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Journal of Business and Management

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Journal of Business and Management

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AND CHEMICAL COMPANY SUB SECTOR FEED

LISTED IN INDONESIA STOCK EXCHANGE

By:

Resta Rosdiana,SE. and Dr. Edhi Asmirantho,MM.,SE.

Faculty of Economics Pakuan University

ABSTRACT: This study was conducted to determine and demonstrate empirically the effect

of accounts receivable management of the company's ability to generate profits on the

company grounds and chemical industry subsectors recorded fodder in the Indonesia Stock

Exchange. Each company has a complete data for 10 years in the period 2004 to 2013.

Technical analysis of using multiple regression analysis, the data processing using SPSS

version20.

The results showed receivable management firm base and chemical industry subsectors fodder

IDX can be said is still not optimal. Receivables management fluctuating and rising slowly

apparent from the Receivable Turnover (RTO), Receivable Turnover in Days (RTD) and Total

Asset Turnover (TATO) are unstable and there are accounts receivable with a long lifespan.

Based on the R-square is formed, the independent variables are able to explain the growth of

return on investment of 69.3%. Hypothesis testing using the F test showed F count > F table

(19.579 > 2.975) with a significance value of 0.000 < 0.05 indicates that Receivable Turnover,

Receivable Turnover in Days and Total Asset Turnover simultaneously significant effect on

Return on Investment. While testing the hypothesis using the t test showed the value

Receivable Turnover (1.642 < 2.056) with significant value 0.113 > 0.05 and Receivable

Turnover in Days (1.547 < 2.056) with significance 0.134 > 0.05 where t < t table and the

value significant > 0.05, which indicates that they do not affect the return on investment, while

the Total Asset Turnover value condition t > t table (6.520 > 2.056) and a significant value

0.000 < 0.05 indicates that positive and significant effect on Return on Investment.

Keywords: Activity, Profitability, Receivable Turnover, Receivable Turnover in Days, Total

Asset Turnover, Return on Investment.

INTRODUCTION

Accounts receivable is one of the company's

business activities that occur due to the

selling of credit. With the credit sales

(receivables), the company needs to do a

receivables management company. The

company's profit is the goal of every

company, for the company to be able to

manage their receivables properly and

efficiently so that the company can realized.

Company profits can be attributed to an

increase in the company's performance in the

utilization of assets owned by the company.

(Edhi Asmirantho, 2013)

Accounts Receivable is a bill or to other

parties as a result of credit sales. The

extension of credit is one of proportion

because it is one of the important proportion,

because it is part of a large company assets,

therefore the success of a company is not

free from interference management, because

management is part of the company

associated with the activity of the company.

(Sutrisno, 2007) Receivables Management

are receivables management in order to

achieve optimal credit policy, which is to

achieve a balance between the costs caused

by the credit policy with the benefits of the

policy. (Martono and Agus Harjito, 2010).

According Keown and Martin (2005)

Accounts receivable is something that is very

closely related to financial activities, because

at the time the company do credit sales it will

bring the trade receivables. These receivables

are recorded in current assets, accounts

receivable very dominating average in

current assets, is extremely important for

companies managing accounts receivable

management

efficiently

because

it

determines the profitability and liquidity.

Objects used in this study are the three basic

and chemical industry companies fodder

subsectors listed on the Stock Exchange,

namely PT. Charoen Pokphand Indonesia

Tbk, PT. Japfa Comfeed Indonesia Tbk and

PT. Sierad Produce Tbk. The reason the

researchers chose the object that companies

each seen the average age of accounts

receivable owned by the company has a long

period of time, among others, 90 days, 120

days and 180 days, and the Company was

selected based on the IPO before 2000 and

after years of 1990.Data complete finance for

10 years in the period 2004-2013.

Trade receivables is the amount of money a

company that still has not been paid to the

company by customers who have purchased

goods or services on credit (Van Horne and

Wachowish, 2005). In managing the

company's accounts receivable should pay

attention to some things that control the

amount of accounts receivable, procurement

amount of the receivable collection and

evaluation of the collection of accounts

receivable whether successful or not.

