INFLUENCE OF ELEMENT WORKING CAPITAL TURNOVER TO PROFITABILITY IN PHARMACEUTICAL COMPANIES LISTED IN INDONESIA STOCK EXCHANGE
Keywords:
Accounts Receivable Turnover, Inventory Turnover, Accounts Payable Turnover Current and ProfitabilityAbstract
This study aims to analyze (1) the effect of accounts receivable turnover to profitability, (2) the effect of rotation of inventories to profitability, and (3) the influence of trade payables turnover on profitability in pharmaceutical company listed on the Indonesia Stock Exchange. The population in this study are all Pharma companies listed on the Indonesia Stock Exchange as many as 10 companies registered in the period from 2010 to 2014. While the sample is as much as six companies. To test the hypothesis, then analyzed using multiple linear regression method. The results showed that together these three independent variables (independent variable), which is comprised of accounts receivable turnover, inventory turnover, and turnover of current liabilities positive and significant impact on the profitability of the company, which is indicated by the value of F = 5.688 and Probability (sig) = 0,004
<0,050. Similarly, contributions or donations effect of three independent variables is very large to company profitability. This is demonstrated by the coefficient of determination (R2) = 0.863 or 86.30%. While amounting to 0,137 or 11.70% influenced by other variables that are not used as a variable in this study. Results of regression coefficient also shows that the turnover of receivables and inventory turnover respectively positive and significant impact on profitability, while the turnover of current liabilities and no significant negative effect on the profitability of pharmaceutical companies listed on the Indonesia Stock Exchange>
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