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"[ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh tata kelola perusahaan terhadap efisiensi manajemen modal kerja. Variabel tata kelola perusahaan terdiri dari jumlah Komisaris, jumlah Direksi, jumlah Komite Audit dan tenur Direksi utama. Untuk efisiensi manajemen modal kerja diukur dengan siklus konversi kas dan komponennya, kepemilikan kas, efisiensi konversi kas dan likuiditas dengan menggunakan beberapa variabel kontrol. Dengan menggunakan 110 sampel perusahaan manufaktur yang tercatat di BEI periode 2010-2014. Penelitian ini mengungkapkan bahwa semua variabel tata kelola perusahaan memiliki pengaruh terhadap beberapa komponen efisiensi manajemen modal kerja, dengan koefisien yang berbeda-beda.ABSTRACTThe aim of this research is to investigate the impact of corporate governance on capital management efficiency. Variables of the corporate governance are Board of Directors size, Board of Commissioners Size, Audit committee and CEO tenure. Factors of the working capital management efficiency are cash conversion cycle and its component, cash holding, cash conversion efficiency and liquidity with several control variables. This research employ 110 sample of manufacturing firms listed on Indonesia Stock Exchange in 2010-2014. This research shows that every variables of corporate governance have significant impact on several aspect of working capital management efficiency with different coefficient on each variables.;The aim of this research is to investigate the impact of corporate governance on capital management efficiency. Variables of the corporate governance are Board of Directors size, Board of Commissioners Size, Audit committee and CEO tenure. Factors of the working capital management efficiency are cash conversion cycle and its component, cash holding, cash conversion efficiency and liquidity with several control variables. This research employ 110 sample of manufacturing firms listed on Indonesia Stock Exchange in 2010-2014. This research shows that every variables of corporate governance have significant impact on several aspect of working capital management efficiency with different coefficient on each variables., The aim of this research is to investigate the impact of corporate governance on capital management efficiency. Variables of the corporate governance are Board of Directors size, Board of Commissioners Size, Audit committee and CEO tenure. Factors of the working capital management efficiency are cash conversion cycle and its component, cash holding, cash conversion efficiency and liquidity with several control variables. This research employ 110 sample of manufacturing firms listed on Indonesia Stock Exchange in 2010-2014. This research shows that every variables of corporate governance have significant impact on several aspect of working capital management efficiency with different coefficient on each variables.]"

"Penelitian ini memiliki tujuan untuk menganalisis pengaruh manajemen modal kerja terhadap gross operating profitability perusahaan manufaktur yang terdaftar di BEI periode 2006-2015, karena konsep modal kerja berkaitan dengan likuiditas maka penelitian ini juga memiliki tujuan untuk mengetahui pengaruh likuiditas modal kerja perusahaan terhadap gross operating profitability. Modal kerja sendiri diproksikan menggunakan ICP, APP, ACP dan CCC sedangkan likuiditas modal kerja perusahaan diproksikan dengan CR dan WCR. Dengan menggunakan analisis regresi linier berganda data panel Fixed Effects Model dengan GLS cross-weights, serta sampel sejumlah 106 perusahaan dengan periode penelitian 10 tahun maka hasil yang didapatkan pada penelitian ini yaitu terdapat pengaruh yang signifikan antara manajemen modal kerja dan likuiditas modal kerja perusahaan manufaktur yang terdaftar di BEI periode 2006-2015 terhadap gross operating profitability.

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The purpose of this research is to examine the effect of working capital management on gross operating profitability of manufacturing listed firms on Indonesia Stock Exchange for the period 2006 2015. Working capital management in this research is proxied by ICP, APP, ACP and CCC, while the company 39 s working capital liquidity is proxied by CR and WCR. This research uses multiple linear regression Fixed Effects Model with GLS cross section weights to analyze the effect of working capital management on gross operating profitability using 106 sample firms over 10 years. The results of this research is working capital management and working capital liquidity of manufacturing companies listed at Indonesia Stock Exchange period 2006 2015 has a significant effect on gross operating profitability."

