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"Tujuan utama penelitian ini adalah menganalisis dampak manajemen modal kerja terhadap kinerja perusahaan dan nilai perusahaan pada perusahaan manufaktur terpilih di Indonesia dan Thailand. Data sekunder untuk penelitian berasal dari Bursa Efek Indonesia dan Bursa Efek Thailand. Database 216 perusahaan dipilih untuk periode sepuluh tahun dari 2008-2017. Penelitian ini mencakup analisis empiris untuk memeriksa apakah manajemen modal kerja yang lebih efisien meningkatkan profitabilitas perusahaan dan nilai perusahaan. Cash Conversion Cycle menjadi alat ukur untuk menghitung efisiensi manajemen modal kerja. Ada dua pengukuran kinerja dalam penelitian ini, Tobin's Q digunakan sebagai indikator nilai perusahaan, sementara itu, ROA (Return On Asset) digunakan sebagai indikator profitabilitas pada perusahaan manufaktur. Penelitian ini menggunakan data panel dan analisis regresi untuk menguji hipotesis. Hasil penelitian menunjukkan hal yang serupa bagi kedua negara bahwa terdapat pengaruh yang signifikan negatif antara Cash Conversion Cycle dengan profitabilitas perusahaan manufaktur baik di Indonesia maupun Thailand. Sementara itu, Cash Conversion Cycle terbukti tidak mempengaruhi nilai perusahaan baik itu di Indonesia maupun di Thailand.

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The main objective of this research to provide an analyze of the impact of working capital management on firms performance and firms value in selected manufacturing firms in Indonesia and Thailand. The secondary data was derived from Indonesia Stock Exchange and Thailand Stock Exchange. Database of 216 companies is selected for the ten-year period from 2008-2017. The research includes an empirical analysis to examine if more efficient working capital management improves firms’ profitability and firms’ value. Cash conversion cycle is the measuring tools to calculate the efficiency of working capital management. There is two performance measurement in this study, Tobin’s Q used for examined market valuation, meanwhile, ROA (Return On Asset) used as represent profitability on manufacture firms. This study used panel data and regression analysis to test the hypothesis. The results of the study show similar things for both countries that there is a significant negative effect between cash conversion cycle and manufacturing firm’s profitability in Indonesia and Thailand. Meanwhile, the cash conversion cycle proved to have no significant effect on firms’ value both in Indonesia and in Thailand."

"Penelitian ini bertujuan untuk menganalisis pengaruh cara pengelolaan modal kerja (working capital management) terhadap daya saing perusahaan dengan menggunakan metode regresi GMM. Penelitian ini berargumen bahwa perusahaan dengan turnover modal kerja yang tinggi dan likuiditas modal kerja yang rendah berpengaruh secara signifikan dalam meningkatkan pertumbuhan penjualan perusahaan tersebut. Sampel penelitian menggunakan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2007?2011. Hasil penelitian menunjukan secara statistik bahwa turnover modal kerja dengan proksi current asset turnover, inventory turnover, dan accounts receivable turnover berpengaruh positif secara signifikan terhadap pertumbuhan penjualan serta accounts payable turnover dan cash conversion cycle berpengaruh negatif secara signifikan terhadap pertumbuhan penjualan. Selanjutnya current ratio dan quick ratio, proksi dari likuiditas modal kerja berpengaruh negatif dengan signifikan terhadap pertumbuhan penjualan perusahaan.

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This research is to analyze the effect of working capital management on the competitiveness of the company using GMM regression. The argument proposed in this research is that companies with high turnover and low liquidity of working capital increase their sales growth significantly. Samples used in this research are manufacturing companies listed in Indonesia Stock Exchange in 2007-2011. The results of the research indicate the proxy of working capital turnover; current asset turnover, inventory turnover, and accounts receivable turnover have a positive effect on the sales growth significantly. The other proxies of working capital turnover, which are accounts payable turnover and cash conversion cycle, have a negative effect on the sales growth significantly. Another finding is that current ratio and quick ratio, the proxies of working capital liquidity negatively affect sales growth significantly."

"ABSTRAKPenelitian 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."

