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"Penyaluran pembiayaan oleh perusahaan pembiayaan merupakan salah satu jalan yang diberikan pemerintah agar pelaku usaha memiliki lebih banyak alternatif pendanaan untuk mengembangkan usahanya. Tidak hanya bank, perusahaan pembiayaan kini turut berperan dalam menyalurkan pendanaan untuk penyediaan barang dan jasa bagi pelaku usaha. Sedikit berbeda dengan konsep perjanjian kredit di bank, perjanjian pembiayaan menyalurkan pendanaan tidak langsung kepada pelaku usaha, akan tetapi pendanaan disalurkan kepada penyedia barang/jasa, agar pelaku usaha dapat langsung mendapatkan barang/jasa yang diinginkan langsung dari penyedia barang atau jasa. PT. TAF sebagai salah satu perusahaan pembiayaan memberikan fasilitas pembiayaan modal kerja kepada PT. LM agar PT. LM dapat memenuhi keperluan modal kerjanya yakni berupa inventori kendaraan bermotor. Atas pembiayaan tersebut, PT. LM memberikan beberapa jaminan, yang salah satu diantaranya adalah inventori kendaraan tersebut. Di dalam tesis ini akan dibahas mengenai mekanisme pengikatan jaminan fidusia dengan obyek inventori kendaraan bermotor pada Perjanjian Pembiayaan PT. TAF dengan PT. LM, keabsahan akta jaminan fidusia atas barang dagangan antara PT. TAF dan PT. LM, serta perlindungan terhadap kreditor apabila debitor wanprestasi. Metode penelitian yang digunakan ada tesis ini adalah metode penelitian yuridis normatif. Berdasarkan Perjanjian Pembiayaan Modal Kerja antara PT. TAF dan PT. LM, mekanisme pengikatan jaminan fidusia, akta jaminan fidusia, dan perlindungan terhadap kreditor apabila debitor wanprestasi seharusnya telah sesuai dengan ketentuan Undang-Undang No. 42 Tahun 1999 tentang Jaminan Fidusia.

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Disbursement of financing by finance companies is one of the ways given by the government so that business practitioner has more alternatives funding for their business. Not only banks, finance companies currently also takes part in providing financing for procurement of goods and/or services. Slightly different with credit agreement concept applied in banks, financing agreement disburse financing not directly to the business practioner however financing is disbursed to the goods and/or services supplier so that business practioner can get goods and/or services directly from suppliers. PT. TAF as finance company provides working capital financing facility to PT. LM so that PT. LM can fulfill their working capital in the form of motor vehicles inventory. Upon the financing given, PT. LM provides some securities, amongst others are motor vehicles inventory. This thesis will explain the mechanism to encumber motor vehicles inventory with fiduciary security, the legality of deed of fiduciary security upon inventory between PT. TAF and PT. LM, and security towards creditor if debtor is in default. The research methodology used for this thesis is juridist normative. Based on Financing Agreement between PT. TAF and PT. LM, the mechanism to encumber motor vehicles inventory, deed of fiduciary security, and protection to creditor if debtor is in default are in line with Law No. 42 of 1999 on Fiducia Security."

