Manajemen Modal Kerja Dan Dampaknya Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Pemoderasi

Main Article Content

Adrianus Dhimas Setyanto
Ika Permatasari



This study aims to determine the effect of working capital management on firm value. Corporate governance is used as a moderating variable in this study to explore the role of corporate governance in the relationship between working capital management with corporate values. Program participants of Corporate Governance Perception Index (CGPI) are used as a sample during the period from 2003 to 2011 and listed on the Indonesian Stock Exchange (IDX). We were using simple linear regression and the testing of moderating effects were calculated by Moderated Regression Analysis (MRA). The results showed that the working capital management has an influence on the value of the firm. However, corporate governance variables failed to moderate the relationship between working capital management and enterprise value. It shows that companies and investors in the market still lack concern for the program response and Corporate Governance Perception Index (CGPI) as an assessment of the application of the principles of corporate governance that has been done by the company .
Keywords: Working Capital Management, Cash Conversion Cycle, Corporate Governance, Firm Values

Article Details



Azhar, N, E., & Noriza. (2010).Working Capital Management: The Effect of Market Valuation and Profitability in Malaysia, International Journal of Business and Management, Vol. 5, No. 11, November 2010, hal. 140-147.
Bandara., & Weerakoon, B,Y,K. (2011). Impact of Working Capital Management Practice on Firm Value, Working Paper. DOI:
Bauer, R., Guenster, N., & Otten, R. (2004). Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance. Journal of Asset management, 5(2), 91-104. DOI:
Black, B. (2001). The corporate governance behavior and market value of Russian firms. Emerging Markets Review, 2(2), 89-108. DOI:
Black, B, S., Inessa, L., & Andrei, R. (2005). ˜Corporate Governance and Firms' Market Values: Time Series Evidence from Russia, Working Paper, European Corporate Governance Institute, November 2005, hal. 1-40. DOI:
Black, B. S., Love, I., & Rachinsky, A. (2006). Corporate governance indices and firms' market values: Time series evidence from Russia. Emerging Markets Review, 7(4), 361-379. DOI:
Black, B. S., Jang, H., & Kim, W. (2006). Does corporate governance predict firms' market values? Evidence from Korea. The Journal of Law, Economics, and Organization, 22(2), 366-413. DOI:
Deloof, M. (2003). Does working capital management affect profitability of Belgian firms?. Journal of business finance & accounting, 30(34), 573-588. DOI:
Ergin, E. (2012). Corporate Governance ratings and market-based financial performance: evidence from Turkey. International Journal of Economics and Finance, 4(9), 61. DOI:
Ganesan, V. (2007). ˜An Analysis of Working Capital Management Efficiency in Telecommunication Equipment Industry, Rivier Academic Journal, Vol. 3 No. 2, Fall 2007, hal. 1-10.
Gill, A, S., & Obradovich, J, D. (2012). ˜The Impact of Corporate Governance and Financial Leverage on the Value of American Firms, International Research Journal of Finance and Economics, Issue 91, hal. 1-14.
Gill, A. S., & Biger, N. (2013). The impact of corporate governance on working capital management efficiency of American manufacturing firms. Managerial Finance, 39(2), 116-132. DOI:
Harford, J., Mansi, S. A., & Maxwell, W. F. (2012). Corporate governance and firm cash holdings in the US. In Corporate governance (pp. 107-138). Springer Berlin Heidelberg. DOI:
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728. DOI:
Nobanee, H. (2009). Working capital management and firm's profitability: an optimal cash conversion cycle. Available at SSRN 147123. DOI:
Ogundipe, S. E., Idowu, A., & Ogundipe, L. O. (2012). Working capital management, firms performance and market valuation in Nigeria. World Academy of Science, Engineering and Technology, 61(1), 1196-1200.
Sharma, A. K., & Kumar, S. (2011). Effect of working capital management on firm profitability: Empirical evidence from India. Global Business Review, 12(1), 159-173. DOI:
Sudana, I. M. (2011). Manajemen Keuangan Perusahaan Teori dan Praktik. Erlangga. Jakarta.
Syarief, M, E., & Wilujeng, I, P. (2009). ˜Cash Conversion Cycle dan Hubungannya dengan Ukuran Perusahaan, Profitabilitas, dan Manajemen Modal Kerja, Jurnal Ekonomi dan Bisnis, Tahun 14, No. 1, Maret 2009, hal. 61-69.
Richards, V , D., & L aughlin, E. J. (1980). A cash conversion cycle approach to liquidity analysis. Financial management,32-38. DOI: