Pengaruh pengelolaan modal kerja yang efisien terhadap excess return, investasi, investasi, roa, dan risiko pada perusahaan manufaktur di Bursa Efek Indonesia periode 2005-2015

Susanto, Cavin Christian (2017) Pengaruh pengelolaan modal kerja yang efisien terhadap excess return, investasi, investasi, roa, dan risiko pada perusahaan manufaktur di Bursa Efek Indonesia periode 2005-2015. Masters thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh pengelolaan modal kerja yang efisien terhadap excess return, investasi, ROA, dan risiko pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2005-2015. Variabel independen yang digunakan yaitu , , dan dimana D = 1 untuk nilai excess NWC negative. Variabel kontrol berupa ukuran perusahaan, rasio aset tidak berwujud, total hutang, umur perusahaan, rasio promosi, risiko, fixed asset growth, cash reserves, sales volatility, cash flow, financial distress dummy, sales growth, log of tobin’s, dan book to market ratio. Untuk variabel independen dan varibel kontrol adalah lag t-1. Penelitian ini mengambil sampel perusahaan selama 11 tahun berturut- turut dari tahun 2005-2015 dengan total 90 perusahaan. Data yang diambil merupakan data dari laporan keuangan tahunan masing-masing perusahaan, harga saham dari yahoo finance. Penelitian diuji dengan menggunakan regresi panel melalui pengujian model fixed atau random effect (uji hausmann) , uji koefisien R2, uji t, dan analisis perbandingan dengan jurnal aktas et. al. (2015). Hasil penelitian menunjukkan bahwa perusahaan manufaktur di BEI belum berjalan dengan efisien dimana perusahaan dengan excess NWC negatif (perusahaan dengan pengelolaan modal kerja yang efisien) tidak signifikan mempengaruhi kinerja perusahaan diukur dari excess return, signifikan negatif mempengaruhi investasi, tidak signifikan mempengaruhi ROA, dan signifikan negatif mempengaruhi risiko perusahaan / This study aims to determine the effect of efficient working capital management to excess return (compared with benchmark), investment, ROA, and risk on manufacturing companies listed in Indonesia Stock Exchange (IDX) in 2005-2015. Independent variables used are , , and where D = 1 for excess working capital negative value. Control variables used are firm size, intangible assets ratio, leverage, company age, promotion ratio, risk, fixed asset growth, cash reserves, sales volatility, cash flow, financial distress dummy, sales growth, log of tobin’s Q, and book to market ratio. For independent variable and control variable are lag t-1. This study taken sample of companies for 11 consecutive years from 2005- 2015 with a total of 90 companies. Sample taken from annual financial statements of each company , the stock price from yahoo finance. This study was tested by panel regression through fixed or random effect model (hausmann test), R2 coefficient test, t test, and comparative analysis with journal by Aktas et. al. (2015). The results showed that manufacturing companies in IDX have not managed working capital efficiently where companies with excess NWC negative (companies with efficient working capital management) did not significant affect the company's performance that measured from excess return, significant negative affect the investment, did not significant affect ROA, and significant negative affects the company's risk

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