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"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 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 terhadapprofitabilitas perusahaan di Indonesia.

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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."

"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).

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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)."

"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."

"ABSTRAKPenelitian ini bertujuan untuk mempengaruhi pengaruh manajemen modal kerjaterhadap profitabilitas perusahaan dalam siklus bisnis yang berbeda di Indonesia.Sampel dari penelitian ini adalah perusahaan-perusahaan yang bergerak dalamindustri manufaktur yang listing di Bursa Efek Indonesia mulai dari tahun 2009sampai 2015. Pengukuran manajemen modal kerja menggunakan cash conversioncycle, profitabilitas menggunakan gross profit margin, dan siklus bisnis diukurdengan PDB. Dalam penelitian ini juga diukur pengaruh dari komponen-komponencash conversion cycle itu sendiri terhadap profitabilitas perusahaan. Komponen ituantara lain receivable conversion period, payable defferal period, dan inventoryconversion period. Dari hasil penelitian ini siklus bisnis tidak mempengaruhihubungan manajemen modal kerja yang dikur dengan cash conversin cycleterhadap profitabilitas.

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ABSTRACTThe purpose of this study is to determine the effect of working capital managementon the company?s profitability through different business cycle. The sampel in thisstudy using the manufactur firms that listing on BEI from 2006 through 2015. Weuse cash conversion cycle as a working capital management measures, gross profitmargin as a profitability measures, and GDP as a business cycle measures. In thisstudy, we also measure the impact from the componen of working capotalmanagement it self on firm?s profitabiltiy. The component are receivableconversion period, payable defferal period, and inventory conversion period. Theresult from the study is the business cycle doesn?t affect the relationship betweenworking capital management on firm?s profitability."

"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."

"Manajemen modal kerja bertujuan untuk memaksimalkan profit, ketika meminimalisasi risiko dari ketidakmampuan membayar utang jangka pendek. Efisiensi dari manajemen modal kerja tergantung dari keseimbangan antara likuiditas dan profitabilitas yang diatur oleh perusahaan. Mengelola manajemen modal kerja dapat menggunakan Cash Conversion Cycle CCC yang terdiri dari Receivable Collection Period RCP , Inventory Conversion Period ICP , dan Payment Defferal Period PDP dan melihat pengaruhnya terhadap profitabilitas perusahaan dengan Gross Operating Profit GOP. Dengan mengambil sampel pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia pada tahun 2002 ndash; 2011 dan dipisahkan antara periode sebelum dan sesudah resesi global, ditemukan adanya pengaruh yang signifikan antara Receivable Collection Period RCP dengan profitabilitas perusahaan pada keseluruhan waktu.

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Working capital management aims to maximize profits, while minimizing the risk of an inability to pay short term debt. The efficiency of working capital management depends on the balance between liquidity and profitability set by the company. Managing working capital management can use the Cash Conversion Cycle CCC consisting of Receivable Collection Period RCP , Inventory Conversion Period ICP , and Payment Defferal Period PDP and see its effect on the profitability of companies with Gross Operating Profit GOP. By taking a sample of the companies listed on the stock exchanges of Indonesia in 2002 2011 and separated between the periods before and after the global recession, found a significant relationship between Receivable Collection Period RCP with the overall profitability of the company at the time."

"[ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh tata kelola perusahaan terhadap efisiensi manajemen modal kerja. Variabel tata kelola perusahaan terdiri dari jumlah Komisaris, jumlah Direksi, jumlah Komite Audit dan tenur Direksi utama. Untuk efisiensi manajemen modal kerja diukur dengan siklus konversi kas dan komponennya, kepemilikan kas, efisiensi konversi kas dan likuiditas dengan menggunakan beberapa variabel kontrol. Dengan menggunakan 110 sampel perusahaan manufaktur yang tercatat di BEI periode 2010-2014. Penelitian ini mengungkapkan bahwa semua variabel tata kelola perusahaan memiliki pengaruh terhadap beberapa komponen efisiensi manajemen modal kerja, dengan koefisien yang berbeda-beda.ABSTRACTThe aim of this research is to investigate the impact of corporate governance on capital management efficiency. Variables of the corporate governance are Board of Directors size, Board of Commissioners Size, Audit committee and CEO tenure. Factors of the working capital management efficiency are cash conversion cycle and its component, cash holding, cash conversion efficiency and liquidity with several control variables. This research employ 110 sample of manufacturing firms listed on Indonesia Stock Exchange in 2010-2014. This research shows that every variables of corporate governance have significant impact on several aspect of working capital management efficiency with different coefficient on each variables.;The aim of this research is to investigate the impact of corporate governance on capital management efficiency. Variables of the corporate governance are Board of Directors size, Board of Commissioners Size, Audit committee and CEO tenure. Factors of the working capital management efficiency are cash conversion cycle and its component, cash holding, cash conversion efficiency and liquidity with several control variables. This research employ 110 sample of manufacturing firms listed on Indonesia Stock Exchange in 2010-2014. This research shows that every variables of corporate governance have significant impact on several aspect of working capital management efficiency with different coefficient on each variables., The aim of this research is to investigate the impact of corporate governance on capital management efficiency. Variables of the corporate governance are Board of Directors size, Board of Commissioners Size, Audit committee and CEO tenure. Factors of the working capital management efficiency are cash conversion cycle and its component, cash holding, cash conversion efficiency and liquidity with several control variables. This research employ 110 sample of manufacturing firms listed on Indonesia Stock Exchange in 2010-2014. This research shows that every variables of corporate governance have significant impact on several aspect of working capital management efficiency with different coefficient on each variables.]"

