PENGARUH PENGELOLAAN MODAL KERJA TERHADAP PROFITABILITAS DAN LIKUIDITAS DENGAN SIKLUS BISNIS SEBAGAI VARIABEL MODERASI

This study aims to examine and analyze the effect of working capital management
on profitability and liquidity with the business cycle as a moderating variable. The
research is quantitative by using secondary data in the form of financial statements, the
population used is a manufacturing company with a sample of 81 companies from 2005
to 2015. Data management has done by using SPSS (Statistical Program for Social
Science). The results reveal that inventory turnover has no significant effect on
profitability, accounts receivable turnover and debt turnover has significant negative
effect on profitability, so the cash conversion cycle negatively does not give an affect of
profitability due to business cycle conditions that fluctuated from 2005 to 2015. Inventory
turnover, accounts receivable turnover, debt turnover and cash conversion cycle have
significant negative effect on liquidity. Business cycles (D1) and (D2) are moderate
management of working capital towards profitability. The business cycle (D1) is
moderates the management of working capital towards liquidity and the business cycle
(D2) is not moderate the management of working capital towards liquidity.
Keywords: Management of Working Capital, Business Cycle, Profitability, and Liquidity.