BINUS INTERNATIONAL UNIVERSITAS BINA NUSANTARA
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1 BINUS INTERNATIONAL UNIVERSITAS BINA NUSANTARA Major Accounting Sarjana Ekonomi Thesis Semester Even year 2007 DETERMINANTS OF WORKING CAPITAL MANAGEMENT OF JAKARTA STOCK EXCHANGE COMPANIES IN CONSUMER ABSTRACT GOODS INDUSTRY Stephanie Emilia Consumer goods industry is one of the most important industries in Indonesia as it offers human basic needs. However, the companies have to cope with fluctuations in business environment. The challenge for each company is to manage the right amount of working capital to increase efficiency and effectiveness. The objective of this thesis is to investigate whether sales, leverage and firm size are the determinants of working capital management in consumer goods companies. This thesis uses Net Liquid Balance (NLB) and Working Capital Requirement (WCR) as indicators of working capital management. In order to test the applicability of theories in this thesis, determinants of working capital in Indonesia and other countries will be compared. This thesis is a basic research in which several hypotheses will be tested in the sampled companies by using descriptive statistics, correlational analysis, and multiple regression analysis. The writer will conduct an additional literature study in libraries, internet and Jakarta Stock Exchange databases. The findings indicate that Net Liquid Balance will rise in times of increased sales, and decreased firm size. On the other hand, Working Capital Requirements will rise in times of decreased sales, and expanded firm size. Firm size relationship towards NLB is significant in both Indonesia and Taiwan. It is recommended that companies manage their working capital according to their goals, objectives, global environment, product life cycle, sales season as well as determinants of working capital management. Keywords Determinants of Working Capital, Jakarta Stock Exchange Listed Consumer Goods Companies, Indicator of Working Capital Management. i
2 PREFACE Upon the completion of this thesis, the writer would like to thank the fallowing people for their tremendous contribution and support: 1. Mr. Firdaus Alamsyah as the Executive Officer of Joseph Wibowo Center. 2. Mr. Minaldi Loeis as the Program Director of Bina Nusantara International. 3. Mr. Dezie Leonarda Warganegara as the head of Accounting School of Bina Nusantara International for his inputs and guidance. 4. Mr. Dominique Razafindrambinina as deputy of Accounting School in Bina Nusantara International and thesis supervisor for his guidance, advice, and support. 5. Mrs. Ersa Tri Wahyuni as deputy of Accounting School of Bina Nusantara International for her valuable advice and inputs. 6. Mr. Imam Heru Wijayanto, as lecturer in Introduction to Capital Market in Bina Nusantara International, for advice regarding financial instruments. 7. Mr. Suroyo M, as Tax Management lecturer in Bina Nusantara International, for his input regarding Indonesian taxation. 8. Mr. Ruben Garcia B as a lecturer of Financial Modelling in Bina Nusantara International, for the knowledge on financial analysis and research methods. 9. Mr. Harry Muliawan, beloved father who gave valuable advice and guidance throughout this thesis. 10. Beloved Mrs. Linda and Ms Amanda Christy for care love and support. ii
3 11. To all of the students in Bina Nusantara International for the wonderful moments during campus days, especially Accounting Class of Ms. Poppy, Yulie, Elsa and Maya for the togetherness and support, times that we have spend together will always be remembered 13. Mr Sendy Muliawan for his support and advice throughout this thesis. Inputs and constructive suggestions regarding this will be appreciated in order to improve further research and studies. Finally, the author hopes that this thesis will be useful in the business environment so that companies can better manage working capital as well as improving financial efficiency and effectiveness. Jakarta, 20 July 2007 The Author iii
4 TABLE OF CONTENT COVER PAGE TITLE PAGE CERTIFICATE OF APPROVAL ABSTRACT...i PREFACE...2 TABLE OF CONTENT...4 LIST OF TABLES...9 LIST OF FIGURES...10 CHAPTER 1 INTRODUCTION...ERROR! BOOKMARK NOT DEFINED. 1.1 Background...Error! Bookmark not 1.2 Scope...Error! Bookmark not 1.3 Aims and Benefit...Error! Bookmark not 1.4 Hypothesis...Error! Bookmark not 1.5 Research Method...Error! Bookmark not iv
