Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Dan Bursa Efek Singapura

Abstract

Working capital management is the management of the elements of current assets and current liabilities elements. The purpose of working capital management is to manage current assets and current liabilities in order to obtain proper net working capital and guarantees the liquidity of the company. The objective of this research is to investigate the influence of working capital management which proxies by the current ratio, fixed asset turnover, cash turnover, and the cash conversion cycle of the return on assets. The data used are the secondary data from the financial statements of manufacturing companies in Indonesia and Singapore. This research was conducted on 132 manufacturing companies listed on the Indonesia Stock Exchange and 39 manufacturing companies listed on the Singapore Stock Exchange. The sample collection techniques used purposive sampling method. Data analysis used simple linear regression and tested by t-test, and coefficient determination test with level of significance 5%. The results of research in Indonesia are the current ratio and fixed asset turnover still remains significant positive effects on profitability, and significant negative effects on cash turnover, and cash conversion cycle had no significant effects on profitability. In contrast to the results of research in Singapore, that the current ratio and the cash turnover had no significant effect, fixed asset turnover still has significant negative effects, and cash conversion cycle had significant positive effects on profitability.