Repository Universitas Pakuan

Detail Karya Ilmiah Dosen

Achmad Rizki, Lukytawati Anggraeni, Dan Arief Tri Hardiyanto

Judul : Significant Impact of Working Capital and Macroeconomic Condition on Profitability in Property Industry

Abstrak :
Abstract: Working capital management is important for managers to manage business
operations smoothly and efficiently. This study investigates impact of working capital
management and macroeconomic condition on profitability in Indonesian property
industry. This study used data from the quarter financial report of 19 property firms
listed in Indonesia Stock Exchange over the period 2011-2015 quarterly, while GDP,
inflation, and interest rate data were obtained from Statistic Indonesia and Bank of
Indonesia. The data were analyzed using panel data regression analysis. This study
found that accelerating Cash Conversion Cycle (CCC) and being more aggressive in
working capital policy would improve profitability. Furthermore, the result showed
that macroeconomic condition, firm size, sales growth, and capital structure have
significant effects on the profitability.
Keywords: corporate finance, working capital, macroeconomic, profitability,
property
Abstrak: Manajemen modal kerja sangat penting bagi manajer dalam mengelola
operasional bisnis agar berjalan secara lancar dan efisien. Studi ini meneliti dampak
dari manajemen modal kerja dan kondisi makroekonomi terhadap profitabilitas di
industri properti Indonesia. Penelitian ini menggunakan data dari laporan keungan
secara kuartalan dari 19 perusahaan properti yang terdaftar di Bursa Efek Indonesia
selama periode 2011–2015, sementara data PDB, inflasi, dan suku bunga didapatkan
dari Badan Pusat Statistik dan Bank Indonesia. Data dianalisis menggunakan analisis
regresi data panel. Penelitian ini menunjukan bahwa mempercepat siklus konversi
kas dan lebih agresif dalam kebijakan modal kerja akan meningkatkan profitabilitas.
Selanjutnya hasil penelitian menunjukkan bahwa kondisi ekonomi makro, ukuran
perusahaan, pertumbuhan penjualan, dan struktur modal berpengaruh signifikan
terhadap profitabilitas.
Kata kunci: keuangan

