HUBUNGAN ANTARA CASH CONVERSION CYCLE DAN GROWTH OPPORTUNITY DENGAN PROFITABILITAS

Authors

DOI:

https://doi.org/10.35590/jeb.v9i1.3936

Keywords:

Cash Conversion Cycle, Growth Opportunity, Profitabilitas

Abstract

Profitabilitas menjadi indikator dalam pengembangan perusahaan dengan perolehan pendapatan dalam mengelola operasi perusahaan. Perusahaan berupaya mempertahankan dan meningkatkan profitabilitas untuk mengukur kinerja perusahaan dengan meningkatkan efisiensi manajemen modal kerjanya. Penelitian ini menyelidiki pengaruh manajemen modal kerja melalui cash conversion cycle dan growth opportunity melalui sales growth terhadap profitabilitas perusahaan. Penelitian ini dilakukan pada 91 perusahaan sektor industri barang konsumsi di Indonesia dari tahun 2015 hingga 2020. Pengujian hipotesis dari 489 data dilakukan dengan analisis regresi data panel dengan model random effect. Hasil penelitian menunjukkan bahwa CCC dan growth opportunity tidak berpengaruh signifikan terhadap profitabilitas. Temuan ini menunjukkan bahwa perusahaan sektor barang konsumsi perlu melakukan pertimbangan mengenai pengelolaan manajemen modal kerja yang menjadi bagian dalam operasional perusahaan secara efisien, sehingga perusahaan dapat memaksimalkan keuntungan perusahaan.

References

Abbasi, E., Ali, S., & Bosra, H. (2012). The Effect of the Cash Conversion Cycle on Profitability in Tehran Stock Exchange. World Research Journal of Financial Economics and Stochastics, 1(1), 1–7.

Abuzayed, B. (2012). Working capital management and firms’ performance in emerging markets: The case of Jordan. International Journal of Managerial Finance, 8(2), 155–179. https://doi.org/10.1108/17439131211216620

Agrippina, I., Fachrudin, Fachrudin, K. A., & Siburian, R. (2017). The Influence of Capital Structure , Growth Opportunity and Profitability at Mining Companies in Indonesia. Research Journal of Finance and Accounting, 8(16), 31–37.

Ahmed, N., & Wang, Z. (2013). The impact of capital structure on performance: An empirical study of non-financial listed firms in Pakistan. International Journal of Commerce and Management, 23(4), 354–368. https://doi.org/10.1108/IJCoMA-11-2011-0034

Altaf, N., & Shah, F. A. (2018). How does working capital management affect the profitability of Indian companies? Journal of Advances in Management Research, 15(3), 347–366. https://doi.org/10.1108/JAMR-06-2017-0076

Amarudin, Adam, M., Hamdan, U., & Hanafi, A. (2019). Effect of Growth Opportunity, Corporate Tax, and Profitability toward Value of Firm through Capital Structure (listed Manufacturing Companies of Indonesia). Finance: Theory and Practice, 23(5), 18–29. https://doi.org/10.26794/2587-5671-2019-23-5-18-29

Amponsah, K., & Asiamah, M. (2020). Working capital management and profitability of listed manufacturing firms in Ghana. International Journal of Productivity and Performance Management, 70(7), 1751–1771. https://doi.org/10.1108/IJPPM-02-2020-0043

Anser, R., & Malik, Q. A. (2013). Cash Conversion Cycle and Firms ’ Profitability – A Study of Listed Manufacturing Companies of Pakistan. Journal of Business and Management, 8(2), 83–87. https:/doi.org/10.9790/487x-0828387.

Aryawan, I., & Indriani, A. (2020). Working capital management and profitability : evidence from Indonesian manufacturing companies. Diponegoro International Journal of Business, 3(1), 36–46. https://doi.org/10.14710/dijb.3.1.2020.36-46 Working

Chandra, S., Ng, M., & Wijaya, E. (2020). Determinan Struktur Modal dalam Upaya Meningkatkan Profitabilitas Perusahaan Manufaktur di Indonesia. Jurnal Manajemen Dan Keuangan, 9(2), 172–186. https://doi.org/10.33059/jmk.v9i2.2550