According to Edhi Asmirantho (2013)

Factors affecting the amount of investment in

receivables: 1) credit risk assessment 2) The

accounts receivable turnover rate. Credit risk

is the risk of non-payment of credit extended

to customers. Therefore, many companies are

trying to reduce credit risk by taking into

account the five "C", namely Character,

Capacity, Capital, Collateral, Conditions. In

determining the

company's accounts

receivable turnover can be done by looking

at the financial statement analysis by using

the ratio activity. In this study, the authors

used the accounts receivable turnover to

measure the receivables management

company. Receivable Turnover is to give

their views on the quality of the receivables

of the company and how successful

companies in the collection. The faster the

cash inflows, the better the company's ability

to meet its obligations and may eventually

buy back into inventory and resold on credit

and become debt back. Receivable Turnover

in Days is the ratio of the average policy rate

the collection of receivables by making

comparisons day of the year (360) that the

accounts receivable turnover generated.

According Darsono (2009) If the average

receivables collection is bigger than the

period specified in the credit agreement, the

lack of good management in collecting or

companies have customers who lack

discipline fulfill the terms of the loans

companies. Total Asset Turnover is an

efficient use of the total assets of the

company to generate sales. This ratio

examine the extent of the company's total

assets turnover occurs effectively. According

Prihadi (2007) more effective use of

company assets, the fewer assets needed.

And this is important because it can be seen

how the management is done in the use of

the asset management company in the

be controlled is by making the aging

schedule in this schedule so that we can

control the accounts receivable bad debt can

be avoided. Profitability is a picture that

shows the effectiveness of the management

and efficiency of the overall company

addressed through a large amount of the

benefits the company based on the use of the

asset. In this study the authors used the ratio

of Return on Investment (ROI) to measure

the profitability of the company and the

chemical industry sub-sector basis fodder

listed on the Stock Exchange. Return on

Investment (ROI) is a ratio that saw the

extent of the investments made are able to

provide

returns

as

expected.

This receivable is one way to keep the

company at this time, therefore it is essential

for companies to manage receivables, it

concerns the activities of the company's cash

flow and is a benchmark of success of the

company in the sale of credit. Therefore, it is

required that is capable of determining the

management of accounts receivable credit

policy by looking at the pros and cons of the

policy of the credit sales (Harmono, 2011).

When a company to manage their receivables

are not carried out intensively it will affect a

company's profit.

1.

Analysis

of

Activity

Ratio

Activity ratio is the ratio that describes the

extent to which a company affect its

resources to support the activities of the

company, higher turnover of more effective

use of corporate assets. This ratio is used in

the measurement of trade receivables

management. To assess the activity ratio,

used namely (Prihadi, 2007)

2.

Profitability

Ratio

Analysis

Profitability ratio is the ratio to measure the

effectiveness of the overall management

addressed by the size of the level of profits in

connection with the sale or investment. The

better the profitability ratio, the better the

condition of the ability of the high profitability

of the company. (Edhi Asmirantho, 2013.) The

calculation of profitability ratios one of them

using the ROI are:

Return

a.

b.

ReceivableTurnover(RTO)

Average Account Receivables

Receivable

Turnover

360

Receivable Turnover

in

Days(RTD)

c.

Sales

Total Asset

on

Investment

Average Total Asset

(ROI)

100%

Accounts receivable turnover ratio

is used to measure how quickly the

company can collect receivables.

Receivables owned company has a

close relationship with the volume

of credit sales. The position of

receivables and the estimated time

of collection can be assessed by

calculating the turnover rate piuang

ie by dividing the total credit sales

by average accounts receivable.

(Munawir, 2010).