"Penelitian ini dilakukan untuk menguji pengaruh manajemen modal kerja terhadap profitabilitas dan nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2013-2017. Penelitian ini menggunakan data panel dengan sampel sebanyak 84 perusahaan selama periode 2013-2017. Variabel dependen yang digunakan dalam penelitian ini adalah profitabilitas perusahaan yang diukur dengan return on asset ROA , return on equity ROE dan nilai perusahaan yang diukur dengan Tobin rsquo;s Q. Variabel yang independen yang digunakan dalam penelitian ini adalah average collection period ACP, average payment period APP dan inventory turnover period IP. Variabel kontrol yang digunakan dalam penelitian ini adalah ukuran perusahaan SIZE, tingkat utang LEVERAGE dan umur perusahaan AGE. Dari hasil pengujian yang dilakukan diketahui ACP memiliki pengaruh negatif signifikan terhadap ROA, ROE dan Tobins Q. APP memiliki pengaruh negatif tidak signifikan terhadap ROA dan Tobin rsquo;s Q serta memiliki pengaruh positif tidak signifikan terhadap ROE. IP memiliki pengaruh negatif signifikan terhadap Tobins Q dan memiliki pengaruh positif tidak signifikan terhadap ROA serta pengaruh negatif tidak signifikan terhadap ROE.

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This study investigates the impact of working capital management on profitability and firms value of manufacturing firms listed in Indonesia Stock Exchange period 2013 2017. This study using panel data with a sample consist of 84 firms over the period 2013 2017. The dependent variables using in this study are return on asset ROA, return on equity ROE as a proxy of firm rsquo s profitability and Tobin rsquo s Q as a proxy of firms value. The independent variables using in this study are average collection period ACP, average payment period APP and inventory period IP as a proxy of working capital management. The firm size, leverage and age are used as the control variables. Using panel data regression methodology, the results show that ACP has a negative significant impact on ROA, ROE and Tobins Q. APP does not have any effect on ROA, ROE and Tobin rsquo s Q. IP has a negative significant impact on Tobins Q and IP does not have any effect on ROA, ROE."

"Penelitian ini membahas mengenai manajemen modal kerja oleh perusahaan yang digunakan sebagai salah satu memaksimalkan kekayaan pemegang saham. Tujuan penelitian ini adalah untuk menganalisis pengaruh manajemen modal kerja terhadap kekayaan pemegang saham. Penelitian ini memiliki tiga hipotesis: Pertama, pembiayaan investasi modal kerja memiliki pengaruh terhadap kekayaan pemegang saham. Kedua, faktor-faktor seperti financial distress, expected sales growth, long-term debt dan short-term debt memiliki efek pada pembiayaan investasi modal kerja. Ketiga, trade credit yang dilakukan perusahaan memiliki pengaruh terhadap kekayaan pemegang saham.Hasil penelitian ini antara lain pembiayaan investasi modal kerja memiliki pengaruh terhadap kekayaan pemegang saham dimana tambahan 1 Rupiah pada modal kerja memiliki nilai lebih bagi kekayaan pemegang saham dibandingkan tambahan 1 Rupiah pada kas. Penambahan investasi modal kerja memiliki efek pada peningkatan ekspektasi pertumbuhan penjualan perusahaan dimasa yang akan datang. Terakhir, trade credit yang dilakukan perusahaan memiliki pengaruh terhadap kekayaan pemegang saham dimana penambahan 1 Rupiah pada account receivable memiliki nilai lebih kecil bagi pemegang saham dibandingkan tambahan 1 Rupiah pada inventories.

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This study discusses about firms working capital management used for as one of maximizing shareholders wealth. The purpose of this study is to analyze the effect of working capital management on shareholders wealth. This study has three hypotheses First, financing of working capital investment has an effect on shareholders wealth. Second, other factors such as financial distress, expected sales growth, long term debt, and short term debt have effects on financing of working capital investment. Third, firms used trade credit has an effect on shareholders wealth.

The result of this studies are financing of investment in working capital has an effect on shareholders wealth in which an additional 1 Rupiah in working capital more valuable than in cash. The additional of investment on working capital can increase firms expected sales growth. Furthermore, firms used trade credit has an effect on shareholders wealth in which an additional 1 Rupiah in account receivable has a smaller value than inventories."