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Abstrak :
[ABSTRAK
Industri properti adalah sebuah industri yang terkait hampir dengan semua jenis industri lainnya. Keunikan lain dari properti adalah sebagai salah 1 kebutuhan dasar manusia. Kedua hal ini membuat industri property dipilih dalam proses pemilihan industri. Pemilihan PT. Summarecon Agung Tbk. sebagai perusahaan yang dianalisis didasarkan pada 3 hal yaitu perubahan profitabilitas perusahaan dari penurunan berturut-turut menjadi kenaikan berturut-turut, keunggulan dibandingkan 2 perusahaan property tbk besar lainnya yang dipilih sebagai pembanding dalam proses seleksi, dan profitabilitas perusahaan di tahun 2013 yang di atas rata-rata industry. Keunggulan-keunggulan ini telah membuat PT. Summarecon Agung Tbk. menjadi sangat menarik untuk dianalisis, khususnya mengenai strategi korporasi, strategi bisnis, strategi keuangan, dan corporate action yang telah diterapkan oleh PT. Summarecon Agung Tbk. Analisis dan pembahasan ini akan dilakukan terhadap strategi-strategi korporasi dan tindakan-tindakan penting dari SMRA tahun 2004 sampai dengan tahun 2013 yang terbagi atas 4 periode. Kemudian akan dilanjutkan dengan analisis dan pembahasan strategi keuangan yang mencakup pertumbuhan, investasi, pendanaan, operasional, profitabilitas, resiko, kinerja keseluruhan, dan nilai dari PT. Summarecon Agung Tbk. terkait strategi-strategi dan tindakan-tindakan korporasi selama 4 periode tersebut.

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ABSTRACT
Real estate industry is an industry that related almost with all kinds of other industries. Another uniqueness of real estate, namely as one of the basic needs of human. Both of these make industrial real estate selected in the industry selection process. Selection PT. Summarecon Agung Tbk. as analyzed company is based on three things: the change of the company's profitability consecutive reduction into consecutive rise, advantages over two other major public real estate company selected as a comparison in the selection process, and the profitability of the company in 2013 were above the industry average. These advantages made PT. Summarecon Agung Tbk. become very interesting to be analyzed, particularly regarding corporate strategy, business strategy, financial strategy, and corporate action that has been applied by PT. Summarecon Agung Tbk. Analysis and discussion will be conducted on corporate strategies and critical actions of SMRA from 2004 to 2013, divided into 4 periods. Then will proceed with the analysis and discussion of the financial strategy that includes growth, investment, financing, operations, profitability, risk, overall performance, and the value of the PT. Summarecon Agung Tbk. related corporate strategies and actions during those periods.;Real estate industry is an industry that related almost with all kinds of other industries. Another uniqueness of real estate, namely as one of the basic needs of human. Both of these make industrial real estate selected in the industry selection process. Selection PT. Summarecon Agung Tbk. as analyzed company is based on three things: the change of the company's profitability consecutive reduction into consecutive rise, advantages over two other major public real estate company selected as a comparison in the selection process, and the profitability of the company in 2013 were above the industry average. These advantages made PT. Summarecon Agung Tbk. become very interesting to be analyzed, particularly regarding corporate strategy, business strategy, financial strategy, and corporate action that has been applied by PT. Summarecon Agung Tbk. Analysis and discussion will be conducted on corporate strategies and critical actions of SMRA from 2004 to 2013, divided into 4 periods. Then will proceed with the analysis and discussion of the financial strategy that includes growth, investment, financing, operations, profitability, risk, overall performance, and the value of the PT. Summarecon Agung Tbk. related corporate strategies and actions during those periods., Real estate industry is an industry that related almost with all kinds of other industries. Another uniqueness of real estate, namely as one of the basic needs of human. Both of these make industrial real estate selected in the industry selection process. Selection PT. Summarecon Agung Tbk. as analyzed company is based on three things: the change of the company's profitability consecutive reduction into consecutive rise, advantages over two other major public real estate company selected as a comparison in the selection process, and the profitability of the company in 2013 were above the industry average. These advantages made PT. Summarecon Agung Tbk. become very interesting to be analyzed, particularly regarding corporate strategy, business strategy, financial strategy, and corporate action that has been applied by PT. Summarecon Agung Tbk. Analysis and discussion will be conducted on corporate strategies and critical actions of SMRA from 2004 to 2013, divided into 4 periods. Then will proceed with the analysis and discussion of the financial strategy that includes growth, investment, financing, operations, profitability, risk, overall performance, and the value of the PT. Summarecon Agung Tbk. related corporate strategies and actions during those periods.]

