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Vol. 2 / No. 2 / Published : 2003-08

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Original Article :

Analisis kebijakan investasi modal kerja hubungannya dengan profitabilitas pada kondisi ekonomi sebelum krisis dan masa krisis

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      Abstract :

      The research relates to working capital investment policy and its impact to profitability before and during the critical phase of economic condition .Sample of this research consists of 126 corporation classified into 3 groups of working capital investment policy that are conservative, moderate and regressive type. In this research, 5 problem are analyzed using ANOVA and two average Z test. The first and second problem are analyzed using F test, While the rest are analyzed using the two average Z test with ( ) 0,05 significant level.The result of this research indicates that there is significant different on profitability among those 3 group of working capital investment policy before the critical phase of economic condition. Profitability average in a corporation using the conservative working capital policy is definitely lower than those using moderate and aggressive working capital policy, while during the critical phase, no significant different found among them.From the comparison analysis, it can be concluded that the average of profitability before the critical phase is higher than during the critical phase, and it happens in all group of working capital investment policy. Statistic test result shows that significant difference of profitability before and during the critical phase only occurs in aggressive working capital investment policy.

      Keyword :

      Profitability, working capital policy, economic condition,

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