ANALISIS KEBIJAKAN PENDANAAN DAN RASIO PERPUTARAN MODAL KERJA TERHADAP PROFITABILITAS KOPERASI USAHA DI SURABAYA TAHUN 2008-2012
ABSTRACT: Working capital is
one important aspect for the continuity of a business in profit. Working
capital financing policy, whether it’s aggressive or conservative, depends on
the preference of the managers in companies considering the trade-off between
profitability and risk and its influence on profitability. Manager who tends to
be careful on working capital financing policy is relatively conservative,
whereas the optimistic manager will tend to use aggressive financing policy.
Differrent application on working capital funding policy will affect the
profits. The purpose of this study was to analyze the working capital funding
policy on profitability are moderated by the working capital turnover ratio.
This study uses object cooperative businesses in Surabaya during the
period 2008-2012. Data are obtained from the Department of Cooperatives and
MSMEs the city of Surabaya. Data collection methods used in this study is
pooled data documentation technique. The sampling technique used is criteria
purposive sampling. The samples used are 91 cooperatives. The analytical techniques
used is Multiple Linear Regression Analysis. This analysis is to determine the effect
of working capital financing policy and working capital turnover ratio to
profitability.
The results of this study indicate that the first hypothesis test results
is that working capital financing policy has significant negative effect to
profitability, so cooperative that uses aggressive working capital financing
policies has lower profitability than the cooperative that uses a policy of
conservative working capital financing. Second, working capital turnover ratio
has no significant effect to profitability. Third, working capital financing
policies moderation with working capital turnover ratio have no significant
effect to profitability, which means that the results do not have a moderating
effect to profitability.
Keywords: Working Capital
Funding Policy, Profitability, Working Capital Turnover Ratio, Aggressive,
Conservative
Penulis: YUNITA WIJAYA
Kode Jurnal: jpmanajemendd130692
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