Tahun : 2019 Media Publikasi : Jurnal Nasional Terakreditasi B

Kategori : Jurnal No/Vol/Tahun : 1 / 5 / 2019

ISSN/ISBN : 2528-5149/

PTN/S : Universitas Pakuan Program Studi : AKUNTANSI

Bibliography :
References
Ahmad N, Nadeem M, Hamad N. 2014. Impact of
working capital on corporate perfomance a case
study from cement, chemical and engineering
sectors of Pakistan. Arabian Journal of Business
and Management Review (OMAN Chapter) 3(7):
12-22. https://doi.org/10.12816/0016474.
Alper D, Anbar A. 2011. Bank specific and
macroeconomic determinants of comercial bank
profitability: empirical evidence from Turkey.
Business and Economics Research Journal 2(2):
139-152.
Awan AG, Shahid P, Hassan J, Ahmad W. 2014. Impact
of working capital management on profitabilityof cement sector in Pakistan. International
Journal of Business and Management Review
2(4): 1-20
Bank of Indonesia. 2011. Berita Properti Tahun 2011.
Komersial, viewed on April 15, 2016 http://www.
bi.go.id/id/umkm/penelitian/nasional/kajian/Do
cuments/4fefe71305264ef68cc22a199af8a64cB
eritaPropertiTahun2011.pdf [ Feb 2016].
Bank of Indonesia. 2016. Perkembangan properti
komersial, viewed on April 15, 2016 http://
www.bi.go.id/id/publikasi/survei/propertikomersial/
Documents/Laporan%20PPKom%20
Q1 -2016%20FIN.pdf [ Feb 2016].
Bank of Indonesia. 2015. Statistik sistem keuangan
Indonesia triwulan III 2015, viewed on April 15,
2016. http://www.bi.go.id/id/statistik/sski/Pages/
SSKI_TWIII_2015.aspx. [ Feb 2016].
De Rozari PE, Sudarma YS, Indiastuti R, Febrian E.
2015. The integrated measuring of working
capital management efficiency on performance
in Indonesia Stock Exchange. Information
Management and Business Review 7(3): 26-33.
Dornbusch R, Fischer S, Startz R. 2008.
Macroeconomics. 10th Ed. New York, USA:
McGraw-Hill Companies.
Enqvist J, Graham M, Nikkinen J. 2014. The impact of
working capital management on firm profitability
in different business cycles: evidence from
Finland. Research in International Business and
Finance 32: 36-49. https://doi.org/10.1016/j.
ribaf.2014.03.005.
Gill AS, Biger N. 2013. The impact of corporate
governance on working capital management
efficiency of American manufacturing firms.
Managerial Finance. 39(2): 116-132. https://doi.
org/10.1108/03074351311293981.
Horne JCV, Wachowicz Jr JM. 2009. Fundamentals Of
Financial Management.13th Ed. Harlow, UK:
Pearson Education Limited.
Hsieh C, Wu CY. 2013. Working capital management
and profitability of publicly traded Chinese
companies. Asia Pacific Journal of Economics
& Business 17(1&2): 1-11.
Iqbal A, Zhuquan W. 2015. Working capital management
and profitability evidence from firms listed on
Karachi Stock Exchange. International Journal
of Business and Management 10(2): 231-235.
https://doi.org/10.5539/ijbm.v10n2p231.
Jamalinesari S, Soheili H. 2015. The relationship
between the efficiency of working capital
management companies and corporate rule in
Tehran Stock Exchange. Social and Behavioral
Science 205: 499-504. https://doi.org/10.1016/j.
sbspro.2015.09.052.
Linda. 2015. The Influence of Working Capital and
Corporate Social Responsibility Disclosure
toward Profitability and Corporate’s Value in
Indonesia Automotive Industry. Thesis. Bogor
Agricultural University, Indonesia.
Nazir MS, Afza T. 2009. Impact of Aggressive
Working Capital Management Policy on Firms’
Profitability. The IUP Journal Applied Finance
15(8): 19-30.
Puraghajan A, Ramzani AA, Bin IE. 2014. Effects of
aggressive working capital on the perfomance
of listed companies in Tehran Stock Exchange.
Kuwait Chapter of Arabian Journal of Business
and Management Review 3(7): 71-84. https://
doi.org/10.12816/0018273.