"Pemberian jaminan dalam perbankan konvensional merupakan suatu keharusan dalam penyaluran kredit, sedangkan dalam perbankan syariah khususnya dalam pembiayaan, jaminan boleh dimintakan atau tidak dimintakan dari nasabah karena nasabah dalam hal ini berstatus sebagai mitra kerja dalam hubungan kemitraan. Permasalahan dalam tesis ini mengenai bagaimana ketentuan hukum yang mengatur pembebanan jaminan fidusia menurut hukum Islam dan hukum positif di Indonesia, bagaimanakah penerapan pemberian jaminan fidusia pada pembiayaan musyarakah sebagai akad profit and loss sharing di perbankan syariah dan bagaimana bentuk akta notaris pada akad pembiayaan musyarakah sebagai akad utama dan akta jaminan fidusia sebagai akad pelengkap dalam hal pemberian jaminan fidusia pada bank syariah. Penelitian tesis ini adalah penelitian yuridis normatif melalui studi kepustakaan, dengan mengkaji data sekunder, yang bersumber dari bahan hukum primer, sekunder dan tertier yang didukung oleh mewawancarai sumber informasi (informan) mengenai pokok permasalahan dan menganalisanya dengan cara kualitatif analisis secara kualitatif untuk menemukan jawaban dari pokok permasalahan yang diteliti. Ketentuan mengenai fidusia di Indonesia diatur didalam Undang-Undang Jaminan Fidusia nomor 42 tahun 1999 tentang Jaminan Fidusia dan sudah ada fatwa Dewan Syariah Nasional yang mengaturnya yaitu dalam fatwa Dewan Syariah Nasional Majelis Ulama Indonesia Nomor 68/DSN-MUI/III/2008 tentang rahn tasjily. Akan tetapi penerapan lembaga jaminan fidusia di perbankan syariah berlaku hukum yang diterapkan dalam bank konvensional yaitu Undang-Undang Nomor 42 Tahun 1999 tentang Jaminan Fidusia. Penerapan pemberian jaminan fidusia pada pembiayaan musyarakah dengan prinsip profit and loss sharing di perbankan syariah adalah sebagai jaminan tambahan (accessoir) dan mengikuti jaminan pokok, dan berfungsi sebagai agunan pada pembiayaan musyarakah. Bentuk akad pembiayaan musyarakah sebagai akad pokok dan akta jaminan fidusia sebagai akad tambahan, yang terdiri dari kepala, badan dan akhir akta. Pada kepala akta akad terdapat lafal Basmallah dan Al-Qur?an surah Al-Maidah ayat 1. Dalam akta jaminan disebutkan jumlah seluruhnya dari besarnya pokok pembiayaan dan juga dicantumkan bahwa akta jaminan fidusia ini didasarkan pada akad pembiayaan musyarakah yang merupakan akad utamanya.

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The provision of guarantees in conventional banking is a necessity in lending, while the Islamic banking, especially in financing, guarantees may be requested or not requested from the customer because the customer in this case the status as a partner in a partnership. Problems in this thesis about how the legal provisions governing the imposition of fiduciary according to Islamic law and positive law in Indonesia, how the application of fiduciary on Musharaka financing as a contract profit and loss sharing in Islamic banking and how the form of notarial deed on the contract as a contract Musharaka financing primary and fiduciary deed as a complement in terms of the contract granting fiduciary on Islamic banks.

This thesis research is a normative juridical research through the study of literature, by reviewing secondary data, sourced from primary legal materials, secondary and tertiary supported by interviewing information sources (informants) about the subject and analyze it by means of qualitative analysis in a qualitative way to find answers subject matter under study. Provisions regarding the fiduciary in Indonesia is set in the Fiduciary Security Law number 42 of 1999 on Fiduciary Warranty and already there are fatwas that govern the National Sharia Council of the National Sharia Board Fatwa Council of Ulama Indonesia Number 68/DSNMUI/III/2008 about rahn tasjily. However, the application of fiduciary institution in the Islamic banking law applicable to conventional banks which are applied in the Law Number 42 Year 1999 on Fiduciary Warranty.

The application of fiduciary on Musharaka financing with the principle of profit and loss sharing in Islamic banking as an additional guarantee (accessoir) and follow the basic warranty, and serves as collateral on Musharaka financing. Musharaka form of financing contract as the principal contract and fiduciary deed as an additional contract, which consists of head, body and the final deed. At the head of the deed of covenant contained Basmallah pronunciation and Al-Quran surah Al-Maidah verse 1. In the warranty deed stated the total amount of the principal amount of financing and also stated that the fiduciary deed is based on Musharaka financing contract which is the main contract."

"Modal ventura merupakan salah satu bentuk pembiayaan, yang terutama ditujukan bagi usaha mikro, kecil, dan menengah. Di Indonesia, modal ventura dijalankan oleh perusahaan modal ventura, yang termasuk dalam lembaga keuangan. Salah satu perusahaan modal ventura yang terdapat di Indonesia adalah PT Bahana Artha Ventura. Skripsi ini membahas mengenai modal ventura secara umum dan penerapannya pada PT Bahana Artha Ventura, serta menganalisis salah satu perjanjian modal ventura yaitu Perjanjian Pembiayaan dengan Pola Bagi Hasil antara PT Bahana Artha Ventura dan PT X sebagai perusahaan pasangan usahanya, dengan menggunakan metode penelitian yuridis-normatif.

