The study was conducted to examine the impact of capital six independent variables comprise of : Capital Expenditures, Operational Expenditures, Financial Expenditures, Market to Book Value Ratio, sales growth, Operational Cash Flow, and the impact on Working Capital Management, that include Net Liquidity Balance and Working Capital Requirement. The object for the study, were telecommunication companies listed in Indonesian Stock Exchange within the period of 2010-2014, which periodicaly submit report to BEI authority. Those six listed companies are: PT. Bakrie Telecom Tbk. (BTEL), PT. XL Axiata Tbk. (EXCL), PT. Indosat Tbk. (ISA), PT. Smartfren Telecom Tbk. (FREN), PT. Telekomunikasi Indonesia Tbk. (TLKM), dan PT. Trikomsel Oke Tbk. (TRIO).
Keywords. capital expenditures; financial performance; liquidity; capital budgeting; capital structure.