Working capital is important for business operations. The purpose of this study is to investigate the impact of working capital management and macroeconomic indicator on liquidity of public listed property industry in Indonesia. This study used data from quarter financial report of 19 property firms listed in Indonesia Stock Exchange over the period 2011-2015 quarterly, while GDP, inflation, and interest rate from Statistic Indonesia and Bank of Indonesia. The data was analyzed using panel data regression analysis. The result showed that Cash Conversion Cycle (CCC) is positively correlated with Current Ratio (CR), while CCC is negatively correlated with Quick Ratio (QR). These study find policy in working capital management will improve the liquidity. Furthermore, the result showed that working capital, macroeconomic, firm size, sales growth, and capital structure have significant effect on the liquidity. These results have practical implication to corporate manager for design a financial strategy.
liquidity, macroeconomic, working capital.
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