Efisiensi Modal Kerja, Likuiditas dan Leverage terhadap Profitabilitas pada Perusahaan Manufaktur di BEI

Agus Wibowo, Sri Wartini

Abstract

Penelitian ini bertujuan untuk mengkaji sejauhmana pengaruh WCT, CR dan DTA terhadap ROI perusahaan manufaktur di Bursa Efek Indonesia baik secara simultan maupun parsial. Populasi penelitian ini adalah seluruh perusahaan manufaktur di Bursa Efek Indonesia tahun 2008-2009 sebanyak 149 perusahaan. Pengambilan sampel dilakukan dengan menggunakan non probabilistik sampling dan diperoleh sebanyak 62 perusahaan. Hasil analisis regresi menunjukkan, dimana secara simultan (WCT, CR, DTA) berpengaruh signifikan terhadap profitabilitas sebesar 21,9%, sedangkan sisanya sebesar 78,1% dipengaruhi oleh faktor lain. Secara parsial variabel efisiensi modal kerja berpengaruh signifikan terhadap profitabilitas yang artinya secera keseluruhan adalah bahwa besar kecilnya profitabilitas perusahaan dipengaruhi oleh efisiensi modal kerja, sedangkan likuiditas dan leverage tidak berpengaruh. Secara bersama-sama besar kecilnya profitabilitas dipengaruhi oleh efisiensi modal kerja, likuiditas dan leverage.


This study aimed to assess simultaneously or partially the influence of WCT, CR and DTA toward ROI of manufacturing companies in Indonesia Stock Exchange. Sampling was carried out using non-probabilistic sampling and obtained 62 of 149 manufacturing companies which are listed in Indonesia Stock Exchange in 2008-2009. The results of regression analysis show that WCT, CR, DTA simultaneously have a significant effect 21,9% toward profitability, while the rest of 78,1% is influenced by other factors. Meanwhile, the efficiency of working capital variable influence significantly toward the overall profitability. It means that all variables include the size of the company’s profitability is affected by the efficiency of working capital, but liquidity and leverage. The size of the profitability relatively is influenced by the efficiency of working capital, liquidity and leverage

Keywords

Working capital; Liquidity; Leverage; Profitability

Full Text:

PDF

References

Asih, H. D. 2009. Pengaruh Likuiditas, Solvabilitas dan Perputaran Modal Kerja Terhadap Profitabilitas pada Perusahaan Real Estate dan Property yang Terdaftar di Bursa Efek Indonesia. Semarang: UNNES PRESS.

Brigham, E. F & Houston, J. F. 2006. Dasar-dasar Manajemen Keuangan. Jakarta: Erlangga.

Eljelly, A. M. A. 2004. Liquidity-Profitability Trade off: An Empirical Investigation in An Emerging Market. International Journal of Commerce and Management. Vol. 14, No. 2, pp: 48-61.

Falope, O. I & Ajilore, O. T. 2009. Working Capital Management and Corporate Profitability: Evidence from Panel Data Analysis of Selected Quoted Companies in Nigeria. Research journal of Business Management. Vol. 3, Issue 3, pp: 73-84.

Hanafi, M. M & Halim, A. 2007. Analisis Laporan Keuangan. Yogyakarta: AMP-YKPN.

Horne, J. C. V. 2005. Prinsip-prinsip Manajemen Keuangan. Jakarta: Salemba Empat.

Husnan, S. 2007. Manajemen Keuangan Teori dan Penerapan (Keputusan Jangka Panjang). Yogyakarta: BPFE.

Indonesian Capital Market Directory (ICMD). 2009.

Khajar, I. 2010. Pengaruh Right Issue Terhadap Kinerja Keuangan Perusahaan. Jurnal Dinamika Manajemen. Vol. 1, No. 1, pp: 27-33.

Ming, T. C & Gee, C. S. 2008. The Influence of Ownership Structure on Corporate Performance of Malaysian Public Listed Companies. ASEAN Economic Bulletin. Vol. 25, No. 2, pp: 195-208.

Nazir, M. S & Afza, T. 2009. Impact of Aggresive Working Capital Management Policy on Firms’ Profitability. The IUP Jornal of Applied Finance. Vol. 15, No. 8, pp : 20-30.

Nugraeni, S. 2005. Analisis Pengaruh Efisiensi Modal Kerja, Likuiditas, dan Solvabilitas Terhadap Profitabilitas Pada Perusahaan Property And Real Estate Yang Go Publik di Bursa Efek Jakarta. Semarang: UNNES PRESS.

Raheman, A., Afza, T., Qayyum, A & Bodla, M. A. 2009. Working Capital Management and Corporate Performance of Manufacturing Sector in Pakistan. International Research Journal of Finance and Economics. Issue 47, pp: 151-163.

Riyanto, B. 2008. Dasar-dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.

Singh, J. P & Pandey, S. 2008. Impact of Working Capital Management in The Profitability of Hindalco Industries limited. The UIP University Journal of Financial Economics. Vol. 6, issue 4, pp: 62-72.

Wild, J. J. 2005. Financial Statement Analisis. Jakarta: Salemba Empat.

View Counter: Abstract - 24729 and PDF - 21482

Refbacks

  • There are currently no refbacks.


Bookmark and Share