The Factors that Affect the Working Capital Policy of Manufacturing Companies that Go Public in Indonesia

Samsuddin Muhammad

Abstract


This study was to determine and analyze the factors that affect Working Capital Policy on Manufacturing Companies Go Public in Indonesia and also to determine the most dominant factor affecting Working Capital Policy. The population of research is Manufacturing Companies listed in Indonesia stock Exchange year 2018-2020. Sample selection is done by the company that the criteria contained in The Compass 2018-2020 and from 156 Companies Manufacturing Go Public in Indonesia obtained a sample of the company amounted to 22 companies with 3 years of observation, so that the number of observations is 66. The Data used is secondary data. Source of data derived from the site www.idx.co.id. The method of collecting data is through the method of documentation and literature study method. Methods of data analysis is using multiple linear regression after fulfilling the terms of the classical assumption test. The results showed that the partial profit margin significantly affect the cash as a component of Working Capital Policy, while tangibility, sale growths, cash flow volatility, and real gdp growth has no significant effect on cash, inventory, receivables as a component of Working Capital Policy. Simultaneously tangibility, profit margin, sale growth, cash flow volatility, and real gdp growth significantly influence the cash as a component of Working Capital Policy. 


Keywords


the policy of working capital; cash management; policy of manufacturing

Full Text:

PDF

References


Capital Structure and the Use of Debt of Different Maturities. Journal of Corporate Finance, 38 (C), 18-36.

Chen, C., & Kieschnick, R. (2018). Bank Credit and Corporate Working Capital Management. Journal of Corporate Finance, 48 (C), 579-596.

Deitiana, T. (2011). Manajemen Operasional Strategi dan Analisa (Service dan Manufactur). Jakarta: Mitra Wacana Media.

Fahmi, I. (2012). Pengantar Manajemen Keuangan: Teori dan Soal Jawab.Jakarta: Alfabeta.

Frastuti, Melia dan Saleh Sitompul. 2020. Reformasi Sistem Administrasi Pemerintahan, Penakhlukkan Di Darat Dan Dilautan Pada Era Bani Umayyah. Shar-E: Jurnal Kajian Ekonomi Hukum Syariah. Vol. 6 No. 2 Juli 2020, Hal. 119-127.

Halim, A. (2015). Manajemen Keuangan Bisnis Konsep dan Aplikasi. Jakarta: Mitra Wacana Media.

Hanafi, M. M. (2015). Manajemen Keuangan. Yogyakarta: BPFE Yogyakarta. Keefe, M. O., & Yaghoubi, M. (2016). The Influence of Cash Flow Volatility on

Ichsan, R. N., Suparmin, S., Yusuf, M., Ismal, R., & Sitompul, S. (2021). Determinant of Sharia Bank's Financial Performance during the Covid-19 Pandemic. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(1), 298-309.

Liahmad, Kartika Rusnidita, Yuni Putri Utami, Saleh Sitompul.2021. Financial Factors and Non-Financial to Financial Distress Insurance Companies That Listed in Indonesia Stock Exchange. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(1), 1305-1312.

Memon, A. Z., Chen, Y., Tauni, Z. M., &Ali, H. (2018). The Impact of Cash Flow Volatility on Firm Leverage and Debt Maturity Structure: Evidence from China. China Finance Review International, 61-69.

Mosavi, S. J. (2015). The Relationship between Stock Prices and Debt Ratio and Capital Flows with Assets. Journal of Economics and Financial Issues, 7, 3.

Nurhudawi, Saleh Sitompul. 2020. Analisis Return Saham Pada Perusahaan Pertambangan Batubara Di Bursa Efek Indonesia. Shar-E: Jurnal Kajian Ekonomi Hukum Syariah. Vol. 6 No. 2 Juli 2020, Hal. 108-116.

PSAK No.2. (2009). Exposure Draft Pernyataan Standar Akuntansi Keuangan Laporan Arus Kas.

Putra, Eka Nanda. 2011. Pengaruh Karakteristik Perusahaan Terhadap Pengungkapan Corporate Social Responsibility (CSR). Skripsi. Fakultas Ekonomi Universitas Dipenogoro, Semarang.