Chandra, T., Junaedi, A. T., Wijaya, E., Suharti, S., Mimelientesa, I., & Ng, M. (2019). The e ff ect of capital structure on pro fi tability and stock returns Empirical analysis of firms listed in Kompas 100. Journal of Chinese Economic and Foreign Trade Studies, 12(2), 74–89. https://doi.org/10.1108/JCEFTS-11-2018-0042

Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance and Accounting, 30(3–4), 573–588. https://doi.org/10.1111/1468-5957.00008

Dewi, L., & Rahayu, Y. (2016). Pengaruh Perputaran Modal Kerja Terhadap Profitabilitas Perusahaan Manufaktur Di Bursa Efek Indonesia. The Asia Pacific Journal Of Management Studies, 5(1), 1–9. https://ejurnal.latansamashiro.ac.id/index.php/APJMS/article/view/265

Dey, R. K., Hossain, S. Z., & Rahman, R. A. (2018). Effect of Corporate Financial Leverage on Financial Performance: A Study on Publicly Traded Manufacturing Companies in Bangladesh. Asian Social Science, 14(12), 124. https://doi.org/10.5539/ass.v14n12p124

Emami, M., Mohammadi, A., Mohammadi, N., Branch, Z., & Branch, Z. (2015). A Survey on the Relation between Firm Size , Net Working Capital and Long- Term Operating Assets with the Return on Assets in the Companies Approved in Tehran Stock Exchange. European Online Journal of Natural and Social Sciences;, 4(1), 706–715.

Febriyanti, A. D., & Yahya. (2021). Pengaruh Ukuran Perusahaan, Profitabilitas, Likuiditas, dan Pertumbuhan Penjualan Terhadap Struktur Modal. Jurnal Ilmu Dan Riset Manajemen, 6(5), 2–19.

Gill, A., Biger, N., & Mathur, N. (2010). The Relationship Between Working Capital Management And Profitability : Evidence From The United States The Relationship Between Working Capital Management And Profitability : Evidence From The United States. Business and Economics Journal, 10, 1–9.

Habib, H. J., Khan, F., & Wazir, D. M. I. (2016). Impact Of Debt On Profitability Of Firms ; Evidence From Non-Financial Sector Of Pakistan. City University Research Journal Volume, 06(01), 70–80.

Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., Black, W. C., & Anderson, R. E. (2018). Multivariate Data Analysis. https://doi.org/10.1002/9781119409137.ch4

Hassan, N. U., Imran, M. M., Amjad, M., & Hussain, M. (2014). Effects of Working Capital Management on Firm Performance: An Empirical Study of Non-financial listed Firms in Pakistan. International Journal of Academic Research in Business and Social Sciences, 4(6), 114–132. https://doi.org/10.6007/ijarbss/v4-i6/931

He, L. (2008). Do founders matter? A study of executive compensation, governance structure and firm performance. Journal of Business Venturing, 23(3), 257–279. https://doi.org/10.1016/j.jbusvent.2007.02.001

Hermuningsih, S. (2014). Profitability, Growth Opportunity, Capital Structure and the Firm Value. Buletin Ekonomi Moneter Dan Perbankan, 16(2), 115–136. https://doi.org/10.21098/bemp.v16i2.440

Hossain, I., & Alam, J. (2019). The Relationship between Liquidity and Profitability in Emerging Countries : Evidence from Bangladesh. Journal of Finance and Accounting, 7(1), 22–27. https://doi.org/10.12691/jfa-7-1-4

Iqbal, A., Ullah, A., Zhuquan, W., & Shah, S. (2017). Effects of working capital management on profitability of manufacturing firms of Pakistan. Advanced Science Letters, 23(9), 8174–8179. https://doi.org/10.1166/asl.2017.9856

Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/ajar-06-2018-0006

Kebewar, M. (2012). The effect of debt on corporate profitability: Evidence from French service sector. Brussels Economic Review, 56(1). https://doi.org/http://dx.doi.org/10.2139/ssrn.2191075

Khan, A. A., Ayaz, M., Waseem, R. M., Osama, S., Abbasi, B. H., & Ijaz, M. (2016). Impact of Cash Conversion Cycle on Working Capital through Profitability : Evidence from Cement Industry of Pakistan. IOSR Journal of Business and Management (IOSR-JBM), 18(3), 124–131. https://doi.org/10.9790/487X-1803021124131

