ini adalah 136 perusahaan dari sektor manufaktur yang terdaftar di Bursa Efek Indonesia periode 2010-2014. Analisis Hasil dari penelitian ini terdapat hubungan signifikan positif CCC terhadap likuiditas dan tidak terdapat hubungan signifikan CCC terhadap profitabilitas.

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Manufacturing companies profitability and liquidity in indonesia were affected by financial factors which can be measured from financial ratio. The aim of this research is to analyze the influence Cash Conversion Cycle (CCC), Debt Ratio (DR) dan Lof Of Sales (LOS) toward profitability and liquidity. 136 manufacturing companies which listed in BEI from 2010-2014 selected as the sample of the research. The analysis method is multipe regression. The result of this research is that CCC have positive significant influence towards liquidity and is statistically insignificant towards profitability"

"Pemikiran bahwa manajemen modal kerja mempengaruhi risiko dan profitabilitas suatu perusahaan telah diterima secara umum. Penelitian terdahulu mengenai manajemen modal kerja dan kinerja perusahaan telah menganalisis hubungan linear antara investasi perusahaan pada modal kerja dan profitabilitasnya. Hasil penelitian menunjukkan bahwa semakin rendah investasi pada modal kerja, semakin tinggi profitabilitas. Akan tetapi, tingkat modal kerja yang rendah dapat menimbulkan risiko tertentu seperti menurunnya penjualan (sales) dan gangguan dalam proses produksi. Oleh sebab itu, mungkin terdapat hubungan non-linear antara manajemen modal kerja dan profitabilitas perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh manajemen modal kerja terhadap profitabilitas perusahaan dengan mengontrol unobservable heterogeneity dan possible endogeneity. Penelitian ini menggunakan data panel tidak seimbang sejumlah 560 observasi dari sampel perusahaan yang bergerak di sektor manufaktur periode 2007 – 2011. Hasil penelitian menunjukkan bahwa terdapat hubungan kuadratik antara tingkat modal kerja dan profitabilitas perusahaan di Indonesia. Manajemen modal kerja ternyata memiliki pengaruh yang non-linear terhadap profitabilitas perusahaan secara signifikan.

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The idea that working capital management affects a firm’s profitability and risk is generally accepted. Previous studies on working capital management and firm performance have analyzed a linear relationship between a firm’s investment in working capital and its profitability. Their findings showed that the lower the investment in working capital, the higher the profitability. However, the low level of working capital could lead to certain risks such as declining sales and interruption in the production process. Therefore, there might be a non-linear relationship between working capital management and firm profitability. The purpose of this study is to analyze the effect of working capital management on firm profitability by controlling for unobservable heterogeneity and possible endogeneity. This study used an unbalanced panel data of 560 observations of manufacturing firms for the period 2007 – 2011. The result showed that there is a quadratic relationship between level of working capital and firm profitability in Indonesia. It turns out that working capital management has non-linear effect on firm profitability significantly."

"[ABSTRAKTujuan dari penelitian ini adalah memberikan bukti empiris mengenai pengaruh cash management pada kinerja keuangan perusahaan manufaktur di Indonesia. Kebijakan arus kas perusahaan, yang mengelola modal kerja dalam bentuk piutang dari pelanggan, penyimpanan persediaan dan pembayaran hutang ke supplier berkaitan dengan operasi perusahaan. Hasil penelitian menunjukkan bahwa menurunnya days sales outstanding, days inventory outstanding, cash conversion cycle dan operating cash cycle dapat meningkatkan kinerja keuangan perusahaan yang terus berlanjut hingga tahun berikutnya. Penurunan days payables outstanding akan meningkatkan kinerja keuangan hanya pada periode berjalan.