Rahayu, S. et al. (2020). Effect of Work to Family Conflict and Work Stress On Organizational Commitments With Work Satisfaction As Intervening Variables. International Journal for Innovative Research in Multidisciplinary Field. Vol. 6, Issue 7, July – 2020: 10-17. Permono, Iswardono S dan Darmawan. 2010. “Analisis Efisiensi Industri Perbankan di Indonesia (Studi kasus Bank-Bank Devisa di Indonesia Tahun 1991-1996)”. Jurnal Ekonomi dan Bisnis Indonesia. Universitas Gajah Mada. Yogyakarta.

Rangkuti, F. (2011). SWOT Balanced Scorecard. Jakarta: PT Gramedia Pustaka Utama.

Sitanggang, J. P. (2012). Manajemen Keuangan Perusahaan: Edisi Asli. Jakarta: Mitra Wacana Media.

Sitompul, S. (2019). Pengaruh Motivasi Dan Kepemimpinan Terhadap Prestasi Kerja Pada PT. PLN (Persero) Unit Induk Pembangunan II Medan. Jurnal Ilmiah METADATA, 1(2), 93-105.

Sitompul, S. (2021). Pengaruh Pengetahuan Label Halal Dan Kesadaran Merek Terhadap Keputusan Pembelian Kosmetik Melalui Rekomendasi Kelompok Sebagai Variabel Moderating. Shar-E: Jurnal Kajian Ekonomi Hukum Syariah, Vol. 7 No. 1 (2021).

Sitompul, S. 2018. Pengaruh ukuran perusahaan, kebijakan pendanaan, Risk based capital (RBC), pertumbuhan premi netto dan laba perusahaan terhadap nilai perusahaan pada perusahaan Asuransi yang terdaftar di Bursa Efek Indonesia. Universitas Sumatera Utara.

Sitompul, Saleh dan Nasution, Siti Khadijah. 2019. The Effect of Car, BOPO, NPF, and FDR on Profitability of Sharia Commercial Banks in Indonesia. E-ISSN: 2615-3076. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences. Vol. 2. No. 3.

Sitompul, Saleh dan Siti Khadijah. 2020. Analysis Net Profit, Dividend, Debt, Cash Flow, and Capital Net Working That Influence Investment Decisions on Manufacturing Companies. International Journal of Research and Review. Vol.7; Issue: 3; March 2020.

Sitompul, Saleh. et al. (2021). Analisis Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage dan Jumlah Anggota Komisaris Terhadap Pengungkapan Corporate Social Responsibility. Sintaksi: Jurnal Ilmiah Pendidikan, Vol. 1, Issue 3, Oktober – 2021: 54-56.

Sitompul, Saleh. et al. (2021). Pengenalan Dasar-Dasar Investasi Pada Guru-Guru Madrasah Al-Quba. E-Amal Jurnal Pengabdian Kepada Masyarakat, Vol. 1, Issue 3, September – 2021: 343-348.

Sitompul, Saleh. et al. (2021). The Influence of Exchange Rate, Inflation, for the Results of the Development Assets of Islamic Banks. Vol. 4, Issue 3, March – 2021: 138-148.

Utari, D., Purwanti, A., & Prawironegoro, D. (2014). Manajemen Keuangan: Kajian Praktik dan Teori Dalam Mengelola Keuangan Organisasi Perusahaan. Jakarta: Mitra Wacana Media.

Wibowo, A., & Wartini, S. (2012). Efisiensi Modal Kerja, Likuiditas dan Laverage Terhadap Profitabilitas. Jurnal Dinamika Manajemen, 3, 1.

Yuliati, N. W. (2013). Pengaruh Kebijakan Modal KErja terhdap Profitabilitas Pada Perusahaan Hotel dan Restoran di Bursa Efek Indonesia. E-Jurnal Ekonomi dan Bisnis Univesitas Udayana, 02.

Zhao, X., Hwang, B.-G., & Low, S. P. (2015). Enterprise Risk Management in International Construction Operations. Singapura: Springer.




DOI: https://doi.org/10.33258/birci.v4i4.3425

Article Metrics

Abstract view : 46 times
PDF - 29 times

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

 

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.