PENGARUH KEBIJAKAN MODAL KERJA PADA PROFITABILITAS DI PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

The purpose of this study is determine the effect of policy of working capital that consists of working capital turnover, cash turnover, receivables turnover, inventory turnover for profitability manufacturing companies listed on the Indonesia Stock Exchange period 2011-2014. The population in this study is a manufacturing companies listed on the Indonesia Stock Exchange. The number of companies samples are 48 samples of 149 companies during the 4 years of observation. Sample collection method used is purposive sampling method. The analysis method used is descriptive analysis, multiple linier regression analysis, simple linier analysis regression analysis, F test and T test. The result showed that: (1) working capital turnover, cash turnover, receivables turnover, inventory turnover simultaneously has significant effect for profitability, (2)working capital turnover is negative and insignificant effect on profitability, (3)cash turnover is negative and significant effect on profitability, (4) receivables is negative and insignificant effect on profitability, and (5) inventory turnover is positive and insignificant on profitability. Keywords: working capital turnover, cash turnover, receivables turnover, inventory turnover, return on asse