The faster turnover of receivables

more effective for companies to

manage their receivables (Sutrisno,

2007). This is supported by

previous studies by Lutvianty

(2013) Good receivable turnover

indicates that the company is quite

good and efficient in managing

receivables. Receivable turnover

ratio provides an understanding of

the quality and success of billing

accounts receivable turnover can

be determined by the calculation is

done as follows (Van Horne and

Wachowish, 2005):

Receivable Turn Over in Days

(RTD)

This ratio examines how an

enterprise view collection period

that will be visible. Dependent

period capital in receivables or

average day of collection of

receivables can be calculated by

turnover. Today the average

collection of receivables can be

calculated as follows:

Receivable

Turnover

360

Receivable Turnover

in

Days

(RTD)=

always greater than the payment deadline

specified means that less efficient way of

collecting receivables. (Bambang Riyanto,

2010). According to previous studies

conducted Komang Luh (2014) that the

collection period so directly in an effort to

support the increased profitability of the

company.

a. Total Asset Turnover (TATO)

Total Asset Turnover is important for the

owner of the company and important to the

management of the company, as this will

indicate whether or not an efficient use of all

assets in the company. Assets Turnover

numbers high is an indication that the

property management company has been

managing the company well. Calculation of

Total Assets Turnover carried out as follows:

(Van Horne and Wachowish, 2005)

Total Asset Turnover (TATO)=

Sales

Total Asset

b. Aging Schedule

Aging Schedule can be used to assess both

the composition of the receivables of the

company, this will give you an idea of the

proportion of each account for a certain

period. The existence of aging schedule

information will signify or can know how

many accounts are still in a period of

payment and receivables which are already

run through the payment period and the need

to take action and serious policy that needs to

be done company.

c.

Return

on

Investment

(ROI)

Return on Investment is a ratio that describes

and provides financial forecasting how much

is going on in a company. This ratio also

gives an idea of the level of enterprise

management capabilities to manage the fund

companies beginning and end of the period.

The higher the rate of return on investment

(ROI) of a company the better the state of the

company managing investment companies

calculated by the formula: (Edhi Asmirantho,

2013)

Return

on

Investment

Average Total asset

(ROI)

100%

1. Management of the company accounts and

basic chemical industry subsectors fodder

IDX (CPIN, JPFA, SIPDs), is still not

optimal. Because time billing receivables

have a long time.

2. The ability to generate profits companies

in the chemical industry and the basic subsectors fodder IDX (CPIN, JPFA, SIPDs)

seen from the provision of its sales

receivables but still fluctuating walapupun an

increase but still quite slow. This affects the

profits

received

by

the

company.

3. There is the influence of management of

accounts receivable to the company's ability

to generate profits on the company and the

basic chemical industry subsectors fodder

IDX (CPIN, JPFA, SIPD).

1) Receivable Turnover has a positive effect

on the return on investment in the company

and the basic chemical industry subsectors

fodder IDX (CPIN, JPFA, SIPD). The higher

the receivables turnover, the better

management of the company accounts.

2) Receivable Turnover in Days have a

negative effect on the return on investment in

the chemical industry and the basic subsectors fodder IDX (CPIN, JPFA, SIPD). The

longer the average receivables collection

worse

for

the

company.

3) Total Asset Turnover has a positive effect

on the return on investment in the company

and the basic chemical industry subsectors

fodder IDX (CPIN, JPFA, SIPD). The higher

TATO the more efficient management of the

company

accounts.

4) Receivable Turnover, Receivable Turn

Over in Days and Total Asset Turnover has a

positive effect on the return on investment in

the company and the basic chemical industry

subsectors fodder IDX (CPIN, JPFA, SIPD).

RESEARCH METHODS

a) Type of Research, In this study, the type

of research is the study of associative

(relationship) where an associative research

study aimed to determine the effect nor is the

relationship between two or more variables.

(Imam Ghozali, 2005). b) Research

Methods, method used is the historical

method, ie where in solving research

problems using data in the past.

c) Engineering Research, Engineering

research used in this study are inferential

statistical

techniques,

including

the

parametric statistics, which take into

consideration the type of distribution

statistics / data distribution and the normal

distribution has a homogeneous variant. In

general, the data used in this parametric

statistics are interval and ratio.

