HUBUNGAN SIKLUS KONVERSI KAS DENGAN KARAKTER KEUANGAN PERUSAHAAN SEKTOR ANEKA INDUSTRI DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.26460/jm.v6i2.221Abstract
Penelitian ini bertujuan melakukan analisis hubungan antara siklus konversi kas dengan karakter keuangan perusahaan sektor aneka industri yang terdaftar di Bursa Efek Indonesia. Sampel menggunakan laporan keuangan Sektor Aneka Industri periode 2011-2014 yang terdaftar di Bursa Efek Indonesia (BEI). Teknik pengumpulan data menggunakan metode Purposive Sampling dengan kriteria: (1).Perusahaan Aneka Industri yang telah terdaftar di Bursa Efek Indonesia periode tahun 2011-2014; (2) Perusahaan mempunyai laporan keuangan yang berakhir 31 Desember dan telah diaudit oleh auditor independen; (3).Perusahaan menggunakan laporan keuangan dengan mata uang Rupiah. Karakter keuangan perusahaan menggunakan model yang dilakukan Keown et al (2003), Gill et al (2010), dan Nobanee et al (2011), yang diukur dalam 7 indeks yaitu: Productivity Index (PRI), Profitability Index (PI), Liquidity Index (LI), Debt Index (DI), Market Index (MI), Size Index,dan Deviden Index (DI). Analisis data menggunakan pearson correlation. Hasilnya, 7 (tujuh) indeks karakter keuangan perusahaan menunjukkan korelasi negatif signifikan dengan siklus konversi kas. Kata kunci: Siklus Konversi Kas, Karakter Keuangan.Downloads
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References
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Al-Shubiri dan Aburuman. 2013. The Relationship Between Cash Conversion and Financial Characteristics of Industrial Sectors: an Empirical Study. Investment Management and Financial Innovations, Vol. 10, Issue 4.
Appuhami, B.A Ranjith (2008). The Impact of Firms’ Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Thailand, International Management Review, Vol. 4, No. 1.
Ashok Kumar, P. (2013). Cash Conversion Cycle And Firms Profitability – A. Study Of Cement Manufacturing Companies of India. International Journal of Current Research.
Barbara Reis Da Costa (2014). Cash Conversion Cycle Across Industries. A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics.
Demirgunes, K. and Samiloglu, F. (2008). The effect of working capital management on firm profitability: Evidence from Turkey, International Journal of Applied Economics and Finance, Vol. 2, No. 1, pp. 44-50.
Dong, H.P., Su, J. (2010). The Relationship between Working Capital Management and Profitability: A Vietnam Case, International Research
Journal of Finance and Economics, ISSN 1450-2887.
Eljelly, A.M.A. (2004). Liquidity-profitability tradeoff: an empirical investigation in an emerging market, International Journal of Commerce & Management, Vol. 14, No. 2, pp. 48-61.
Filbeck, G. and Krueger, T.M. (2003). An Analysis of Working Capital Management Results across Industries, Mid American Journal of Business, Vol. 20, No. 2.
Johnson, M. and Templar, S. (2011). The relationships between supply chain and firm performance the development and testing of a unified proxy, International Journal of Physical Distribution & Logistics Management, 41 (2), pp. 88-103.
Jordan, R.W. (2003). Fundamentals of Corporate Finance, 6th ed., McGraw-Hill Companies, Boston.
Karaduman, H.A., Akbas, H.E., Caliskan, A.O. & Durer, S. (2011). The Relationship between Working Capital Management and Profitability: Evidence from an Emerging Market, International Research Journal of Finance and Economics, No. 62, pp. 61-67.
Karaduman, H.A., Akbas, H.E., Ozsozgun, A., Durer, S. (2010). Effects of working capital management on profitability: the Case for selected companies in the Istanbul stock exchange (2005-2008), International Journal of Economics and Finance Studies, Vol. 2, No. 2.
Keown, A.J., Martin, J.D., Petty, J.W. and Scott, D.F. (2003). Foundations of Finance, 4th ed., Pearson Education, New Jersey.
Lyroudi, K. & Lazaridis, J. (2000). The cash Conversion Cycle and Liquidity Analysis of The Food Industry in Greece, Works paper, SSRN Paper Collection. Available at: http://papers.ssrn.com/paper.taf?abstract_id¼236175.
Nihat, Aktas et al. (2014). Is Working Capital management Value-Enhancing? Evidence From Firm Performance and Investment.
Nobanee, H., Abdullatif, M. & Al Hajjar, M. (2011). Cash conversion cycle and firm’s performance of Japanese firms, Asian Review of Accounting, Vol. 19, No. 2, pp. 147-156.
Nobanee, H., Abdullatif, M. and AlHajjar, M. (2004). Cash Conversion Cycle and Firm’s Performance of Japanese Firms, Emeraldgroup of publishing limited.
Obradovich et al. (2014). The Impact of Independent Directors on the Cash Conversion Cycle of American Manufacturing Firms. Faculty Publications and Presentation, School of Business Liberty University.
Padachi, K. (2006). Trends in working capital management and its impact on firms’ performance: an analysis of Mauritian small manufacturing firms, International Review of Business Research Papers, Vol. 2, No. 2, pp. 45-58.
Raheman, A. and M. Nasr (2007). Working Capital Management and Profitability – Case of Pakistani Firms, International Review of Business Research Papers, Vol. 3, No. 2, pp. 275-29.
Sheffi, Y. (2005). The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage, MIT Press, Cambridge, MA.
Tauringana, Venancio dan Godfred A.A. (2013). The relative Importance of Working Capital Management and The its Components to SME’s Profitability. Journal of Small Business and Enterprise Development. Vol 20 No. 3.
Teruel, P.J.G. and Solano, P.M. (2007). Effects of working capital management on SME profitability, International journal of Managerial Finance, Vol. 3, No. 2, pp. 164-177.
Uyar, A. (2009). The Relationship of Cash Conversion Cycle with Firm Size and Profitability: An Empirical Investigation in Turkeyâ€, International Research Journal of Finance and Economics, Issue 24, pp. 186-193.
Vijayakumar, D.A. (2011). Cash Conversion Cycle and Corporate Profitability ô€ƒ An Empirical Enquiry in Indian Automobile Firms, International Journal of Research in Commerce, IT and Management, Vol. 1, No. 2, pp. 84-91.
Viswanath, R. Krishnamurti, C. (2009). Investment Management, A Modern Guide to Security Analysis and Stock Selection. Springer
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