MANAJEMEN MODAL KERJA, CORPORATE GOVERNANCE DAN PROFITABILITAS: STUDI EMPIRIS PADA PERUSAHAAN FOOD AND BAVERAGES DI INDONESIA

Zulfa Devina Rahman, Hafizh Zafran, Bambang Eko Samiono

Abstract


Penelitian ini bertujuan untuk menganalisis pengaruh manajemen modal kerja dan corporate governance terhadap profitabilitas perusahaan pada sektor makanan dan minuman yang terdaftar pada Bursa Efek Indonesia. Manajamen modal kerja diukur menggunakan proksi Days Sales Outstanding (DSO), Days Inventory Outstanding (DIO), Days Payable Outstanding (DPO) dan Cash Conversion Cycle (CCC). Lebih lanjut, variabel corporate governance diukur menggunakan proksi CEO Tenure dan variabel profitabilitas diukur dengan proksi Return on Asset (ROA). Penelitian ini menggunakan metode analisis kuantitatif dan menggunakan data sekunder yang berasal dari laporan keuangan dan laporan tahunan perusahaan makanan dan minuman dari tahun 2020 sampai tahun 2021. Pemilihan sampel penelitian menggunakan teknik purposive sampling dan diperoleh 34 sampel penelitian. Hasil penelitian menunjukkan bahwa manajemen modal kerja yang diukur dengan DSO, DIO, DPO dan CCC memiliki pengaruh signifikan terhadap profitabilitas perusahaan sektor makanan dan minuman. Akan tetapi, CEO tenure yang merupakan proxy dari corporate governance, menunjukkan hasil yang tidak signifikan. Hasil penelitian ini mengimpilkasikan bahwa para manajer keuangan perusahaan harus lebih fokus pada kebijakan kredit, persediaan dan pembayaran hutang perusahaan. 


Full Text:

PDF

References


Aldubhani, M. A. Q., Wang, J., Gong, T., & Maudhah, R. A. (2022). Impact of working

capital management on profitability: evidence from listed companies in Qatar. Journal

of Money and Business, 2(1), 70–81. https://doi.org/10.1108/jmb-08-2021-0032

Alvarez, T., Sensini, L., & Vazquez, M. (2021). Working Capital Management and

Profitability: Evidence from an Emergent Economy. In International Journal of

Advances in Management and Economics. www.managementjournal.info

Arnaldi, A., Nowak, B., Zhang, W., Novak, B., & Roscigno, R. (2021). Working Capital

Management and Profitability: Empirical Evidence. In Article in Journal of Business

Management and Economic Research. www.ijbmer.com

Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital

management, corporate performance, and financial constraints. Journal of Business

Research, 67(3), 332–338.

https://doi.org/https://doi.org/10.1016/j.jbusres.2013.01.016

Charitou, M. (2012). The Relationship Between Working Capital Management And Firm’s

Profitability: An Empirical Investigation For An Emerging Asian Country. In

International Business & Economics Research Journal-August (Vol. 11, Issue 8).

http://www.cluteinstitute.com/

Ghardallou, W., Borgi, H., & Alkhalifah, H. (2020). CEO Characteristics and Firm

Performance: A Study of Saudi Arabia Listed Firms*. Journal of Asian Finance,

Economics and Business, 7(11), 291–301.

https://doi.org/10.13106/jafeb.2020.vol7.no11.291

Gill, A., & Shah, C. (2011). Determinants of Corporate Cash Holdings: Evidence from

Canada. International Journal of Economics and Finance, 4(1).

https://doi.org/10.5539/ijef.v4n1p70

Gołaś, Z. (2020). Impact of working capital management on business profitability: Evidence

from the polish dairy industr. Agricultural Economics (Czech Republic), 66(6), 278–

https://doi.org/10.17221/335/2019-AGRICECON

Jensen, M. C., & Meckling, W. H. (1976). THEORY OF THE FIRM: MANAGERIAL

BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE. In Journal of

Financial Economics (Vol. 3). Q North-Holland Publishing Company.

Kemenperin.go.id (2023, November 22). Media Industri: Industrialisasi Menuju Kehidupan

yang Lebih Baik. www.kemenperin.go.id/majalah

Kusumasari, L. (2018). Functions, Age, Education, Tenure of CEO, and Employee

Commitment Toward Firm Performance. KnE Social Sciences, 3(10).

https://doi.org/10.18502/kss.v3i10.3361

Manajemen Modal Kerja, Corporate Governance Dan Profitabilitas: Studi Empiris

Pada Perusahaan Food And Beverages Di Indonesia

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. In International Journal of Accounting and Taxation

(Vol. 1, Issue 1). www.aripd.org/ijat

Nguyen, A. H., Pham, H. T., & Nguyen, H. T. (2020). Impact of working capital

management on firm’s profitability: Empirical evidence from Vietnam. Journal of

Asian Finance, Economics and Business, 7(3), 115–125.

https://doi.org/10.13106/jafeb.2020.vol7.no3.115

Richard A. Brealey, Stewart C. Myers, & Franklin Allen. (2011). Principles of Corporate

Finance (Tenth Edition). McGraw-Hill .

Richards, V. D., & Laughlin, E. J. (1980). A Cash Conversion Cycle Approach to Liquidity

Analysis. Financial Management, 9(1), 32–38. https://doi.org/10.2307/3665310

Shalihiah, A. N. (2020). Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas (Studi

Pada Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia).

Singhania, M., Sharma, N., & Yagnesh Rohit, J. (2014). Working capital management and

profitability: evidence from Indian manufacturing companies. DECISION, 41(3), 313–

https://doi.org/10.1007/s40622-014-0043-3

Tsagem, M. M., Aripin, N., & Ishak, R. (2015). Impact of Working Capital Management,

Ownership Structure and Board Size on the Profitability of Small and Medium-sized

Entities in Nigeria. International Journal of Economics and Financial Issues, 5(1S),

–83. https://www.econjournals.com/index.php/ijefi/article/view/1346


Refbacks

  • There are currently no refbacks.


Visitors

View My Stats