Pengaruh Working Capital Terhadap Firm Value di Indonesia

Abstract

This study aims to examine the influence of working capital on firm value by considering financial constraints as the moderation variable. This study has done by using annual report of non-financial company that listed in Indonesia Stock Exchange period 2011-2015 as the sample. Working capital is proxied by Net operating Working Capital (NWC). Firm value is proxied by total market value. Financial constraint is proxied by size. Samples were taken by using purposive sampling technique. The analysis technique used in this research is simple regression analysis. The results showed that working capital affect firm value significantly and financial constraints strengthen the affect of working capital on firm value. The results of the study are expected to add the research literature about the influence of working capital on firm value and the influence of financial constraints on that relationship.