Receivable Management and Cash-Flow Uncertainty in an Institutional Maklon Partnership

Abstract

This study explores receivable management and cash-flow timing in the institutional maklon partnership between PT Harun Bercahaya and BULOG, focusing on how institutional payment processes relate to working-capital management, supplier payments, and the continuity of paddy supply. A qualitative case-study design was employed. Data were collected in August 2026 through semi-structured interviews with five purposively selected informants representing managerial, administrative, financial, operational, and weighing functions, supported by relevant company documents. The data were manually analyzed using thematic analysis. Four themes emerged. First, receivable management was process-oriented, relying on Purchase Order status, payment monitoring, and communication rather than a formal receivable-aging schedule. Second, administrative compliance and documentary accuracy functioned as transaction controls, although documentary refinement did not necessarily coincide with payment timing in the observed cases. Third, the company experienced uncertainty in the timing of institutional cash receipts. Fourth, this uncertainty created a working-capital timing gap that could require internal funds or short-term financing to meet supplier obligations and maintain paddy supply. The study contributes a process-based perspective linking institutional receivables, cash-receipt timing, working-capital responses, and supplier-payment practices through an Empirical Process Model of Receivable-to-Working-Capital Transmission. The findings provide context-specific insights rather than statistically generalizable conclusions.