Abstrak :
Penelitian untuk mengetahui pengaruh tingkat modal (CAR), likuiditas (LDR) dan sektor makro ekonomi yaitu inflasi (INF), bunga (Rate), nilai tukar (Kurs) dan petumbuhan ekonomi (PDB) terhadap kredit perbankan (LTA) diIndonesia, dan apakah terdapat perbedaan diantara jenis bank dan perbedaan pada periode krisis. Analisis penelitian dilakukan menggunakan data panel dengan pendekatan dinamis untuk data tahun 2005 ? 2012. Hasil penelitian membuktikan bahwa pemberian kredit perbankan Indonesia dipengaruhi pemberian kredit sebelumnya, tingkat modal, likuiditas, bunga dan inflasi. Namun hasil menunjukan bahwa kurs dan petumbuhan ekonomi tidak berpengaruh signifikan terhadap kredit perbankan. Dan pada penelitian ini tidak terbukti adanya perbedaan diantara jenis bank. Sedangkan pada periode krisis terdapat perbedaan pengaruh signifikan negatif terhadap pertumbuhan kredit perbankan pada periode tahun 2007-Q2, tahun 2008-Q4 dan tahun 2009-Q2 yang berarti bahwa selama periode tersebut pertumbuhan kredit lebih rendah.

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This research is to determine the effect of capital adequacy (CAR), liquidity (LDR) and the macro-economic sector, especially inflation (INF), interest (Rate), exchange rate (Kurs) and economic growth (GDP) of the bank credit (LTA) in Indonesia, and whether there are differences between types of banks and the difference in the period of crisis. In this study, data analysis was performed using a dynamic panel data approach for the data years 2005 - 2012 per 3-month period (quarter). Research shows that capital, liquidity, interest and inflation affect to Indonesia's banking loans. However, the results showed that exchange rate and economic growth have no significant effect on bank credit growth. In this study does not prove the differences between types of banks. While the crisis period were significant negatively influence the growth of bank credit in the period of 2007-Q2, 2008-Q4 and 2009-Q2, which means that during the period of lower credit growth.

Abstrak :
Determinan dari non-performing loans (NPL) sudah memiliki literatur pendahulu yang terus berkembang. Namun, sedikit penelitian yang melihat pengaruh ini pada tingkat disagregat. Gosh (2017) melakukan analisis yang menemukan perbedaan pengaruh antara variabel makroekonomi dan kondisi neraca dengan kategori NPL yang berbeda. Penelitian ini melihat determinan NPL dari setiap jenis kredit yaitu kredit investasi, modal kerja, dan konsumsi di Indonesia dengan menggunakan data seluruh bank konvensinal selama periode 2013-2018. Penelitian ini juga melihat lebih lanjut dampak pertumbuhan kredit dengan menggunakan lag satu kuartal, dua kuartal, dan empat kuartal terhadap NPL. Dengan menggunakan one-step system GMM, penelitian ini menemukan setiap jenis kredit memiliki pengaruh determinan yang berbeda terhadap pertumbuhan NPL. Pertumbuhan kredit memiliki pengaruh tidak signifikan terhadap pertumbuhan NPL secara agregat namun secara disagregat, memiliki pengaruh signifikan yang berbeda-beda untuk setiap jenis kreditnya.

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The determinants of non-performing loans (NPL) already has a growing literature. However, very few studies have explored the issue at the disaggregate level. Gosh (2017) analysis unmasks important differences in the inter-relationships between macroeconomic and balance sheet conditions and different categories of NPLs. The present study examines NPLs for each type of credit in namely investment, working capital, and consumption credits in Indonesia using data of all conventional banks over the period 2013-2018. The paper further explores the impact of credit growth using lags of one quarter, two quarter, and four quarter on NPLs. By implementing one-step system GMM, the paper finds each type of credit has different determinants on the growth of NPL. Credit growth also has different impact on the NPL based on the number of lags and type of credit.

