Amu Lanu A. Linglu (1994) BEBERAPA ASPEK KEBIJAKSANAAN MODAL KERJA TERHADAP RETURN ON INVESTMENT PADA PERUSAHAAN YANG MASUK PASAR MODAL DI INDONESIA (Studi Kasus Industri Tekstil/ Garment). Thesis thesis, Universitas Airlangga.

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Abstract

The success of day-to-day operational management of a corporation is dictated by working capital policies that have been implemented. and as one of the measures is ROI. Considerations of working capita-i policy will not be apart from its financing, naximum credit line, level of .orking capital, circulation having been reached, decisions taken on the sizes of some types of current assets. This study is designed to learn to wbat extent those considerations bave relationship and influence on ROI. There are six points in the objective of this study of two major and four minor ill!. Adopted analysis was based on theoritical thoughts arguing that financing decision vere initiated from decisions of what specific current assets to be required? How much funds to be needed?; How would those amounts of funds be financed? The first two questions (l and 2) were in relation with investment decision and the third one was in relation with expenditure decisions. Product relative to working capital policy could be seen on figures of financial ratios in the variables revealed in this study. This study vas conducted on fourteen companies of textile/garment industries having been "Go Public" in Indonesia, by analysing financial statements for five years in the "pooling the data", Keeping in view that there are differences in the composition of current assets resulting on ROI on the composition of current assets of >50\ and <50\, testinqs were therefore conducted on those two ROI averages and the differences vere statistically insignificant, meaning one population. Based on that tbeoritical premise, six hypothesis could then be made from this study consisting of two major and four minor ones, because there occured multicolonierity in this analysis, the variable of current ratio was dropped and not included in either major nor minor hypothesis. After testing on the above hypothesis, first major and first up to third minor ones were evidenced and acceptable, meaning results of this study could show that working capital policies vere fairly dominant to influence ROI and relevant in the process of management decision making.

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