European Scientific Journal January

European Scientific Journal January 2014 edition vol.10, No 1 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431
374
IMPACT OF WORKING CAPITAL
MANAGEMENT ON PROFITABILITY
Hina Agha, Mba, Mphil
Bahria University Karachi Campus, Pakistan
Abstract
The main purpose of this study is to empirically test the impact of
working capital management on profitability .To investigate this relationship
between these two, the author collected secondary data from Glaxo Smith
Kline pharmaceutical company registered in Karachi stock exchange for the
period of 1996-2011. For this purpose, in this study we use variable of return
on assets ratio to measure the profitability of company and variables of
account receivable turnover, creditors turnover, inventory turnover and
current ratio as working capital management criteria. The results of the
research show that there is a significant impact of the working capital
management on profitability of company. Therefore, managers may enhance
the profitability of their firms by minimizing the inventory turnover, account
receivables ratio and by decreasing creditors turnover ratios but there is no
significant effect of increasing or decreasing the current ratio on
profitability. So, the results indicate that through proper working capital
management the company can increase its profitability. This study will
benefit the Pharmaceutical companies in the management of their working
capital in such an efficient manner so that they can multiply their
profitability.
Keywords: Working capital, Profitability, management
I - Introduction
In financial affairs of companies, working capital management is a
very important factor, which has a direct positive effect on profitability as
well as liquidity of the company. Liquidity and profitability are both the two
different sides of same coin. Optimum level of liquidity guarantees a firm to
meet their short term debts and the proper management of flow can be
promised by a profitable business. Liquidity shows the ability of company in
responding to short-term obligations. A firm ought to optimize its liquidity
and profitability while conducting its daily business operations. Working
Capital Management contains proportion balance of working capital
European Scientific Journal January 2014 edition vol.10, No 1 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431
375
components i.e. – debtors, inventory and payables and the use of cash
effectively for daily business operations. Proper optimization of working
capital balance means minimizing the working capital requirement and
realizing maximum possible revenues (Ganesan, 2007). There is a strong
linear relationship between profitability of the firm and its working capital
efficiency. The ability of the company to earn profit can be referred to as the
profitability of that company. Profit is determined by deducting expenses
from the revenue incurred in generating that revenue. The amount of profit
can be a good measure of the performance of a company, so we can use
profitability as a measure of the financial performance of a company, as well
as, profitability is the promise for a company to remain a going concern in
the world of business. Proper Working capital management ensures that the
company increased its profitability. Effective working capital management is
very important due to its significant effect on profitability of company and
thus the existence of company in the market. If a firm minimizes its
investment in current assets, the resulting funds can be invested in valuecreating
profitable projects, so it can increase the firm’s growth opportunities
and shareholders return. However, management can also face liquidity
problems due to underinvestment in working capital. The ability of financial
managers to effectively and efficiently manage their receivables, inventories,
and payables has a significant impact on the success of the business and on
profitability as well. The study attempts to enhance the knowledge of
companies by identifying the ways that Pharmaceutical companies manage
their working capital in order to increase profitability.
IA- Research question:
Is there any significant relationship between profitability (ROA) and
working capital management (DTO,CTO,ITO,CR).
IB-Key terms and their definitions
Return on assets ratio (ROA): Return on assets is a ratio of net
income (annual) divided by the total assets (average) of a business during its
financial year. It explains the performance and progress of the business in
utilizing its resources to generate the income. It is a profitability ratio. The
formula to calculate return on assets is total annual net income divided by the
average total assets during a financial year.
Debtors turnover ratio (DTO): It shows how many times company
collects its account receivable. High ratio increases the liquidity of the
company. It calculates by dividing net credit sales by average account
receivable.
Creditors turnover ratio (CTO): Accounts payable turnover ratio
shows how much credit worthy is the company. A high ratio means quick or
European Scientific Journal January 2014 edition vol.10, No 1 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431
376
prompt payment to suppliers for the products purchased on credit and a low
ratio may be a sign of delayed payment. A high ratio (prompt payment) is
desirable but company should always avail the credit facility offered by the
suppliers. It is calculated by dividing net credit purchase with average
account payables.
