PENGARUH KEBIJAKAN INVESTASI KERJA TERHADAP PROFITABILITAS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

WORKING CAPITAL INVESTMENT POLICY IS POLICY OF THE FIRM'S TO INVEST IN CURRENT ASSETS TO TOTAL ASSETS. THE LEVEL FIRM'S INVESTMENT IN CURRENT ASSETS CAN INFLUENCE BY ECONOMICCONDITION AND TYPE TO FIRM. THE PURPOSE OF THIS STUDY IS TO INVESTIGATE THE EFFECT OF WORKING CAPITAL INVESTMEN ON MANUFACHTURING FIRM'S PROFITABILITY. THE POPULATION USED IN THIS STUDY IS ALL FIRMS LISTED IN INDONESIA STOCK EXCHANGE WITH THE SAMPLING TECHNIQUE USED IS PURPOSIVE SAMPLING. SAMPLE OF THIS STUDY CONSIST OF 126 FIRMS CLASSIFIED INTO THERE GROUPS OF WORKING CAPITAL INVESTMENT POLICY THAT ARE CONSERVATIVE, MODERATE AND AGGRESIVE POLICIES FOR THE PERIOD OF 2008-2012. THE RESULT SHOWS THAT WORKING CAPITAL INVERSTMENT POLICY HAS POSITIVE SIGNIFICANT EFFECT ON THE FIRMS PROFITABILITY. THE RESULT ALSO SHOW THAT THE DIDIFFERENCE OF PROFITABILITY BETWEEN THREE FIRMS GROUPS THAT ARE CONSERVATIVE, MODERATE AND AGGRESSIVE WORKING CAPITAL INVESTMENT POLICIES ARE SIGNIVICANT. KEY WORDS: WORKING CAPITAL INVESTMEN POLICY, PROFITABILITY AND MANUFACTUR