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Venture capital is one of the form of financing, particularly targeted for the micro, small, and medium enterprises. In Indonesia, venture capital is conducted by venture capital companies, which are categorized as financial institutions. One of the venture capital companies in Indonesia is PT Bahana Artha Ventura. This thesis examines venture capital in general and its practice in PT Bahana Artha Ventura. This thesis also analyzes a venture capital contract in the form of Revenue Sharing Financing Agreement between PT Bahana Artha Ventura and PT X as its investee company, using normative-juridical research methods."

"Pendaftaran Fidusia adalah tahapan penting dalam proses pembebanan Jaminan Fidusia. Sistem pendaftaran diciptakan oleh Undang-Undang No. 42 Tahun 1999 dengan tujuan untuk memberikan kepastian hukum kepada para pihak terutama pihak Penerima Fidusia dan juga pihak ketiga lainnya. Proses pendaftaran Jaminan Fidusia dapat dilakukan oleh Penerima Fidusia sendiri atau bisa juga oleh kuasanya. Dalam praktik, pendaftaran banyak dilakukan oleh Notaris karena Akta Jaminan Fidusia wajib dibuat dalam Akta Notaris. Salah satu risiko yang terbesar dalam proses pembebanan Jaminan Fidusia adalah terjadinya Fidusia ganda, dimana untuk 1 (satu) obyek dibebankan oleh lebih dari 1 (satu) Jaminan Fidusia di waktu yang bersamaan. Metode penelitian yang digunakan dalam penelitian ini adalah metode penelitian yang bersifat normatif, yaitu penelitian yang dilakukan atas bahan pustaka atau yang disebut juga penelitian terhadap data sekunder serta ditunjang dengan wawancara secara mendalam (indepth interview) dengan narasumber terkait. Analisis kasus dilakukan terhadap Putusan No. 410/PDT.G/2013/PN.JKT SEL tanggal 21 Juli 2014, di mana dalam kasus tersebut terjadi Fidusia ganda atas aset PT BKPL di mana pendaftaran Fidusia atas aset tersebut dilakukan oleh Notaris. Penelitian ini dilakukan untuk mengetahui mengenai penyebab terjadinya Fidusia ganda tersebut dan bagaimana pertanggungjawaban dari Notaris yang melakukan pendaftaran. Dalam kasus tersebut, dapat disimpulkan bahwa penyebab utama terjadinya Jaminan Fidusia ganda atas aset milik PT BKPL adalah itikad buruk dari PT BKPL memberikan jaminan atas aset yang telah dijaminkan sebelumnya kepada SP LLC. Penyebab lainnya adalah terdapat kelalaian SP LLC dan/atau kuasanya juga untuk melakukan pemeriksaan terlebih dahulu terhadap Buku Daftar Fidusia. Selain itu, sistem pengelolaan data Jaminan Fidusia di Kantor Pendaftaran Fidusia yang belum efektif juga meningkatkan risiko terjadinya Fidusia ganda. Terkait dengan Notaris yang melakukan pendaftaran dalam kasus ini tidak dapat dipertanggungjawaban atas terjadinya Jaminan Fidusia ganda ini karena Notaris telah melakukan tugasnya dengan baik terbukti dengan telah terbitnya sertipikat fidusia. Untuk mencegah kasus yang sama terulang kembali, sudah saatnya bagi Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia untuk menyelenggarakan sistem pencatatan dan pendaftaran Fidusia yang lebih efektif, lebih mudah diakses dan dipercaya.

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Fiduciary registration is a very important step in Fiduciary encumbrance process. The registration system was created by Law No. 42 Year 1999 concerning Fiduciary with a purpose to give legal assurance to all stakeholders, especially for Fiduciary receiver and other third parties. The registration process of Fiduciary can be conducted by the Fiduciary receiver itself or its attorney. In practices, most of registration processes were conducted by Notary because the Deed of Fiduciary was compulsory to be made in Notarial Deed. One of the highest risks in the Fiduciary encumbrance process is double encumbrance of Fiduciary, whereby in the same period there was more than 1 (one) Fiduciary encumbrance that exist over 1 (one) same object.