Inventory turnover ratio (ITO): Inventory turnover ratio may vary
significantly from industry to industry. A high ratio means fast moving
inventories and a low ratio means slow moving or obsolete inventories in
hand. A low ratio can also be the result of maintaining excessive amount of
inventory needlessly. Maintaining excessive inventories means tidying up
the capital that could be used in other profitable operations. Therefore, the
formula for calculating inventory turnover ratio is sales divided by inventory.
Current Ratio: Current ratio is the ratio of current assets of a business
to its current liabilities. It is the most commonly used method for testing the
liquidity of a business and measures the ability of a business to repay its
short term debts. Hence, the formula for calculating current ratio is current
assets divided by current liabilities of a particular financial year. Current
ratio should be greater than 1. Current ratio below 1 shows critical liquidity
problems faced by the company because it shows that the total amount of
current liabilities are more than the total amount of current assets and that
the company is not in the position to pay its short term debts. Abnormally,
high current ratio may be the result of underutilized resources in the
business.
II-Review of literature:
Abbasali Pouraghajan and Milad Emamgholipourarchi empirically
tested the impact of working capital management on profitability and Market
evaluation of the Tehran Stock Exchange listed companies. Keeping in mind
this objective, they studied a sample of companies during the years 2006 to
2010 registered in Tehran Stock Exchange and analyzed them. Also, they
used various variables to measure these two factors. The estimated result of
the research shows that there is a significant positive relationship between
the effective working capital management and profitability of company.
Also, the results of the study show that management can enhance the
profitability of company through minimizing cash conversion cycle and the
total debts to total assets ratio.
Kulkanya Napompech reviewed the impact of working capital
management on profitability .The primary objective of this research was to
test the effects of working capital management on profitability. The
regression analysis was calculated on a panel sample of 255 companies listed
on the Stock Exchange of Thailand from 2007 to 2009. Therefore, the results
showed an inverse relationship between the operating profits and inventory
European Scientific Journal January 2014 edition vol.10, No 1 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431
377
conversion period and the receivables collection period. However, there are
no effects on profitability by extending the payables deferral period. The
findings also demonstrated that industry characteristics have an impact on
gross operating profits.
Malik Muhammad, Waseem Ullah Jan, and Kifayat Ullah empirically
tested that effective Working capital management is very important for the
success of a business because it has a direct positive impact on the
profitability of the business. For this purpose, secondary data were collected
from listed firms in Karachi stock exchange for the period of 2001-2006 with
an attempt to examine the relationship between profitability, and working
capital management criteria. The population of the study is Pakistan textile
industry, and the findings of the study demonstrate that there is a strong
positive relationship between profitability and cash, accounts receivable and
inventory; but there is a negative relationship between profitability and
accounts payable. Therefore, this indicates that increase in cash, inventory
and credit sales will result in an increase in the profitability of firm.
Mobeen Ur Rehman and Naveed Anjum empirically examine the
effects of working capital management on the profitability of Pakistan
cement industry. Secondary Data was collected from Annual Reports and the
sample size is 10 consisting of Pakistan cement Companies listed in KSE
from 2003-2008. The relationship between working capital management and
profitability is examined using statistical tools. The result accepts the
hypothesis that there is a positive relationship between working capital
management and profitability on the cement sector of Pakistan.