Analysis unit

The unit of analysis used in this research is

PT. Charoen Pokphand Indonesia (CPIN),

PT. Japfa Comfeed Indonesia (JPFA), PT.

Sierad

Produce

(SIPD).

Data Collection Procedures

(a) Secondary Data

Research secondary data is data that has

been published in various media, this

data collection with indirect observation

of the object under investigation to

obtain the necessary data in this study

over the internet http://www.idx.co.id

obtained through the site.

(b) Study Library

By way of obtaining additional data

through literature dealing with the

problems examined for consideration of

research conducted and also use other

additional books that are related to the

problem under study.

Analysis Method

(1) The management of trade receivables

using the ratio of the activity a) Accounts

Receivable Turnover b) Receivables turnover

in days c) Turnover of assets

(2) Aging Schedule is used in the

management of trade receivables.

(3) The ability to generate profits using

profitability ratio Return on Investment

(ROI)

(4) Effect Against Receivables Management

Capabilities In produce Income In Basic and

Feed Listed on the Stock Exchange

Classical Assumption Test

(a) Test of Normality

The test method of normalization will be

done using the Kolmogorov Smirnov test

a simple one. Good regression model is

the residual value that is normally

distributed. (Duwi Priyatno, 2012)

(b) Test of Multicollinearity

This research will be conducted

multicollinearity test with test methods

Tolerance and inflation factor (VIF) in

the regression model. In good regression

models should not happen correlation

perfect or near perfect between the

independent variables (the correlation is

1 or close to 1).

(c) Test of Heteroskidastity

In this research, heteroscedasticity test

using Glejser test. Good regression

model is not heteroscedasticity occurs.

(d) Test of Autocorrelation

Good regression model is that there is no

autocorrelation problem. In this study

will be conducted using the test

autocorrelation test Durbin - Watson

(DW test).

Regression Analysis

Effect

of

Receivables

Management

Capabilities To Generate Income In:

Y = a + b1X1 + b2X2 + b3X3

Specification:

Y = Return On Investment (ROI)

X1 = Receivable Turnover

(RTO)

X2 = Receivable Turnover in Days (RTD)

X3 = Total Assets Turnover (TATO)

a = constant, the value of Y when X1, X2, X3

=0

b = regression coefficient, ie the value of the

increase or decrease based variable Y

variables X1, X2 and X3.

Hypothesis Testing

a) F test (Simultaneous)

F test is used to determine whether jointly

independent variables have a significant

effect, on the dependent variable, in this

matter to determine whether Receivable

Turnover, Receivable Turnover in Days, and

Total Assets Turnover significant effect or

not on Return On Investment. Tests using the

significant level of 0.05.

b) t test (Partial)

T test is used to determine whether partially

independent variables significantly influence

or not on the dependent variable to test using

a significance level of 0.05 and 2 sides.

RESEARCH RESULT

Receivables Management Company and

Chemical Industry Association Sub Sector

Feed

Recordable

in

BEI

Conditions of receivables management

companies are known from the calculation of

the ratio known that Receivable Turnover

and Receivable Turnover in Days for all

companies in the period 2004-2013 fluctuate

and increase slowly. Also note to PT.

Charoen Pokphand Indonesia Tbk (CPIN),

PT. Japfa Comfeed Indonesia Tbk (JAPFA),

and PT. Sierad Produce Tbk (SIPD) has an

average value that is below the average. This

is due to less efficient companies in the

billing process on a few customers who have

difficulty in paying debts and cash sales

higher than credit sales (receivables). Total

Asset Turnover for each year has increased

and fluctuated in the period 2004-2013 the

turning and using its assets to generate sales

because it looks at each company despite

increased but improvement is slow and still

fluctuate. Ability to Generate Profit on Basic

and Chemical Industry Company Sub Sector

Feed the Listed on the Stock Exchange

(CPIN,

JPFA,

SIPD)

The ability to generate profits companies

seen from the calculation of return on

investment and relatively slow fluctuates

every year. condition of the company is still

not optimal and effective in generating

corporate profits and rotate their assets.

