Effectiveness and Efficiency of Working Capital Use in Industrial Sector Companies Exchange in 12th Year
DOI:
https://doi.org/10.47747/icbem.v1i1.1275Abstract
Working capital is the capital used to finance a business's activities while it is in operation. This study's objective is to estimate the level of effectiveness and efficiency in the utilization of working capital by industrial sector companies listed on the Indonesia Stock Exchange (IDX) for the 12th Year (Period 2010–2021). Purposive sampling is used as the sampling technique, while descriptive quantitative research is employed as the methodology. Using the ratio of profitability of own capital and the ratio of working capital turnover, the level of effectiveness and efficiency of the use of working capital is determined to be 36 percent and five times the standard ratio, so that companies in the industrial sector on the Indonesia Stock Exchange (IDX) between 2010 and 2021. It was successful because the company had low working capital but achieved maximum profits. It was inefficient because it was affected by a shortage of working capital—however, the company's incapacity to manage minimum working capital to grow sales.
References
Abesty, R., & Puspitasari, R. (2014). Analisis Efektivitas Modal Kerja Terhadap Profitabilitas dan Aktivitas Pada PT Asta Agro Lestari Tbk dan PT Tunas Baru Lampung. Jurnal Ilmiah Manajemen Kesatuan. 2(2). 89-102.
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.
Alvionita, A. D. (2016). Analisis Efisiensi Penggunaan Modal Kerja Pada Koperasi Ruhui Rahayu Sekretariat Daerah Provinsi Kalimantan Timur di Samarinda. eJournal Ilmu Administrasi Bisnis, 4(3), 815-825, https://ejournal.hi.fisip-unmul.ac.id.
Astina, S. (2022). Analisis Efektivitas dan Efesiensi Penggunaan Modal Kerja Studi Kasus Pada PT. Koperasi Karyawan.
Bhattacharya, H. (2021). Working capital management: Strategies and techniques. PHI Learning Pvt. Ltd.
Chen, Y., Jermias, J., & Nazari, J. A. (2021). The effects of reporting frameworks and a company’s financial position on managers’ willingness to invest in corporate social responsibility projects. Accounting & Finance, 61(2), 3385-3425.
Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of business finance & Accounting, 30(3‐4), 573-588.
Fahmi, I. (2014). Manajemen Keuangan Perusahaan dan Pasar Modal. Penerbit Mitra Wacana Media.
Febriantari, K. S. (2021) Analisis Efektivitas Penggunaan Modal Kerja Pada Koperasi Pegawai Republik Indonesia (KPRI) “Sedia” Pemerintah Daerah Kabupaten Klungkung. [Skripsi, Universitas Ngurah Rai]. http://repo.unr.ac.id/349/.
Fiskal Kemenkeu (2021). Kajian Ekonomi dan Keuangan. Diakses 04 Maret 2023, dari https://fiskal.kemenkeu.go.id/ejournal/index.php/kek.
Hilmi, H., Zarkasyi, W., Sueb, M., & Tanzil, N. D. (2021). Implementation of Corporate Social Responsibility Based on Triple Bottom Line Concepts on the Company’s Financial Performance: Empirical Studies in Manufacturing and Mining Companies. International Journal of Economics and Financial Issues, 11(2), 12.
IDN Financials. (2022). Financial Data. Diakses 25 Oktober 2022, dari https://www.idnfinancials.com/.
Ilhamidya, D. N., Katun, S. & Kartini, T. (2020). Analisis Efisiensi Penggunaan Modal Kerja Pada Koperasi Karyawan Sekar Jember Tahun Buku 2015-2017. Jurnal Pendidikan Ekonomi: Jurnal Ilmiah Ilmu Pendidikan, Ilmu Ekonomi, dan Ilmu Sosial, 1(14), 213-
Indonesia Stock Exchange. (2022). IDX Statistics 3rd Quarter 2022. 2022 (November). https://www.idx.co.id/media/20221153/idx_3rd- quarter_2022.pdf.
Lalu, R. S., Saerang, I. S., & Murni, S. (2016). Analisis Efisiensi Penggunaan Modal Kerja Pada Perusahaan Semen Yang Tercatat Di Bei Periode 2010-2014. Jurnal EMBA, 4(5), 303–3. https://ejournal.unsrat.ac.id/index.php/emba/article/view/14118.
Lyngstadaas, H., & Berg, T. (2016). Working capital management: Evidence from Norway. International Journal of Managerial Finance.
Mardiana, M., & Rahim, I. (2021). Analisis Efektifitas Dan Efesiensi Pengelolaan Modal Kerja Pada Home Industri Kripik Ferikar Tolitoli. Jurnal Multidisiplin Madani, 1(3), 397-406, https://doi.org/10/54259/mudima.vli3.233.
