Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas (Studi Empiris pada Perusahaan Sektor Industri Ritel yang Terdaftar di Bursa Efek Indonesia Periode 2008-2013)
| Main Author: | Capriano, Niki; Universitas Bakrie |
|---|---|
| Format: | Article application/pdf eJournal |
| Bahasa: | ind |
| Terbitan: |
Universitas Bakrie
, 2015
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| Online Access: |
http://journal.bakrie.ac.id/index.php/jurnal_ilmiah_ub/article/view/896 |
Daftar Isi:
- Modal kerja merupakan bagian modal dalam sirkulasi yang digunakan untuk menunjang kegiatan operasional perusahaan sehari-hari. Manajemen perlu memperhatikan tingkat kecukupan modal kerja agar kinerja perusahaan tetap stabil baik dalam jangka pendek maupun dalam jangka panjang. Penelitian ini bertujuan untuk mengetahui bagaimana manajemen modal kerja mempengaruhi profitabilitas perusahaan. Populasi dari penelitian ini adalah seluruh perusahaan sektor industri ritel yang terdaftar di Bursa Efek Indonesia periode 2008-2013. Metode purposive sampling digunakan untuk mendapatkan sampel sebanyak lima perusahaan. Autoregressive model dan distributed-lag model digunakan sebagai dasar pengujian hipotesis dengan menggunakan metode ordinary least square. Hasil penelitian menunjukkan bahwa secara simultan current ratio, inventory turnover, accounts payable turnover, return on equity tahun sebelumnya, dan accounts receivable turnover tahun sebelumnya, berpengaruh terhadap profitabilitas tahun berjalan. Sementara secara parsial, hanya accounts receivable turnover tahun sebelumnya dan accounts payable turnover yang memiliki pengaruh terhadap profitabilitas tahun berjalan. Dengan demikian, manajemen dapat meningkatkan profitabilitas perusahaan melalui pengelolaan modal kerja secara optimal. Percepatan konversi piutang menjadi kas dapat meningkatkan perputaran piutang agar memberikan dampak positif pada profitabilitas tahun berikutnya. Selain itu, dengan mempercepat pembayaran kepada pemasok, kemampuan perusahaan dalam menghasilkan laba juga ikut meningkat.Kata kunci: Profitabilitas, Current Ratio, Accounts Receivable Turnover, Inventory Turnover, Accounts Payable TurnoverWorking capital can be defined as circulating capital used to support a firm’s day-to-day activities. Management needs to control the appropriate level of working capital to ensure the firm’s performance stability. This study aims to analyse the impact of working capital management on firm’s profitability. All of the publicly listed retail firms on Indonesia Stock Exchange during 2008-2013 are the population of this study. Purposive sampling method is used to obtain five samples as the object of this study. The autoregressive model and the distributed-lag model is utilised for hypotheses testing with ordinary least square estimation method. The results of this study show a significant relationship between current ratio, inventory turnover, accounts payable turnover, the previous year return on equity, and the previous year accounts receivable turnover simultaneously with current year profitability. However, it is found that only the previous year accounts receivable turnover and accounts payable turnover which have an impact towards current year profitability. Therefore, management may improve firm’s profitability by an appropriately managed working capital. Enhancing receivable collection can improve the accounts receivable turnover and gives a positive impact towards firm’s profitability for the following year. Furthermore, by accelerating payment to vendors, firms may also improve its profitability.Keywords: Profitability, Current Ratio, Accounts Receivable Turnover, InventoryTurnover, Accounts Payable Turnover DAFTAR PUSTAKA Aga, H., Mba, & Mphil. (2014). Impact of working capital management on profitability. 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