MANAJEMEN MODAL KERJA, KENDALA KEUANGAN, DAN PROFITABILITAS PADA PERUSAHAAN MANUFAKTUR INDONESIA

Lukas Purwoto

Sari

Salah satu perhatian utama dari manajemen keuangan perusahaan ialah pada bagaimana manajer membuat keputusan keuangan jangka pendek yang dikenal sebagai manajemen modal kerja. Penelitian ini bertujuan untuk menginvestigasi pentingnya manajemen modal kerja bagi profitabilitas perusahaan manufaktur terbuka Indonesia pada periode waktu terkini. Hasil-hasil analisis regresi data panel menunjukkan hubungan kuadratik berbentuk U terbalik antara manajemen modal kerja (NTC) dan profitabilitas (keduanya ROE dan NPM). Tambahan lagi, kendala finansial berpengaruh pada hubungan antara manajemen modal kerja dan profitabilitas perusahaan. Hasil-hasil ini mengindikasikan bahwa perusahaan mempunyai tingkat modal kerja optimal yang memaksimalkan profitabilitas.

Kata Kunci

manajemen modal kerja; kendala finansial; profitabilitas

Teks Lengkap:

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