Pengaruh Periode Penerimaan Piutang Dagang, Periode Konversi Persediaan dan Pembayaran Hutang Dagang Terhadap Profitabilitas (Studi Pada Perusahaan Rokok Di BEI 2012-2015)
Keywords:
periode penerimaan piutang dagang, periode konversi persediaan, pembayaran hutang dagang, ROA
Abstract
Modal kerja sangat penting bagi perusahaan. Tanpa adanya modal kerja yang cukup, aktivitas harian perusahaan dapat terganggu. Pengelolaan modal kerja diperlukan guna mendukung pencapaian tujuan perusahaan. Manajemen modal kerja yang efektif dan efisien diyakini dapat meningkatkan profitabilitas dan value perusahaan. Keberhasilan suatu kegiatan bisnis untuk mencapai profit dan nilai maksimum perusahaan yang tinggi secara umum tergantung pada kemampuan manajer untuk mengelola piutang, persediaan dan tingkat utang yang dimiliki perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh periode penerimaan piutang dagang, periode konversi persediaan dan pembayaran hutang dagang baik secara simultan maupun parsial terhadap profitabilitas perusahaan rokok yang terdaftar di Bursa Efek Indonesia. Penelitian ini merupakan penelitian sensus, karena seluruh populasi perusahaan rokok yang ada akan diteliti. Data yang digunakan merupakan data sekunder perusahaan rokok yang terdaftar di BEI periode 2012-2015. Metode pengumpulan data menggunakan metode dokumenter. Uji regresi berganda digunakan sebagai alat analisis. Hasil pengolahan data, menunjukkan bahwa periode penerimaan piutang dagang dan periode konversi persediaan terbukti berpengaruh negatif signifikan terhadap profitabilitas (ROA). Periode pembayaran hutang dagang terbukti tidak berpengaruh terhadap profitabilitas (ROA).Kata kunci – periode penerimaan piutang dagang,periode konversi persediaan, pembayaran hutangdagang, ROAReferences
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[2] Anonimous, 2015, Semester I/2015, Laba 4 Emiten Rokok Ini Menguap 4,1%, (Online) http://www. m.bisnis.com (Diakses tanggal 10 April 2016).
[3] __________ 2015, Konsumsi Rokok Penduduk Indonesia yang Mengkhawatirkan (Online) http://www. Indonesiana.Tempo.Co. (Diakses tanggal 10 April 2016).
[4] __________, 2016, Realisasi Penerimaan Bea Cukai 2015 Meleset dari Target, (Online) http://www. m.news.co.id (Diakses tanggal 10 April 2016).
[5] Kasmir, 2010, Pengantar Manajemen Keuangan. Jakarta : Prenada Media Group.
[6] Padachi, Kesseven, 2005, Trends in Working Capital Management and its Impact on Firms’ Performance: An Analysisof Mauritian Small Manufacturing Firms. International Review of Business Research Papers. 2(2), hal 45 - 58.
[7] Raheman, A., dan Nasr, M, 2007, Working Capital Management and Profitability-Case of Pakistani Firms. International Review of Business Research Papers 3(1), hal 279-300.
[8] Afza, Talat dan Nazir, Mian.,2009, Impact of Aggressive Working Capital Management Policy on Firm’s Profitability,The IUP Journal of Applied Finance, Vol. 5, No. 8, hal 19-30.
[9] Ganesan, Vedavinayagam., 2007, An Analysis Of Working Capital Management Efficiency In Telecommunication Equipment Industri. Rivier Academic Journal, Volume 3, Number 2, hal 1-10.
[10] Filbeck, Greg dan Krueger, Thomas M. 2005, An Analysis of Working Capital Management Results Across Industries, Mid-American Journal of Business, Vol. 20, Issue 2, hal 11-18.
[11] Martani, Dwi. NPS, Veronica. Wardhani, Ratna. Farahmita, Aria dan Tanujaya, Edward. 2012, Akuntansi Keuangan Menengah Berbasis PSAK , Salemba Empat, Jakarta.
[12] Brealey, A.Richard. Myers, C.Stewart dan Marcus, J.Alan. 2008, Dasar-Dasar Manajemen Keuangan Perusahaan, Erlangga, Jakarta.
[13] Mathuva D, 2010, The Influence Of Working Capital Management Components On Corporate Profitability: A Survey On Kenyan Listed Firms. Research Journal Of Business Management, 3: hal 101-111.
[14] Hanafi, Mamduh. 2004. Manajemen Keuangan. Yogyakarta. BPFE.
[15] Chowdhury, Amin dan Amin, Muntasir., 2007. Working Capital Management Practiced In Pharmaceutical Companies Listed In Dhaka StockbExchange. BRAC University Journal, Vol. IV, No. 2, 75-86.
[16] Gill, Amarjit. Biger, Nahum. Mathur, Neil. 2010. The Relationship Between Working Capital Management dan Profitability : Evidence FromThe United States, Business dan Economics Journal , Volume 2010 : BEJ-10.
[17] Suarnami, Luh Komang., Suwendra , I Wayan., Cipta, Wayan, 2014. Pengaruh Perputaran Piutang dan Periode Pengumpulan Piutang terhadap Profitabilitas Pada Perusahaan Pembiayaan, e-Journal Bisma, Vol 2, Universitas Pendidikan Ganesha,
[18] Falope, OI dan Ajilore OT., 2009, Working Capital Management And Corporate Profitability: Evidence From Panel Data Analysis Of Selected Quoted Companies In Nigeria. Research Journal of Business Management, 3:, hal 73-84.
[19] Suhari, Endang. Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas. Fokus Manajerial, Vol 7 N0 2, 2009, p 163 – 179.
[20] Karaduman, Hasan., Akbas, H.E., Caliskan, AO., dan Durer, Salih., 2011, The Relationship between Working Capital Management and Profitability: Evidence from an Emerging Market. International Research Journal of Finance and Economics,ISSN 1450-2887 Issue 62, hal 61-67.
[21] Makori, Daniel Mokaga dan Jagongo, Ambrose, 2013, Working Capital Management and Firm Profitability : Empirical Evidencefrom Manufacturing and Construction Firms Listed on Nairobi Securities Exchange, Kenya, International Journal of Accounting and Taxation, Vol. 1 No.1, hal 1-14.
[22] Satriya, I Made Dian dan Lestari, Putu Vivi. 2014. Pengaruh Perputaran Modal Kerja terhadap Profitabilitas Perusahaan. E-Jurnal Manajemen, Vol 3 No 7, 1927-1942.
[23] Dong, Huynh Phuong dan Jhy-tay Su, 2010. The Relationship between Working Capital Management and Profitability: A Vietnam Case, International Research Journal of Finance and Economics, Issue 49, 59-67.
[24] Ghozali, Imam. 2006. Aplikasi Multivariate dengan Program SPSS. Semarang : Badan Penerbit Undip.
[25] Fharidashafa, 2011, Proses Pembuatan Rokok : Dari Lahan Pertanian Hingga Pabrik Pembuatan, (Online) http://www.fharidashafa.blogspot.co.id (Diakses tanggal 12 April 2016).
[26] www.idx.co.id.