Megalia & Situmorang, B. (2021), Analisis Efesiensi dan Efektivitas Penggunaan Modal Kerja Pada Perusahaan Sub Sektor Aneka Industri Elektronika yang Terdaftar di BEI Pada Periode 2017-2019. Reliable Accounting Journal, 1(1), 10-19.
Manullan, S. & Akbar, A. (2022). Analisis Efesiensi Penggunaan Modal Kerja Pada PT Asahimas Flat Glass Tbk. Citivas: Jurnal Studi Manajemen, 1(4), 41-46, https://journals.synthesispublication.org/index/php/citivas.
Rumini, D. A., & Aryastuti, N. L. A. T. (2019). Analisis Efesiensi dan Efektivitas Penggunaan Modal Pada Lembaga.
Oladipupo, A. O., & Okafor, C. A. (2013). Relative contribution of working capital management to corporate profitability and dividend payout ratio: Evidence from Nigeria. International Journal of Business and Finance Research, 3(2), 11-20.
Patintingan, P., (2020). Analisis Efisiensi Penggunaan Modal Kerja Pada Ud. Baruasa members. Sigma: Journal of Economic and Business, 1(3), 84-90, https://www.journal.stie-66.ac.id.
Perkreditan Desa (LPD) Desa Pakraman Sapat, Tegallalang, Gianyar. Jurnal KRISNA: Kumpulan Riset Akuntansi, 1(11), 6-12, https://www.ejournal.warmadewa.ac.id/index.p hp/krisna/article/view/1121/837.
Putri, A. P. W., AR, M. D., & Saifi, M. (2016). Efektivitas Penggunaan Modal Kerja Sebagai Salah Satu Upaya Meningkatkan Likuiditas (Studi Pada Perusahaan Otomotif Indomobil Sukses International Tbk Tahun 2012-2014). Jurnal Administrasi Bisnis (JAB), 2(37), 54-62.
Sardiyo, Rimbano, D., Famalika, A., Nadziro, N., & Diana, H. S. (2022). Metodologi Penelitian Sebuah Pengantar. Perkumpulan Rumah Cemerlang Indonesia.
Setiajatnika, E., Hasyim, M. A. N., & Pitriyani, D. (2021). Efektivitas Penggunaan Modal Kerja Dalam Upaya Meningkatkan Likuiditas Masing-Masing Unit Usaha Ksu Karya Nugraha Jaya Kabupaten Kuningan. Ekono Insentif, 2(15), 67-78, https://jurnal.lldikti4.or.id.
Seth, H., Chadha, S., Sharma, S. K., & Ruparel, N. (2021). Exploring predictors of working capital management efficiency and their influence on firm performance: An integrated DEA-SEM approach. Benchmarking: An International Journal, 28(4), 1120-1145.
Serrador, P., & Pinto, J. K. (2015). Does Agile work? A quantitative analysis of agile project success. International journal of project management, 33(5), 1040-1051.
Sujarweni, V. W. (2018). Manajemen Keuangan: Teori, Aplikasi, dan Hasil Penelitian. Penerbit Pustaka Baru Press. Sunarjanto, N. A., (2019). Analisis Efisiensi Penggunaan Modal Kerja Pada Usaha Kecil Menengah di Surabaya. Performance, 1(26), 8-18, https://jp.feb.unsoed.ac.id.
Susanti, E., & Mursida. (2019). Analisis Efektivitas Penggunaan Modal Kerja Dalam Meningkatkan Lukuiditas Pada Perusahan Air Minum (PAM) Tirta Mangkaluku Kota Palopo. EMMA | JURNAL OF ECONOMIC, MANAGEMENT AND
ACCOUNTING, 2(2), 1-8, https://www.ojs.unanda.ac.id.
Smith, B. D. (1999). Using a Modified DuPont System of Analysis for Understanding Property‐Liability Insurance Company Financial Performance. Risk Management and Insurance Review, 2(3), 141-151.
Stolzer, A. J., Friend, M. A., Truong, D., Tuccio, W. A., & Aguiar, M. (2018). Measuring and evaluating safety management system effectiveness using Data Envelopment Analysis. Safety science, 104, 55-69.
Telaumbanua, J., Zagot, R. & Gohae. A. S. (2021). Analisis Efisiensi Penggunaan Modal Kerja Pada Koperasi CU. Sohagaini Lahusa-Gomo. Jurnal Ilmiah Mahasiwa Nias Selatan, 2(4), 213-219, https://jurnal/uniraya.ac.id.
Tul'aini, L. (2018) Analisis Efisiensi Pengelolaan Modal Kerja Dalam Hubungan-nya Dengan Profitabilitas Perusahaan (Studi Pada Perusahaan Sub Sektor Kosmetik dan Keperluan Rumah Tangga Yang Terdaftar di Bursa Efek Indonesia Periode 2014- 2016).
Ukaegbu, B. (2014). The significance of working capital management in determining firm profitability: Evidence from developing economies in Africa. Research in International Business and Finance, 31, 1-16.