This study was conducted by Mohammad Morshedur Rahman, and it
examines that the Profitability and Working Capital management of Textiles
Industries has a positive relationship

Hasil (Bahasa Indonesia) 1:

Jurnal ilmiah Eropa Januari 2014 edisi vol.10, No 1 ISSN: 1857 – 7881 (cetak) e - ISSN 1857-7431374DAMPAK DARI MODAL KERJAMANAJEMEN PADA PROFITABILITASHina Agha, Mba, MphilKampus BAHRIA Universitas Karachi, PakistanAbstrakTujuan utama studi ini adalah untuk secara empiris menguji dampakManajemen modal kerja pada profitabilitas. Untuk menyelidiki hubungan iniantara kedua, penulis dikumpulkan data sekunder dari Glaxo SmithKline farmasi perusahaan terdaftar di Bursa saham Karachi untukperiode 1996-2011. Untuk tujuan ini, dalam studi ini kami menggunakan variabel kembalipada rasio aset untuk mengukur profitabilitas perusahaan dan variabelrekening omset Piutang Kreditor omset, perputaran persediaan danrasio lancar sebagai kriteria manajemen modal kerja. Hasilpenelitian menunjukkan bahwa ada dampak signifikan modal kerjamanajemen pada profitabilitas perusahaan. Oleh karena itu, manajer dapat meningkatkanprofitabilitas perusahaan mereka dengan meminimalkan perputaran persediaan, akunrasio piutang dan oleh menurunnya kreditor omset rasio tetapi ada tidak adaEfek signifikan meningkat atau menurun saat ini rasio padaprofitabilitas. Jadi, hasil menunjukkan bahwa melalui tepat modal kerjamanajemen perusahaan dapat meningkatkan profitabilitas. Studi ini akanmanfaat perusahaan farmasi dalam pengelolaan bekerja merekamodal dalam cara yang efisien sehingga mereka dapat mengalikan merekaprofitability.Keywords: Working capital, Profitability, managementI - IntroductionIn financial affairs of companies, working capital management is avery important factor, which has a direct positive effect on profitability aswell as liquidity of the company. Liquidity and profitability are both the twodifferent sides of same coin. Optimum level of liquidity guarantees a firm tomeet their short term debts and the proper management of flow can bepromised by a profitable business. Liquidity shows the ability of company inresponding to short-term obligations. A firm ought to optimize its liquidityand profitability while conducting its daily business operations. WorkingCapital Management contains proportion balance of working capitalEuropean Scientific Journal January 2014 edition vol.10, No 1 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431375components i.e. – debtors, inventory and payables and the use of casheffectively for daily business operations. Proper optimization of workingcapital balance means minimizing the working capital requirement andrealizing maximum possible revenues (Ganesan, 2007). There is a stronglinear relationship between profitability of the firm and its working capitalefficiency. The ability of the company to earn profit can be referred to as theprofitability of that company. Profit is determined by deducting expensesfrom the revenue incurred in generating that revenue. The amount of profitcan be a good measure of the performance of a company, so we can useprofitability as a measure of the financial performance of a company, as wellas, profitability is the promise for a company to remain a going concern inthe world of business. Proper Working capital management ensures that thecompany increased its profitability. Effective working capital management isvery important due to its significant effect on profitability of company andthus the existence of company in the market. If a firm minimizes itsinvestment in current assets, the resulting funds can be invested in valuecreatingprofitable projects, so it can increase the firm’s growth opportunitiesand shareholders return. However, management can also face liquidityproblems due to underinvestment in working capital. The ability of financialmanagers to effectively and efficiently manage their receivables, inventories,and payables has a significant impact on the success of the business and onprofitability as well. The study attempts to enhance the knowledge ofcompanies by identifying the ways that Pharmaceutical companies managetheir working capital in order to increase profitability.IA- Research question:Is there any significant relationship between profitability (ROA) andworking capital management (DTO,CTO,ITO,CR).IB-Key terms and their definitionsReturn on assets ratio (ROA): Return on assets is a ratio of netincome (annual) divided by the total assets (average) of a business during itsfinancial year. It explains the performance and progress of the business inutilizing its resources to generate the income. It is a profitability ratio. Theformula to calculate return on assets is total annual net income divided by theaverage total assets during a financial year.Debtors turnover ratio (DTO): It shows how many times companycollects its account receivable. High ratio increases the liquidity of thecompany. It