M. ENNY WIDYANINGRUM, 090013862M (2002) ANALISIS KEBIJAKAN MODAL KERJA DAN PROFITABILITAS PADA KONDISI EKONOMI SEBELUM KRISIS DAN MASA KRISIS. Thesis thesis, UNIVERSITAS AIRLANGGA.
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Abstract
ABSTRACT THE ANALYSIS OF WORKING CAPITAL POLICY AND PROFITABILITY BEFORE AND DURING THE CRITICAL PHASE OF ECONOMIC CONDITION The research relates to working capital investment policy and its impact to profitability before and during the critical phase of economic condition in Jakarta Stock Exchange. Sample of this research consists of 126 corporations classified into 3 groups of working capital investment policy that are conservative, moderate and aggressive type. In this research, 5 problems 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 (a) 0,05 significant level. The result of this research indicates that there is significant difference on profitability among those 3 groups 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 difference 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 groups 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. Keywords: Profitability working capital policy, Profitability economic condition. /,/ ,
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