Setiono U, Siregar H, Anggraeni L. 2017. Struktur modal
dan modal kerja PT XYZ serta pengaruhnya
terhadap kinerja perusahaan. Jurnal Aplikasi
Bisnis dan Manajemen 3(1): 131-142. https://
doi.org/10.17358/jabm.3.1.131.
Shan LH, Mun HW, Onn YT, Yee LS, Chuan SK.
2015. Working capital management effect on
the performance of wholesale and property
industry in Malaysia. Journal of Economics and
Behavioral Studies (JEBS) 7(5): 19-28.
Song Z, Liu D, Chen S. 2012. A decision engineering
method to identify the competitive effects of
working capital: a neural network model. Systems
Engineering Procedia 5: 326-333. https://doi.
org/10.1016/j.sepro.2012.04.051.
Statistic Indonesia. 2015. Gross Domestic Product
at 2000 Constant Market Prices By Industrial
Orgin (Billion Rupiahs) , viewed on April
15, 2016 https://www.bps.go.id/Subjek/view/
id/11#subjekViewTab3|accordion-daftarsubjek2.
[ Feb 2016].
Sumantri M. 2015. The impact of Rupiah exchange,
wages, and electricity cost to working capital
and profitability in PT XYZ. [thesis]. Bogor:
Bogor Agricultural University, Indonesia.
Thapa PDP. 2013. How does profitability get affected
by working capital management in food and
beverages industry?. Journal of Advance
Research in Management 4(2): 79-88.
Usama M. 2012. Working capital management and
its affect on firm’s profitability and liquidity:
in other food sector of (KSE) Karachi Stock
Exchange. Arabian Journal of Business andof cement sector in Pakistan. International
Journal of Business and Management Review
2(4): 1-20
Bank of Indonesia. 2011. Berita Properti Tahun 2011.
Komersial, viewed on April 15, 2016 http://www.
bi.go.id/id/umkm/penelitian/nasional/kajian/Do
cuments/4fefe71305264ef68cc22a199af8a64cB
eritaPropertiTahun2011.pdf [ Feb 2016].
Bank of Indonesia. 2016. Perkembangan properti
komersial, viewed on April 15, 2016 http://
www.bi.go.id/id/publikasi/survei/propertikomersial/
Documents/Laporan%20PPKom%20
Q1 -2016%20FIN.pdf [ Feb 2016].
Bank of Indonesia. 2015. Statistik sistem keuangan
Indonesia triwulan III 2015, viewed on April 15,
2016. http://www.bi.go.id/id/statistik/sski/Pages/
SSKI_TWIII_2015.aspx. [ Feb 2016].
De Rozari PE, Sudarma YS, Indiastuti R, Febrian E.
2015. The integrated measuring of working
capital management efficiency on performance
in Indonesia Stock Exchange. Information
Management and Business Review 7(3): 26-33.
Dornbusch R, Fischer S, Startz R. 2008.
Macroeconomics. 10th Ed. New York, USA:
McGraw-Hill Companies.
Enqvist J, Graham M, Nikkinen J. 2014. The impact of
working capital management on firm profitability
in different business cycles: evidence from
Finland. Research in International Business and
Finance 32: 36-49. https://doi.org/10.1016/j.
ribaf.2014.03.005.
Gill AS, Biger N. 2013. The impact of corporate
governance on working capital management
efficiency of American manufacturing firms.
Managerial Finance. 39(2): 116-132. https://doi.
org/10.1108/03074351311293981.
Horne JCV, Wachowicz Jr JM. 2009. Fundamentals Of
Financial Management.13th Ed. Harlow, UK:
Pearson Education Limited.
Hsieh C, Wu CY. 2013. Working capital management
and profitability of publicly traded Chinese
companies. Asia Pacific Journal of Economics
& Business 17(1&2): 1-11.
Iqbal A, Zhuquan W. 2015. Working capital management
and profitability evidence from firms listed on
Karachi Stock Exchange. International Journal
of Business and Management 10(2): 231-235.
https://doi.org/10.5539/ijbm.v10n2p231.
Jamalinesari S, Soheili H. 2015. The relationship
between the efficiency of working capital
management companies and corporate rule in
Tehran Stock Exchange. Social and Behavioral
Science 205: 499-504. https://doi.org/10.1016/j.
