Kebijakan modal kerja, profitabilitas dan nilai perusahaan pada perusahaan manufaktur di bursa efek indonesia (bei)

The funds used for operating activities commonly referred to as working capital. Management may choose the composition of expenditure in accordance with company policy. There are three policy approaches according to Brigham and Daves (2007) that the policy of aggressive approach, matching, and conservative. This research is aimed to examine the effect of working capital policy towards profitability based on specific characteristics of manufacturing firms. Working capital policy used in this study is the investment of working capital policy and financing of working capital policy. This study also used the control variables firm size, leverage, growth and working capital turnover. The sample of the study was the manufacturing companies listed in the Indonesia Stock Exchange. The data observation period was 5 years (2011-2015). The data was collected using purposive sampling method. Total samples were 430 firms, consist of 86corporate each year. The data analysis technique used is the panel data regression with Eviews 9. General picture shows that the majority of overall manufacturing company adopts a conservative policy in both the investment policies as well as working capital financing policy. Based on the characteristics, the majority of agroindustry manufacturing and agro-industry adopted conservative policy in both the investment and financing policies. This indicates that most manufacturing companies, the proportion of current assets is greater than its fixed assets. Thus liquidity was also great. As for the financing of its investment activities, the majority of manufacturing companies the proportion of long-term debt and a larger capital in financing assets. This study shows that the aggregate profitability of manufacturing companies positively influenced significantly by the investment policy of working capital and working capital turnover, and otherwise influenced negative significantly by company size and leverage. If specified according to the characteristics of the manufacturing, profitability on agroindustry manufacturing company and non agroindustry equally affected by the significant positive investment policy and negative significantly by firm size. Aggressive working capital financing policy has significant negative effect on the profitability of manufacturing agroindusty and reverse significant positive effect on manufacturing non agro-industry. Firm value shows that the aggregate on manufacturing companies affected negative significant by working capital investment policy, firm size and growth of the company. Value manufacturing and non agro-industry agro-industry alike positively influenced significantly by firm size. Furthermore, for agroindustry manufacturing company also influenced negative significant by the company's growth control variable. For manufacturing non agroindustry companies significantly influenced by working capital investment policy. The study recommends to assist company management in decision-making in investment policy and financing working capital policy. The management company can see and take into consideration some of the determinants examined in this study to support the company's investment and financing decisions. The company's management decision in choosing a conservative approach to the financing and investment policy is appropriate because the policy was able to increase profitability. So it can be said that the management could maintain the policy. As for the company, which is still adopting aggressive policies need to take into account properly regarding the accuracy of the resulting product turnover with maturities of financing. Because if the resulting product turnover tends to be slower than the maturities of the financing, it will cause the company to pay more expensive. So that would cause profitability to decline. For investors this research expected to describe the condition of the working capital policies adopted at the company's manufacturing sector in general and agroindustry manufacturing company and non agroindustry in particular. Investors can consider internal factors significant in this study in decision making related to the working capital policies and profitability and the value of the company before deciding to invest in manufacturing companies. Investors are expected to continue to be able to analyze the activity related to liquidity and working capital