Kopong, Y., & Nurzanah, R. (2016). Pengaruh Growth Opportunity dan Ukuran Perusahaan terhadap Profitabilitas dengan Nilai Perusahaan sebagai Variabel Moderating Pada Perusahan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Manajerial, 1(1), 116–133. https://doi.org/https://doi.org/10.52447/jam.v1i1.743

Kumar, P., & Li, D. (2016). Capital Investment, Innovative Capacity, and Stock Returns. Journal of Finance, 71(5), 2059–2094. https://doi.org/10.1111/jofi.12419.This

Kusna, I., & Setijani, E. (2018). Analisis Pengaruh Kinerja Keuangan, Growth Opportunity Dan Ukuran Perusahaan Terhadap Struktur Modal Dan Nilai Perusahaan. Jurnal Manajemen Dan Kewirausahaan, 6(1), 93–102. https://doi.org/10.26905/jmdk.v6i1.2155

Kustandi, E. (2020). Perbandingan Pembayaran Pajak Sebelum Dan Saat Kepemimpinan Presiden Jokowi Periode 1 ( Studi Empiris pada Perusahaan Industri Barang Konsumsi yang terdaftar di BEI periode 2012-2017 ). Media Akuntansi Dan Perpajakan Indonesia, 2(1), 43–53.

Langit, H. K., Sutrisno, & Fuad, R. A. (2017). THE EFFECT OF CORPORATE GOVERNANCE DISCLOSURE ON INVESTOR REACTIONS WITH PROFITABILITY AS MODERATING VARIABLE. Management, 8(August), 41–52. https://doi.org/https://doi.org/10.18551/rjoas.2017-08.25

Lazaridis, I., & Tryfonidis, D. (2006). The relationship between working capital management and profitability of listed companies in the Athens Stock Exchange. Journal of Financial Management and Analysis, 30(76), 1–12.

Liestyasih, L. P. E., & Wiagustini, L. P. (2017). Pengaruh Firm Size Dan Growth Opportunity Terhadap Cash Holding Dan Firm Value. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 10, 3607. https://doi.org/10.24843/eeb.2017.v06.i10.p07

Linh, N. T. P., & Mohanlingam, S. (2018). The effects of cash conversion cycle on profitability: An insight into the agriculture and food industries in Thailand. Asian Journal of Business and Accounting, 11(1), 97–120. https://doi.org/10.22452/ajba.vol11no1.4

Lyngstadaas, H., & Berg, T. (2016). Working capital management: evidence from Norway. International Journal of Managerial Finance, 12(3), 295–313. https://doi.org/10.1108/IJMF-01-2016-0012

Kasmir. (2015). Analisis Laporan Keuangan. Edisi 1. Jakarta: Rajawali Pers

Mathuva, david m. (2010). the influence of working capital manajement components on corporate profitability: a surey on kenya listed firms. Research Journal of Business Management, 4(1), 1–11.

Murugesu, T. (2013). Effect of Cash Conversion Cycle on Profitability : Listed Plantation Companies in Sri Lanka. Research Journal of Finance and Accounting, 4(18), 132–137.

Nachrowi, N. Djalal dan Hardius Usman (2006). Pendekatan Populer dan Praktis Ekonometrika untuk Analisis Ekonomi dan Keuangan, Jakarta: LPFE Universitas Indonesia

Nanda, S., & Panda, A. K. (2018). The determinants of corporate profitability: an investigation of Indian manufacturing firms. International Journal of Emerging Markets, 13(1), 66–86. https://doi.org/10.1108/IJoEM-01-2017-0013

Nugroho, E., & Pangestuti, I. R. . (2011). Analisis Pengaruh Likuiditas, Pertumbuhan Penjualan, Perputaran Modal Kerja, Ukuran Perusahaan Dan Leverage Terhadap Profitabilitas Perusahaan. Jurnal Akuntansi Dan Keuangan, 1–30.

Nwude, E., Agbo, E., & Ibe-Lamberts, C. (2018). Effect of Cash Conversion Cycle on the Profitability of Public Listed Insurance Companies. International Journal of Economics and Financial Issues, 8(1), 111–117.