Abstrak :
ABSTRAK
Peneiitian terdahulu tentang rights issues baik yang dilakukan pada bursa saham luar negeri maupun luar negeri menghasilkan beragam hasil berupa reaksi negatif dan positif atas pengaruh rights issue terhadap harga perdagangan saham perusahaan. Hanya saja sebagian beset penelitian terdahulu tersebut dilakukan pada hari pengumuman (announcement date), hari setelah saham tidak mengandung rights (ex-date) dan dengan rentang waktu pengamatan lebih dari satu hari bursa saham (event windows) tertentu artinya belum ada yang melakukan penelitian dengan rentang waktu pengamatan hanya satu hari bursa saham.

Walctu pengamatan dalam penelitian ini dilakukan hari-Cum rights issue yaitu hari terakhir perdagangan saham lama mengandung rights sehingga abormal returns yang diperoleh tidak secara komulatif meskipun demikian tetap diperoleh bukti empiris bahwa pada hari-Cum rights issue pada perdagangan saham emiten yag bergerak di sektor industri nonkeuangan. Abnormal returns pada emiten yang bergerak di selctor industri jasa nonkeuangan tidak diperoleh hasil yang signifikan secara statistik Argumen yang diberikan atas hasil ini bahwa di bursa saham pasar modal Indonesia dalam hal ini Bursa Efek Jakarta perdagangan saham emiten sektor industri keuangan lebih efisien dibandingan sektor nonkeuangan.

Dugaan bahwa abnormal returns pada hari-Cum rights issue perdagangan saham emiten sektor nonkeuangan dipengaruhi oleh sejumlah faktor yaitu ; rasio jumlah penambahan saham baru relatif terhadapjumlah saham lama yang beredar, rasio nilai pendanaan yang akan dihasilkan oleh rights issue perusahaan relatif terhadap asset perusahaan, revenue (pendapatan) perusahaan, leverage perusahaan, dan Iikuiditas perusahaan juga diperoleh hasil yang signifikan.

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ABSTRACT
Worldwide empirical researches on rights issues have various findings of both positive and negative reactions. Previous researches were mostly done on the announcement date and on the ex-date of rights issue that leaving some event windows of calculating the cumulative abnormal returns.

This study aims to examine stock price reaction at the cum-date of rights issue done at the Jakarta stock exchange and formd that there is a positive and significant reaction for the stocks of non-dnancial industry. In contrast, the reaction is not statistically significant for the stocks of financial industry. The arguments is that the stocks of financial industry are more efficient than those of non-financial industry stocks trading at Jakarta Stock Exchange.

This study is also found abnormal return has a positive reaction to stock trading on non-financial industry companies and affected by some determinant factors sudl as ; current outstanding and new issued stocks, fund raising to total assets ratio, in addition revenue change, leverage and liquidity are also resulting positive and Significant statistically evidences.;Worldwide empirical researches on rights issues have various findings of both positive and negative reactions. Previous researches were mostly done on the announcement date and on the ex-date of rights issue that leaving some event windows of calculating the cumulative abnormal returns.

This study aims to examine stock price reaction at the cum-date of rights issue done at the Jakarta stock exchange and formd that there is a positive and significant reaction for the stocks of non-dnancial industry. In contrast, the reaction is not statistically significant for the stocks of financial industry. The arguments is that the stocks of financial industry are more efficient than those of non-financial industry stocks trading at Jakarta Stock Exchange.

This study is also found abnormal return has a positive reaction to stock trading on non-financial industry companies and affected by some determinant factors sudl as ; current outstanding and new issued stocks, fund raising to total assets ratio, in addition revenue change, leverage and liquidity are also resulting positive and Significant statistically evidences.