5 1.5.1 Descriptive Statistics...Error! Bookmark not Correlation Analysis...Error! Bookmark not Multiple Regression Analysis...Error! Bookmark not Sample of Study...Error! Bookmark not Data Gathering and Analysis...Error! Bookmark not 1.6 Thesis Structure...Error! Bookmark not CHAPTER 2 THEORETICAL FOUNDATION...ERROR! BOOKMARK NOT DEFINED. 2.1 Working Capital...Error! Bookmark not Working Capital Definitions...Error! Bookmark not Development of Working Capital Concept..Error! Bookmark not Importance of Working Capital Management...Error! Bookmark not Global Environment...Error! Bookmark not Product Life Cycle...Error! Bookmark not Seasonal Variations...Error! Bookmark not 2.2 Indicators of Working Capital Management...Error! Bookmark not Net Liquid Balance (NLB)...Error! Bookmark not Elements of Net Liquid Balance (NLB)...Error! Bookmark not Working Capital Requirements (WCR)...Error! Bookmark not v
6 Elements of Working Capital Requirements (WCR)...Error! Bookmark not Financing Activities...Error! Bookmark not 2.3 Determinants of Working Capital...Error! Bookmark not Sales...Error! Bookmark not Leverage...Error! Bookmark not Firm size...error! Bookmark not 2.4 Consumer Goods...Error! Bookmark not Consumer Goods Industry in Indonesia...Error! Bookmark not 2.5 Research Terminologies...Error! Bookmark not CHAPTER 3...ERROR! BOOKMARK NOT DEFINED. RESEARCH METHODOLOGY...ERROR! BOOKMARK NOT DEFINED. 3.1 Research Hypothesis and Aim...Error! Bookmark not Hypothesis 1...Error! Bookmark not H1-a : Sales is Positively Related to NLB..Error! Bookmark not H1-b : Sales is Negatively Related to WCR.Error! Bookmark not Hypothesis 2:...Error! Bookmark not vi
7 H2-a : Leverage is Negatively Related to NLB. Error! Bookmark not H2-b : Leverage is Negatively Related to WCR.Error! Bookmark not Hypothesis 3...Error! Bookmark not H3-a : Firm Size is Negatively Related to NLB.Error! Bookmark not H3-b : Firm Size is Positively Related to WCR.Error! Bookmark not Research Questions...Error! Bookmark not Time and Place of the Research...Error! Bookmark not 3.2 Research Design...Error! Bookmark not 3.3 The type of data used in the research...error! Bookmark not 3.4 Data Analysis Method...Error! Bookmark not Descriptive Statistics...Error! Bookmark not Correlation Analysis...Error! Bookmark not Multiple Regression Analysis...Error! Bookmark not Research Variable and Parameters...Error! Bookmark not 3.5 Data Interpretation...Error! Bookmark not SPSS...Error! Bookmark not vii
8 CHAPTER 4 FINDINGS AND DISCUSSIONS...ERROR! BOOKMARK NOT DEFINED. Hypothesis...Error! Bookmark not 4.1 Research Question Answers...Error! Bookmark not To what extend do sales, leverage and firm size as determinants of working capital correlate with indicators of working capital management in sampled companies?...error! Bookmark not Descriptive Statistics...Error! Bookmark not Correlation Matrix...Error! Bookmark not Multiple Regression Analysis...Error! Bookmark not Net Liquid Balance...Error! Bookmark not Working Capital Requirements.Error! Bookmark not What are difference and similarities between findings in Indonesia and other country in terms of determinants of working capital management?...error! Bookmark not CHAPTER 5 CONCLUSIONS AND RECOMMENDATIONS...ERROR! BOOKMARK NOT DEFINED. 5.1 Conclusions...Error! Bookmark not 5.2 Recommendations...Error! Bookmark not viii
9 APPENDIX...Error! Bookmark not Appendix 1: Leverage...Error! Bookmark not Appendix 2: Other Current Asset...Error! Bookmark not Appendix 3: Other Payables...Error! Bookmark not REFERENCES...Error! Bookmark not CURRICULUM VITAE...Error! Bookmark not LIST OF TABLES Table 2.1 JSX Listed Consumer Goods Industry Classifications...Error! Bookmark not Table 3.1 Research Samples...Error! Bookmark not Table 3.2 Net Liquid Balance (NLB)...Error! Bookmark not Table 3.3Working Capital Requirements (WCR)...Error! Bookmark not ix
10 Table 4.1 Descriptive Statistics...Error! Bookmark not Table 4.2 Correlation Matrix (NLB)...Error! Bookmark not Table 4.3 Correlation Matrix (WCR)...Error! Bookmark not Table 4.4 Regression Results (NLB)...Error! Bookmark not Table 4.5Regression Results (WCR)...Error! Bookmark not Table 4.6 Working Capital Determinants Relationship towards NLB..Error! Bookmark not Table 4.7 Working Capital Determinants Relationship towards WCR.Error! Bookmark not LIST OF FIGURES Figure 2.1 Working Capital Cycle...Error! Bookmark not Figure 2.2 Today s Dynamic Business Environment...Error! Bookmark not Figure 2.3 Product Life Cycle...Error! Bookmark not x
11 Figure 3.1 Dependent and Independent Variables...Error! Bookmark not Figure 3.2 WCR Relationship towards Sales...Error! Bookmark not Figure 3.3 Research Process...Error! Bookmark not Figure 3.4 Scientific Research Design....Error! Bookmark not Figure 4.1 Sales Relationship Towards WCR and NLB...Error! Bookmark not xi
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