Visible still the fluctuations of the results

obtained, the effect on profits from the

company. This condition occurs because the

company has a value which is below the

average. Effect of Receivables Management

to Generate Income Capabilities In the

Company of Basic Industry and Chemical

Sub Sector Feed Recordable in Indonesia

Stock

Exchange.

Testing Assumptions Classic

(1) Test of Normality

N

Normal Parametersa,b

Most Extreme

Differences

Mean

Std. Deviation

Absolute

Positive

Negative

Kolmogorov-Smirnov Z

Asymp. Sig. (2-tailed)

Unstandardized

Residual

30

0E-7

7.39652651

.085

.085

-.042

.466

.982

b. Calculated from data.

Based on the output table One Sample Kolmogorov Sminnov Test be discovered significance

value (Asymp.Sig 2-tailed) of 0.982 is greater than the significance level of 0.05 (0.982> 0.05),

then the residuals normally distributed

Coefficientsa

Model

Unstandardized

Coefficients

B

(Constant)

RTO

Standardized

Coefficients

Std. Error

-55.411

.655

18.130

.399

.479

RTD

TATO

21.534

a. Dependent Variable: ROI

Sig.

Beta

Collinearity Statistics

Tolerance

VIF

.380

-3.056

1.642

.005

.113

.220

4.536

.309

.405

1.547

.134

.173

5.797

3.303

.905

6.520

.000

.612

1.634

Based on the results of the output table, note that the VIF value of less than 10 and more

tolerance value of 0.1 for the three variables, it can be concluded there is no problem of

multicollinearity in regression models free of multicollinearity, which has a value of VIF

(Variance Inflation Factor) of less than 10 and have more tolerance figure of 0.1.

Coefficientsa

Unstandardized

Standardized

Coefficients

Coefficients

B

Std. Error

Beta

12.622

10.591

-.322

.233

-.537

-.179

.181

-.436

1.630

1.929

.197

Model

(Constant)

RTO

RTD

TATO

1.

Sig.

1.192

-1.381

-.992

.845

.244

.179

.330

.406

Of the output table, note that the value of the third significant independent variables are

Receivable Turnover (RTO) (0.179), Receivable Turnover in Days (RTD) (0.330), and Total

Asset Turnover (TATO) (0.406) greater than 0.05. It can be concluded that there was no trouble

heteroscedasticity in regression models.

(3) Test Autocorrelation

Model

.892a

R Square

.796

Model Summaryb

Adjusted R

Std. Error of the

Square

Estimate

.762

6.63087

2. Dependent Variable: ROI

Durbin-Watson

1.898

Autocorrelation test results in the table, note the value of the Durbin-Watson at 1,898. DU and

DL values can be obtained from the Durbin-Watson statistic table. With n = 30, and k = 3, the

obtained values and DL DU = 1.6498 = 1.2138. So the value obtained 4-DU = 2.3502 and 4-DL

value = 2.7862. Because the value of DU <DW <4-DU = 1.6498 <1.898 <2.3502, it can be

concluded there is no autocorrelation in the regression model.

Regression Test

Model

1

R

R Square

a

.833

.693

Model Summaryb

Adjusted R Square

Std. Error of the Estimate

.658

7.81160

3. Dependent Variable: ROI

a) Figures R obtained is 0,833 which means the correlation between the RTO, RTD and TATO to

the ROI of 0,833 or 83.3% .b) R Square (R) the percentage contribution of variables influence

the RTO, RTD and TATO on the ROI of 69.3% .c) adjusted R Square, is the R Square that has

been adjusted, a value of 0.658 or 65.8%. d) Standard Error of the Estimate, is a measure of

prediction error, a value of 7.81160. This means that errors can occur in predicting the Return On

Investment by 7.81160.

Hypothesis Testing

(1) F test

ANOVAa

Model

1

Sum of Squares

Df

Mean Square

Regression

3584.178

1194.726

Residual

Total

1586.550

5170.728

26

29

61.021

F

19.579

Sig.