calculates by dividing net credit sales by average accountreceivable.Creditors turnover ratio (CTO): Accounts payable turnover ratioshows how much credit worthy is the company. A high ratio means quick orEuropean Scientific Journal January 2014 edition vol.10, No 1 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431376prompt payment to suppliers for the products purchased on credit and a lowratio may be a sign of delayed payment. A high ratio (prompt payment) isdesirable but company should always avail the credit facility offered by thesuppliers. It is calculated by dividing net credit purchase with averageaccount payables.Inventory turnover ratio (ITO): Inventory turnover ratio may varysignificantly from industry to industry. A high ratio means fast movinginventories and a low ratio means slow moving or obsolete inventories inhand. A low ratio can also be the result of maintaining excessive amount ofinventory needlessly. Maintaining excessive inventories means tidying upthe capital that could be used in other profitable operations. Therefore, theformula for calculating inventory turnover ratio is sales divided by inventory.Current Ratio: Current ratio is the ratio of current assets of a businessto its current liabilities. It is the most commonly used method for testing theliquidity of a business and measures the ability of a business to repay itsshort term debts. Hence, the formula for calculating current ratio is currentassets divided by current liabilities of a particular financial year. Currentratio should be greater than 1. Current ratio below 1 shows critical liquidityproblems faced by the company because it shows that the total amount ofcurrent liabilities are more than the total amount of current assets and thatthe company is not in the position to pay its short term debts. Abnormally,high current ratio may be the result of underutilized resources in thebusiness.II-Review of literature:Abbasali Pouraghajan and Milad Emamgholipourarchi empiricallytested the impact of working capital management on profitability and Marketevaluation of the Tehran Stock Exchange listed companies. Keeping in mindthis objective, they studied a sample of companies during the years 2006 to2010 registered in Tehran Stock Exchange and analyzed them. Also, theyused various variables to measure these two factors. The estimated result ofthe research shows that there is a significant positive relationship betweenthe effective working capital management and profitability of company.
Also, the results of the study show that management can enhance the
profitability of company through minimizing cash conversion cycle and the
total debts to total assets ratio.
Kulkanya Napompech reviewed the impact of working capital
management on profitability .The primary objective of this research was to
test the effects of working capital management on profitability. The
regression analysis was calculated on a panel sample of 255 companies listed
on the Stock Exchange of Thailand from 2007 to 2009. Therefore, the results
showed an inverse relationship between the operating profits and inventory
European Scientific Journal January 2014 edition vol.10, No 1 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431
377
conversion period and the receivables collection period. However, there are
no effects on profitability by extending the payables deferral period. The
findings also demonstrated that industry characteristics have an impact on
gross operating profits.
Malik Muhammad, Waseem Ullah Jan, and Kifayat Ullah empirically
tested that effective Working capital management is very important for the
success of a business because it has a direct positive impact on the
profitability of the business. For this purpose, secondary data were collected
from listed firms in Karachi stock exchange for the period of 2001-2006 with
an attempt to examine the relationship between profitability, and working
capital management criteria. The population of the study is Pakistan textile
industry, and the findings of the study demonstrate that there is a strong
positive relationship between profitability and cash, accounts receivable and
inventory; but there is a negative relationship between profitability and
accounts payable. Therefore, this indicates that increase in cash, inventory
and credit sales will result in an increase in the profitability of firm.
Mobeen Ur Rehman and Naveed Anjum empirically examine the
effects of working capital management on the profitability of Pakistan
cement industry. Secondary Data was collected from Annual Reports and the
sample size is 10 consisting of Pakistan cement Companies listed in KSE
from 2003-2008. The relationship between working capital management and
profitability is examined using statistical tools. The result accepts the
hypothesis that there is a positive relationship between working capital
management and profitability on the cement sector of Pakistan.
