Dampak risiko geopolitik pada saat pandemi covid-19 terhadap working capital management perusahaan pada perusahaan di Indonesia

Handry, Handry (2024) Dampak risiko geopolitik pada saat pandemi covid-19 terhadap working capital management perusahaan pada perusahaan di Indonesia. Masters thesis, Universitas Pelita Harapan.

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Abstract

Tujuan dari penelitian ini adalah untuk mengetahui seberapa besar dampak risiko geopolitik terhadap Manajemen Modal Kerja perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia khususnya pada saat pandemi Covid-19. Dalam konteks yang belum pernah terjadi sebelumnya, dimana pandemi global bertemu dengan ketidakstabilan geopolitik yang meningkat, penelitian ini mengkaji seberapa besar dampaknya terhadap manajemen modal kerja perusahaan-perusahaan yang ada di Indonesia, bagaimana pentingnya perusahaan menyesuaikan strategi modal kerjanya untuk menghadapi tantangan ini. Penelitian ini dilakukan dengan menggunakan 4 pendekatan Working Capital Management, yaitu Net Working Capital, Cash Conversion Cycle, Account Payable Turnover dan Account Receivable Turnover. Penelitian kuantitatif menggunakan data panel secara tahunan selama periode tahun 2013 sampai dengan tahun 2022 atau 10 tahun, dimana pada tahun 2013 sampai dengan 2019 sebagai periode pra Covid19 dan periode 2020 sampai 2021 sebagai periode Covid19. Melalui analisis Fixed Effect Model ditemukan bahwa pada saat krisis Covid19 telah menimbulkan tensi geopolitik meningkat dan hal ini berdampak terhadap Working Capital Management perusahaan, di samping itu juga ditemukan bahwa pandemi Covid-19, berdampak negatif terhadap return on equity, leverage, dan debt to equity ratio perusahaan-perusahaan yang ada di Indonesia./ This research aims to find out how much impact geopolitical risks have on the working capital management of companies in Indonesia, especially during the Covid-19 pandemic. In an unprecedented context where a global pandemic meets increasing geopolitical instability, this research examines how much impact it has on the working capital management of companies in Indonesia and how important it is for companies to adapt their working capital strategies to face these challenges. This research was conducted using four working capital management approaches, namely net working capital, cash conversion cycle, account payable turnover, and account receivable turnover. Quantitative research uses panel data on an annual basis over the period 2013 to 2022, or 10 years, where 2013 to 2019 is the pre-Covid-19 period and 2020 to 2021 is the Covid-19 period. Through fixed effect model analysis, it was found that during the Covid-19 crisis, geopolitical tensions had increased, and this had an impact on working capital management in Indonesian companies. In addition, it was discovered that the Covid-19 epidemic had an adverse effect on the return on equity, leverage, and debt-to-equity ratio of enterprises in Indonesia.

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