The methodology of research being used in this research was normative methodology, which is research on reference materials or it can be called also as research on secondary data, supported with in-depth interview with related sources.

The case analysis were conducted on Verdict No. 410/PDT.G/2013/PN.JKT SEL dated 21 July 2014, whereby in that case, there was a case of double encumbrance over assets of PT BKPL and the registration process of the Fiduciary were conducted by Notary. The purpose of this research is to identify the causes of such double encumbrance of Fiduciary and to identify the responsibility of the Notary who conducted the registration.

From the case study, it can be concluded that the double encumbrance of Fiduciary of PT BKPL asset was occurred mainly due to badfaith of PT BKPL itself who given the asset that has been guaranteed to other party to SP LLC. The other cause was the neglectfulness of SP LLC and/or its attorney to examine the Fiduciary Registration Book before the encumbrance process. Moreover, the ineffectiveness of data management system of Fiduciary registry at Fiduciary Registration Office also contributes in raising the risk of double encumbrance of Fiduciary.

The Notary who filed the registration in this case cannot be accounted for the occurrence of the double encumbrance of Fiduciary because the Notary has concluded all his duty and it was proven by the issuance of the Fiduciary Certificate. To prevent the occurrence of the same case in the future, it is the time for the Ministry of Law and Human Rights of the Republic of Indonesia to manage the new registration system that more effective, accessible and reliable."

"[ABSTRAKPenelitian ini bertujuan untuk mengetahui kondisi industri telekomunikasi saat ini, pengelolaan modal kerja, posisi dari likuiditas, profitabilitas dan solvabilitas pada perusahaan dengan jangka waktu penelitian selama sepuluh tahun. Dari hasil penelitian ini dapat dilihat bahwa kondisi industri telekomunikasi saat ini bergeser dari penggunaan sms dan telpon menjadi penggunaan internet. Hasil dari cash conversion cycle (CCC) pada perusahaan dengan pengelolaan modal kerja positif lebih cepat dibanding perusahaan dengan modal kerja negatif. Posisi likuiditas dari perusahaan modal kerja negatif lebih menghawatirkan dibanding dengan perusahaan modal kerja positif. Profitabilitas terhadap likuiditas lebih berpengaruh kuat dan signifikan pada perusahaan dengan modal kerja negatif. Sedangkan profitabilitas terhadap risiko modal kerja lebih berpengaruh pada perusahaan dengan modal kerja positif. Penilaian solvabilitas perusahaan dengan modal kerja negatif berada di zona abu-abu dan perusahaan dengan modal kerja positif selalu berada pada zona aman.;

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ABSTRACTThis study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity;This study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity, This study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity]"

"ABSTRAKPenelitian ini membahas tentang hubungan komponen manajemen modal kerjaperusahaan manufaktur yang listing di Bursa Efek Indonesia terhadap valuasisaham dan profitabilitas. Adapun komponen dari manajemen modal kerja yangmenjadi variabel bebas yaitu terdiri dari CCC (Cash Conversion Cycle).CACLR(Current Asset to Current Liability Ratio), CLTAR (Current Liability to TotalAsset Ratio), CATAR (Current Asset to Total Aset Ratio), dan DTAR (Debt toAsset Ratio). Sementara itu variabel terikat dari penelitian ini terdiri dari Tobin’sQ rasio mewakili valuasi saham, ROA (Return on Asset) dan ROIC (Return onInvestment Capital) digunakan untuk pengukuran profitabilitas perusahaan. Untukmenganalisis hungan tersebut digunakan uji korelasi Pearson dan uji regresi linierberganda. Berdasarkan uji diatas menghasilkan analisis yang berbeda-beda.

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ABSTRACTThis study analyze of association between working capital managementcomponent ie, CATAR (Current Asset to Total Asset Ratio), CACLR (CurrentAsset to Current Liability Ratio), CCC (Cash Conversion Cycle), CLTAR(Current Asset to Total Asset Ratio), and DTAR (Debt to Asset Ratio) asindependent variable. On The other hand, as dependen variable Tobin’s Q uses forexamine market valuation, meanwhile ROA (Return On Asset) and ROIC(Return on Investment Capital) used as dependen variable that representProfitability on manufacture firms. Pearson correlation and multiple linierregression are used to calculate the statistic methods. The result of this studyreveal many variety of causes based on dependen and independen variable."

