EKOBIS Vol.20, No.1, Januari 2019 : 40 40 - 61 PERSPEKTIF SIKLUS HIDUP PERUSAHAAN DALAM HUBUNGAN ANTARA INVENTORI DAN KINERJA FINANSIAL Ferry Setiawan Nofrisel Universitas Indonesia frrystwn@gmail.com nofrisel@yahoo.com ABSTRACT Research regarding the relationship between inventory management and fnancial performance is so far inconclusive: some found it to be positive, others found it to be negative. One of the many factors that infuence the variance, the organizational life cycle, will be explored in this research. Organizational life cycle might infuence the relationship between inventory management and fnancial perfomance due to the different strategies and designs pursued by the organizations along each of their life cycle stages. This study use a sample set of 33 manufacturing companies listed in BEI, with 7 years observation period. A regression analysis is performed with dummy variables of organizational life cycle, resulting from a cluster analysis with k-mean method. Regression analysis and cluster analysis are all done with Stata. The result shows that the relationship between inventory and fnancial performance is positive in the early growth stage of organization life cycle and turns to negative at late growth stage. The relationship is inconclusive at the conception and stability stage of organizational life cycle. Therefore, we can conclude that in making decisions about inventory, frms should consider what stage of organizational life cycle they are currently in so that the decisions made can impact the fnancial performance positively. Keywords: Organizational Life Cycle, Financial Performance, Inventory Management LATAR BELAKANG Secara umum, manajemen inventori akan dipandang baik apabila jumlah inventori dalam suatu perusahaan dapat dijaga atau ditekan pada jumlah yang rendah. Jumlah inventori yang rendah tersebut dipandang akan menimbulkan efsiensi operasional yang pada akhirnya akan meningkatkan kinerja fnansial perusahaan (Eroglu & Hofer, 2011). Namun, pandangan umum tentang hubungan antara manajemen inventori dan kinerja fnansial perusahaan tersebut ternyata belum disetujui secara aklamasi (Elsayed & Wahba, 2016). Di satu sisi, sebagian penelitian menunjukkan hubungan yang positif antara manajemen inventori dan kinerja fnansial perusahaan (Capkun, Hameri, & Weiss, 2009; Hofer, Eroglu, & Hofer, 2012; Shah & Shin, 2007; Koumanakos, 2008). Sebaliknya, penelitian ilmiah yang menunjukkan hubungan negatif antara manajemen inventori dan kinerja fnansial perusahaan juga tidak sedikit (Cannon, 2008; Vastag & Whybark, 2005; Steinker & Hoberg, 2013). Perbedaan hasil penelitian tentang hubungan antara manajemen inventori dan kinerja fnansial perusahaan tersebut diduga dipengaruhi oleh beberapa factor: perbedaan peran perusahaan dalam rantai