.000b

b. Predictors: (Constant), TATO, RTO, RTD

F-test or test regression coefficients together. F test is used to determine whether jointly

independent variables have a significant effect on the dependent variable. 4:12 of the output

table. obtained F count equal to 19.579. F table can be seen in the statistics table F distribution at

a significance level of 0.05 with 1 df (variable number-1) = 3, and df 2 (nk-1) or 30-3-1 = 26 (n is

the number of data and k is the number of independent variables), the results obtained for the F

table by 2.98. Because the results of the F count> F table (19.579> 2.975), then Ho is rejected. So

it can be concluded that the Receivable Turnover, Receivable Turnover in Days and Total Asset

Turnover jointly significant effect on Return on Investment.

(2) t test

Model

(Constant)

RTO

RTD

TATO

Coefficientsa

Unstandardized Coefficients

Standardized Coefficients

B

Std. Error

Beta

-55.411

18.130

.655

.399

.380

.479

.309

.405

21.534

3.303

.905

t

-3.056

1.642

1.547

6.520

Sig.

.005

.113

.134

.000

a) the value of t for Receivable Turnover was 1,642. Because the value of t <t table (1.642

<2.056), then Ho is accepted. So it can be concluded that the partial Receivable Turnover is not

positive and significant effect on Return on Investment. b) the value of t for Receivable Turnover

in Days is 1.547 Because the value of t <t table (1.547 <2.056), then Ho is accepted. So it can be

concluded that the Receivable Turnover in Days is partially not positive and not significant to the

Return on Investment.c) t value for Total Asset Turnover was 6.520. Because the value of t> t

table (6.520> 2.056), then Ho is rejected. So it can be concluded that the Total Asset Turnover

partially positive and significant effect on Return on Investment.

on Investment in Basic Industrial

Company and Feed Chemistry sub

sector which recorded on the Stock

Exchange

The results of the t test hypothesis

known that partially Receivable

Turnover is not positive and not

significant to the Return on Investment.

Because the value of t <t table (1.642

<2.056) and a significant value

generated

by

0.113>

0.05.

b) Effect of Receivable Turnover in

Days to Return on Investment in Basic

Industrial Company and Feed Chemistry

sub sector which recorded on the Stock

Exchange

The results of the t test hypotheses in

mind that Receivable Turnover In Days

is partially not positive and not

significant to the Return on Investment.

Because the value of t <t table (1.547

<2.056) and the resulting significant

value

of

0.134>

0.05.

c) Effect of Total Asset Turnover on

Return on Investment in Basic Industrial

Company and Feed Chemistry sub

sector which recorded on the Stock

Exchange

The results of the t test of

hypothesis testing, it is known that the

Total Asset Turnover partially positive

and significant effect on Return on

Investment. Because the value of t> t

generated signifakan 0.000 <0.05.

d)

Effect

Receivable

Turnover,

Receivable Turnover in Days, and Total

Asset Turnover on Return on

Investment in Basic Industrial Company

and Feed Chemistry sub sector which

recorded on the Stock Exchange

The results of hypothesis testing is

known that F test Receivable Turnover,

Receivable Turnover in Days, and Total

Asset

Turnover

simultaneously

significant effect on Return on

Investment. Because the results of the F

count> F table (19.579> 2.975) with

significant value generated 0.000 <0.05.

CONCLUSION

General conclusions

1) animal feed industry plays an important

role in the livestock industry in Indonesia.

2) The series of activities the company is

engaged in several business units, namely

the production and sale of poultry feed,

processing of various kinds of food, and

breeding or breeding birds.

Special conclusion

1. Management of receivables by PT.

Charoen Pokphand Indonesia Tbk (CPIN),

PT. Japfa Comfeed Indonesia Tbk (JPFA)

and PT. Sierad Produce Tbk (SIPD) level of

slow improvement in each company from

2004 to 2013 period.

