Analisis Hubungan Manajemen Modal Kerja dan Kinerja Keuangan : Perspektif Profitabilitas
DOI:
https://doi.org/10.55606/jempper.v4i2.4810Keywords:
Period of Inventory, Period of Payable, Period of Receivable, ProfitabilityAbstract
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, Days of Payable, and Cash Conversion Cycle on Return on Assets (ROA) of firms. This research uses descriptive quantitative method performed on plastic manufacturing firms listed on the Indonesia stock exchanges during five 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.
References
Aiello, F., Errico, L., & Rondinella, S. (2024). Innovative SMEs in Italy: Explaining profitability patterns in inner areas. Journal of Economic Studies, 51(9), 306–322. https://doi.org/10.1108/JES-02-2024-0094
Baridwan, Z. (2021). Intermediate accounting (Edisi ke-9). Yogyakarta: Unit Penerbitan & Percetakan Sekolah Tinggi Ilmu Manajemen Yayasan Keluarga Pahlawan Negara.
Brealey, R. A., Myers, S. C., & Marcus, A. J. (2011). Dasar-dasar manajemen keuangan perusahaan (Edisi ke-5, Buku II; B. Sabran, Trans.). Jakarta: Erlangga. (Karya asli diterbitkan 2008)
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Boston: Cengage Learning.
Desai, R., & Mehta, B. (2023). Working capital policy of newly incorporated firms. Asian Journal of Accounting Research, 9(1), 13–24. https://doi.org/10.1108/AJAR-02-2022-0066
Ebenezer, A. B., & Asiedu, M. K. (2013). The relationship between working capital management and profitability of listed manufacturing companies in Ghana. International Journal of Business and Social Research (IJBSR), 3(2), 25–34. https://doi.org/10.18533/ijbsr.v3i2.71
Edin, K., Limaei, S. M., & Yazdanfar, D. (2025). Nexus between monetary policy and bank growth: Swedish evidence. Managerial Finance. https://doi.org/10.1108/MF-12-2024-0920
Ferdinand, A. (2014). Metode penelitian manajemen: Pedoman penelitian untuk penulisan skripsi, tesis dan disertasi ilmu manajemen. Semarang: Badan Penerbit Universitas Diponegoro.
Hanafi, M. M. (2022). Manajemen (Edisi ke-4, Cetakan pertama). Yogyakarta: Unit Penerbitan & Percetakan Sekolah Tinggi Ilmu Manajemen Yayasan Keluarga Pahlawan Negara.
Imam, S. (2024, Juli 3). Industri kemasan dan percetakan berkembang pesat di Indonesia pada 2024. Ruzka Republika.
Karadagli, E. C. (2012). The effect of working capital management on the profitability of Turkish SMEs. British Journal of Economics, Finance and Management Sciences, 5(2), 36–44.
Karim, R., Al Mamun, M. A., & Kamruzzaman, A. S. M. (2023). Cash conversion cycle and financial performance: Evidence from manufacturing firms of Bangladesh. Asian Journal of Economics and Banking, 8(1), 67–82. https://doi.org/10.1108/AJEB-03-2022-0033
Makori, D. M., & Jagongo, A. (2013). Working capital management and firm profitability: Empirical evidence from manufacturing and construction firms listed on Nairobi Securities Exchange Kenya. International Journal of Accounting and Taxation, 1(1), 1–14.
Mansour, K. (2024). Working capital efficiency and capital structure decisions in Egypt: The effect of foreign currency exchange risk exposure under IAS 21. Asian Journal of Accounting Research, 10(1), 103–124. https://doi.org/10.1108/AJAR-12-2023-0411
Otoo, F. N. K. (2024). Assessing the influence of financial management practices on organizational performance of small and medium-scale enterprises. Vilakshan–XIMB Journal of Management, 21(2), 162–188. https://doi.org/10.1108/XJM-09-2023-0192
Prasetyoningrum, A. K., Vanni, K. M., & Mustika, A. (2024). Dividend policy as an intervening variable between return on asset and earning per share on stock prices. Journal of Islamic Accounting and Finance Research, 6(2), 271–300. https://dx.doi.org/10.21580/jiafr.2024.6.2.20206
Sekaran, U., & Bougie, R. (2019). Research methods for business: A skill building approach. New Jersey: John Wiley & Sons, Inc.
Serrasqueiro, Z., Pinto, B., & Sardo, F. (2023). SMEs growth and profitability, productivity and debt relationships. Journal of Economics, Finance and Administrative Science, 28(56), 404–419. https://doi.org/10.1108/JEFAS-01-2022-0018
Titman, S., Keown, A. J., & Martin, J. D. (2019). Financial management: Principles and applications (13th ed.). New Jersey: Pearson Education, Inc.
Weston, J. F., & Copeland, T. E. (1997). Manajemen keuangan (Edisi ke-9, Jilid 1 & 2; J. Wasana & Kibrandoko, Trans.). Jakarta: Binarupa Aksara.
