ANALISIS PENGARUH MANAJEMEN MODAL KERJA TERHADAP PROFITABILITAS PERUSAHAAN (Studi Pada Perusahaan Manufaktur PMA dan PMDN Yang Terdaftar di BEI periode 2004-2008)

Abstract

Manufacturing companies profitability in indonesia were affected by financial factors which can be measured from financial ratio. The aim of this research is to analyze the influence of working capital turnover, cash turnover, inventory turnover, receivable turnover and company status to return on investment (ROI) of manufacturing company. The population of this reseacrh is PMA and PMDN manufacturing companies which listed in BEI from2004 to 2008. Purposive sampling method were used as samples determining method and 39 companies selected as the sample of the reseacrh. The analysis method is multiple regression with dummy variabel. The result of the reseacrh using t test that cash turnover and company status have positive significant influence to return on investment, while working capital turnover have negative significant influence to return on investment. Inventory turnover have no significant influence to return on investment. The result of the research simultantly using F test, shows that all of the five independent variables influence significant to return on investment. The coefficient determinant (R2) is 0.218 which means 21,8 % ROI variation explained by five independent variables, whereas 78,2% explained by another variables which is not followed.