2. The ability to generate profits in the

company of PT. Charoen Pokphand

Indonesia Tbk (CPIN), PT. Japfa Comfeed

Indonesia Tbk (JPFA) and PT. Sierad

Produce Tbk (SIPD) fluctuates every year.

This indicates an increase and a decrease

instability Return on Investment from the

calculation Receivable Turnover, Receivable

Turnover in Days and Total Asset Turnover

increased but not accompanied by an

increase in the return on investment that the

company

produced.

3. Simultaneously, the independent variables

are measured with Receivable Turnover,

Receivable Turnover in Days and Total

Asset Turnover affect the company's ability

to generate profits as measured by Return on

Investment. This can be seen from the

calculated F value is greater than the F table

(19.579> 2.975). While the partial influence

of Receivable Turnover, Receivable

Turnover in Days and Total Asset Turnover

summarized as follows:

(1) The value of t Receivable Turnover

smaller than t table (1.642 <2.056)

Receivable Turnover can be concluded that

no significant positive effect and not on

Return on Investment. (2) The value of t

Receivable Turnover in Days smaller than t

table (1.547 <2.056) it can be concluded that

the Receivable Turnover in Days not

positive and significant effect on Return on

Investment. (3) Value Total Asset Turnover t

is greater than t table (6.520> 2.056) it can

be concluded that the Total Asset Turnover

positive and significant effect on Return on

Investment.

ADVICE

1) The company should consider before

deciding policies that credit will be applied

to the company.

2) The company must be tightened, control

and analyze and oversee the policy of

receivables and receivables collection.

3) Taking into account the funds will be

invested

into

the

accounts.

4) The company should be able to select

customers.

BIBLIOGRAPHY

Petty, David F.Scott (2002), Financial

Management,

Principle

and

Application, Ninth Edition, New

Jersey, USA,Pearson Education, Inc.

BodieZvi, Kane Alex & Marcus Alan J.

(2008), Essentials of Investments.

Sevent Edition. NewYork: McGrawHill/Irwin

Bambang Riyanto (2010), Basics Spending

Company, Fourth Edition, Tenth

Matter, Yogyakarta, BPFE.

Darsono Prawironegoro (2009). Financial

Management. Nusantara Consulting.

Jakarta

Edhi

Asmirantho

(2013),

Financial

Management, Learning Books, Pakuan

University.

Fundamental

Factors

and

Macroeconomics to Stock Return with

Implications on Corporate Value

(Tobin's Q) Real Estate and Property

Go Public in Indonesia, Journal of

Business and Management (JOBMAN),

Vol. 1 No.1, Januari 2014.

Eugene F. Brigham, Louis C. Gapenski

(1997), Financial Management, Theory

and Practice, Eighth Edition, The

Dryden Press,Orlando, USA.

Harmono (2011), Financial Management

Based

on

Balanced

Scorecard

Approach Case Theory and Business

Research, Volume One, Second Matter,

Earth Literacy, Jakarta.

Imam Ghozali (2005), Application and

Multivariate Analysis with SPSS.,

Edition 1, Semarang, Diponegoro

University Publishing Board.

Wayan Cipta (2014), Influence And

Receivable

Turnover

Receivable

Collection Period To Profitability In

Finance Company. e-Journal Bhishma

Ganesha University of Education

Department of Management (Volume 2

2014).

Lutvianty K. Napu. (2013), Effect Against

Receivables Turnover Profitability In

Property Company Listed on the Stock

Exchange, Faculty of Economics and

Business,

State

University

of

Gorontalo.

Martono and Agus Harjito (2010),

Financial Management. Eighth

mold, Ekonosia. Jakarta.

Munawir (2010), Financial Statement

Analysis, Prints Fifteenth, Liberty,

Yogyakarta

Management

Concepts

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Applications, Ekonisia, Jakarta.

Toto Prihadi. 2007. Easy to Understand

Financial Statements. PPM. Jakarta.

Van

Wochowicz, Jr (2005), Fundamental of

Financial Management, Tenth Edition,

New Jersey, USA., Prentice Hall, Inc.

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