Abstrak :
Kondisi kinerja perbankan sangat penting. Beberapa analisis kinerja perbankan adalah analisis rasio keuangan dan tingkat efisiensi perbankan. Efisiensi dalam dunia perbankan adalah salah satu parameter kinerja yang cukup popular (Hadad, et.al, 2003), Menurut Mardanugraha (2005), pengukuran efisiensi perbankan yang dilandasi dengan konsep yang tepat sangat dibutuhkan dalam meneliti dan mengukur kinerja sebuah bank. Penelitian ini secara umum bertujuan untuk mengetahui tingkat efisiensi perbankan yang listed di Bursa Efek Jakarta (BEJ). Secara khusus, tujuan umum tersebut dijabarkan sebagai berikut (1) Meranking dan menganalisis efisiensi operasional masing-masing bank sebelum dan sesudah menjadi bank listed. (2) Menganalisis perubahan efisiensi perbankan secara umum sebelum dan sesudah menjadi bank listed.(3) Menganalisis hubungan antara analisis rasio dengan analisis efisiensi. Sampel penelitian adalah bank yang go public setelah tahun 2000 dengan total sampel berjumlah sebelas bank Berdasarkan uji normalitas data, diketahui bahwa data sampel penelitian berdistribusi tidak normal sehingga analisis yang digunakan adalah analisis nonparametrik Analisis nonparametrik yang digunakan adalah Data Envelopment Analysis (DEA), Uji Wilcoxon, dan analisis korelasi Kendall. DEA digunakan untuk menganalisis tingkat efisiensi perbankan. Uji Wilcoxon digunakan untuk mengetahui perbedaan kinerja sesudah menjadi bank listed. Analisis korelasi digunakan untuk mengetahui korelasi antara penilaian kinerja dengan menggunakan analisis rasio dan analisis efisiensi. Hasil penelitian memperlihatkan adanya dampak bervariasi pada kinerja efisiensi dan kinerja rasio keuangan bank setelah menjadi bank listed. Kinerja efisiensi yang mengalami peningkatan pada bank listed adalah efisiensi berdasarkan pendekatan asset. Sedangkan rasio keuangan yang mengalami peningkatan adalah rasio NPM dan BOPO. Analisis efisiensi dan analisis rasio keuangan bersifat saling melengkapi. ...... Banking performance is very important Some of analysis that used to evaluate banking performances are financial ratio and efficiency level. Efficiency level in banking industry is popular enough (Hadad, et.al, 2003). Based on Mardanugraha (2005) view, banking efficiency measurement together with the appropriate concept is needed in measuring the banking efficiency level. Generally, the aim of this paper is getting the information about going public bank performance. Specifically, the purposes of this paper are: (1) Analyzing and ranking the performance of listed banks before and after going public. (2) Analyzing the difference between bank performance before and after going public. (3) Analyzing the correlation between financial ratio measures and efficiency measures. The samples are bank that are going public after 2000. The samples consist of 11 banks with total 198 observations. Based on Normality test, the distribution of data isn 't normal. It means that this study should use nonparametric analysis. The analyses that are used are Data Envelopment Analysis, Wilcoxon Signed test, and Kendall correlation. DEA is used to measure the bank efficiency level. Wilcoxon Signed test is used to know the difference of banking performance before and after going public. Correlation analysis is used to analyze the correlation between financial ratio and efficiency level. The results found that there are variations of banking performance before and after listing at the Jakarta Stock Exchange (JSX). This study found that there was efficiency growth in the bank industry after listing in the Jakarta Stock Exchange (JSX) using the asset approach. However those efficiencies declined using the intermediation and operating approach. In addition, using financial ratio measures found that the financial performance of Indonesian banking sector after listing was also deteriorated. This result implies that banks ' financial performances provide a consistent measure with the production efficiency measures. It means that financial ratio measures and efficiency measures are complementary.

