Analysis Of Working Capital Management On Liquidity And Financial Performance Of Manufacturing Companies
DOI:
https://doi.org/10.37676/jmea.v4i1.692Keywords:
Working Capital Management, Liquidity, Financial PerformanceAbstract
This study aims to determine the effect of working capital management on liquidity and financial performance of manufacturing companies. The number of samples used was 41 companies obtained using purposive sampling method. The research data source used is secondary data in the form of annual financial reports published by the official web www.idnfinancials.com in the 2016-2019 period. The data analysis technique used is panel data analysis and Moderated Regression Analysis (MRA). Based on the results of the study, it shows that working capital management does not have a significant effect on liquidity, profitability as a moderating variable is not able to moderate working capital management on liquidity.
Downloads
References
Adinata, R., Susena, K. C., & Wagini, W. (2023). The Effect Of Financial Literacy And Lifestyle On Employee Financial Management At Regional Secretariat, Lebong District. Jurnal Akuntansi, Manajemen Dan Bisnis Digital, 2(2), 203-216.
Brigham, E. F. & Houston, J.F. (2010). Dasar-Dasar Manajemen Keuangan. Edisi 11. Jakarta: Salemba Empat. Bulan, T. P. L. (2015). Pengaruh Modal Kerja terhadap Tingkat Profitabilitas pada PT Adira Dinamika Multi Finance Tbk. Jurnal Manajemen Dan Keuangan, 4(1).
C. L. (2017). Pengaruh Modal Kerja terhadap Tingkat Likuiditas Pada KPRI "Niaga:
Chandra, T., Junaedi, A. T., Wijaya, E., Suharti, S., Mimelientesa, I., & Ng, M. (2019). The effect of capital structure on profitability and stock returns. Journal of Chinese Economic and Foreign Trade Studies, 12(2), 74–89. https://doi.org/10.1108/jcefts-11-2018-0042
Dalayeen, B. Al. (2017). Working Capital Management and Profitability of Real Estate Industry in Jordan : An Empirical Study. Journal of Applied Finance & Banking, 7(2), 49–57.
Dira, P. K., & Astika, I. B. P. (2014). Pengaruh Struktur Modal, Likuiditas, Pertumbuhan Laba, Dan Ukuran Perusahaan Pada Kualitas Laba. E-Jurnal Akuntansi Universitas Udayana, 1(7), 64– 78.
Eljelly, A. M. A. (2004). Liquidity – Profitability Tradeoff: An Empirical Investigation in an Emerging Market. International Journal of Commerce and Management, 14(2). https://doi.org/10.1108/10569210480000179
Erdawati, M., Yusriadi, Y., Susena, K. C., & Rambe, N. R. Analysis of Factors Affecting Financial Performance at the Office of the Central Mamuju District Financial Agency.
Gamlath, G., & Rathiranee, Y. (2014). Effects of Working Capital Management and Profitability: Evidence from Listed Commercial Banks in Sri Lanka. Journal of Business Studies.
Gs, A. D., Rahmawati, A., Susena, K. C., Dwi, R., Maulana, Y. S., Yusra, I., & Firmansyah, M. R. (2020). Impacts of Regional Financial Performance and Private Investment on Public Welfare In East Java. International Journal of Psychosocial Rehabilitation, 24(08), 12450-12457.
Hidayah, N. R., Susena, K. C., & Tarigan, H. P. (2023). Akuntansi Berkelanjutan: Implementasi Standar Pelaporan Keberlanjutan dalam Praktik Bisnis CV. Utami. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis, 11(2), 1859-1868.
Ilahi, A. R., Susena, K. C., & Wagini, W. (2021). The Effect Of Non Performance Loan (Npl) And Loan Deposit Ratio (Ldr) On Return On Asset (Roa) In Pt. Bank Rakyat Indonesia (Persero), Tbk. BIMA Journal (Business, Management, & Accounting Journal), 2(1), 83-96.
Jasmani, J. (2019). The Effect of Liquidity and Working Capital Turnover on Profitability at PT. Sumber Cipta Multiniaga, South Jakarta. PINISI Discretion Review, 3(1). https://doi.org/10.26858/pdr.v3i1.13269
Mery, K. N. (2017). Pengaruh Likuiditas, Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2014. 4(1), 2000–2014.
Nasution, M. H. (2021). Pengaruh Modal Kerja, Penjualan dan Hutang terhadap Likuiditas Pada Perusahaan Consumer Goods yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2018. 5(1).
Nentis, N., & M, A. (2020). Pengaruh Perputaran Modal Kerja Terhadap Tingkat Likuiditas Pada PT. Lembah Karet Kota Padang. 2(2).
Nurjama, A., Susena, K. C., & Putri, L. G. (2023). The Effect Of Financial And Non-Financial Compensation On Employee's Performance Of Hakasima Media Tv Of Bengkulu City. Jurnal Ekonomi, Manajemen, Bisnis dan Akuntansi Review, 3(2), 517-528.
