Pengaruh modal kerja dan makroekonomi terhadap profitabilitas dan likuiditas pada industri properti

Rizki, Achmad (2017) Pengaruh modal kerja dan makroekonomi terhadap profitabilitas dan likuiditas pada industri properti. Masters thesis, Institut Pertanian Bogor.

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Abstract

Working capital is important for business operations. Property industry has a bigger cash conversion cycle and net working capital needed per rupiah of sales than another industry (SSKI Bank Indonesia 2015; and financial report). Profitability trend in property industry and GDP growth was decreased at 2013 until 2015, it was a problem for management and investor in property industry. Therefore it is important for manager or CFO to manage a working capital efficiently to increase profitability but still maintain liquidity steady. The purpose of the present study is to investigate the impact of working capital management and macroeconomics indicator on profitability and liquidity of public listed propety industry in Indonesia. The firm’s profitability is measured by ROA and ROE, while the firm’s liquidity measured by CR and QR. Working capital components include CCC, CATAR, and CLTAR with control variables which include of SIZE, SLGR,and DER. While macroeconomics indicator include GDP growth, interest rate, and inflation. This study used data from quarter financial report of 19 property firms listed in Indonesia Stock Exchange over the periode 2011-2015 quaterly,while GDP, inflation, and interest rate from Statistic Indonesia and Bank of Indonesia. The data was analyzed using panel data regression analysis. The result showed that Cash Conversion Cycle (CCC) has negative relationship with Return on Assets (ROA), Return on Equity (ROE), and Quick Ratio (QR). While CCC is positive relationship with Current Ratio (CR). These study find there is a trade off in working capital policy between profitability and liquidity. Furthermore the result showed when GDP growth increase property firms performance would increase. Strict monetary policy would decrease firm's profitability in property industry. Inflation have positive relationship on profitability and negative relationship on liquidity. Furthermore firm size, sales growth, and capital structure have significant effect on the profitability and liquidity. As a result of this reasearch, these study recommends management to accelerating the cash conversion cycle to improve firm performance. Manager can decrease cash conversion cycle by accelerating days inventory outstanding and days sales outstanding and extend days payable outstanding. Manager should use more aggresive working capital policy to improve profitability but still maintain their liquidity. Manager must look macroeconomic condition to make business strategic. Investor can choose firm that have a fast cash conversion cycle and aggressive in working capital policy but still have a good liquidity. Furthermore investor must look macroeconomic condition to make investment decision.

Item Type: Thesis (Masters)
Uncontrolled Keywords: likuiditas, makroekonomi , modal kerja, profitabilitas. liquidity, macroeconomic, profitability, working capital.
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 07 Feb 2018 09:21
Last Modified: 07 Feb 2018 09:21
URI: http://repository.sb.ipb.ac.id/id/eprint/2925

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