PENGARUH PERPUTARAN MODAL KERJA,UKURAN PERUSAHAAN, OPERATING LEVERAGE, DAN FINANCIAL LEVERAGE TERHADAP PROFITABILITAS PADA PERUSAHAAN RETAIL YANG GO PUBLIC DI BEI
Oleh: CHOLIFIA DWI AGUSTIN PANGESTUTI NPM: 12.1.02.05581
Program Studi: Program Studi: ManajemenManajemen SEKOLAH TINGGI ILMU EKONOMI INDONESIA (STIESIA) SURABAYA 2016
PENGARUH PERPUTARAN MODAL KERJA,UKURAN PERUSAHAAN, OPERATING LEVERAGE, DAN FINANCIAL LEVERAGE TERHADAP PROFITABILITAS PADA PERUSAHAAN RETAIL YANG GO PUBLIC DI BEI
Oleh: CHOLIFIA DWI AGUSTIN PANGESTUTI NPM: 12.1.02.05581
Program Studi: Manajemen SEKOLAH TINGGI ILMU EKONOMI INDONESIA (STIESIA) SURABAYA 2016
PENGARUH PERPUTARAN MODAL KERJA,UKURAN PERUSAHAAN, OPERATING LEVERAGE, DAN FINANCIAL LEVERAGE TERHADAP PROFITABILITAS PADA PERUSAHAAN RETAIL YANG GO PUBLIC DI BEI
Skripsi Diajukan untuk Memenuhi Salah Satu Syarat Guna Memperoleh Gelar Sarjana Ekonomi Program Studi: Manajemen Konsentrasi: Manajemen Keuangan
Oleh: CHOLIFIA DWI AGUSTIN PANGESTUTI NPM: 12.1.02.05581
SEKOLAH TINGGI ILMU EKONOMI INDONESIA (STIESIA) SURABAYA 2016
iv
v
DAFTAR RIWAYAT HIDUP
A. MAHASISWA Nama NPM Program Studi Konsentrasi Tempat/Tanggal Lahir Agama Jumlah Saudara/Anak ke Alamat Rumah Status
: Cholifia Dwi Agustin Pangestuti : 12.1.02.05581 : Manajemen : Manajemen Keuangan : Surabaya, 05 Agustus 1994 : Islam : 1 (Satu) / 1 (Satu) : Margo Mulyo No 14 Krian, Sidoarjo : Belum Menikah
B. ORANG TUA Nama Alamat Rumah/Telepon Alamat Kantor/Telepon Pekerjaan/Jabatan
: Muchamad Cholil : Margo Mulyo No 14 Krian, Sidoarjo : JL. Gentengkali/0315453331 : PNS/Staff Seksi TK,SD&PK
C. RIWAYAT PENDIDIKAN 1. 2. 3. 4.
Tamat SD di MI Nurul Hidayah Surabaya Tahun 2006 Tamat SLTP di SMP Nusantara Sidoarjo Tahun 2009 Tamat SLTA di SMK 2 Krian Sidoarjo Tahun 2012 Pendidikan Tinggi (PT) Nama PT Tempat Semester Tahun STIESIA Surabaya I-VIII 2012-2016
Keterangan Program Studi Strata 1 Manajemen
D. RIWAYAT PEKERJAAN Tahun
Bekerja di
Pangkat/Golongan
Jabatan
-
-
-
-
Dibuat dengan sebenarnya
Cholifia Dwi Agustin Pangestuti
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DAFTAR ISI
HALAMAN SAMPUL LUAR SKRIPSI ........................................................
i
HALAMAN SAMPUL DALAM SKRIPSI.....................................................
ii
HALAMAN JUDUL SKRIPSI ........................................................................
iii
HALAMAN PENGESAHAN TIM PENGUJI ................................................
iv
HALAMAN PERNYATAAN .........................................................................
v
DAFTAR RIWAYAT HIDUP.........................................................................
vi
KATA PENGANTAR .....................................................................................
vii
DAFTAR ISI ....................................................................................................
ix
DAFTAR TABEL ............................................................................................
xiii
DAFTAR GAMBAR .......................................................................................
xiv
DAFTAR LAMPIRAN ....................................................................................
xv
INTISARI.........................................................................................................
xvi
ABSTRACT .....................................................................................................
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BAB 1 : PENDAHULUAN ............................................................................