"Penelitian ini bertujuan untuk mengetahui dampak manajemen working capital (sebagai ukuran likuiditas perusahaan) terhadap profitabilitas operasional dan profitabilitas bersih pada perusahaan manufaktur terbuka di Indonesia periode 2000 hingga 2013. Selain itu, penelitian ini juga ditujukan untuk mengetahui dampak dari dinamika ekonomi industri terhadap pengaruh manajemen working capital terhadap profitabilitas operasional dan profitabilitas bersih perusahaan. Terdapat lima komponen manajemen working capital yang digunakan dalam penelitian ini: (1) cash conversion cycles, (2) number of days accounts receivable, (3) number of days inventories, (4) number of days accounts payable, dan (5) rasio ketersediaan kas. Penelitian ini menguji tiga skenario siklus bisnis yang terjadi pada industri manufaktur di Indonesia (Upturn, Normal, dan Downturn). Hasil penelitian menunjukkan bahwa terdapat pengaruh negatif yang signifikan antara komponen manajemen working capital pada profitabilitas, kecuali rasio ketersediaan kas yang memiliki pengaruh positif yang signifikan, dimana hal tersebut mengindikasikan bahwa perusahaan dengan siklus konversi kas yang singkat dan memiliki cadangan kas yang tinggi memiliki profitabilitas operasional dan profitabilitas bersih yang relatif lebih tinggi. Selain itu, hasil penelitian ini juga menunjukkan bahwa siklus bisnis tidak memberikan dampak yang signifikan terhadap pengaruh manajemen working capital terhadap profitabilitas.

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This research is aimed to determine the impact of working capital management (as a liquidity measurement) on operational profitability and net profitability of the Indonesian public listed manufacturing companies in the period between 2000 and 2013. Moreover, this research is aimed to find the impact of industry-wide economic fluctuation towards the relationship between working capital management and company profitability. There are five components of working capital management investigated in this research: (1) cash conversion cycles, (2) number of days accounts receivable, (3) number of days inventories, (4) number of days accounts payable, and (5) cash reserve ratio. This research investigated three possible scenarios of business cycles that occur in the manufacturing industry (upturn, normal, and downturn periods). The results of this study indicate that there are significant negative impacts between each component of working capital management on both operating and net profitability, except cash reserve ratio which has indicated significant positive direction, meaning that the companies with shorter cash conversion cycle and greater cash reserve are relatively more profitable both for operating and net activities. In addition, the results of this study indicate that business cycles are unable to bring significant impact on the relationship between working capital management and profitability."

"[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.]"

"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 bertujuan untuk menganalisis pengaruh manajemen modal kerja terhadap performa operasional perusahaan yang diproksikan dengan ROA, dan terhadap corporate investment yang diproksikan dengan capex dan cash acquisition per total asset pada perusahaan non finansial yang terdaftar di Bursa Efek Indonesia selama periode 2010 sampai dengan 2015. Pengujian dilakukan dengan model regresi Generelized Least Square (GLS). Hasil penelitian ini menunjukan bahwa manajemen modal kerja berpengaruh signifikan terhadap performa operasional perusahaan dan tidak memiliki pengaruh signifikan terhadap corporate investment.

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This research is aimed to analyze the effect of working capital management towards firms operating performance (ROA) and corporate investment (capex and cash acquisition to total asset) on non financial company listed in Indonesia Stock Exchange within 2010 ? 2015. The test were conducted with Generelized Least Square (GLS). The result of this research found that working capital management has significantly influence the firms operating performance and has not a significant effect on corporate investment."

"ABSTRAKTujuan dari penelitian ini adalah untuk mencari tahu pengaruh dari ManajemenModal Kerja yang diproksikan menggunakan Receivable Collection Period, Days Salesof Inventory, dan Days of Payable Outstanding terhadap profitabilitas perusahaan padaperusahaan consumer goods yang terdaftar di Bursa Efek Indonesia selama periode2007 sampai dengan 2014. Pengujian dilakukan dengan menggunakan metode RandomEffect (REM). Hasil penelitian menunjukkan bahwa Receivable Collection Period tidakmemiliki pengaruh signifikan terhadap profitabilitas, sedangkan Days Sales ofInventory, dan Days of Payable Outstanding memiliki pengaruh positif terhadapprofitabilitas

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ABSTRACTThe aim of this study was to analyze the effect of Working Capital Managementthat are projected using Receivable Collection Period, Days Sales of Inventory, andDays of Payable Outstanding on firm profitability of consumer goods companies thatare listed in Bursa Efek Indonesia within the range of 2007 to 2014. The regressionswere conducted using Random Effect Method. The result showed that ReceivableCollection Period has no significant impact on firm probability. However, Days Sales ofInventory and Days of Payable Outstanding showed a positive significant impact to firmprofitability."