"ABSTRAKLaporan magang ini membahas tentang evaluasi terhadap prosedur due diligence yang dilakukan oleh PT Helper atas pemberian pinjaman modal kerja. Dalam melakukan prosedur due diligence, PT Helper melakukan penilain terhadap aspek 5c (character, capital, capacity, condition, dan collateral). Untuk mengevaluasi prosedur yang dilakukan tersebut, aktivitas yang dilakukan dibandingkan dengan regulasi yang dikeluarkan oleh Otoritas Jasa Keuangan dan teori pendukung lainnya. Berdasarkan uji tuntas tersebut, prosdur yang telah dilakukan oleh PT Helper sebagian besar sudah sesuai dengan regulasi tersebut. Adapun prosedur yang masih belum sesuai yakni PT Helper tidak melakukan penilaian pada aspek capacity dengan tepat di mana yang dilakukan hanya melihat keadaan infrastruktur dan jaringan usaha PT Logis tanpa melihat prediksi penghasilan yang akan diperoleh. Pada penilaian terhadap aspek condition, analisis terhadap posisi PT Logis dalam lingkungan persaingan tidak dilakukan. Dalam penilaian pada aspek tersebut, juga tidak dilakukan terkait dengan analisis terhadap CSR PT Logis.

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ABSTRACT

This internship report discusses the evaluation of the due diligence procedure carried out by PT Logis for granting working capital loans. In conducting due diligence procedures, PT Logis assesses aspects of 5c (character, capital, capacity, condition, and collateral). To evaluate the procedures performed, the activities carried out were compared with regulations issued by the Financial Services Authority and other supporting theories. Based on the due diligence, the procedures that have been carried out by PT Logis are mostly in accordance with these regulations. As for procedures that are still not appropriate, PT Logis does not conduct an appraisal on the aspect of capacity precisely where what is done is only to see the state of PT Logis's infrastructure and business network without looking at the predicted earnings that will be obtained. In the assessment of aspects of the condition, an analysis of the position of PT Logis in the competitive environment was not carried out. In assessing these aspects, no analysis of PT Logiss CSR was conducted."

"[ASBTRAK

Penelitian ini bertujuan untuk menguji pengaruh dari growth opportunity yang

diukur dengan Market To Book Value of Assets (MVABVA), net working capital

diukur dengan perbandingan antara net current assets minus kas dengan total aset

nonkas, dan profitability yang diukur dengan Return On Equity (ROE) terhadap

cash holding yang diukur dengan perbandingan antara kas dan setara kas dengan

total aset nonkas, menggunakan sampel perusahaan nonkeuangan yang terdaftar di

BEI periode 2010 ? 2014. Hasil penelitian ini menunjukkan bahwa growth

opportunity berpengaruh positif terhadap cash holding, net working capital

berpengaruh negatif terhadap cash holding dan profitability berpengaruh positif

terhadap cash holding.

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ABSTARCT

This study aimed to examine the effect of growth opportunity that measured by

Market To Book Value of Assets (MVABVA), net working capital that measured

by comparing the amount of net current assets minus cash and cash equivalents

with total non cash assets, and profitability measured by Return On Equity (ROE)

on cash holding that measured by comparing the amount of cash and cash

equivalents with total non cash assets, using non financial company listed in BEI

2010-2014 as samples. The result shows that growth opportunity is positively

correlated with cash holding, net working capital is negatively correlated with

cash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured by

Market To Book Value of Assets (MVABVA), net working capital that measured

by comparing the amount of net current assets minus cash and cash equivalents

with total non cash assets, and profitability measured by Return On Equity (ROE)

on cash holding that measured by comparing the amount of cash and cash

equivalents with total non cash assets, using non financial company listed in BEI