Abstrak :
Perkembangan sektor perbankan Indonesia dalam 11 tahun terakhir mengalami pertumbuhan yang agresif, tetapi juga mempertahankan likuiditas yang memadai berdasarkan risiko sesuai dengan ketentuan otoritas. Bank-bank milik Pemerintah Indonesia mengendalikan ±42% dari total aset di sektor perbankan dan menghadapi tantangan dalam mempertahankan kondisi yang optimal antara regulasi, risiko, dan profitabilitas. Tujuan dari penelitian ini adalah untuk mengetahui risiko likuiditas dan faktor-faktor yang mempengaruhi bank BUMN setelah krisis ekonomi 2008 dan implementasi Basel III di Indonesia. Penelitian ini menggunakan data spesifik perbankan dan data ekonomi makro yang diproses menggunakan Common Effect Model yang dibandingkan dengan Fixed Effect Model dan juga dengan Random Effect Model. Berdasarkan analisis data menunjukkan bahwa faktor-faktor spesifik perbankan terutama LDR, NPL, CAR, dan ROA mempengaruhi risiko likuiditas bank-bank BUMN di Indonesia sementara faktor pertumbuhan deposito dan faktor makroekonomi tidak berpengaruh secara signifikan. ......Growth of the Indonesian banking sector in 11 years be through aggressive growth, but also maintained adequate liquidity based on risk in accordance with the provisions of the authorities. Indonesia state-owned banks control ±42% of total assets in the banking sector and face challenges in maintaining optimal conditions between regulation, risk and profitability. The purpose of this study is to determine the liquidity risk and the factors that influence SOE (state owned) banks after the 2008 economic crisis and the implementation of Basel III in Indonesia. This study uses specific banking data and macroeconomic data which are processed using the Common Effect Model which is compared with the Fixed Effect Model and also with the Random Effect Model. Based on data analysis indicated that banking-specific factors especially LDR, NPL, CAR, and ROA affect the liquidity risk of state-owned banks in Indonesia while deposit growth and macroeconomics factors do not significantly influence.

Abstrak :
Penelitian ini bertujuan menguji apakah pengumuman merger sebagai sinyal yang baik yang dapat menghasilkan abnormal return pada harga saham. Studi sebelumnya telah menemukan dua bukti berbeda; pengumuman merger tersebut menghasilkan abnormal return; dan ada juga literatur yang menemukan pengumuman merger tidak menghasilkan abnormal return. Penelitian ini menggunakan sampel 115 perusahaan anggota Asia Pasific Economic Cooperation (APEC) yang mengumumkan merger pada periode 2014-2018. Dengan metode Event Study ditemukan bahwa pengumuman merger tidak menghasilkan abnormal return pada harga saham bidder pada periode 2014-2018. Abnormal return menyesuaikan beberapa hari setelah pengumuman merger karena adanya kebocoran informasi sebelum pengumuman merger diumumkan. Penelitian ini bertujuan untuk mengetahui reaksi investor di negara anggota APEC terhadap pengumuman merger dan menguji relevansi penelitian sebelumnya bahwa pengumuman merger sebagai sinyal yang baik dapat menghasilkan abnormal return. Hasil penelitian ini mengimplikasikan bahwa abnormal return pada harga saham tidak segera adjust setelah diumumkan. ......This study aims to test whether the merger announcement is a good signal that can produce an abnormal return on stock prices. Previous studies have found two different pieces of evidence; the announcement of the merger resulted in an abnormal return; and there is also literature that finds merger announcements do not produce abnormal returns. This study uses a sample of 115 member companies of the Asia Pacific Economic Cooperation (APEC) which announced a merger in the 2014-2018 period. With the Event Study method it was found that the merger announcement did not produce an abnormal return on the bidder stock price in the 2014-2018 period. The abnormal return adjusts a few days after the announcement of the merger due to leaks of information before the announcement of the merger was announced. This study aims to determine the reaction of investors in APEC member countries to the announcement of the merger and examine the relevance of previous research that the announcement of the merger as a good signal can produce abnormal returns. The results of this study imply that the abnormal returns on stock prices do not immediately adjust after being announced.