This study was conducted by Mohammad Morshedur Rahman, and it
examines that the Profitability and Working Capital management of Textiles
Industries has a positive relationship

Hasil (Bahasa Indonesia) 2:

Eropa Jurnal Ilmiah Januari 2014 edisi vol.10, No 1 ISSN: 1857-7881 (Cetak) e - ISSN 1857- 7431
374
DAMPAK MODAL KERJA
MANAJEMEN PROFITABILITAS
Hina Agha, Mba, Mphil
Bahria Universitas Karachi Kampus, Pakistan
Abstrak
Tujuan utama dari penelitian ini adalah untuk secara empiris menguji dampak dari
manajemen modal kerja terhadap profitabilitas .Untuk menyelidiki hubungan ini
antara kedua, penulis mengumpulkan data sekunder dari Glaxo Smith
perusahaan farmasi Kline terdaftar di Karachi bursa untuk
periode 1996-2011. Untuk tujuan ini, dalam penelitian ini kami menggunakan variabel pengembalian
rasio aset untuk mengukur profitabilitas perusahaan dan variabel dari
akun perputaran piutang, kreditur turnover, inventory turnover dan
rasio lancar sebagai kriteria manajemen modal kerja. Hasil
penelitian menunjukkan bahwa ada pengaruh yang signifikan dari modal kerja
manajemen terhadap profitabilitas perusahaan. Oleh karena itu, manajer dapat meningkatkan
profitabilitas perusahaan mereka dengan meminimalkan perputaran persediaan, rekening
rasio piutang dan dengan mengurangi kreditur rasio perputaran tetapi tidak ada
pengaruh yang signifikan dari peningkatan atau penurunan rasio lancar pada
profitabilitas. Jadi, hasil menunjukkan bahwa melalui modal kerja yang tepat
manajemen perusahaan dapat meningkatkan profitabilitas. Penelitian ini akan
menguntungkan perusahaan farmasi dalam pengelolaan kerja mereka
modal seperti cara yang efisien sehingga mereka dapat berkembang biak mereka
profitabilitas.
Kata kunci: Modal kerja, Profitabilitas, manajemen
I - Pendahuluan
Dalam urusan keuangan perusahaan, manajemen modal kerja adalah
sangat faktor penting, yang memiliki efek positif langsung pada profitabilitas sebagai
serta likuiditas perusahaan. Likuiditas dan profitabilitas yang baik dua
sisi yang berbeda dari mata uang yang sama. Tingkat optimal likuiditas menjamin perusahaan untuk
memenuhi utang jangka pendek mereka dan manajemen yang tepat dari aliran dapat
dijanjikan oleh bisnis yang menguntungkan. Likuiditas menunjukkan kemampuan perusahaan dalam
merespon kewajiban jangka pendek. Sebuah perusahaan harus mengoptimalkan likuiditas
dan profitabilitas ketika melakukan kegiatan usahanya sehari-hari. Kerja
Capital Management mengandung keseimbangan proporsi modal kerja
Eropa Jurnal Ilmiah Januari 2014 edisi vol.10, No 1 ISSN: 1857-7881 (Cetak) e - ISSN 1857- 7431
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komponen yaitu - debitur, persediaan dan hutang dan penggunaan kas
efektif untuk operasi bisnis sehari-hari. Optimasi yang tepat dari kerja
neraca modal berarti meminimalkan kebutuhan modal kerja dan
mewujudkan pendapatan (Ganesan, 2007) maksimum yang mungkin. Ada yang kuat
hubungan linear antara profitabilitas perusahaan dan modal kerja
efisiensi. Kemampuan perusahaan untuk mendapatkan keuntungan dapat disebut sebagai
profitabilitas perusahaan itu. Laba ditentukan oleh dikurangi biaya
dari pendapatan yang timbul dalam menghasilkan pendapatan yang. Jumlah laba
dapat menjadi ukuran yang baik dari kinerja perusahaan, sehingga kami dapat menggunakan
profitabilitas sebagai ukuran kinerja keuangan perusahaan, serta
sebagai, profitabilitas adalah janji bagi perusahaan untuk tetap menjadi perhatian masuk
dalam dunia bisnis. Manajemen modal kerja yang tepat memastikan bahwa
perusahaan meningkatkan profitabilitas. Manajemen modal kerja yang efektif adalah
sangat penting karena berpengaruh signifikan terhadap profitabilitas perusahaan dan
dengan demikian keberadaan perusahaan di pasar. Jika suatu perusahaan meminimalkan nya
investasi aktiva lancar, dana yang dihasilkan dapat diinvestasikan dalam valuecreating
proyek yang menguntungkan, sehingga dapat meningkatkan peluang pertumbuhan perusahaan
dan pemegang saham kembali. Namun, manajemen juga dapat menghadapi likuiditas
masalah karena kurangnya investasi modal kerja. Kemampuan keuangan
manajer untuk secara efektif dan efisien mengelola piutang mereka, persediaan,
dan hutang memiliki dampak yang signifikan terhadap keberhasilan bisnis dan
profitabilitas juga. Studi ini mencoba untuk meningkatkan pengetahuan
perusahaan dengan mengidentifikasi cara-cara yang perusahaan farmasi mengelola
modal kerja mereka dalam rangka untuk meningkatkan profitabilitas.
