PENGARUH PERPUTARAN MODAL KERJA, PIUTANG, DAN PERSEDIAAN TERHADAP TINGKAT PROFITABILITAS PADA PERUSAHAAN ROKOK

Abstract

Every company should implement the management system as the procedure in order to develop and to run their business effectively. The cigarette industry’s biggest challenge is that the government considers smoking to be detrimental to health, the government has also limited the movement of the tobacco industry through Minister of Health Regulation No 28 of 2013 which limits advertising and promotion and gives warnings in cigarette packaging. This research aimed to examine the effect of variables of work capital turnover, receivables turnover and supply turnover on the probability of cigarettes company which were go public at Indonesia Stock Exchange.Sample of this research used saturated sampling with 4 companies listed in Indonesia Stock Exchange i.e. PT Gudang Garam Tbk, PT HM Sampoerna Tbk, PT Bentoel Internasioanl Investama Tbk, and PT Wismilak Inti Makmur Tbk. The observation periods were in 2010-2017. The data of this research used secondary data with financial statement. The analysis technique used multiple liniear regressions analysis.This research used model feasibility test showed that the model was feasible to use for this research. Meanwhile, t test showing each of variables i.e. work capital turnover, receivables turnover and supply turnover gave significant and positive effects on the profitability.

Keywords: work capital turnover, receivables turnover, supply turnover, profitability.