sbspro.2015.09.052.
Linda. 2015. The Influence of Working Capital and
Corporate Social Responsibility Disclosure
toward Profitability and Corporate’s Value in
Indonesia Automotive Industry. Thesis. Bogor
Agricultural University, Indonesia.
Nazir MS, Afza T. 2009. Impact of Aggressive
Working Capital Management Policy on Firms’
Profitability. The IUP Journal Applied Finance
15(8): 19-30.
Puraghajan A, Ramzani AA, Bin IE. 2014. Effects of
aggressive working capital on the perfomance
of listed companies in Tehran Stock Exchange.
Kuwait Chapter of Arabian Journal of Business
and Management Review 3(7): 71-84. https://
doi.org/10.12816/0018273.
Setiono U, Siregar H, Anggraeni L. 2017. Struktur modal
dan modal kerja PT XYZ serta pengaruhnya
terhadap kinerja perusahaan. Jurnal Aplikasi
Bisnis dan Manajemen 3(1): 131-142. https://
doi.org/10.17358/jabm.3.1.131.
Shan LH, Mun HW, Onn YT, Yee LS, Chuan SK.
2015. Working capital management effect on
the performance of wholesale and property
industry in Malaysia. Journal of Economics and
Behavioral Studies (JEBS) 7(5): 19-28.
Song Z, Liu D, Chen S. 2012. A decision engineering
method to identify the competitive effects of
working capital: a neural network model. Systems
Engineering Procedia 5: 326-333. https://doi.
org/10.1016/j.sepro.2012.04.051.
Statistic Indonesia. 2015. Gross Domestic Product
at 2000 Constant Market Prices By Industrial
Orgin (Billion Rupiahs) , viewed on April
15, 2016 https://www.bps.go.id/Subjek/view/
id/11#subjekViewTab3|accordion-daftarsubjek2.
[ Feb 2016].
Sumantri M. 2015. The impact of Rupiah exchange,
wages, and electricity cost to working capital
and profitability in PT XYZ. [thesis]. Bogor:
Bogor Agricultural University, Indonesia.
Thapa PDP. 2013. How does profitability get affected
by working capital management in food and
beverages industry?. Journal of Advance
Research in Management 4(2): 79-88.
Usama M. 2012. Working capital management and
its affect on firm’s profitability and liquidity:
in other food sector of (KSE) Karachi Stock
Exchange. Arabian Journal of Business andof cement sector in Pakistan. International
Journal of Business and Management Review
2(4): 1-20
Bank of Indonesia. 2011. Berita Properti Tahun 2011.
Komersial, viewed on April 15, 2016 http://www.
bi.go.id/id/umkm/penelitian/nasional/kajian/Do
cuments/4fefe71305264ef68cc22a199af8a64cB
eritaPropertiTahun2011.pdf [ Feb 2016].
Bank of Indonesia. 2016. Perkembangan properti
komersial, viewed on April 15, 2016 http://
www.bi.go.id/id/publikasi/survei/propertikomersial/
Documents/Laporan%20PPKom%20
Q1 -2016%20FIN.pdf [ Feb 2016].
Bank of Indonesia. 2015. Statistik sistem keuangan
Indonesia triwulan III 2015, viewed on April 15,
2016. http://www.bi.go.id/id/statistik/sski/Pages/
SSKI_TWIII_2015.aspx. [ Feb 2016].
De Rozari PE, Sudarma YS, Indiastuti R, Febrian E.
2015. The integrated measuring of working
capital management efficiency on performance
in Indonesia Stock Exchange. Information
Management and Business Review 7(3): 26-33.
Dornbusch R, Fischer S, Startz R. 2008.
Macroeconomics. 10th Ed. New York, USA:
McGraw-Hill Companies.
Enqvist J, Graham M, Nikkinen J. 2014. The impact of
working capital management on firm profitability
in different business cycles: evidence from
Finland. Research in International Business and
Finance 32: 36-49. https://doi.org/10.1016/j.
ribaf.2014.03.005.
Gill AS, Biger N. 2013. The impact of corporate
governance on working capital management
efficiency of American manufacturing firms.
Managerial Finance. 39(2): 116-132. https://doi.
org/10.1108/03074351311293981.
Horne JCV, Wachowicz Jr JM. 2009. Fundamentals Of
Financial Management.13th Ed. Harlow, UK:
Pearson Education Limited.
Hsieh C, Wu CY. 2013. Working capital management
and profitability of publicly traded Chinese
companies. Asia Pacific Journal of Economics
& Business 17(1&2): 1-11.
Iqbal A, Zhuquan W. 2015. Working capital management
and profitability evidence from firms listed on
Karachi Stock Exchange. International Journal
of Business and Management 10(2): 231-235.
https://doi.org/10.5539/ijbm.v10n2p231.
Jamalinesari S, Soheili H. 2015. The relationship
between the efficiency of working capital
management companies and corporate rule in
Tehran Stock Exchange. Social and Behavioral
Science 205: 499-504. https://doi.org/10.1016/j.
sbspro.2015.09.052.
Linda. 2015. The Influence of Working Capital and
Corporate Social Responsibility Disclosure
toward Profitability and Corporate’s Value in
Indonesia Automotive Industry. Thesis. Bogor
Agricultural University, Indonesia.
Nazir MS, Afza T. 2009. Impact of Aggressive
Working Capital Management Policy on Firms’
Profitability. The IUP Journal Applied Finance
15(8): 19-30.
Puraghajan A, Ramzani AA, Bin IE. 2014. Effects of
aggressive working capital on the perfomance
of listed companies in Tehran Stock Exchange.
Kuwait Chapter of Arabian Journal of Business
and Management Review 3(7): 71-84. https://
doi.org/10.12816/0018273.
Setiono U, Siregar H, Anggraeni L. 2017. Struktur modal
dan modal kerja PT XYZ serta pengaruhnya
terhadap kinerja perusahaan. Jurnal Aplikasi
Bisnis dan Manajemen 3(1): 131-142. https://
doi.org/10.17358/jabm.3.1.131.
Shan LH, Mun HW, Onn YT, Yee LS, Chuan SK.
2015. Working capital management effect on
the performance of wholesale and property
industry in Malaysia. Journal of Economics and
Behavioral Studies (JEBS) 7(5): 19-28.
Song Z, Liu D, Chen S. 2012. A decision engineering
method to identify the competitive effects of
working capital: a neural network model. Systems
Engineering Procedia 5: 326-333. https://doi.
org/10.1016/j.sepro.2012.04.051.
Statistic Indonesia. 2015. Gross Domestic Product
at 2000 Constant Market Prices By Industrial
Orgin (Billion Rupiahs) , viewed on April
15, 2016 https://www.bps.go.id/Subjek/view/
id/11#subjekViewTab3|accordion-daftarsubjek2.
[ Feb 2016].
Sumantri M. 2015. The impact of Rupiah exchange,
wages, and electricity cost to working capital
and profitability in PT XYZ. [thesis]. Bogor:
Bogor Agricultural University, Indonesia.
Thapa PDP. 2013. How does profitability get affected
by working capital management in food and
beverages industry?. Journal of Advance
Research in Management 4(2): 79-88.
Usama M. 2012. Working capital management and
its affect on firm’s profitability and liquidity:
in other food sector of (KSE) Karachi Stock
Exchange. Arabian Journal of Business andManagement Review 1(12): 62-73. https://doi.
org/10.12816/0002232.
Valentina AH. 2014. Analysis of Working Capital
Management and Its Impact on The Profitability
and Firm’s Value (Case Studies in Metal Industry
in Indonesia Stock Exchange) [thesis]. Bogor:
Bogor Agricultural University, Indonesia.
Yenice S. 2015. Determining the influences of
macroeconomic variables on working capital
through artificial neural network modeling:
the case of Turkey. International Business
Research 8(8): 14–26. https://doi.org/10.5539/
ibr.v8n8p14.
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terhadap profitabilitas pada perusahaan hotel dan
restoran di Bursa Efek Indonesia [tesis]. Thesis,
Universitas Udayana, Indonesia.
Yunos RM, Nazaruddin N, Ghapar FA, Ahmad
SA, Zakaria NB. 2015. Working capital
management in Malaysia goverment- linked
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31: 573–580. https://doi.org/10.1016/S2212-
5671(15)01203-4.