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ABSTRACT

, The objective of the research is to provide empirical evidence about the impact of cash management to financial performance on manufacture company in Indonesia. A firm's cash flow policies, which manage working capital in the form of cash receivables from customers, inventory holdings, and cash payments to suppliers, are linked to the firm's operations. The results demonstrate that reducing in days sales outstanding, days inventory outstanding, cash conversion cycle and operating cash cycle can increase firm’s financial performance that continue for the next year. Reducing days payable outstanding can increase financial performance just in current period.

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"Permasalahan manajemen modal kerja memiliki dampak yang tidak baik bagi perusahaan. Manajemen modal kerja yang baik bertujuan agar kesehatan keuangan perusahaan dapat terjaga sehingga dapat menghasilkan keuntungan yang maksimal. Penelitian ini bertujuan untuk menganalisa pengaruh kebijakan manajemen modal kerja terhadap profitabilitas dan nilai perusahaan. Penelitian ini menggunakan sampel sebanyak 287 perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia pada periode tahun 2009-2018. Manajemen modal kerja diproksikan menggunakan Total Current Assets to Total Assets (TCA/TA) dan Total Current Liabilities to Total Assets TCL/TA. Kemudian, profitabilitas diproksikan dengan Return on Assets (ROA) dan nilai perusahaan dicerminkan dengan rasio Tobins Q. Hasil penelitian menunjukan bahwa rasio Total Current Assets to Total Assets dan Total Current Liabilities to Total Assets berpengaruh positif signifikan terhadap profitabilitas dan nilai perusahaan.

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Problems with working capital management are bad for the company. Good working capital management aims to maintain the companys financial health so that it can get maximum profit. This study aims to analyze capital management policies on profitability and firm value. This study uses a sample of 287 non-financial companies that were listed on the Indonesia Stock Exchange in the period 2009-2018. Working capital management is proxied using Total Current Assets to Total Assets (TCA / TA) and Total Current Liabilities to Total Assets (TCL / TA). Then, profitability is proxied by Return on Assets (ROA) and the value of the company is reflected by the Tobin Q ratio. The results of the study show that Total Current Assets to Total Assets and Total Current Liabilities to Total Assets have a significant positive effect on profitability and firm value."

"ABSTRAK

Penelitian ini menguji pengaruh manajemen modal kerja melalui cash conversion cycle dan komponenenya (hari piutang dagang, hari persediaan barang, dan hari hutang dagang) terhadap profitabilitas hasil operasi perusahaan. Penelitian menggunakan regresi berganda data panel dengan metode random effect dengan sampel 129 perusahaan yang ada pada sektor industri manufaktur di Bursa Efek Indonesia dengan data tahun 2008-2011. Digunakan juga variabel kontrol pertumbuhan penjualan, ukuran perusahaan, tingkat hutang, dan likuiditas perusahaan untuk dilihat pengaruhnya pada profitabilitas. Hasil penelitian menujukan bahwa cash conversion cycle tidak secara langsung mempengaruhi profitabilitas melainkan melalui hari piutang dagang, variabel kontrol yang mempengaruhi profitabilitas adalah ukuran perusahaan dan tingkat hutang perusahaan. Penelitian ini juga melakukan regresi pada 3 sub-sektor yang ada pada sektor industri manufaktur yang menunjukan bahwa profitabilitas tidak dipengaruhi langsung cash conversion cycle. Pada sub-sektor aneka industri profitabilitas dipengaruhi oleh hari piutang dagang dan hari persediaan barang, sedangkan pada sub-sektor barang konsumsi profitabilitas dipengaruhi oleh hari piutang dagang dan dari hutang dagang. Variabel kontrol yang mempengaruhi profitabilitas pada ke 3 sub-sektor tidak sama persis dengan sektor industri manufaktur, namun beragam.

