PENGARUH PERPUTARAN PIUTANG, PERPUTARAN PERSEDIAAN, PERPUTARAN UTANG DAN SIKLUS KONVERSI KAS TERHADAP PROFITABILITAS
DOI:
https://doi.org/10.55681/jige.v4i4.1318Keywords:
Modal Kerja, Perputaran Persediaan, Perputaran Piutang, Perputaran Utang, Profitabilitas, Siklus Konversi KasAbstract
This study aims to identify the effect of working capital components such as accounts receivable turnover, inventory turnover, debt turnover, and the cash conversion cycle on profitability. The research data uses financial reports for food and beverage sector companies listed on the Indonesia Stock Exchange (IDX) for the 2017-2021 period. The statistical tool used is Stata with secondary data types. The result of this research indicates that inventory turnover and the cash conversion cycle has a negative effect on profitability, while debt turnover has a positive effect on profitability and accounts receivable turnover has no effect on profitability. The board of management needs to manage working capital efficiently to maintain the company’s sustainability.
Downloads
References
Agustiningsih, W., & Septiani, N. D. (2022). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan. https://doi.org/10.32670/fairvalue.v5i3.2465
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 Working Capital Management and Profitability : Evidence from an Emergent Economy. International Journal of Advances in Management and Economics, 11(1), 32–39.
Amidu, M., Coffie, W., & Acquah, P. (2019). Transfer pricing, earnings management and tax avoidance of firms in Ghana". Journal of Financial Crime, 26(1), 235–259. https://doi.org/10.1108/JFC-10-2017-0091
Ardiansah, T., & Wahyudi, I. (2022). pengaruh manajemen modal kerja terhadap profitabilitas perusahaan. Jurnal Riset Ilmu Akuntansi, 1(3), 1–14.
Ares, L. R., Fernandez Lopez, S., & Pazos, D. R. (2021). Impact of working capital management on profitability for Spanish fish canning companies. Marine Policy, 130(1), 1–10. https://doi.org/10.1016/j.marpol.2021.104583
Arnaldi, A., Novak, B., Roscigno, R., & Zhang, W. (2021). Working Capital Management and Profitability : Empirical Evidence. International Journal of Business Management and Economic Research(IJBMER), 12(2), 1911–1917.
Bhattacharya, H. (2014). Working Capital Management: Strategies and Techniques. PHI Learning Pvt.
Boisjoly, R. P., Conine, T. E., & McDonald, M. B. (2020). Working capital management: Financial and valuation impacts. Journal of Business Research. https://doi.org/10.1016/j.jbusres.2019.09.025
Brigham, E. F., & Houston, J. F. (2009). Fundamentals of Financial Management. Concise Edition : Cengage Learning.
Chowdhury, A. Y., Alam, M. Z., Sultana, S., & Hamid, K. (2018). Impact of Working Capital Management on Profitability: A Case Study on Pharmaceutical Companies of Bangladesh. Journal of Economics, Business and Management, 6(1), 27–35. https://doi.org/10.18178/joebm.2018.6.1.546
Dissanayake. (2019). Working Capital Management And Firm Performance: Evidence From Food And Beverage Sector Of Colombo Stock Exchange.
Ehrhardt, M. C., & Brigham, E. F. (2011). Financial Management: Theory and Practice-3rd. South Western : Cengage Learning.
