SURYANTO, FRANCISCUS XAVERIUS TEGUH (2019) PENGARUH MANAJEMEN MODAL KERJA TERHADAP HARGA SAHAM DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN PERKEBUNAN KELAPA SAWIT DI BEI TAHUN 2014. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
Abstract. This study aims to determine the effect of working capital management on profitability and stock prices and the effect of profitability on the stock price of the listed companies. Exogenous variables used are working capital management which consists of working capital turnover, liquidity and working capital funding with profitability as an intervening variable on the average share price of 5 (five) working days after the date of publication of financial statements. The study sample was conducted on 16 (sixteen) plantation issuers based on available data or published on the Indonesia Stock Exchange website in 2014. The analysis method is to use path analysis. The results showed that working capital and liquidity turnover had a significant effect on profitability while working capital funding had no effect on profitability. Profitability alone does not have a significant effect on stock prices so that the effect of exogeneous variables on stock prices through profitability as an intervening variable will be insignificant. Directly, only working capital turnover has a significant effect on stock prices. Keyword : stock price, working capital management, profitability, working capital turnover, liquidity Abstrak. Penelitian ini bertujuan untuk mengetahui pengaruh manajemen modal kerja terhadap profitabilitas dan harga saham dan pengaruh profitabilitas terhadap harga saham perusahaan emiten perkebunan. Variable eksogen yang digunakan adalah manajemen modal kerja yang terdiri dari perputaran modal kerja, likuiditas dan pendanaan modal kerja dengan profitabilitas sebagai variabel intervening terhadap harga saham rata rata 5 (lima) hari kerja setelah tanggal publikasi laporan keuangan. Sampel penelitian dilakukan terhadap 16 (enambelas) emiten perkebunan berdasarkan data yang tersedia atau dipublikasikan melalui website Bursa Efek Indonesia tahun 2014. Metode analisis adalah dengan menggunakan analisis jalur (path analysis). Hasil penelitian menunjukan bahwa perputaran modal kerja dan likuiditas berpengaruh siginifikan terhadap profitabilitas sedangkan pendanaan modal kerja tidak berpengaruh terhadap profitabilitas. Profitabilitas sendiri tidak berpengaruh signifikan terhadap harga saham sehingga pengaruh variabel eksoge terhadap harga saham melalui profitabilitas sebagai variabel intervening akan menjadi tidak signifikan. Secara langsung, hanya perputaran modal kerja yang berpengaruh signifikan terhadap harga saham. Kata kunci :harga saham, manajemen modal kerja, profitabilitas, perputaran modal kerja, likuiditas
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