Tingkat pertumbuhan berkelanjutan perusahaan pada kondisi krisis dan ketidakpastian: Tinjauan peran manajemen modal kerja
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Abstract
This research aims to understand the influence of working capital management on a company’s sustainable growth during crisis and uncertainty. The research was conducted using a summary of company performance recorded in the Indonesia Capital Market Directory (ICMD). The research was carried out in a natural laboratory of crisis and uncertainty during the pandemic which occurred since the beginning of 2020. The research objects were companies listed on the LQ45 index of the Indonesian Stock Exchange for 2015-2022. Data were analyzed using panel data regression. The research results found that the company’s sustainable growth decreased during the crisis. Conservative working capital management for investment and aggressive working capital management for financing have a positive effect on sustainable growth. The results of this research provide the implication that current assets and short-term debt are valuable resources that create flexibility amidst increasingly dynamic environmental changes.
Penelitian ini bertujuan untuk memahami pengaruh manajemen modal kerja terhadap pertumbuhan berkelanjutan perusahaan selama krisis dan ketidakpastian. Penelitian dilakukan dengan menggunakan ringkasan kinerja perusahaan tercatat pada Indonesia Capital market Directory (ICMD). Penelitian dilakukan laboratorium alamiah krisis dan ketidakpastian selama Pandemi yang terjadi sejak awal tahun 2020. Obyek penelitian adalah perusahaan yang terdaftar pada indeks LQ45 Bursa Efek Indonesia tahun 2015-2022. Data dianalisis menggunakan regresi data panel. Hasil penelitian menemukan bahwa pertumbuhan berkelanjutan perusahaan menurun selama krisis. Manajemen modal kerja yang konservatif untuk investasi dan manajemen modal kerja yang agresif untuk pembiayaan berpengaruh positif terhadap pertumbuhan berkelanjutan. Hasil penelitian ini memberikan implikasi bahwa aset lancar (liquid) dan hutang jangka pendek merupakan sumber daya berharga yang menciptakan fleksibilitas di tengah perubahan lingkungan yang semakin dinamis.
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