Ernawati, S., Chandrarin, G., & Respati, H. (2019). Analysis of the Effect of Profitability, Company Size and Leverage on Tax Avoidance (Study on Go Public Companies in Indonesia). International Journal of Advances in Scientific Research and Engineering (Ijasre), 5(10), 74–80. https://doi.org/10.31695/IJASRE.2019.33547
Fitri, R. A., & Munandar, A. (2018). The Effect of Corporate Social Responsibility , Profitability , and Leverage toward Tax Aggressiveness with Size of Company as Moderating Variable. Binus Business Review, 9(1), 63–69. https://doi.org/10.21512/bbr.v9i1.3672
Golas, Z. (2020). Impact of working capital management on business profitability : Evidence from the Polish dairy industry. Agricultural Economics (Zemědělská Ekonomika), 66(6), 278–285. https://doi.org/10.17221/335/2019-AGRICECON
Hakan, O., & Sebnem, Y. (2023). Working capital management in the food and beverage industry : Evidence from listed European companies. Agricultural Economics (Zemědělská Ekonomika), 69(2), 78–88. https://doi.org/10.17221/383/2022-AGRICECON
Hanneke, Mocking, Geugies, R. J. T., Figueroa, C. A., Groot, P. F. C., Marsman, J. B. C., Servaas, M. N., Steele, J. D., Schene, A. H., & Ruhé, H. G. (1968). Basic Financial Management: Text, Problems, and Cases. Brain, 142(8), 2510–2522. https://doi.org/10.1093/brain/awz167
Herison, R., Sahabuddin2, R., Azis3, M., & Azis4, F. (2020). The Effect of Working Capital Turnover, Accounts Receivable Turnover and Inventory Turnover on Profitability Levels on the Indonesia Stock Exchange 2015-2019. Journal of Psychology and Education.
Hermanto, H., & Puspita, I. (2022). Pengaruh perputaran persediaan, Capital Intensity, dan Leverage terhadap Tax Avoidance dengan ukuran perusahaan sebagai variabel moderasi. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan. https://doi.org/10.32670/fairvalue.v5i2.2121
Hoang, B. A. and T. H. Van, Lahiani, A., & Michel, L. (2021). Working capital management and profitability of wine firms in France: an empirical analysis. Int. J. Entrepreneurship and Small Business, 4(3), 368–396. https://doi.org/10.1504/IJESB.2020.10032621
Hogerle, B., Charifzadeh, M., & Ferencz, M. (2020). The development of working capital management and its impact on profitability and shareholder value : evidence from Germany. Strategic Management, 25(2), 27–39. https://doi.org/10.5937/StraMan2002027H
Indriyanto, E., & Rosmalia, D. D. (2022). The Influence of Company Size and Profitability on Audit Delay with Public Accounting Firm ’ s Reputation as a Moderating Variable ( Empirical Study on Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange 20. International Journal of Multidisciplinary Research and Analysis, 05(10), 2579–2589. https://doi.org/10.47191/ijmra/v5-i10-03
Jensen, M. C., & Meckling, W. H. (1976). theory of the firm : managerial behavior , agency costs and ownership structure. Journal of Financial Economics, 3(1), 305–360.
Kemenkeu. (2022). Kondisi Industri Pengolahan Makanan dan Minuman di Indonesia. kemenkeu.go.id
Kemenperin. (2022). Ekspor Industri Makanan dan Minuman Raup USD21,3 Miliar. kemenperin.go.id
Kurniawan, A., Bisri, B., & Putra, D. B. (2021). effect of profitability and working capital on company value on food and beverage companies on the indonesia stock exchange in 2015-2019. Journal of Industrial Engineering & Management Research.
Kwatiah, K., & Asiamah, M. (2020). Working capital management and profitability of listed manufacturing firms in Ghana. International Journal of Productivity and Performance Management, 1(1), 1–21. https://doi.org/10.1108/IJPPM-02-2020-0043
Lea, H. D., Ha, N. V., & Huy, D. T. N. (2021). Impact of Working Capital Management on Business Performance : Case Study of Listed Companies in the Food and Beverage Industry in Vietnam. Turkish Journal of Computer and Mathematics Education, 12(11), 5697–5706.