1
1.1 Latar Belakang Masalah ..............................................................
1
1.2 Rumusan Masalah ........................................................................
5
1.3 Tujuan Penelitian .........................................................................
5
1.4 Manfaat Penelitian .......................................................................
6
1.5 Ruang Lingkup Penelitian............................................................
7
BAB 2 : TINJAUAN TEORETIS DAN PERUMUSAN .............................
8
2.1 Tinjauan Teoretis .........................................................................
8
2.1.1 Modal Kerja ......................................................................
8
1. Definisi Modal Kerja .....................................................
8
2. Konsep Modal Kerja ....................................................
8
3. Manfaat Modal Kerja ....................................................
9
4. Jenis Modal Kerja ..........................................................
10
5. Sumber Modal Kerja .....................................................
12
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6. Perputaran Modal Kerja ...............................................
13
7. Faktor-Faktor yang Mempengaruhi Tingkat Modal Kerja
14
8. Kebijakan Modal Kerja ................................................
17
9. Penggunaan Modal Kerja ..............................................
17
2.1.2 Ukuran Perusahaan ............................................................
18
1. Definisi Ukuran Perusahaan ..........................................
18
2. Klasifikasi Ukuran Perusahaan .....................................
19
3. Pengukuran Ukuran Perusahaan ...................................
21
2.1.3 Operating Leverage ............................................................
22
1. Pengertian Operating Leverage .....................................
22
2. Kegunaan Leverage Operasi (Operating Leverage) .....
23
2.1.4 Financial Leverage .............................................................
23
2.1.5 Profitabilitas .......................................................................
24
1. Jenis-Jenis Rasio Profitabilitas ......................................
26
2.2 Analisis Pengaruh Rasio Keuangan Terhadap Profitabilitas .......
28
2.2.1 Pengaruh Perputaran Modal Kerja Terhadap Profitabilitas
28
2.2.2 Pengaruh Ukuran Perusahaan Terhadap Profitabilitas ......
29
2.2.3 Pengaruh Operating Leverage Terhadap Profitabilitas ......
29
2.2.4 Pengaruh Financial Leverage Terhadap Profitabilitas .......
30
2.3 Penelitian Terdahulu ....................................................................
30
2.4 Kerangka Konseptual ...................................................................
36
2.5 Perumusan Hipotesis ....................................................................
37
BAB 3 : METODA PENELITIAN ...............................................................
38
3.1 Jenis Penelitian dan Gambaran Populasi (Obyek) Penelitian ......
38
3.2 Teknik Pengambilan Sampel .......................................................
39
3.3 Teknik Pengumpulan Data ...........................................................
40
3.4 Variabel dan Definisi Operasional Variabel ................................
40
3.5 Instrumen Penelitian ....................................................................
42
3.6 Teknik Analisis Data....................................................................
43
3.6.1 Analisis Deskriptif .............................................................
43
3.6.2 Analisis Regresi Linear Berganda .....................................
44
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3.6.3 Pengujian Asumsi Dasar Klasik ........................................
45
1. Uji Normalitas ...............................................................
45
2. Uji Multikolinearitas .....................................................
46
3. Uji Autokorelasi ............................................................
46
4. Uji Heteroskedastisitas ..................................................
47
3.6.4 Uji Kelayakan Model ........................................................
47
1. Uji F...............................................................................
47
2.Analisis Koefisien Determinasi (R2) ..............................
48
3.6.5 Pengujian Hipotesis ...........................................................
49
1. Uji t ................................................................................
49
2. Koefisien Determinasi Parsial (r2).................................
49
BAB 4 : HASIL PENELITIAN DAN PEMBAHASAN ..............................