2010-2014 as samples. The result shows that growth opportunity is positively

correlated with cash holding, net working capital is negatively correlated with

cash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured by

Market To Book Value of Assets (MVABVA), net working capital that measured

by comparing the amount of net current assets minus cash and cash equivalents

with total non cash assets, and profitability measured by Return On Equity (ROE)

on cash holding that measured by comparing the amount of cash and cash

equivalents with total non cash assets, using non financial company listed in BEI

2010-2014 as samples. The result shows that growth opportunity is positively

correlated with cash holding, net working capital is negatively correlated with

cash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured by

Market To Book Value of Assets (MVABVA), net working capital that measured

by comparing the amount of net current assets minus cash and cash equivalents

with total non cash assets, and profitability measured by Return On Equity (ROE)

on cash holding that measured by comparing the amount of cash and cash

equivalents with total non cash assets, using non financial company listed in BEI

2010-2014 as samples. The result shows that growth opportunity is positively

correlated with cash holding, net working capital is negatively correlated with

cash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured by

Market To Book Value of Assets (MVABVA), net working capital that measured

by comparing the amount of net current assets minus cash and cash equivalents

with total non cash assets, and profitability measured by Return On Equity (ROE)

on cash holding that measured by comparing the amount of cash and cash

equivalents with total non cash assets, using non financial company listed in BEI

2010-2014 as samples. The result shows that growth opportunity is positively

correlated with cash holding, net working capital is negatively correlated with

cash holding, and profitability is positively correlated with cash holding;This study aimed to examine the effect of growth opportunity that measured by

Market To Book Value of Assets (MVABVA), net working capital that measured

by comparing the amount of net current assets minus cash and cash equivalents

with total non cash assets, and profitability measured by Return On Equity (ROE)

on cash holding that measured by comparing the amount of cash and cash

equivalents with total non cash assets, using non financial company listed in BEI

2010-2014 as samples. The result shows that growth opportunity is positively

correlated with cash holding, net working capital is negatively correlated with

cash holding, and profitability is positively correlated with cash holding, This study aimed to examine the effect of growth opportunity that measured by

Market To Book Value of Assets (MVABVA), net working capital that measured

by comparing the amount of net current assets minus cash and cash equivalents

with total non cash assets, and profitability measured by Return On Equity (ROE)

on cash holding that measured by comparing the amount of cash and cash

equivalents with total non cash assets, using non financial company listed in BEI

2010-2014 as samples. The result shows that growth opportunity is positively

correlated with cash holding, net working capital is negatively correlated with

cash holding, and profitability is positively correlated with cash holding]"

"ABSTRAKPenelitian ini bertujuan untuk menganalisis pengaruh Working Capital terhadap profitabilitas perusahaan. 41 sampel perusahaan dari sektor industri dasar dan kimia yang terdaftar di Bursa Efek Indonesia selama periode 2004-2013 digunakan dalam penelitian ini. Cash Conversion Cycle (CCC) digunakan sebagai alat ukur Working Capital, sedangkan Gross Operating Profit (GOP) digunakan sebagai proksi untuk profitabilitas perusahaan. Komponen dari CCC seperti Number of Days Payable (DOAP), Number of Days Receivable (DOAR) dan Number of Days Inventory (DOI) digunakan juga untuk mengetahui pengaruhnya terhadap GOP. Dengan menggunakan analisis regresi data panel, bukti empiris menunjukkan bahwa CCC berpengaruh positif terhadap profitabilitas perusahaan. Sedangkan komponen CCC (DOAP, DOAR dan DOI) tidak berpengaruh secara signifikan terhadap profitabilitas perusahaan.

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ABSTRACT

This research aims to analyze the effect of working capital on firm?s profitability. A sample of 41 basic industry and chemical sector firms listed in Indonesia Stock Exchange was selected. Cash conversion cycle (CCC) is utilized as a measure of the working capital, whereas gross operating profit (GOP) is used as a proxy for firm?s profitability. Components of CCC such as number of days payable (DOAP), number of days receivable (DOAR) and number of days inventory (DOI) are also utilized to find out its effects on profitability. Applying panel data regression analysis, the results reveal that CCC of a firm has a positive effect on its profitability. At the same time, components of CCC (DOAP, DOAR and DOI) have no significant effect on firm?s profitability."