Faktor-faktor yang berpengaruh terhadap modal kerja di perusahaan konstruksi

Lily Anggraini; Sri Mulyantini

doi:10.54957/jurnalku.v4i4.1151

Authors

Lily Anggraini Universitas Pembangunan Nasional Veteran Jakarta
Sri Mulyantini Universitas Pembangunan Nasional Veteran Jakarta

DOI:

https://doi.org/10.54957/jurnalku.v4i4.1151

Keywords:

Construction, Management, Working Capital

Abstract

Modal kerja memiliki peran krusial dalam operasional dan kesuksesan sebuah bisnis. Perusahaan konstruksi seringkali bermasalah di modal kerja karena mengerjakan suatu proyek konstruksi dalam waktu yag lama dan modal kerja yang besar. Tujuan penelitian adalah untuk menentukan faktor-faktor penentu dari modal kerja. Metode penelitian yang digunakan adalah studi literatur. Adapun modal kerja dapat diukur menggunakan siklus konversi kas, modal kerja bersih, rasio lancar, rasio cepat, periode perputaran persediaan, periode penagihan piutang, dan periode pembayaran utang. Hasil penelitian menunjukkan bahwa faktor-faktor penentu dari modal kerja antara lain ukuran perusahaan, leverage, profitabilitas, arus kas operasi, pertumbuhan penjualan, dan volatilitas penjualan. Hasil penelitian menunjukkan berbagai faktor penentu modal kerja tersebut menghasilkan hubungan yang bervariasi, baik itu berpengaruh positif, berpengaruh negatif, maupun tidak berpengaruh. Adapun teori yang digunakan untuk menjelaskan modal kerja antara lain teori trade-off, teori pecking order, teori siklus konversi kas, teori likuiditas, teori struktur modal, teori agensi, dan teori sinyal.

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