Nyabakora, W. I. (2020). The Effect of Working Capital Management on Firm’s Profitability (A Case of Tanzania). IOSR Journal of Business and Management (IOSR-JBM), 22(5), 19–27. https://doi.org/10.11648/j.ijefm.20140206.17

Pirashanthini, S., Tharmila, K., & Velnampy, T. (2013). Working capital approaches and firm ’ s profitability of manufacturing companies in Sri Lanka. Journal of Management and Business Studies (CRJMBS), 1(2), 24–30.

Putra, A., & Badjra, I. (2015). Pengaruh Leverage, Pertumbuhan Penjualan Dan Ukuran Perusahaan Terhadap Profitabilitas. E-Jurnal Manajemen Universitas Udayana, 4(7), 249411.

Quang, D. X., & Xin, W. Z. (2014). The Impact of Ownership Structure and Capital Structure on Financial Performance of Vietnamese Firms. International Business Research, 7(2), 64–71. https://doi.org/10.5539/ibr.v7n2p64

Raheman, A., & Nasr, M. (2007). Working capital management and profitability-case of Pakistani Firms. International Review of Business Research Papers, 3(1), 279–300.

Ren, T., Liu, N., Yang, H., Xiao, Y., & Hu, Y. (2019). Working capital management and firm performance in China. Asian Review of Accounting, 27(4), 546–562. https://doi.org/10.1108/ARA-04-2018-0099

Rianawati, A., & Setiawan, R. (2015). Leverage, Growth Opportunity, Dan Investasi Pada Perusahaan Non Keuangan Yang Terdafar di BEI. Jurnal Manajemen Dan Terapan, 8(1).

Said, R., & Mande, H. (2020). Pengaruh Efektivitas Modal Kerja dan Growth Opportunity terhadap Profitabilitas pada Perusahaan Manufaktur Industri Barang Konsumsi yang Listing di Bursa Efek Indonesia. Journal Ekonomika, 4(1), 46–57.

Salameh, H. M., Al-Zubi, K. A., & Al-Zu’bi, B. (2012). Capital structure determinants and financial performance analytical study in Saudi Arabia market 2004-2009. International Journal of Economic Perspectives, 6(4), 18–33. https://doi.org/10.2139/ssrn.3574780

Saputra, M. D., & Susanti, J. (2013). Hubungan Efficiency Level Working Capital Management Dengan Return On Total Assets. Jurnal Ekonomi Dan Bisnis, 12(1), 45–54. https://doi.org/https://doi.org/10.32722/eb.v12i1.652

Saqib, M. I., Sarwar, S., & Malik, K. A. (2017). The Relationship Between Working Capital Management And Corporate Performance In The Chemical Sector Of Pakistan. International Journal of Economics & Finance Research & Applications, 1(1).

Setiawan, R. (2009). Pengaruh Growth Opportunity Dan Ukuran Perusahaan. Majalah Ekonomi, 2, 163–173.

Setyanto, A. D., & Permatasari, I. (2015). Manajemen Modal Kerja Dan Dampaknya Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Pemoderasi. Jurnal Akuntansi, 6(1), 66–82.

Shahida, H., Nazir, M., & Tariq, J. (2014). The Impact of Working Capital Management on Firms Performance A Case of Manufacturing Sector of Pakistan (listed at LSE). Academic Journal of Management Sciences, 3(1).

Sharma, A. K., & Kumar, S. (2011). Effect of Working Capital Management on Firm Profitability: Empirical Evidence from India. Global Business Review, 12(1), 159–173. https://doi.org/10.1177/097215091001200110

Sharma, R. K. (2018). Factors affecting financial leveraging for BSE listed real estate development companies in India. Journal of Financial Management of Property and Construction, 23(3), 274–294. https://doi.org/10.1108/JFMPC-01-2017-0002

Shuaibu, K., Muhammad, A., & Isah, U. (2019). Cash Conversion Cycle and Profitability of Listed Cement Companies in Nigeria. 24(6), 25–33. https://doi.org/10.9790/0837-2406012533

Suam Toro, M. J., & Hartomo, D. D. (2014). Siklus Konversi Kas: Alternatif Rasio Likuiditas Yang Lebih Baik Dalam Memprediksi Profitabilitas. Jurnal Bisnis Dan Manajemen, 14(1), 31. https://doi.org/10.20961/jbm.v14i1.2682

Sugathadasa, D. (2018). The relationship between cash conversion cycle and firm profitability : Special reference to manufacturing companies in Colombo Stock Exchange. Journal of Economics and Finance (IOSR-JEF), 9(6), 38–47. https://doi.org/10.9790/5933-0906023847

Ting, I. W. K., Kweh, Q. L., & Chan, Y. C. (2014). Does organizational growth contribute to profitability? Evidence from Malaysian public listed companies. International Journal of Business and Society, 15(2), 267–276.

