Manajemen Modal Kerja Dan Dampaknya Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Pemoderasi
DOI:
https://doi.org/10.26740/jaj.v6n1.p68-84Keywords:
Working Capital Management, Cash Conversion Cycle, Corporate Governance, Firm ValuesAbstract
Abstract
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
References
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Bandara., & Weerakoon, B,Y,K. (2011). Impact of Working Capital Management Practice on Firm Value, Working Paper. DOI: https://doi.org/10.5539/ijbm.v5n11p140
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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: https://doi.org/10.1016/j.ememar.2006.09.004
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: https://doi.org/10.1093/jleo/ewj018
Deloof, M. (2003). Does working capital management affect profitability of Belgian firms?. Journal of business finance & accounting, 30(34), 573-588. DOI: https://doi.org/10.1111/1468-5957.00008
Ergin, E. (2012). Corporate Governance ratings and market-based financial performance: evidence from Turkey. International Journal of Economics and Finance, 4(9), 61. DOI: https://doi.org/10.5539/ijef.v4n9p61
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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: https://doi.org/10.1108/03074351311293981
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: https://doi.org/10.1007/978-3-642-31579-4_5
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728. DOI: https://doi.org/10.1016/s0929-1199(03)00046-4
Nobanee, H. (2009). Working capital management and firm's profitability: an optimal cash conversion cycle. Available at SSRN 147123. DOI: https://doi.org/10.2139/ssrn.1471230
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: https://doi.org/10.1177/097215091001200110
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: https://doi.org/10.2307/3665310
Bandara., & Weerakoon, B,Y,K. (2011). Impact of Working Capital Management Practice on Firm Value, Working Paper. DOI: https://doi.org/10.5539/ijbm.v5n11p140
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: https://doi.org/10.1057/palgrave.jam.2240131
Black, B. (2001). The corporate governance behavior and market value of Russian firms. Emerging Markets Review, 2(2), 89-108. DOI: https://doi.org/10.1016/s1566-0141(01)00012-7
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: https://doi.org/10.1016/j.ememar.2006.09.004
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: https://doi.org/10.1016/j.ememar.2006.09.004
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: https://doi.org/10.1093/jleo/ewj018
Deloof, M. (2003). Does working capital management affect profitability of Belgian firms?. Journal of business finance & accounting, 30(34), 573-588. DOI: https://doi.org/10.1111/1468-5957.00008
Ergin, E. (2012). Corporate Governance ratings and market-based financial performance: evidence from Turkey. International Journal of Economics and Finance, 4(9), 61. DOI: https://doi.org/10.5539/ijef.v4n9p61
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: https://doi.org/10.1108/03074351311293981
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: https://doi.org/10.1007/978-3-642-31579-4_5
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728. DOI: https://doi.org/10.1016/s0929-1199(03)00046-4
Nobanee, H. (2009). Working capital management and firm's profitability: an optimal cash conversion cycle. Available at SSRN 147123. DOI: https://doi.org/10.2139/ssrn.1471230
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: https://doi.org/10.1177/097215091001200110
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: https://doi.org/10.2307/3665310
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Published
2014-10-25
How to Cite
Setyanto, A. D., & Permatasari, I. (2014). Manajemen Modal Kerja Dan Dampaknya Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Pemoderasi. AKRUAL: Jurnal Akuntansi, 6(1), 68–84. https://doi.org/10.26740/jaj.v6n1.p68-84
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