"Penelitian ini bertujuan untuk menguji pengaruh mekanisme corporate governance terhadap manajemen laba (earnings management) dan kinerja perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2006-2011. Variabel yang diuji dalam penelitian ini terdiri dari kepemilikan institusional, ukuran dewan komisaris, kualitas auditor, ukuran perusahaan, manajemen laba yang diukur dengan absolute discretionary accrual diestimasi dengan menggunakan model modified Jones (1991), dan kinerja perusahaan (reported performance and unmanaged performance). Sampel penelitian ini adalah perusahaan manufaktur yang listing di BEI pada tahun 2006-2011. Penelitian ini menggunakan metode purposive sampling dalam menentukan jumlah sampel yang digunakan dan diperoleh 121 perusahaan yang digunakan sebagai sampel. Penelitian ini menggunakan model regresi berganda. Hasil dari penelitian pengaruh mekanisme corporate governance terhadap manajemen laba bahwa variabel institutional ownership dan variabel ukuran perusahaan berpengaruh signifikan negatif. Tetapi untuk variabel ukuran dewan komisaris dan kualitas auditor tidak berpengaruh terhadap manajemen laba. Kemudian hasil dari penelitian pengaruh mekanisme corporate governance terhadap kinerja perusahaan (reported performance) yang diukur dengan profitabilitas (EBIT/Asset) menunjukkan variabel institutional ownership, kualitas auditor dan ukuran perusahaan berpengaruh signifikan positif terhadap kinerja perusahaan dan ukuran dewan komisaris berpengaruh signifikan negatif terhadap kinerja perusahaan. Sedangkan hasil dari penelitian pengaruh mekanisme corporate governance terhadap unmanaged performance yang diukur dengan (EBIT/Asset)-%DA menunjukkan variabel institutional ownership, kualitas auditor dan ukuran dewan komisaris tidak berpengaruh terhadap unmanaged performance dan ukuran perusahaan berpengaruh signifikan positif terhadap unmanged performance.

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The purpose of this research is to examine the effect of the corporate governance mechanism to the earnings management and firm value in manufacturing companies listed at Indonesian Stock Exchange during 2006-2011. The variable examined in this research is institutional ownership, commissioner size, auditor quality, earning management measured with discretionary accrual by modified Jones model (1991) and firm performance (reported performance and unmanaged performance).

The sample which is used in this research manufacturing companies listed at Indonesian Stock Exchange on period of 2006-2011. This research is using purposive sampling method to determine the sample and resulted 121 companies as research sample. Multiple regression model is used to analysis data.

The result of the research (The effect of the corporate governance mechanism to earning management) shows variable of institutional ownership and firm size had negative significant effect to the earnings management. But commissioner size and auditor quality had not significant effect to earnings management. Then the result of the research (The effect of the corporate governance mechanism to firm performance) to reported performance measured with profitability (EBIT/Asset) shows variable of institutional ownership, auditor quality, and firm size had positive significant effect to the firm performance and variable of commissioner size had negative significant effect to the firm performance.

While the result of the research (The effect of the corporate governance mechanism to firm performance) to unmanaged performance measured with (EBIT/Asset)-%DA shows variable of institutional ownership, auditor quality, and commissioner size had not significant effect to unmanaged performance and firm size had positive significant effect to unmanaged performance."

"Penelitian ini bertujuan untuk mengetahui pengaruh manajemen modal kerja terhadap profitabilitas perusahaan pada sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia tahun 2011-2015. Hasil penelitian menunjukkan bahwa manajemen modal kerja yang diukur melalui siklus konversi kas, average collection period, dan net trade cycle terbukti berpengaruh negatif signifikan terhadap profitabilitas yang diukur melalu return on asset. Sedangkan average inventory period berpengaruh negatif tidak signifikan dan average payment period terbukti berpengaruh positif tidak signifikan terhadap profitabilitas yang diukur melalui return on asset.

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This study aims to determine the effect of working capital management on corporate profitability in the consumer goods industry sector listed in Indonesia Stock Exchange Year 2011 2015. The results showed that working capital management as measured through cash conversion cycle, average collection period, and net trade cycle prove to have an negative significant effect on profitability measured through return on asset. While average inventory period prove to have an negative unsignificant and average payment period to have an positive unsignificant effect on profitability measured through return on asset."

"ABSTRAKSkripsi ini membahas mengenai pengaruh manajemen modal kerja dan komponennya terhadap profitabilitas perusahaan pada sektor manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2012-2016. Pengujian dilakukan dengan model regresi data panel dengan metode random effect dengan estimator generalized least square GLS. Hasil penelitian ini menemukan bahwa komponen manajemen modal kerja receivable collection period memiliki pengaruh terhadap profitabilitas perusahaan.

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ABSTRACTThe research is aimed to analize the effect of working capital management on firm profitability of manufacturing company that listed in Indonesia Stock Exchange within period of 2012 2016. This study using panel data with random effect methods generalized least square estimator to test the model. The results of this research found that working capital management have influence on firms profitability."

