PENGELOLAAN MODAL KERJA PADA USAHA KECIL DAN MENENGAH DI INDONESIA
Abstract
PENGELOLAAN MODAL KERJA
PADA USAHA KECIL DAN MENENGAH DI INDONESIA
Tujuan dari penelitian ini adalah untuk memprediksi tingkat modal kerja perusahaan UKM dalam menghasilkan laba. Desain penelitian ini berlaku pada perusahaan banyak UKM yang tergabung dalam PEFINDO 25 dan tercatat di Bursa Efek Indonesia yang telah terdaftar 2009-2013. Analisis data menggunakan metode pengukuran purposive sampling. Penelitian ini menggunakan metode regresi data panel untuk melihat kontribusi setiap variabel. Hasil penelitian menunjukkan bahwa ada tiga variabel memiliki dampak yang signifikan terhadap ROA yaitu: periode perputaran persediaan, periode pengumpulan piutang, siklus konversi kas memiliki dampak negatif dan signifikan terhadap profitabilitas, sedangkan periode penangguhan hutang tidak memiliki pengaruh besar dalam mencapai keuntungan dalam perusahaan UKM yang terdaftar di index PEFINDO. Kontribusi studi ini bagi manajemen perusahaan harus mampu mengelola modal kerja secara efektif dan efisien untuk menghasilkan keuntungan yang tinggi.
Kata Kunci : return on assets (ROA), inventory holding period, account receivables period, account payables period, cash conversion cycle.
Abstract
The objective of this research is to predict level of working capital the SME‘s company is in generating profit. The design of this research applies on many SME‘s company which joined in PEFINDO 25 and listed on the Indonesian Stock Exchange which have been listed from 2009 to 2013. Data analysis applied measuring method on purposive sampling. This study uses panel data regression method to see the contribution of each variable. The results of research indicated that there are three variables have a significant impact on ROA that are the inventory holding period, accounts receivables period, cash conversion cycle has a negative and significant impact on profitability, while accounts payable period does not have a major influence in achieving gains in SME companies listed in PEFINDO. Implications for the management of the company‘s must be able to manage its working capital effectively and efficiently to produce high profits.
Keywords : return on assets (ROA), inventory holding period, account receivables period, account payables period, cash conversion cycle.
Full Text:
PDFReferences
Affef M. 2011. ―Analyzing the Impact of Working Capital Management on the Profitability of SME‘s in Pakistan‖, International Journal of Business and Social Science , Vol.2, No.22,173-183.
Akoto RK., Vitor, DA, Angmor PL. 2013. ―Working Capital Management and Profitability: Evidence from Ghanaian Listed Manufacturing firms‖, Journal of Economics and International Finance, Vol.5 (9). 373-379.
Azzam M, Haider SI..2011.. Impact of Working Capital Approaches and Firm‘s Retuns. Pakistan Journal of Commerce and Social Sciences, Vol. 1, No.1, 25-36.
Dendawijaya L. 2009, Manajemen Perbankan, Bogor : Ghalia Indonesia.
Gitman, LJ, Zutl. 2015. Principle of Managerial Finance. 14th Edition. Boston Pearson Education Inc.
Margaretha F. 2014. Dasar-dasar Manajemen Keuangan, Penerbit Dian Rakyat, Jakarta.
Margaretha F 2011. Manajemen Keuangan untuk Manajer Non Keuangan, Penerbit Erlangga, Jakarta.
Naser K, Nuseibeh R, Al-Hadeya A. 2013. Factors Influencing Corporate : Evidence from an Emerging Economy. Journal of Contemporary Issues in Business Research, Vol. 2, No. 1, pp.11 – 30.
Nisfiannoor. M. 2013. Pendekatan Statistika Modern, Penerbit Universitas Trisakti, Jakarta.
Nobane H, M. Al-Hajjar. 2009. Working Capital Management, Operating Cash Flow and Corporate Performance, Vol.12, No.2-11. Electronic copy available at: http://ssrn.com
Raheman A, Talat. AQA, Mohmood AB. 2010, ―Working Capital Management and Corporate Performance of Manufacturing Sector in Pakistan‖, International Research Journal of Finance and Economics, Issue-47.
Saghir A, Hashmi FM, Hussain MN. 2011. ―Working Capital Management and Profitability : Evidence from Pakistan Firms‖, Interdisciplinary Journal of Contemporary Research in Business, Vol.3, No.8, 1092 – 1105.
Sartono RA. 2010. Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPEF
Siregar S. 2013. Metode Penelitian Kuantitatif, Penerbit Kencana, Jakarta.
Sutrisno. 2009. Manajemen keuangan ―Teori, Konsep dan Aplikasi‖. Yogyakarta: Ekonisia.
Tauringana V, Afrifa, Godfred A. 2013. ‖The Relative Importance of Working Capital Management and Its Components to SME‘s Profitability‖. Journal of Small Business and Enterprise Development, Vol.20, No.3, pp.453 – 469.
Tehran Stock Exchange, The Business Review Cambridge, Vol.17, No.2, 243-247
Refbacks
- There are currently no refbacks.
Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM) Universitas Trilogi
Jurnal Kesejahteraan Sosial licensed under a Creative Commons Attribution 4.0 International License.