MANAJEMEN MODAL KERJA, PROFITABILITAS DAN NILAI PERUSAHAAN SEKTOR MANAUFAKTUR DI PT BURSA EFEK INDONESIA
ABSTRACT: The objective of
this study is to analyze the influence of working capital management (i.e.
quick ratio, inventory turnover, receivable turnover, net working capital
turnover and current ratio) to profitability and firm value of manufacturing
companies of the year of 2006 - 2010 at the Indonesian Stock Exchange. This
research divided manufacturingfirms into two types, first firms with increasing
working capital and second firms withdecreasing working capital. Purposive
sampling is used in this research. Off 145 firms,only 18 firms with increasing
working management and 18 firms with decreasingworking management are carried
out as samples in this research. Regression analysis was implemented to see the
influence of working capital management to profitability and firm value. The
result showed that quick ratio, receivable turnover had positive influence on
profitability and net working capital turnover had negative influence onprofitability
at the firms with increasing working capital. Quick ratio had negativeinfluence
on firm value at the firm with increasing working capital. For firms with decreasing
working capital, only quick ratio had positive influence on profitability andcurrent
ratio had negative influence on firm value. Due to some limitation of this research,
it is suggested to include other related variables and other sectors of companies
at the Indonesian Stock Exchange.
Keywords : Working capital
management, Profitability, Firm value, Manufacturing firms. The Indonesian
Stock Exchange
Penulis: Taufik
Kode Jurnal: jpmanajemendd131096