Abstrak :
Tujuan dari penelitian ini adalah untuk menguji peran media sosial, khususnya Twitter, sebagai media pengungkapan informasi oleh perusahaan terhadap atensi investor. Salah satu alasan utama perusahaan menggunakan media sosial adalah untuk menarik investor dan meningkatkan kinerja keuangannya. Beberapa studi sebelumnya menemukan bahwa baik media sosial dan atensi investor mempengaruhi imbal hasil saham, likuiditas dan volatilitas. Penelitian ini membandingkan antara sebelum dan sesudah perusahaan mengadopsi Twitter untuk mengumumkan labanya. Studi ini tidak memperlihatkan perbedaan atensi investor yang signifikan antara sebelum dan setelah adopsi Twitter. Tetapi, ketika perusahaan mendiseminasikan persentasi penurunan laba melalui Twitter, perusahaan dapat meningkatkan atensi investor secara signifikan. Berita baik dan buruk juga dapat terkait dengan akumulasi perhatian investor.

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The purpose of this study is to examine the role of social media, specifically Twitter, as a voluntary disclosure media on investor attention. One of the main reason for a firm to use social media is to attract investors and to improve their financial performance. Previous studies find that both social media and investor attention affect stock return, liquidity, and volatility. This study compares investor attention between before and after firms adopting Twitter to disseminates their earnings announcement. This study does not reveal significant investor attention difference between before and after Twitter adoption as earnings announcement dissemination tool. However, when a firm disseminates earnings decline percentage through Twitter, the firm can significantly increase investor attention. Good news and bad news also can relate to cumulative investor attention.

Abstrak :
Jasa Marga merupakan perusahaan BUMN milik pemerintah yang bergerak pada bidang infrastruktur jalan tol. Tahun 2016 merupakan tahun inisiasi perusahaan untuk melakukan percepatan pembangunan yang secara langsung mengubah strategi perusahaan dalam pengambilan keputusan. Penyesuaian strategi terhadap percepatan infrastruktur menarik untuk diteliti terutama pada sektor kinerja keuangan perusahaanya. Analisis laporan keuangan merupakan metode yang biasa digunakan untuk mengukur kinerja keuangan suatu perusahaan. Terdapat lima pengukuran utama dalam melakukan analisis kinerja keuangan yaitu Analisis profitabilitas, Analisis Manajemen Operasional, Analisis Manajemen Investasi, Analisis manajemen Pendanaaan, dan Analisis Arus kas Perusahaan. Profitabilitas perusahaan menurun saat percepatan infrastruktur akibat kenaikan biaya yang lebih tinggi daripada kenaikan pendapatan perusahaan. Kinerja operasional menurun akibat dari beban biaya yang meningkat. Manajemen Investasi menggambarkan imbal balik perusahaan menurun akibat dari laba bersih perusahaan yang menurun. Manajemen pendanaan, pada sisi likuiditas mengalami penurunan akibat dari kewajiban jangka pendek perusahaan yang meningkat; sedangkan dari sisi solvabilitas Jasa Marga mengandalkan utang bank dan Obligasi sebagai sumber utama dari pendanaan perusahaan. Berdasarkan analisis arus kas setelah memasuki era percepatan infrastruktur nilai free cash flow perusahaan cenderung mengalami penurunan, hal ini terjadi dikarenakan pertumbuhan pendapatan yang lebih kecil dibandingkan peningkatan biaya perusahaan. ......Jasa Marga is a state-owned company engaged in the field of toll road infrastructure. 2016 is the beginning of the company's strategy to accelerate development which directly changes the company's strategy in decision making. The strategy adjustments to infrastructure acceleration are attractive to be studied especially at the company's financial sectors. Financial statement analysis is a method commonly used to measure the performance of a company. There are five main measurements in financial analysis, they are Profitability Analysis, Operational Management Analysis, Investment Management Analysis, Funding Analysis Management, and Corporate Cash Flow Analysis. Acceleration of infrastructure decrease the profitability of the company because costs increase is higher than the increase of company revenue. Operational performance is worse due company costs rising. Management Investment shows that the company's returns are decreasing due to company's net profit decrease. Funding management show, liquidity is decreasing due the increase in short term liability; While solvency show Jasa Marga relies on banks liability and bonds as the main source of company financing. Cash flows Analysis shows infrastructure acceleration make the free cash flow of the company declined throughout the year, this is happened because the revenue growth of the company is smaller than the increase in company costs

Abstrak :
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.