"ABSTRAKSkripsi ini membahas pengaruh manajemen modal kerja terhadap profitabiltias perusahaan tercatat di Bursa Efek Indonesia BEI yang berskala kecil dan menengah, sesuai kriteria UKM dalam Undang-undang nomor 20 tahun 2008, periode penelitian 2011 hingga 2015. Skripsi ini merupakan penelitian kuantitatif dengan data unbalanced panel dan diuji menggunakan regresi panel data, model random effect. Hasil penelitian ini menemukan hubungan negatif antara manajemen utang dan siklus konversi kas terhadap profitabilitas, serta menemukan hubungan positif antara manajemen piutang dan manajemen persediaan terhadap profitabilitas UKM. Pengaruh signifikan ditemukan pada manajemen utang terhadap profitabilitas dan manajemen persediaan terhadap profitabilitas. Penelitian ini adalah baru untuk UKM di Indonesia karena kebanyakan penelitian mengenai manajemen modal kerja di Indonesia ditujukan untuk perusahaan-perusahaan besar.

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ABSTRACTThe purpose of this study is to examine the effect of working capital management to profitability of listed small medium enterprise SME , according to SME rsquo s characteristics written on SME rsquo s law 2008 number 20, within 2011 2015. This study use quantitative approach with unbalanced panel data and conducted by panel data regression, with radom effect model. This research found that working capital manajemen influence the profitability of SME. This study reveals that there are positive relationship between number of days account payable and cash conversion cycle to the profitability of SME, also negative relationship between number of days inventory and number of days account receivable to the profitability of SME. The significant effect was found on the number of days account payable to profitability, and number of days inventory to profitability.This is the new study in Indonesia rsquo s small medium enterprise since many study of working capital management in Indonesia was purposed to big companies instead of small medium enterprise."

"Penelitian ini dilakukan untuk menguji pengaruh manajemen modal kerja terhadap profitabilitas dan nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2013-2017. Penelitian ini menggunakan data panel dengan sampel sebanyak 84 perusahaan selama periode 2013-2017. Variabel dependen yang digunakan dalam penelitian ini adalah profitabilitas perusahaan yang diukur dengan return on asset ROA , return on equity ROE dan nilai perusahaan yang diukur dengan Tobin rsquo;s Q. Variabel yang independen yang digunakan dalam penelitian ini adalah average collection period ACP, average payment period APP dan inventory turnover period IP. Variabel kontrol yang digunakan dalam penelitian ini adalah ukuran perusahaan SIZE, tingkat utang LEVERAGE dan umur perusahaan AGE. Dari hasil pengujian yang dilakukan diketahui ACP memiliki pengaruh negatif signifikan terhadap ROA, ROE dan Tobins Q. APP memiliki pengaruh negatif tidak signifikan terhadap ROA dan Tobin rsquo;s Q serta memiliki pengaruh positif tidak signifikan terhadap ROE. IP memiliki pengaruh negatif signifikan terhadap Tobins Q dan memiliki pengaruh positif tidak signifikan terhadap ROA serta pengaruh negatif tidak signifikan terhadap ROE.

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This study investigates the impact of working capital management on profitability and firms value of manufacturing firms listed in Indonesia Stock Exchange period 2013 2017. This study using panel data with a sample consist of 84 firms over the period 2013 2017. The dependent variables using in this study are return on asset ROA, return on equity ROE as a proxy of firm rsquo s profitability and Tobin rsquo s Q as a proxy of firms value. The independent variables using in this study are average collection period ACP, average payment period APP and inventory period IP as a proxy of working capital management. The firm size, leverage and age are used as the control variables. Using panel data regression methodology, the results show that ACP has a negative significant impact on ROA, ROE and Tobins Q. APP does not have any effect on ROA, ROE and Tobin rsquo s Q. IP has a negative significant impact on Tobins Q and IP does not have any effect on ROA, ROE."

"Manajemen modal kerja bertujuan untuk memaksimalkan profit, ketika meminimalisasi risiko dari ketidakmampuan membayar utang jangka pendek. Efisiensi dari manajemen modal kerja tergantung dari keseimbangan antara likuiditas dan profitabilitas yang diatur oleh perusahaan. Mengelola manajemen modal kerja dapat menggunakan Cash Conversion Cycle CCC yang terdiri dari Receivable Collection Period RCP , Inventory Conversion Period ICP , dan Payment Defferal Period PDP dan melihat pengaruhnya terhadap profitabilitas perusahaan dengan Gross Operating Profit GOP. Dengan mengambil sampel pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia pada tahun 2002 ndash; 2011 dan dipisahkan antara periode sebelum dan sesudah resesi global, ditemukan adanya pengaruh yang signifikan antara Receivable Collection Period RCP dengan profitabilitas perusahaan pada keseluruhan waktu.