IA- pertanyaan Penelitian:
Apakah ada hubungan yang signifikan antara profitabilitas (ROA) dan
manajemen modal kerja (DTO, CTO, . ITO, CR)
istilah IB-Key dan definisi mereka
Return on rasio aset (ROA): Return on asset adalah rasio net
income (tahunan) dibagi dengan total aset (rata-rata) bisnis selama nya
tahun keuangan. Ini menjelaskan kinerja dan kemajuan bisnis di
memanfaatkan sumber daya untuk menghasilkan pendapatan. Ini adalah rasio profitabilitas. The
rumus untuk menghitung laba atas aset adalah total pendapatan bersih tahunan dibagi dengan
total aset rata-rata selama tahun keuangan.
Ratio Debitur turnover (DTO): Ini menunjukkan berapa kali perusahaan
mengumpulkan rekeningnya piutang. Rasio yang tinggi meningkatkan likuiditas
perusahaan. Ini menghitung dengan membagi penjualan kredit bersih dengan akun rata
piutang.
Rasio Kreditor turnover (CTO): Akun rasio perputaran hutang
menunjukkan berapa banyak kredit yang layak adalah perusahaan. Rasio yang tinggi berarti cepat atau
Eropa Jurnal Ilmiah Januari 2014 edisi vol.10, No 1 ISSN: 1857-7881 (Cetak) e - ISSN 1857- 7431
376
cepat pembayaran kepada pemasok untuk produk yang dibeli secara kredit dan rendah
rasio mungkin tanda pembayaran tertunda. Rasio yang tinggi (pembayaran prompt) adalah
diinginkan tetapi perusahaan harus selalu memanfaatkan fasilitas kredit yang ditawarkan oleh
pemasok. Hal ini dihitung dengan membagi pembelian kredit bersih dengan rata-rata
rekening hutang.
Rasio inventory turnover (ITO): Persediaan rasio perputaran dapat bervariasi
secara signifikan dari industri ke industri. Rasio yang tinggi berarti bergerak cepat
persediaan dan rasio rendah berarti bergerak lambat atau persediaan usang di
tangan. Rasio yang rendah juga dapat menjadi hasil dari menjaga jumlah berlebihan
persediaan sia-sia. Menjaga persediaan berlebihan berarti merapikan
modal yang dapat digunakan dalam operasi yang menguntungkan lainnya. Oleh karena itu,
rumus untuk menghitung rasio perputaran persediaan adalah penjualan dibagi dengan persediaan.
Rasio Lancar: Rasio lancar adalah rasio aktiva lancar dari bisnis
terhadap kewajiban lancar. Ini adalah metode yang paling umum digunakan untuk menguji
likuiditas bisnis dan mengukur kemampuan sebuah bisnis untuk membayar nya
utang jangka pendek. Oleh karena itu, rumus untuk menghitung rasio lancar adalah saat
aset dibagi dengan kewajiban lancar dari tahun keuangan tertentu. Saat ini
rasio harus lebih besar dari 1. rasio saat ini di bawah 1 menunjukkan likuiditas penting
masalah yang dihadapi oleh perusahaan karena menunjukkan bahwa jumlah total
kewajiban lancar lebih dari jumlah total aset saat ini dan bahwa
perusahaan tidak dalam posisi untuk membayar hutang jangka pendek. Normal,
rasio arus tinggi mungkin hasil dari sumber daya yang kurang dimanfaatkan dalam
bisnis.
