PENGARUH EFEKTIFITAS MODAL KERJA TERHADAP TINGKAT PROFITABILITAS PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA TAHUN 2013
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Date
2015
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Tesis Program Magister Management Universitas Widyatama
Abstract
The availability of sufficient working capital to maintain the company against the possibility of a crisis of working capital due to the decrease in current assets and of the dangers or the financial difficulties that might occur. In the industry there are different kinds of net working capital and working capital gross consist of cash, accounts receivable, and inventory. By knowing the turnover rate of the individual components of working capital is expected to provide more accurate information to interested parties that would be more useful in decision making is done by the management.
The study was conducted on companies listed on the Stock Exchange in 2013. The aim of this study was to determine the effect of working capital that exist in each company in relation to the level of profitability. The research method used is descriptive research methods and methods of verification.
From the results of research conducted simultaneously that the net working capital and working capital gross consist of cash, accounts receivable, and inventory effect on ROA, ROE, and NPM. Partially for cash turnover, significant effect on ROA and ROE NPM while no effect against significant. Accounts receivable turnover significant effect on the third level of profitability that is ROA, ROE, and NPM. As for the inventory turnover no significant effect on the level of profitability that is ROA, ROE, and NPM. Similarly, net working capital, no significant effect on ROA, ROE, and NPM.
Based on the results of research and discussion, the authors concluded that the level of profitability is not only determined by the net working capital and working capital gross (cash turnover, receivable turnover and inventory turnover) only. But there are other factors that strengthen the three to affect the level of profitability.
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Keywords
working capital, cash turnover, receivable turnover, inventory turnover, ROA, ROE, NPM