Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Perusahaan Semen Yang Terdaftar Di Bursa Efek Indonesia Periode 2012-2017

Abstract

Working capital management has an important role in measuring firms’ success in increasing their profits. In the current information era, firms need to manage working capital effectively and efficiently. The purpose of this paper is to determine and analyze the effect of working capital management to firms’ profitability. This study describes the effect of Days of Receivable, Days of Inventory, and Days of Payable on Return on Assets (ROA) of firms. This research uses descriptive quantitative method performed on cement manufacturing firms listed on the Indonesia stock exchanges during six periods using data collected from the annual financial statements of the firm. The data are analyzed using multiple linear regression analysis. The results of this research show that, partially, period of receivable and period of inventory have a significant and positive effect on profitability. This means that if the period of receivable and the periods of inventory increases, the profitability will increase. A significant and negative effect on profitability is inflicted by period of debt and cash conversion cycle. This means that if the period of debt and cash conversion cycle increases, the profitability of the firms will decrease.