Octaviani, S., & Komalasarai, D. (2017). Pengaruh Likuiditas, Profitabilitas, dan Solvabilitas Terhadap Harga Saham (Studi Kasus pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia). Jurnal Akuntansi., 3(2), 77–89.
Omwono, G. A., & Aloo, E. A. (2020). Effect of Working Capital Management Practices on Liquidity Risk of Effect of Working Capital Management Practices on Liquidity Risk of Insurance Firms Listed at the Nairobi Securities Exchange ( Nse ), Kenya. Journal of Business Management and Marketing, 3(10). https://doi.org/10.47752/sjbmm.310.154.166
Panigrahi, A. K. (2014b). Relationship of Working Capital with Liquidity, Profitability, and Solvency : A Case Study of ACC Limited. ASIAN JOURNAL OF MANAGEMENT RESEARCH, 4(2). Prasad, P., Sivasankaran, N., & Shukla, A. (2019). Impact of deviation from target working capital on firm profitability: evidence from India. International Journal of Productivity and Performance Management, 68(8), 1510–1527. https://doi.org/10.1108/IJPPM-11-2018- 0407
Panigrahi. (2014a). Relationship Of Working Capital With Liquidity, Profitability, and Solvency: A Case Study Of ACC Limited Panigrahi. SSRN Electronic Journal, 4(2), 308–322. https://doi.org/10.2139/ssrn.2398413
Puspita, D. A., & Hartono, U. (2018). Pengaruh Perputaran Modal Kerja, Ukuran Perusahaan, Leverage dan Likuiditas Terhadap Profitabilitas Perusahaan Animal Feed di BEI Periode 2012-2015. Jurnal Ilmu Manajemen, 6, 1–8.
Putra, A. N. D. A., & Lestari, P. V. (2016). Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 5(7). https://doi.org/10.24843/ejmunud.2019.v08.i05.p25
Rahman, A., Sarker, S. I., & Uddin, J. (2019). The Impact of Capital Structure on the Profitability of Publicly Traded Manufacturing Firms in Bangladesh. 6(2). https://doi.org/10.11114/aef.v6i2.3867
Rosita, Y. (2020). Pengaruh Modal Kerja Bersih Terhadap Likudiditas (Studi Pada PT Astra Otoparts Tbk). 17(1).
Samo, A. H., & Murad, H. (2019). Impact of Liquidity and Financial Leverage on Firm’s Profitability – an Empirical Analysis of The Textile Industry of Pakistan. Research Journal of Textile and Apparel, 23(4). https://doi.org/10.1108/RJTA-09-2018-0055
Saputri, V. D., Susena, K. C., & Tarigan, H. P. (2024). Organisational Culture Transformation at Bengkulu Company: 2024 Trends in Improving Employee Engagement. Innovative Business Management Journal, 1(1), 63-68.
Shaista, W. (2015). Determinants of Liquidity in Malaysian SMEs: A quantile regression approach", International Journal of Productivity and Performance Management. International Journal of Productivity and Performance Management. https://doi.org/https://doi.org/10.1108/IJPPM-12-2017-0354 Permanent
Subagio, K. M. P., Ar, M. D., & Hidayat, R. R. (2017). Analisis Pengelolaan Modal Kerja dalam Upaya Meningkatkan Likuiditas dan Profitabilitas Studi pada PT. Gudang Garam Tbk Periode 2014- 2016). Jurnal Administrasi Bisnis, 50(1). administrasibisnis.studentjournal.ub.ac.id Surya,
Susena, K. C., Huda, M., Maseleno, A., Sahoo, B. P., & Kaur, K. (2021). A study on impact of PSL on gross NPAS of nationalised banks: an empirical approach. Linguistics and Culture Review, 5(S3), 81-96.
Sustia, R., & Tohir. (2012). Analisis Pengaruh Manajemen Modal Kerja, Likuiditas, Leverage dan Ukuran Perusahaan terhadap Profitabilitas pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi di Bursa Efek Indonesia. Jurnal Manajemen.
Suwarni, S., Susena, K. C., & Gusti, W. (2018). ANALISIS KINERJA KEUANGAN PT. BANK SINARMAS Tbk, UNIT USAHA SYARIAH. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis, 6(1).
Thuvarakan, S. (2013). Impact of Working Capital Management on Profitability in UK Manufacturing Industry. SSRN Electronic Journal, 1–50. https://doi.org/10.2139/ssrn.2345804
Waruwu, M. P. S., Susena, K. C., & Noviantoro, R. (2021). Financial Performance Analysis at PT. Bank Rakyat Indonesia (PERSERO) Tbk. Journal of Indonesian Management (JIM), 1(2), 74-81.
Yuniningsih, Y., Lestari, V. N. S., & Nurmawati, Nurmawati, Wajdi, Ba. N. (2018). Jurnal Terapan Manajemen dan Bisnis Jurnal Terapan Manajemen dan Bisnis Volume 4 Number 1 March 2018 . Page 67-78. Jurnal Terapan Manajemen Dan Bisnis, 4(1).
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Karona Cahya Susena, Nenden Restu Hidayah , Heskeyel Pranata Tarigan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