II-Ulasan sastra:
Abbasali Pouraghajan dan Milad Emamgholipourarchi secara empiris
menguji dampak manajemen modal kerja terhadap profitabilitas dan Market
evaluasi Bursa Efek Teheran perusahaan yang terdaftar. Mengingat
tujuan ini, mereka mempelajari sampel perusahaan selama tahun 2006 hingga
2010 yang terdaftar di Bursa Efek Teheran dan dianalisis mereka. Juga, mereka
menggunakan berbagai variabel untuk mengukur dua faktor. Hasilnya diperkirakan
penelitian menunjukkan bahwa ada hubungan positif yang signifikan antara
manajemen modal yang efektif kerja dan profitabilitas perusahaan.
Selain itu, hasil penelitian menunjukkan bahwa manajemen dapat meningkatkan
profitabilitas perusahaan melalui meminimalkan siklus konversi kas dan
jumlah utang rasio total aset.
Kulkanya Napompech Ulasan dampak modal kerja
manajemen terhadap profitabilitas .suatu Tujuan utama dari penelitian ini adalah untuk
menguji pengaruh manajemen modal kerja terhadap profitabilitas. The
analisis regresi dihitung pada sampel panel dari 255 perusahaan yang terdaftar
di Bursa Efek Thailand dari tahun 2007 sampai 2009. Oleh karena itu, hasil
penelitian menunjukkan hubungan terbalik antara laba usaha dan persediaan
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377
periode konversi dan periode penagihan piutang. Namun, ada
tidak ada efek pada profitabilitas dengan memperpanjang periode penangguhan hutang. The
Temuan juga menunjukkan bahwa karakteristik industri berdampak pada
laba usaha kotor.
Malik Muhammad, Waseem Ullah Jan, dan fardhu Ullah empiris
diuji bahwa manajemen modal kerja yang efektif sangat penting bagi
keberhasilan bisnis karena memiliki dampak positif langsung pada
profitabilitas bisnis. Untuk tujuan ini, data sekunder yang dikumpulkan
dari perusahaan yang terdaftar di bursa Karachi untuk periode 2001-2006 dengan
upaya untuk menguji hubungan antara profitabilitas, dan bekerja
kriteria pengelolaan modal. Populasi dari penelitian ini adalah tekstil Pakistan
industri, dan temuan penelitian menunjukkan bahwa ada yang kuat
hubungan positif antara profitabilitas dan kas, piutang dan
persediaan; tapi ada hubungan negatif antara profitabilitas dan
hutang. Oleh karena itu, ini menunjukkan bahwa peningkatan kas, persediaan
dan penjualan kredit akan menghasilkan peningkatan profitabilitas perusahaan.
Mobeen Ur Rehman dan Naveed Anjum menguji secara empiris
pengaruh manajemen modal kerja terhadap profitabilitas Pakistan
industri semen. Data sekunder dikumpulkan dari Laporan Tahunan dan
ukuran sampel adalah 10 yang terdiri dari Pakistan Perusahaan semen yang terdaftar di KSE
2003-2008. Hubungan antara manajemen modal kerja dan
profitabilitas diperiksa menggunakan alat statistik. Hasilnya menerima
hipotesis bahwa ada hubungan positif antara modal kerja
manajemen dan profitabilitas pada sektor semen dari Pakistan.
Studi ini dilakukan oleh Mohammad Morshedur Rahman, dan
memeriksa bahwa Profitabilitas dan Modal Kerja manajemen Tekstil
Industries memiliki hubungan positif