Analisis pengaruh modal kerja terhadap profitabilitas perusahaan perkebunan kelapa sawit: kasus 6 perusahaan di bei

Prafitri, Tania (2016) Analisis pengaruh modal kerja terhadap profitabilitas perusahaan perkebunan kelapa sawit: kasus 6 perusahaan di bei. Masters thesis, Institut Pertanian Bogor.

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Abstract

Decisions relating to working capital involves managing the relationship between the assets and liabilities are short-term to ensure the company is able to continue its operations, and has sufficient cash flow to satisfy both maturing short-term debt and operating costs that will come at a minimal cost, improve profitability company. The purpose of this paper is to examine the relationship between working capital management and profitability of the company. Working capital is considered as an important issue in financial management and has an effect on liquidity as well as on the company's profitability. In addition, the optimal working capital management made a great contribution in the achievement of corporate goals. In this study, the authors have selected a sample of six oil palm plantation companies in Indonesia Stock Exchange in the period 2009-2015. Profitability as the dependent variable is measured by the return on investment (ROI). Cash conversion cycle (CCC), current ratio (CR), financial debt ratio (FDR), and fixed financial assets ratio (FFAR) is an independent variables. The analysis model is a regression model using Fixed Effect Model panel. The results showed that there was a negative relationship between the variables of working capital and the profitability of the company. Profitability will be increased when the cash conversion cycle time is reduced. This is because the company has the cash conversion cycle time shorter able to collect the necessary cash for daily operations of the company. Current Ratio (CR) is one of the liquidity ratio, ie the ratio intended to measure the ability of a company to meet its short term obligations. Current ratio positive effect on the profitability of the company. The higher the CR of a company means less risk of failure of the company to meet its short term obligations. FDR hike will reduce the ROI of the ceteris paribus assumption. This is because more and more use of debt will reduce profitability. It can be concluded, most likely the companies of oil palm plantations in this study had an obligation or debt that is quite large. The results of this study also found that fixed financial assets positive effect on profitability. The increase in fixed asset component in the total assets of the company, it will increase profitability. Fixed assets contemplated in the plantation company consists of plantation crops produce, plantation crops immature, fixed assets, and other assets. The results of the panel regression analysis on a model in the study showed independent variables consisting of CCC, CR, FDR, and FFAR simultaneously significant effect on ROI. The more efficient management of working capital, as measured by the Cash Conversion Cycle (CCC) the higher the company's performance, whether measured by performance accounting (ROI).

Item Type: Thesis (Masters)
Additional Information: 20(E48)Pra a
Uncontrolled Keywords: Tubagus Nur Ahmadmodal kerja, profitabilitas, rasio aktiva tetap, rasio hutang, rasio lancar, siklus konversi kas, OLS, Regresi. cash conversion cycle, current ratio, financial debt ratio, fixed financial asset ratio, profitability, working capital.
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 03 Apr 2017 05:24
Last Modified: 23 Oct 2019 04:15
URI: http://repository.sb.ipb.ac.id/id/eprint/2888

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