<![CDATA[ABSTRACTThe research was conducted to analyse the effect of working capital policy that consists of asset structure, working capital turnover, and funding working capital on profitability of the pharmaceutical companies listed in the Indonesia Stock Exchange. The population of this study is a pharmaceutical companies that listed on the Indonesia Stock Exchange in 2005 to 2015 which consist of 10 companies. The samples of this study are two companies namely PT. Kimia Farma representing state-owned company and PT. Kalbe Farma representing private companies. Regression analysis technique was used to analyze the impact of asset structure, working capital turnover and funding working capital on profitability of the pharmaceutical companies listed on the Indonesia Stock Exchange. The results of the analysis concluded that: (1) asset structure has a significant effect on profitability; (2) working capital financing did not significantly affect the profitability and (3) the structure of assets and working capital financing simultaneously have a significant effect on profitability. The implication is that the companies listed in the Indonesia Stock Exchange especially PT. Kimia Farma and PT. Kalbe Farma must improve its asset structure optimally since it has a significant effect on profitability. Increasing asset structure will improve the performance of the companies. This finding is very relevant since this kind of research especially in the pharmaceutical companies is still very limited. Keywords: Asset structure, Working Capital Turnover, Funding Working Capital, And Profitability. ABSTRAKPenelitian ini dilakukan untuk menganalisis pengaruh kebijakan modal kerja yang terdiri dari struktur aktiva, perputaran modal kerja dan pendanaan modal kerja terhadap profitabilitas pada perusahaan farmasi yang tercatat di Bursa Efek Indonesia. Populasi penelitian ini adalah perusahaan farmasi yang tercatat di Bursa Efek Indonesia pada tahun 2005 sampai dengan 2015 yang berjumlah 10 perusahaan. Sedangkan sampel penelitian ini adalah dua perusahaan yaitu PT. Kimia Farma yang mewakili perusahaan milik BUMN dan PT.Kalbe Farma yang mewakili perusahaan swasta. Hasil analisis menunjukkan bahwa: (1) struktur aktiva berpengaruh positif dan sangat signifikan terhadap profitabilitas; (2) pendanaan modal kerja tidak berpengaruh terhadap profitabilitas, dan (3) struktur aktiva dan pendanaan modal kerja secara simultan berpengaruh signifikan terhadap profitabilitas.Implikasinya adalah bahwa perusahaan yang tercatat di Bursa Efek Indonesia khususnya PT. Kimia Farma dan PT. Kalbe Farma harus meningkatkan secara optimal struktur aktiva karena berpengaruh sangat signifikan terhadap profitabilitas. Peningkatan struktur aktiva akan berdampak baik terhadap kinerja perusahaan-perusahaan tersebut. Hal ini sangat relevan mengingat masih minimnya penelitian di bidang ini. Kata kunci: Perputaran Modal Kerja, Pendanaan Modal Kerja Dan Profitabilitas.]]>