URL : http://journal.ipb.ac.id/index.php/jabm/article/view/20188

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Detail Karya Ilmiah Dosen

Achmad Rizki, Lukytawati Anggraeni, Dan Arief Tri Hardiyanto

Judul	:	Significant Impact of Working Capital and Macroeconomic Condition on Profitability in Property Industry
Abstrak	:	Abstract: Working capital management is important for managers to manage business operations smoothly and efficiently. This study investigates impact of working capital management and macroeconomic condition on profitability in Indonesian property industry. This study used data from the quarter financial report of 19 property firms listed in Indonesia Stock Exchange over the period 2011-2015 quarterly, while GDP, inflation, and interest rate data were obtained from Statistic Indonesia and Bank of Indonesia. The data were analyzed using panel data regression analysis. This study found that accelerating Cash Conversion Cycle (CCC) and being more aggressive in working capital policy would improve profitability. Furthermore, the result showed that macroeconomic condition, firm size, sales growth, and capital structure have significant effects on the profitability. Keywords: corporate finance, working capital, macroeconomic, profitability, property Abstrak: Manajemen modal kerja sangat penting bagi manajer dalam mengelola operasional bisnis agar berjalan secara lancar dan efisien. Studi ini meneliti dampak dari manajemen modal kerja dan kondisi makroekonomi terhadap profitabilitas di industri properti Indonesia. Penelitian ini menggunakan data dari laporan keungan secara kuartalan dari 19 perusahaan properti yang terdaftar di Bursa Efek Indonesia selama periode 2011–2015, sementara data PDB, inflasi, dan suku bunga didapatkan dari Badan Pusat Statistik dan Bank Indonesia. Data dianalisis menggunakan analisis regresi data panel. Penelitian ini menunjukan bahwa mempercepat siklus konversi kas dan lebih agresif dalam kebijakan modal kerja akan meningkatkan profitabilitas. Selanjutnya hasil penelitian menunjukkan bahwa kondisi ekonomi makro, ukuran perusahaan, pertumbuhan penjualan, dan struktur modal berpengaruh signifikan terhadap profitabilitas. Kata kunci: keuangan
Tahun	:	2019	Media Publikasi	:	Jurnal Nasional Terakreditasi B
Kategori	:	Jurnal	No/Vol/Tahun	:	1 / 5 / 2019
ISSN/ISBN	:	2528-5149/
PTN/S	:	Universitas Pakuan	Program Studi	:	AKUNTANSI
Bibliography	:	References Ahmad N, Nadeem M, Hamad N. 2014. Impact of working capital on corporate perfomance a case study from cement, chemical and engineering sectors of Pakistan. Arabian Journal of Business and Management Review (OMAN Chapter) 3(7): 12-22. https://doi.org/10.12816/0016474. Alper D, Anbar A. 2011. Bank specific and macroeconomic determinants of comercial bank profitability: empirical evidence from Turkey. Business and Economics Research Journal 2(2): 139-152. Awan AG, Shahid P, Hassan J, Ahmad W. 2014. Impact of working capital management on profitabilityof cement sector in Pakistan. International Journal of Business and Management Review 2(4): 1-20 Bank of Indonesia. 2011. Berita Properti Tahun 2011. Komersial, viewed on April 15, 2016 http://www. bi.go.id/id/umkm/penelitian/nasional/kajian/Do cuments/4fefe71305264ef68cc22a199af8a64cB eritaPropertiTahun2011.pdf [ Feb 2016]. Bank of Indonesia. 2016. Perkembangan properti komersial, viewed on April 15, 2016 http:// www.bi.go.id/id/publikasi/survei/propertikomersial/ Documents/Laporan%20PPKom%20 Q1 -2016%20FIN.pdf [ Feb 2016]. Bank of Indonesia. 2015. Statistik sistem keuangan Indonesia triwulan III 2015, viewed on April 15, 2016. http://www.bi.go.id/id/statistik/sski/Pages/ SSKI_TWIII_2015.aspx. [ Feb 2016]. De Rozari PE, Sudarma YS, Indiastuti R, Febrian E. 2015. The integrated measuring of working capital management efficiency on performance in Indonesia Stock Exchange. Information Management and Business Review 7(3): 26-33. Dornbusch R, Fischer S, Startz R. 2008. Macroeconomics. 10th Ed. New York, USA: McGraw-Hill Companies. Enqvist J, Graham M, Nikkinen J. 2014. The impact of working capital management on firm profitability in different business cycles: evidence from Finland. Research in International Business and Finance 32: 36-49. https://doi.org/10.1016/j. ribaf.2014.03.005. Gill AS, Biger N. 2013. The impact of corporate governance on working capital management efficiency of American manufacturing firms. Managerial Finance. 