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Working capital management aims to maximize profits, while minimizing the risk of an inability to pay short term debt. The efficiency of working capital management depends on the balance between liquidity and profitability set by the company. Managing working capital management can use the Cash Conversion Cycle CCC consisting of Receivable Collection Period RCP , Inventory Conversion Period ICP , and Payment Defferal Period PDP and see its effect on the profitability of companies with Gross Operating Profit GOP. By taking a sample of the companies listed on the stock exchanges of Indonesia in 2002 2011 and separated between the periods before and after the global recession, found a significant relationship between Receivable Collection Period RCP with the overall profitability of the company at the time."

"Pemikiran bahwa manajemen modal kerja mempengaruhi profitabilitas perusahaan telah diterima umum. Akan tetapi, penelitian terdahulu mengamati perbedaan pengaruh manajemen modal kerja terhadap profitabilitas perusahaan saat penurunan dan kenaikan siklus bisnis. Penelitian ini lebih lanjut bertujuan untuk melihat pengaruh manajemen modal kerja yang diukur dengan cash conversion cycle dan komponen-komponennya yang terdiri dari account payable defferal period, account receiveable conversion period, dan inventory conversion period terhadap tingkat profitabilitas perusahaan yang digambarkan oleh return on assets pada saat terjadinya penurunan dan kenaikan siklus bisnis Penelitian menggunakan data panel perusahaan-perusahaan manufaktur di Indonesia yang terdaftar di BEI pada periode 1998-2014.

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The idea that working capital management affects a firm?s profitability is generally accepted. Previous studies on working capital management have analyzed a relationship between working capital management and its profitability in economic downturns and economic booms. The purpose of this study is to analyze the effect of working capital management measured by account payable defferal period, account receiveable conversion period, and inventory conversion period by return on assets in economic downturn and economic boom. This study used panel data of manufacturing firms listed in Indonesia Stock Exchange for period 1998-2014."

"Penelitian ini membahas mengenai manajemen modal kerja oleh perusahaan yang digunakan sebagai salah satu memaksimalkan kekayaan pemegang saham. Tujuan penelitian ini adalah untuk menganalisis pengaruh manajemen modal kerja terhadap kekayaan pemegang saham. Penelitian ini memiliki tiga hipotesis: Pertama, pembiayaan investasi modal kerja memiliki pengaruh terhadap kekayaan pemegang saham. Kedua, faktor-faktor seperti financial distress, expected sales growth, long-term debt dan short-term debt memiliki efek pada pembiayaan investasi modal kerja. Ketiga, trade credit yang dilakukan perusahaan memiliki pengaruh terhadap kekayaan pemegang saham.Hasil penelitian ini antara lain pembiayaan investasi modal kerja memiliki pengaruh terhadap kekayaan pemegang saham dimana tambahan 1 Rupiah pada modal kerja memiliki nilai lebih bagi kekayaan pemegang saham dibandingkan tambahan 1 Rupiah pada kas. Penambahan investasi modal kerja memiliki efek pada peningkatan ekspektasi pertumbuhan penjualan perusahaan dimasa yang akan datang. Terakhir, trade credit yang dilakukan perusahaan memiliki pengaruh terhadap kekayaan pemegang saham dimana penambahan 1 Rupiah pada account receivable memiliki nilai lebih kecil bagi pemegang saham dibandingkan tambahan 1 Rupiah pada inventories.

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This study discusses about firms working capital management used for as one of maximizing shareholders wealth. The purpose of this study is to analyze the effect of working capital management on shareholders wealth. This study has three hypotheses First, financing of working capital investment has an effect on shareholders wealth. Second, other factors such as financial distress, expected sales growth, long term debt, and short term debt have effects on financing of working capital investment. Third, firms used trade credit has an effect on shareholders wealth.

The result of this studies are financing of investment in working capital has an effect on shareholders wealth in which an additional 1 Rupiah in working capital more valuable than in cash. The additional of investment on working capital can increase firms expected sales growth. Furthermore, firms used trade credit has an effect on shareholders wealth in which an additional 1 Rupiah in account receivable has a smaller value than inventories."