50
4.1 Hasil Penelitian ............................................................................
50
4.1.1 Gambaran Umun Bursa Efek Indonesia ............................
50
4.1.2 Gambaran Umum Perusahaan Retail .................................
50
1. PT Ace Hardware Indonesia Tbk ..................................
50
2. PT Centratama Telekomunikasi Indonesia Tbk ............
52
3. PT Catur Sentosa Adiprana Tbk ....................................
53
4. PT Hero Supermarket Tbk ............................................
54
5. PT Kokoh Inti Arebama Tbk .........................................
55
6. PT Matahari Departement Store Tbk ............................
56
7. PT Mitra Adi Perkasa Tbk.............................................
57
8. PT Matahari Putra Prima Tbk .......................................
58
9. PT Ramayana Lestari Sentosa Tbk ...............................
59
10. PT Sona Topas Tourism Industry Tbk ........................
60
11. PT Trikomsel Oke Tbk ................................................
61
4.1.3 Hasil Analisis Penelitian ....................................................
62
1. Hasil Analisis Perhitungan Perputaran Modal Kerja (WCT) 62 2. Hasil Analisis Perhitungan Ukuran Perusahaan (SIZE)
63
3. Hasil Analisis Perhitungan Operating Leverage (DOL)
64
4. Hasil Analisis Perhitungan Financial Leverage (DFL)
65
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5. Hasil Analisis Perhitungan Profitabilitas (ROA) ..........
66
4.1.4 Statistik Deskriptif .............................................................
67
4.1.5 Analisis Regresi Linear Berganda .....................................
68
4.1.6 Uji Asumsi Dasar Klasik ...................................................
71
1.Uji Normalitas ................................................................
71
2. Uji Multikolinearitas .....................................................
72
3. Uji Autokorelasi ............................................................
73
4. Uji Heterokedastisitas....................................................
74
4.1.7 Uji Kelayakan Model .........................................................
76
1. Uji F...............................................................................
76
2. Analisis Koefisien Determinasi (R2) .............................
77
4.1.8 Pengujian Hipotesis ...........................................................
78
1. Uji t ................................................................................
78
2. Koefisien Determinasi Partial (r2) .................................
79
4.2 Pembahasan..................................................................................
81
4.2.1 Pengaruh Perputaran Modal Kerja Terhadap Profitabilitas
81
4.2.2 Pengaruh Ukuran Perusahaan Terhadap Profitabilitas ......
82
4.2.3 Pengaruh Operating Leverage Terhadap Profitabilitas .....
83
4.2.4 Pengaruh Financial Leverage Terhadap Profitabilitas ......
84
4.3 Perbandingan Penelitian Terdahulu dengan Penelitian Sekarang
85
BAB 5 : PENUTUP ........................................................................................
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5.1 Simpulan ......................................................................................
88
5.2 Saran ............................................................................................
88
JADWAL PENELITIAN .................................................................................
90
DAFTAR PUSTAKA ......................................................................................
91
LAMPIRAN .....................................................................................................
97
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DAFTAR GAMBAR
Gambar
Halaman
1. Kerangka Kongseptual ...............................................................
36
2. Uji Normalitas .............................................................................
72
3. Uji Heteroskedastisitas ................................................................
75
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DAFTAR TABEL
Tabel
Halaman
1. Kriteria Ukuran Perusahaan ........................................................
20
2. Penelitian Terdahulu ...................................................................
35
3. Populasi Perusahaan retail...........................................................
38
4. Sampel Penelitian ........................................................................
40
5. Instrument Penelitian ..................................................................
43
6. Perhitungan Perputaran Modal Kerja ..........................................
62
7. Perhitungan Tingkat Ukuran Perusahaan ....................................
63
8. Perhitungan Operating Leverage.................................................
64
9. Perhitungan Financial Leverage ..................................................
65
10. Perhitungan Return On Assets ....................................................
66
11. Analisis Descriptive Statistics .....................................................
67
12. Hasil Uji Regresi Linear Berganda .............................................
69
13. Hasil Uji Multikolinearitas..........................................................
73
14. Hasil Uji Autokorelasi.................................................................
74
15. Hasil Uji F ...................................................................................
76
16. Hasil Uji Koefisien Determinasi (R2) .........................................
77
17. Hasil Uji t dan Tingkat Signifikansi............................................
78
18. Hasil Uji Koefisien Determinasi Partial ......................................
79
19. Perbandingan Penelitian Terdahulu dan Penelitian Sekarang .....
86
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DAFTAR LAMPIRAN
Lampiran 1. Hasil Perhitungan Perputaran Modal Kerja (WCT) 2. Hasil Perhitungan Ukuran Perusahaan(SIZE) 3. Hasil Perhitungan Operating Leverage (DOL) 4. Hasil Perhitungan Financial Leverage (DFL) 5. Hasil Perhitungan Return On Assets 6. Hasil Output SPSS 7. Surat Pengantar Dosen Pembimbing 8. Kartu Konsultasi Bimbingan 9. Surat Ijin Riset dari STIESIA 10. Surat Keterangan Selesai Riset 11. Sertifikat Seminar Hasil Penelitian
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