39(2): 116-132. https://doi. org/10.1108/03074351311293981. Horne JCV, Wachowicz Jr JM. 2009. Fundamentals Of Financial Management.13th Ed. Harlow, UK: Pearson Education Limited. Hsieh C, Wu CY. 2013. Working capital management and profitability of publicly traded Chinese companies. Asia Pacific Journal of Economics & Business 17(1&2): 1-11. Iqbal A, Zhuquan W. 2015. Working capital management and profitability evidence from firms listed on Karachi Stock Exchange. International Journal of Business and Management 10(2): 231-235. https://doi.org/10.5539/ijbm.v10n2p231. Jamalinesari S, Soheili H. 2015. The relationship between the efficiency of working capital management companies and corporate rule in Tehran Stock Exchange. Social and Behavioral Science 205: 499-504. https://doi.org/10.1016/j. sbspro.2015.09.052. Linda. 2015. The Influence of Working Capital and Corporate Social Responsibility Disclosure toward Profitability and Corporate’s Value in Indonesia Automotive Industry. Thesis. Bogor Agricultural University, Indonesia. Nazir MS, Afza T. 2009. Impact of Aggressive Working Capital Management Policy on Firms’ Profitability. The IUP Journal Applied Finance 15(8): 19-30. Puraghajan A, Ramzani AA, Bin IE. 2014. Effects of aggressive working capital on the perfomance of listed companies in Tehran Stock Exchange. Kuwait Chapter of Arabian Journal of Business and Management Review 3(7): 71-84. https:// doi.org/10.12816/0018273. Setiono U, Siregar H, Anggraeni L. 2017. Struktur modal dan modal kerja PT XYZ serta pengaruhnya terhadap kinerja perusahaan. Jurnal Aplikasi Bisnis dan Manajemen 3(1): 131-142. https:// doi.org/10.17358/jabm.3.1.131. Shan LH, Mun HW, Onn YT, Yee LS, Chuan SK. 2015. Working capital management effect on the performance of wholesale and property industry in Malaysia. Journal of Economics and Behavioral Studies (JEBS) 7(5): 19-28. Song Z, Liu D, Chen S. 2012. A decision engineering method to identify the competitive effects of working capital: a neural network model. Systems Engineering Procedia 5: 326-333. https://doi. org/10.1016/j.sepro.2012.04.051. Statistic Indonesia. 2015. Gross Domestic Product at 2000 Constant Market Prices By Industrial Orgin (Billion Rupiahs) , viewed on April 15, 2016 https://www.bps.go.id/Subjek/view/ id/11#subjekViewTab3\|accordion-daftarsubjek2. [ Feb 2016]. Sumantri M. 2015. The impact of Rupiah exchange, wages, and electricity cost to working capital and profitability in PT XYZ. [thesis]. Bogor: Bogor Agricultural University, Indonesia. Thapa PDP. 2013. How does profitability get affected by working capital management in food and beverages industry?. Journal of Advance Research in Management 4(2): 79-88. Usama M. 2012. Working capital management and its affect on firm’s profitability and liquidity: in other food sector of (KSE) Karachi Stock Exchange. Arabian Journal of Business andof cement sector in Pakistan. International Journal of Business and Management Review 2(4): 1-20 Bank of Indonesia. 2011. Berita Properti Tahun 2011. Komersial, viewed on April 15, 2016 http://www. bi.go.id/id/umkm/penelitian/nasional/kajian/Do cuments/4fefe71305264ef68cc22a199af8a64cB eritaPropertiTahun2011.pdf [ Feb 2016]. Bank of Indonesia. 2016. Perkembangan properti komersial, viewed on April 15, 2016 http:// www.bi.go.id/id/publikasi/survei/propertikomersial/ Documents/Laporan%20PPKom%20 Q1 -2016%20FIN.pdf [ Feb 2016]. Bank of Indonesia. 2015. Statistik sistem keuangan Indonesia triwulan III 2015, viewed on April 15, 2016. http://www.bi.go.id/id/statistik/sski/Pages/ SSKI_TWIII_2015.aspx. [ Feb 2016]. De Rozari PE, Sudarma YS, Indiastuti R, Febrian E. 2015. The integrated measuring of working capital management efficiency on performance in Indonesia Stock Exchange. Information Management and Business Review 7(3): 26-33. Dornbusch R, Fischer S, Startz R. 2008. Macroeconomics. 10th Ed. New York, USA: McGraw-Hill Companies. Enqvist J, Graham M, Nikkinen J. 2014. The impact of working capital management on firm profitability in different business cycles: evidence from Finland. Research in International Business and Finance 32: 36-49. https://doi.org/10.1016/j. ribaf.2014.03.005. Gill AS, Biger N. 2013. The impact of corporate governance on working capital management efficiency of American manufacturing firms. Managerial Finance. 39(2): 116-132. https://doi. org/10.1108/03074351311293981. Horne JCV, Wachowicz Jr JM. 2009. Fundamentals Of Financial Management.13th Ed. Harlow, UK: Pearson Education Limited. Hsieh C, Wu CY. 2013. Working capital management and profitability of publicly traded Chinese companies. 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URL	:	http://journal.ipb.ac.id/index.php/jabm/article/view/20188