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ABSTRAKThis study examined the effect of working capital management on profitability from operating activities through cash conversion cycle and its compnent days of accounts receivable days of nventory and days of accounts payable This study used panel data regression with random effects method used sample of 129 firms that exist in the manufacturing sector in Indonesia Stock Exchange over the 2008 2011 period This study used sales growth firm size debt level and liquidity as control variable see its effect on profitability The results addressing the cash conversion cycle that does not directly affect profitability but through the days of accounts receivables the control variables that affect the profitability of the company and is firm size and levelof corporate debt This study also perform regression on 3 sub sectors that exist in the manufacturing sub sector the regression shows that profitability is not affected directly by cash conversion cycle In the various industry sub sector profitability is affected by the days of accounts receivable and days of inventory while in the consumer goods sub sector profitability is affected by days of accounts receivable and days of accounts payable Control variables that affect profitability in the 3 subsector is not exactly the same with the manufacturing sector however diverse."

"[ABSTRAKPenelitian ini bertujuan untuk mempelajari faktor-faktor yang mempengaruhi struktur modal perusahaan. Objek penelitian ini adalah perusahaan manufaktur yang beroperasi di Indonesia dan terdaftar di Bursa Efek Indonesia selama periode penelitian yaitu tahun 2009 hingga 2013. Faktor-faktor yang diuji pengaruhnya terhadap struktur modal perusahaan adalah profitabilitas, tingkat pertumbuhan, tingkat pajak, struktur aset, tingkat risiko dan ukuran perusahaan. Estimasi model yang dilakukan dengan menggunakan regresi panel Fixed Effect Model. Dari hasil regresi yang dilakukan, semua faktor menunjukkan pengaruh signifikan terhadap struktur modal perusahaan kecuali tingkat risiko.

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ABSTRACTThe aim of this study is to explore the impact of firm’s factors toward structure capital. Using panel regression, this study seeks to examine the effect of several factors on capital structure for the period of 2009 to 2013. The variables of firm’s factors that are being explored are profitability, growth, tax, asset structure, risk and size. The Fixed Effect Model of panel regression is being employed in the model estimation. The findings reveal that all of factor’s play an important role in influencing capital structure except risk., The aim of this study is to explore the impact of firm’s factors toward structure capital. Using panel regression, this study seeks to examine the effect of several factors on capital structure for the period of 2009 to 2013. The variables of firm’s factors that are being explored are profitability, growth, tax, asset structure, risk and size. The Fixed Effect Model of panel regression is being employed in the model estimation. The findings reveal that all of factor’s play an important role ininfluencing capital structure except risk.]"

"Penelitian ini bertujuan untuk menginvestigasi pengaruh dari manajemen modal kerja terhadap profitabilitas pada perusahaan manufaktur di Indonesia untuk periode 2017 hingga 2022. Sampel dalam penelitian ini adalah 205 perusahaan manufaktur yang terdaftar dalam Bursa Efek Indonesia. Metode penelitian yang digunakan adalah regresi data panel dengan model estimasi Fixed Effect Model (FEM). Manajemen modal kerja diindikasikan dengan variabel independen inventory turnover, account receivable turnover, account payable turnover, dan cash conversion cycle. Sedangkan untuk profitabilitas perusahaan diukur dengan return-on-assets dan return-on-equity. Hasil studi ini menunjukkan adanya pengaruh signifikan dari inventory turnover, account receivable turnover, dan cash conversion cycle. Namun, variabel account payable turnover menunjukkan pengaruh yang tidak signifikan terhadap profitabilitas perusahaan.

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This research aims to investigate the influence of working capital management on profitability in manufacturing companies in Indonesia for the period of 2017 to 2022. The sample in this study consists of 205 manufacturing companies listed on the Indonesia Stock Exchange. The research method used is panel data regression with the Fixed Effect Model (FEM) estimation model. Working capital management is indicated by independent variables such as inventory turnover, accounts receivable turnover, accounts payable turnover, and cash conversion cycle. Meanwhile, the profitability of the company is measured by return-on-assets and return-on-equity. The results of this study indicate a significant influence of inventory turnover, accounts receivable turnover, and cash conversion cycle on profitability. However, the variable of accounts payable turnover shows an insignificant influence on company profitability."