Linawati, N., Moeljadi, Djumahir, & Aisjah, S. (2022). The effect of profitability and bank size on firm value sustainability : The mediating role of capital structure. Investment Management and Financial Innovations, 19(2), 331–343. https://doi.org/10.21511/imfi.19(2).2022.29
Linh, N. T. P., & Mohanlingam, S. (2018). The effects of cash conversion cycle on profitability: An insight into the agriculture and food industries in Thailand. Asian Journal of Business and Accounting. https://doi.org/10.22452/ajba.vol11no1.4
Mian, S. L., & Smith, C. W. (1992). Accounts Receivable Management Policy : Theory and Evidence. The Journal of Finance, 47(1), 169–200.
Musa, S. J., Success, B. E., & Ibrahim, K. M. (2022). moderating role of board expertise on the effect of working capital management on profitability of food and beverages companies quoted in nigeria. Journal of Positive School Psychology, 6(6), 10373–10385.
Nastiti, P. K. Y., Atahau, A. D. R., & Supramono, S. (2019). working capital management and its influence on profitability and sustainable growth. Verslas: Teorija Ir Praktika / Business: Theory and Practice, 20(1), 61–68.
Nguyen, A. H., Pham, H. T., & Nguyen, H. T. (2020). Impact of Working Ca pital 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
Olaoye, F. O., Adekanbi, J. A., & Oluwadare, O. E. (2019). Working Capital Management and Firms ’ Profitability : Evidence from Quoted Firms on the Nigerian Stock Exchange. Intelligent Information Management, 11(1), 43–60. https://doi.org/10.4236/iim.2019.113005
Osazevbaru, H. O., Aruoren, E. E., & Postgraduate, P. O. (2021). measuring the effect of working capital management on firms ’ profitability : evidence from quoted nigerian companies. International Journal of Management (IJM), 12(3), 736–743. https://doi.org/10.34218/IJM.12.3.2021.071
orter, M. E. (1980). Industry Structure and Competitive Strategy: Keys to Profitability. Financial Analysts Journal. https://doi.org/10.2469/faj.v36.n4.30
Rajan, R. G., & Zingales, L. (2001). the firm as a dedicated hierarchy : a theory of the origins and growth of firms. Quaterly Journal of Economics, 1(1), 1–63. https://doi.org/10.1162/00335530152466241
Richards, V. D., & Laughlin, E. J. (1980). A Cash Conversion Cycle Approach to Liquidity Analysis. Financial Management. https://doi.org/10.2307/3665310
Sensini, L., & Vazquez, M. (2021). Effects of Working Capital Management on SME Profitability: Evidence from an Emerging Economy Luca. International Journal of Business and Management, 16(4), 85–95. https://doi.org/10.5539/ijbm.v16n4p85
Smith, keith V. (1973). State Of The Art Of Working Capital Management. Financial Management Vol 2, No 3 (Autu, pp 50-55.
Spence, M. (1973). Job Market Signaling Author ( s ): Michael Spence Published by : Oxford University Press Stable URL : https://www.jstor.org/stable/1882010. The Quarterly Journal of Economics, 87(3), 355–374.
Syahzuni, B. A., & Jimmy, J. (2022). Pengaruh modal kerja, perputaran aktiva, dan leverage terhadap profitabilitas. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan. https://doi.org/10.32670/fairvalue.v5i3.2131
Toy, A., Kapusuzoglu, A., & Ceylan, N. B. (2022). The Effect Of Working Capital Management On The Performance Of The Textile Firms : Evidence From Fragile Five Countries (FFCs). Journal of Research in Economics, Politics & Finance, 7(4), 814–838.
Vijayalakshmi, S., & Deepika, M. A. (2021). Relationship between Working capital and Profitability of Food and Beverage Product Industry. International Research Journal on Advanced Science Hub. https://doi.org/10.47392/irjash.2021.183
Weygandt, Donald, J., Terry, K., & Warfield. (1987). Inventories: Additional Valuation Issues.
Yin, you chooi; (2021). The Effect of Working Capital Management On Profitability: Evidence From Malaysian Construction Firms. Accounting, 5.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 JURNAL ILMIAH GLOBAL EDUCATION
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
