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Abstrak :
ABSTRAK
Penelitian ini bertujuan untuk mempengaruhi pengaruh manajemen modal kerja terhadap profitabilitas perusahaan dalam siklus bisnis yang berbeda di Indonesia. Sampel dari penelitian ini adalah perusahaan-perusahaan yang bergerak dalam industri manufaktur yang listing di Bursa Efek Indonesia mulai dari tahun 2009 sampai 2015. Pengukuran manajemen modal kerja menggunakan cash conversion cycle, profitabilitas menggunakan gross profit margin, dan siklus bisnis diukur dengan PDB. Dalam penelitian ini juga diukur pengaruh dari komponen-komponen cash conversion cycle itu sendiri terhadap profitabilitas perusahaan. Komponen itu antara lain receivable conversion period, payable defferal period, dan inventory conversion period. Dari hasil penelitian ini siklus bisnis tidak mempengaruhi hubungan manajemen modal kerja yang dikur dengan cash conversin cycle terhadap profitabilitas.

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ABSTRACT
The purpose of this study is to determine the effect of working capital management on the company?s profitability through different business cycle. The sampel in this study using the manufactur firms that listing on BEI from 2006 through 2015. We use cash conversion cycle as a working capital management measures, gross profit margin as a profitability measures, and GDP as a business cycle measures. In this study, we also measure the impact from the componen of working capotal management it self on firm?s profitabiltiy. The component are receivable conversion period, payable defferal period, and inventory conversion period. The result from the study is the business cycle doesn?t affect the relationship between working capital management on firm?s profitability.

Abstrak :
Penelitian ini dilakukan untuk mengetahui implikasi dari kegiatan pengelolaan modal kerja pada perusahaan manufaktur yang terdaftar pada Bursa Efek Indonesia periode 2015-2019 terhadap profitabilitas yang digambarkan melalui Return On Asset (ROA). Hasil penelitian menunjukkan bahwa manajemen modal kerja yang diukur melalui Inventory Conversion Period, Average Collection Period, Average Payment Period dan Cash Conversion Cycle terbukti berpengaruh negatif signifikan terhadap profitabilitas yang diukur melalui Return On Asset (ROA). ......This study was conducted to determine the implications of working capital management activities in manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2019 period on profitability as described by Return On Assets (ROA). The results showed that working capital management as measured by Inventory Conversion Period, Average Collection Period, Average Payment Period and Cash Conversion Cycle proved to have a significant negative effect on profitability as measured by Return On Assets (ROA).

Abstrak :
Penelitian ini bertujuan untuk menganalisis pengaruh working capital management terhadap profitabilitas perusahaan pada business cycle yang berbeda pada perusahaan manufaktur yang tercatat di Bursa Efek Indonesia tahun 2010-2019. Pengukuran manajemen modal kerja menggunakan cash conversion cycle dengan komponennya yaitu receivable conversion period, inventory conversion period, dan payable deferral period. Profitabilitas diukur melalui return on assets dan gross profit margin, serta siklus bisnis ditentukan berdasarkan pertumbuhan PDB. Hasil penelitian menunjukkan bahwa manajemen modal kerja memiliki pengaruh yang signifikan dan tidak signifikan terhadap profitabilitas perusahaan. Dari hasil penelitian juga menunjukkan bahwa siklus bisnis berpengaruh dan tidak berpengaruh terhadap signifikansi pengaruh manajemen modal kerja terhadap profitabilitas perusahaan di Indonesia. ......This study aims to analyze the effect of working capital management on company profitability in different business cycles in manufacturing companies listed on the Indonesia Stock Exchange in 2010-2019. The measurement of working capital management uses a cash conversion cycle with its components, namely the receivable conversion period, inventory conversion period, and payable deferral period. Profitability is measured through return on assets and gross profit margin, and the business cycle is determined based on GDP growth. The results showed that working capital management had a significant and insignificant effect on company profitability. The results of the study also show that the business cycle has an effect and has no effect on the significant effect of working capital management on the profitability of companies in Indonesia.