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All Journal Jurnal ASET (Akuntansi Riset) MANAJEMEN DEWANTARA
Lukas Purwoto
Sanata Dharma University
Economics, Econometrics & Finance

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Working Capital Requirements in Indonesia: Determining Factors, Adjustment Speed, and Financial Constraints Lukas Purwoto
Jurnal ASET (Akuntansi Riset) Vol 13, No 2 (2021): JURNAL ASET (AKUNTANSI RISET) JULI-DESEMBER 2021
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jaset.v13i2.37592

Abstract

Working capital behavior has attracted the attention of researchers in relation to company development and the financial environment. This study aims to investigate the determinants and speed of target adjustment of working capital requirements and to examine whether financial constraints lead to differences in target adjustment behavior. The sample consists of public companies in Indonesia for the 2011-2018 period. The results show that sales growth, leverage, size, operating cash flow, age, and fixed assets have a significant effect on working capital requirements. By applying the GMM system from the dynamic panel model, this study also demonstrates that companies have a target level of working capital. Moreover, this study shows that companies that do not experience financial constraints make adjustments to the target, but this does not happen to companies that experience financial constraints. The adjustment behavior of optimal working capital is highly dependent on the company's financial constraints.
STOCK RETURNS: EFFECT OF RETURN ON ASSETS, RETURN ON EQUITY, DEBT TO EQUITY RATIO, AND DIVIDEND PAYOUT RATIO Gilang Danendra Caesaro; Christina Heti Tri Rahmawati; Lukas Purwoto
MANAJEMEN DEWANTARA Vol 7 No 3 (2023): MANAJEMEN DEWANTARA
Publisher : Universitas Sarjanawiyata Tamansiswa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30738/md.v7i3.16254

Abstract

Maximum stock returns from investment value will be obtained if investors have insight and information, one of which is fundamental analysis using financial ratios, so that it can be used as a guide in making the right investment decisions in the capital market. The financial ratios used in this research include profitability ratios as measured by Return on Assets (ROA) and Return on Equity (ROE); solvency ratio as measured by the Debt to Equity Ratio (DER); and the valuation ratio as measured by the Dividend Payout Ratio (DPR). The purpose of this research is to determine the effect of ROA, ROE, DER, and DPR on stock returns of LO45 companies. This research uses a population of 62 LQ45 companies. The sample for this research was 44 LQ45companies. The sampling technique used was purposive sampling with the criteria of LQ45 companies that published complete financial reports and distributed dividends regularly from 2015 to 2020. The data collection technique used panel data. The data analysis technique used was multiple linear regression analysis with the SPSS 25 application. The research results showed that ROE and DPR had a positive effect on stock returns, while ROA and DER had no effect on stock returns. The implication of the results of this research is that it is hoped that investors can make the right investment decisions to buy or sell shares and allocate their assets to the LQ45 company, so as to get optimal stock returns Keywords: Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), Dividend Payout Ratio (DPR), Stock Returns
Co-Authors Christina Heti Tri Rahmawati Gilang Danendra Caesaro