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"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)."

"Pandemi Covid-19 memberikan tekanan pada kinerja di semua sektor usaha, terutama Sektor Manufaktur. Kinerja sektor manufaktur terkontraksi di sepanjang tahun 2020. Tujuan penelitian ini untuk menganalisis pengaruh manajemen modal kerja yang diukur melalui lima indikator yaitu periode pengumpulan piutang rata-rata, perputaran persediaan harian, periode pembayaran rata-rata, siklus konversi kas dan likuiditas terhadap profitabilitas perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan mengambil perusahaan sektor manufaktur periode 2016 – 2020 sebagai subjek penelitian. penentuan sampel dilakukan dengan teknik purposive sampling sehingga diperoleh data sebanyak 310 data amatan. Analisis data dilakukan dengan regresi data panel dengan metode robust least square. Hasil analisis menunjukkan bahwa; 1) Periode pengumpulan piutang rata-rata berpengaruh positif dan signifikan terhadap profitabilitas perusahaan, 2) Perputaran persediaan harian berpengaruh positif dan signifikan terhadap profitabilitas perusahaan, 3) Periode pembayaran rata-rata berpengaruh negatif dan signifikan terhadap profitabilitas perusahaan, 4) Siklus konversi kas berpengaruh negatif dan signifikan terhadap profitabilitas perusahaan, 5) Likuiditas berpengaruh positif dan signifikan terhadap profitabilitas perusahaan.

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The Covid-19 pandemic has put pressure on performance in all business sectors, especially the Manufacturing Sector. The performance of the manufacturing sector contracted throughout 2020. The purpose of this study is to analyze the effect of working capital management as measured by five indicators, namely the average receivable collection period, daily inventory turnover, average payment period, cash conversion cycle and liquidity on company profitability. This study uses a quantitative approach by taking companies in the manufacturing sector for the period 2016 – 2020 as research subjects. The determination of the sample was carried out by purposive sampling technique so that the data obtained were 310 observational data. Data analysis was carried out by panel data regression with the robust least square method. The results of the analysis show that; 1) The average receivable collection period has a positive and significant effect on the company's profitability, 2) Daily inventory turnover has a positive and significant effect on the company's profitability, 3) The average payment period has a negative and significant effect on the company's profitability, 4) The cash conversion cycle has an effect negative and significant to the company's profitability, 5) Liquidity has a positive and significant effect on the company's profitability."

"Pemikiran bahwa manajemen modal kerja mempengaruhi risiko dan profitabilitas suatu perusahaan telah diterima secara umum. Penelitian terdahulu mengenai manajemen modal kerja dan kinerja perusahaan telah menganalisis hubungan linear antara investasi perusahaan pada modal kerja dan profitabilitasnya. Hasil penelitian menunjukkan bahwa semakin rendah investasi pada modal kerja, semakin tinggi profitabilitas. Akan tetapi, tingkat modal kerja yang rendah dapat menimbulkan risiko tertentu seperti menurunnya penjualan (sales) dan gangguan dalam proses produksi. Oleh sebab itu, mungkin terdapat hubungan non-linear antara manajemen modal kerja dan profitabilitas perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh manajemen modal kerja terhadap profitabilitas perusahaan dengan mengontrol unobservable heterogeneity dan possible endogeneity. Penelitian ini menggunakan data panel tidak seimbang sejumlah 560 observasi dari sampel perusahaan yang bergerak di sektor manufaktur periode 2007 – 2011. Hasil penelitian menunjukkan bahwa terdapat hubungan kuadratik antara tingkat modal kerja dan profitabilitas perusahaan di Indonesia. Manajemen modal kerja ternyata memiliki pengaruh yang non-linear terhadap profitabilitas perusahaan secara signifikan.

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The idea that working capital management affects a firm’s profitability and risk is generally accepted. Previous studies on working capital management and firm performance have analyzed a linear relationship between a firm’s investment in working capital and its profitability. Their findings showed that the lower the investment in working capital, the higher the profitability. However, the low level of working capital could lead to certain risks such as declining sales and interruption in the production process. Therefore, there might be a non-linear relationship between working capital management and firm profitability. The purpose of this study is to analyze the effect of working capital management on firm profitability by controlling for unobservable heterogeneity and possible endogeneity. This study used an unbalanced panel data of 560 observations of manufacturing firms for the period 2007 – 2011. The result showed that there is a quadratic relationship between level of working capital and firm profitability in Indonesia. It turns out that working capital management has non-linear effect on firm profitability significantly."

"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."

"ABSTRAKSkripsi ini membahas mengenai pengaruh manajemen modal kerja dan komponennya terhadap profitabilitas perusahaan pada sektor manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2012-2016. Pengujian dilakukan dengan model regresi data panel dengan metode random effect dengan estimator generalized least square GLS. Hasil penelitian ini menemukan bahwa komponen manajemen modal kerja receivable collection period memiliki pengaruh terhadap profitabilitas perusahaan.

