21st Century Trends in Supply Chain (Lecture 1.5).Programming Paradigms for Supply Chain (Lecture 1.4).Product-Oriented Delivery for Supply Chain (Lecture 1.3).The Quantitative Supply Chain in a Nutshell (Lecture 1.2). The Foundations of Supply Chain (Lecture 1.1).However, they cannot increase profitability by lengthening the payables deferral period. Therefore, managers of food complex business can increase the profitability of their firms by shortening the cash conversion cycle, inventory conversion period, and receivables collection period. However, current ratio and quick asset ratio have insignificant and positive relation with Return on Assets. The findings of the regression analysis show that average days in inventory, average day's receivable, and average days payable have a significant impact on Return on Assets. Accordingly, the findings revealed that Return on Assets was found to be significantly and negatively related to average days in inventory, average days payable and cash conversion cycle, which would suggest that by shortening of cash conversion cycle food complex manufacturing firms can increase their profitability. Relevant data for this study has been collected from 10 food complex manufacturing firms' annual financial statements for the period 2009-2013 and analyzed through descriptive statistics, Pearson correlation and multiple regression analysis. The efficiency of working capital management has been measured by Inventory Turnover Period, Account Receivable Collection Period, Days Payables Outstanding, Cash Conversion Cycle, Current Ratio and Quick assets ratio and Return on Assets was considered as proxy for profitability. This study explores the impact of working capital management on the profitability of food complex manufacturing firms operating in and around Addis Ababa. Therefore, sound working capital management is required in order for the firm to remain competitive in this information age. To achieve business objectives, an investment of the firm's capital in current assets and the use of current liabilities to fund part of the investment are required. Working capital refers to the funds required to undertake the day-today operations of a firm. The quadratic r value of 41.9% means that the inventory turnover variables affect the ROA of 41.9%. The value of t arithmetic 3.980 with a significant of 0.01 or less than 5%. The inventory turnover variable affects ROA partially. The value of r squared by 39.6% means that the variable receivable turnover affects ROA of 39.6% while the rest is influenced by other variables that are not included into the model. The value of t arithmetic 3.795 with significant of 0.001 or less than 5%. Variable receivables turnover affect ROA partially. The value of r squared by 30.1% means cash rotation variables affect the ROA of 30.1%. The value of t arithmetic 3.080 with significant of 0.05 or less than 5%. The cash turnover variable affects ROA partially. F value of 6,053 F count with a significant level of 0.004 variables cash turnover, receivable turnover and inventory turnover affect the ROA of 47.6%. The results showed that the cash turnover, receivable turnover, and inventory turnover simultaneously affect the ROA. Sampling technique used is purposive sampling where sampling is done based on consideration of researcher. The sample used in this research is cash turnover data, inventory turnover turnover and profitability period 2010 to 2017. This study aims to analyze the effect of cash turnover, receivables turnover and inventory turnover of ROA either simultaneously or partially on PT Indofood Sukses Makmur Tbk.
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