Setiyono , Rachmat (2000) PENGARUH LIKUIDITAS, LEVERAGE, MANAJEMEN MODAL KERJA TERHADAP PROFITABILITAS PERUSAHAAN TEKSTIL YANG GO PUBLIC DI BEJ. Masters thesis, PROGRAM PASCASARJANA UNIVERSITAS DIPONEGORO .
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Abstract
ABSTRAK Perusahaan akan dihadapkan pada keputusan yang mengakibatkan adanya pertukaran (trade off) antara faktor likuiditas dan profitabilitas dalam kaitannya dengan kebijaksanaan modal kerja yang efisien. Pihak manajemen perusahaan juga dihadapkan pada perimbangan atau perbandingan optimal antara kedua unsur sumber modal kerjanya, terutama unsur hutang, yang besarnya akan menentukan tingkat leverage perusahaan. Atas dasar alasan itu, penelitian ini bertujuan untuk mengkaji pengaruh likuiditas, leverage serta efisiensi modal kerja terhadap kemampuan perusahaan dalam mendapatkan laba. Hipotesis penelitian menyatakan, (1) ada pengaruh yang signifikan efisiensi modal kerja, leverage dan likuiditas terhadap profitabilitas perusahaan dan (2) ada hubungan yang signifikan antara efisiensi modal kerja, leverage, likuiditas dan profitabilitas perusahaan. Populasi diambil dari perusahaan publik industri tekstil yang mempublikasikan laporan keuangan per 31 Desember 1998, terdiri dari 19 perusahaan. Teknik analisis yang digunakan untuk menguji hipotesis pertama adalah uji regresi bail secara parsial maupun simultan. Sedangkan teknik uji hipotesis kedua digunakan uji korelasi product moment. Hasil penelitian membuktikan bahwa ternyata secara parsial hanya variabel leverage yang mempunyai pengaruh signifikan secara statistik. Parameter variabel current ratio dan working capital turnover tidak signifikan. Hal ini menunjukkan bahwa perubahan tingkat profitabilitas perusahaan publik textile di Indonesia selama periode penelitian tidak dipengaruhi oleh tingkat likuiditas dan efisiensi modal kerja perusahaan tersebut. Dari hasil analisis korelasi ditemukan juga bahwa hanya variabel leverage yang signifikan berhubungan negatif (r = - 0,824) dengan tingkat profitabilitas. Dari hasil penelitian ini, dapat diberikan saran bagi perusahaan agar selalu trade off antara likuiditas dan profitabilitas serta perusahaan hams mampu menumbuhkan kembali kepercayaan masyarakat pada perusahaan publik, agar sumber modal dari saham semakin meningkat. ABSTRACT Company will be faced by the decision that cause trade off between liquidity and profitability factors in connecting with the policy of work capital efficiently. Company management is also faced by the proportion or then comparison between two sources of work capital, especially debt element. The amount of it will dominate the level of company leverage. Based on this reason, this research has the aim to examine the influence of liquidity, leverage and the efficiency of working capital toward the company ability in getting profit. The hyphotesis of the research are as follow : (1) the efficiency of working capital significantly be influenced toward company profitability; (2) the efficiency of working capital, leverage, liquidity and company profitability be connected significantly. Population is taken from public company of textile industry in which published financial statement in December 31st, 1998 that consist of 19 companies. It used regression test to examine the first hyphotesis both partially or simultaneous. However, the second technique of hyphotesis test was correlation product moment test. The research shows that on the other hand, partially variable leverage has signicantly, influence, statistically. Parameter varable current ratio and working capital are not significan shows that the alternation of profitability level of textile public company in Indonesia was not influenced by the liquidity and efficiency of the companies working capital. From the correlation analysis was found that leverage variable significantly has negative correlation (r = -0,824) with the profitability level. Based on the research, it could be given a suggesion to the company in order to trade off between liquidity and profitability besides the company should be able to raise the sociaty confidence. Back to the public company so that the capital resource of stock more and more increase.
Item Type: | Thesis (Masters) |
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Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting |
ID Code: | 9877 |
Deposited By: | Ms upt perpus3 |
Deposited On: | 03 May 2010 23:44 |
Last Modified: | 03 May 2010 23:44 |
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