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ABSTRACTThe research is aimed to analize the effect of working capital management on firm profitability of manufacturing company that listed in Indonesia Stock Exchange within period of 2012 2016. This study using panel data with random effect methods generalized least square estimator to test the model. The results of this research found that working capital management have influence on firms profitability."

"Permasalahan manajemen modal kerja memiliki dampak yang tidak baik bagi perusahaan. Manajemen modal kerja yang baik bertujuan agar kesehatan keuangan perusahaan dapat terjaga sehingga dapat menghasilkan keuntungan yang maksimal. Penelitian ini bertujuan untuk menganalisa pengaruh kebijakan manajemen modal kerja terhadap profitabilitas dan nilai perusahaan. Penelitian ini menggunakan sampel sebanyak 287 perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia pada periode tahun 2009-2018. Manajemen modal kerja diproksikan menggunakan Total Current Assets to Total Assets (TCA/TA) dan Total Current Liabilities to Total Assets TCL/TA. Kemudian, profitabilitas diproksikan dengan Return on Assets (ROA) dan nilai perusahaan dicerminkan dengan rasio Tobins Q. Hasil penelitian menunjukan bahwa rasio Total Current Assets to Total Assets dan Total Current Liabilities to Total Assets berpengaruh positif signifikan terhadap profitabilitas dan nilai perusahaan.

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Problems with working capital management are bad for the company. Good working capital management aims to maintain the companys financial health so that it can get maximum profit. This study aims to analyze capital management policies on profitability and firm value. This study uses a sample of 287 non-financial companies that were listed on the Indonesia Stock Exchange in the period 2009-2018. Working capital management is proxied using Total Current Assets to Total Assets (TCA / TA) and Total Current Liabilities to Total Assets (TCL / TA). Then, profitability is proxied by Return on Assets (ROA) and the value of the company is reflected by the Tobin Q ratio. The results of the study show that Total Current Assets to Total Assets and Total Current Liabilities to Total Assets have a significant positive effect on profitability and firm value."

"Penelitian ini memiliki tujuan untuk menganalisis pengaruh manajemen modal kerja terhadap gross operating profitability perusahaan manufaktur yang terdaftar di BEI periode 2006-2015, karena konsep modal kerja berkaitan dengan likuiditas maka penelitian ini juga memiliki tujuan untuk mengetahui pengaruh likuiditas modal kerja perusahaan terhadap gross operating profitability. Modal kerja sendiri diproksikan menggunakan ICP, APP, ACP dan CCC sedangkan likuiditas modal kerja perusahaan diproksikan dengan CR dan WCR. Dengan menggunakan analisis regresi linier berganda data panel Fixed Effects Model dengan GLS cross-weights, serta sampel sejumlah 106 perusahaan dengan periode penelitian 10 tahun maka hasil yang didapatkan pada penelitian ini yaitu terdapat pengaruh yang signifikan antara manajemen modal kerja dan likuiditas modal kerja perusahaan manufaktur yang terdaftar di BEI periode 2006-2015 terhadap gross operating profitability.

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The purpose of this research is to examine the effect of working capital management on gross operating profitability of manufacturing listed firms on Indonesia Stock Exchange for the period 2006 2015. Working capital management in this research is proxied by ICP, APP, ACP and CCC, while the company 39 s working capital liquidity is proxied by CR and WCR. This research uses multiple linear regression Fixed Effects Model with GLS cross section weights to analyze the effect of working capital management on gross operating profitability using 106 sample firms over 10 years. The results of this research is working capital management and working capital liquidity of manufacturing companies listed at Indonesia Stock Exchange period 2006 2015 has a significant effect on gross operating 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."

"Penelitian ini bertujuan untuk mengetahui pengaruh manajemen modal kerja terhadap profitabilitas perusahaan pada sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia tahun 2011-2015. Hasil penelitian menunjukkan bahwa manajemen modal kerja yang diukur melalui siklus konversi kas, average collection period, dan net trade cycle terbukti berpengaruh negatif signifikan terhadap profitabilitas yang diukur melalu return on asset. Sedangkan average inventory period berpengaruh negatif tidak signifikan dan average payment period terbukti berpengaruh positif tidak signifikan terhadap profitabilitas yang diukur melalui return on asset.

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This study aims to determine the effect of working capital management on corporate profitability in the consumer goods industry sector listed in Indonesia Stock Exchange Year 2011 2015. The results showed that working capital management as measured through cash conversion cycle, average collection period, and net trade cycle prove to have an negative significant effect on profitability measured through return on asset. While average inventory period prove to have an negative unsignificant and average payment period to have an positive unsignificant effect on profitability measured through return on asset."