Tondok, B. S., Pahlevi, C., & Aswan, A. (2019). The Impact of Capital Structure, Company Growth, Company Size on Profitability And Company Value In Manufacturing Companies On The Indonesian Stock Exchange In the Period of 2013 - 2017. Hasanuddin Journal of Business Strategy 2, 1(2), 1–14.

Tsagem, M. M., Aripin, N., & Ishak, R. (2018). Cash Conversion Cycle and Profitability of Nigerian Small and Medium-Sized Entities: An Empirical Analysis. International Journal of Banking and Finance, 13(1), 49–69. https://doi.org/10.32890/ijbf2017.13.1.8498

Ul hassan, W., Zubair, M., Hasnain, Z., & Hussain, S. (2017). WORKING CAPITAL MANAGEMENT AMONG LISTED COMPANIES. International Journal of Research -GRANTHAALAYAH, 5(2), 80–91. https://doi.org/10.29121/granthaalayah.v5.i2.2017.1705

Wajo, R. A. (2021). Effect of Cash Turnover, Receivable Turnover, Inventory Turnover and Growth Opportunity on Profitability. Jurnal Ilmiah Akuntansi, 4(1), 61–69. https://doi.org/: https://doi.org/10.33096/atestasi.v4i1.706 Effect

Widarjono, Agus. 2018. Ekonometrika Pengantar dan Aplikasinya Disertai Panduan Eviews (Ed. 5). Yogyakarta: UPP STIM YKPN.

Wulandari, E. A., & Setiawan, M. A. (2019). Pengaruh Growth Opportunity, Net Working Capital, Cash Conversion Cycle Dan Dividend Payout Terhadap Cash Holding. Jurnal Eksplorasi Akuntansi, 1(3), 1259–1274. https://doi.org/ISSN : 2656-3649 (Online) http://jea.ppj.unp.ac.id/index.php/jea/issue/view/

Yazdanfar, D., & Ohman, P. (2014). The impact of cash conversion cycle on firm profitability An empirical study based on Swedish data. International Journal of Managerial Finance, Vol. 10(Iss 4), 442–452. https://doi.org/10.1108/IJMF-12-2013-0137

Yazdanfar, D., & Öhman, P. (2014). The impact of cash conversion cycle on firm profitability: An empirical study based on Swedish data. International Journal of Managerial Finance, 10(4), 442–452. https://doi.org/10.1108/IJMF-12-2013-0137

Yuliana, F. (2014). Analisis Pertumbuhan Aset Dan Struktur Modal yang Mempengaruhi Profitabilitas Perusahaan ( Studi Kasus pada Perusahaan Semen yang tredaftar Bursa Efek Indonesia ). Jurnal Ekonomi Dan Keuangan, 1–14.

Zeidan, R., & Shapir, O. M. (2017). Cash conversion cycle and value-enhancing operations: Theory and evidence for a free lunch. Journal of Corporate Finance, 45(2016), 203–219. https://doi.org/10.1016/j.jcorpfin.2017.04.014

Zhang, X., Xue, H., Zhang, Y., & Ding, S. (2019). Growth Opportunities or Cash Flow Drives Innovative Investment — Evidence with different ownership structure from China Growth Opportunities or Cash Flow Drives Innovative Investment — Evidence with different ownership structure from China. Emerging Markets Finance and Trade, 00(00), 1–18. https://doi.org/10.1080/1540496X.2019.1668268

Published

2022-07-01

How to Cite

Agustin, N. D., & Suryani, A. W. (2022). HUBUNGAN ANTARA CASH CONVERSION CYCLE DAN GROWTH OPPORTUNITY DENGAN PROFITABILITAS. Ekonomi Dan Bisnis, 9(1), 29–44. https://doi.org/10.35590/jeb.v9i1.3936