Pengaruh Manajemen Modal Kerja pada Kinerja Perusahaan yang Terdaftar di Bursa Efek Indonesia [English: Effects ofCapital Management on Firms Performance Listed on Indonesia Stock Exchange]

The purpose of this study was to examine the effect of working capital management on firms' performance for a sample of firms listed on Indonesian Stock Exchange. Cash Conversion Cycle (CCC) was used to measure working capital management and accounting profitability (Gross Operating Profit/GOP) and firms' value (Tobin's Q) was used to measure firm performance. By using multiple regression, this study found that simultaneously CCC and several control variables (SIZE, Sales Growth, Leveragae Finansil and Variability of Net Operating Income) had significant influence on firm performance. Besides, Leverage Financial and Variability of Net Operating Income had significant influence on firm performance. Keywords: Working Capital, Cash Conversion Cycle, Gross Operating Profit, Tobin's