Analisis Pengaruh Financial Indicators dan Ownership Structure untuk Memprediksi Kondisi Financial Distress (Studi pada Sektor Industri Perdagangan, Jasa, dan Investasi yang Terdaftar di BEI Tahun 2014-2018)
DOI:
https://doi.org/10.26740/jim.v9n2.p723-737Abstract
Financial distress is the stage when a company experiences a decline in financial performance before bankruptcy occurs. This study aims to examine the effect of financial indicators and ownership structure on financial distress. The independent variables in financial indicators include profitability, activity, growth, liquidity, and leverage. The ownership structure includes managerial ownership and institutional ownership. This research period is for five years, from 2014 to 2018. This study's population are companies in the trade, services, and investment sectors. Samples were taken using the purposive sampling method and obtained 16 companies as samples. The results of data analysis using the logistic regression method. The results showed that the current ratio and debt to assets ratio significantly affected financial distress. Meanwhile, the variables return on assets, total assets turnover, sales growth, managerial ownership, and institutional ownership do not significantly affect financial distress. The solution that the trade, service can carry out, and investment industry sector that has negative EPS in a row is to pay off short-term obligations within a predetermined period and maximize the benefits of debt as a tax deduction so that financial distress for companies can be avoided.
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Diwanti, N. S., & Purwanto. (2020). The Influence of Financial Ratios and Good Corporate Governance Towards Financial Distress on Islamic Banks in Indonesia. Journal of Management Studies, 5(1), 117. https://doi.org/http://dx.doi.org/10.33021/firm.v5i1.984
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Juliana Lelu, E., & Thamrin, H. (2021). The Influence of Corporate Governance on Potential Financial Distress on Transportation Companies listed on the Indonesia Stock Exchange for the period 2013-2017. Journal of Sosial Science, 2(1), 2939. https://doi.org/https://doi.org/10.46799/jsss.v2i1.83
Kabir, M. N., Miah, M. D., Ali, S., & Sharma, P. (2020). Institutional and Foreign Ownership vis-Ã -vis Default Risk: Evidence From Japanese Firms. International Review of Economics and Finance, 69, 469493. https://doi.org/https://doi.org/10.1016/j.iref.2020.05.020
Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: PT Raja Grafindo Persada.
Kholisoh, S. N., & Dwiarti, R. (2020). The Analysis of Fundamental Variables and Macro Economic Variables in Predicting Financial Distress. Management Analysis Journal, 9(1), 8190. https://doi.org/https://doi.org/10.15294/maj.v9i1.36395
Liahmad, Rusnindita, K., Utami, Y. P., & Sitompul, S. (2021). Financial Factors and Non-Financial to Financial Distress Insurance Companies That Listed in Indonesia Stock Exchange. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 4(1), 13051312. https://doi.org/https://doi.org/10.33258/birci.v4i1.1757
Liu, B., Ju, T., Bai, M., & Yu, C. F. (Jeffrey). (2021). Imitative Innovation and Financial Distress Risk: The Moderating Role of Executive Foreign Experience. International Review of Economics and Finance, 71, 526548. https://doi.org/https://doi.org/10.1016/j.iref.2020.09.021
Lumbantobing, R. (2020). The Effect of Financial Ratios on the Possibility of Financial Distress in Selected Manufacturing Companies Which Listed in Indonesia Stock Exchange. Advances in Economics, Business and Management Research, 132, 6063. https://doi.org/https://dx.doi.org/10.2991/aebmr.k.200331.014
Mamduh, M. H., & Abdul, H. (2016). Analisis Laporan Keuangan (Edisi 5). Yogyakarta: UPP STIM YKPN.
Masita, A., & Purwohandoko. (2020). Analisis Pengaruh Rasio Keuangan, Kepemilikan Manajerial, dan Kepemilikan Institusional terhadap Financial Distress pada Perusahaan Sektor Perdagangan, Jasa, dan Investasi yang Terdaftar di BEI Tahun 2015-2018. Jurnal Ilmu Manajemen, 8(3), 894908. https://doi.org/http://dx.doi.org/10.26740/jim.v8n3.p894-908
Md-Rus, R., Mohd, K. N. T., Latif, R. A., & Alassan, Z. N. (2013). Ownership Structure and Financial Distress. Journal of Advanced Management Science, 1(4), 363367. https://doi.org/http://dx.doi.org/10.12720/joams.1.4.363-367
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261267. https://www.jstor.org/stable/1809766
Muis, M. A. (2017). Analisis Pengaruh Return on Assets, Net Profit Margin Return on Equity, Debt to Equity Ratio, dan Debt to Asset Ratio untuk Memprediksi Financial Distress pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2017. Jurnal Manajemen Bisnis, 9(1), 5161. https://doi.org/http://dx.doi.org/10.31000/jmb.v9i1.2304.g1604
Najwa, S. B. I. (2020). Determinants of Capital Structure in Manufacturing Sector: Evidence From Financial Distress Firms in Malaysia (2010-2018). Universiti Teknologi Mara, 21(1), 19. https://doi.org/http://ir.uitm.edu.my/id/eprint/32368
Noviandri, T. (2014). Peranan Analisis Rasio Keuangan dalam Memprediksi Kondisi Financial Distress Perusahaan Sektor Perdagangan. Jurnal Ilmu Manajemen, 2, 16551665.
Nugrahanti, Y. W., Sutrisno, T., Rahman, A. F., & Mardiati, E. (2020). Do Firm Characteristics, Political Connection and Corporate Governance Mechanism Affect Financial Distress? (Evidence from Indonesia). International Journal of Trade and Global Markets, 13(2), 220250.
Nurbaiti, A., Lestari, T. U., & Thayeb, N. A. (2021). Pengaruh Corporate Governance, Financial Distress, dan Ukuran Perusahaan Terhadap Integritas Laporan Keuangan. Jurnal Ilmiah MEA (Manajemen , Ekonomi , Dan Akuntansi), 5(1), 758771.
Oktasari, D. P. (2020). The Effect of Liquidity, Leverage and Firm Size of Financial Distress. East African Scholars Multidisciplinary Bulletin, 3(9), 293297. https://doi.org/http://dx.doi.org/10.36349/easmb.2020.v03i09.002
P.A, M., & Marbun, D. (2016). Pengaruh Current Ratio dan Debt to Equity Ratio Terhadap Return on Assets. Widyakala Journal, 3, 2328. https://doi.org/https://doi.org/10.36262/widyakala.v3i0.21
Prayuningsih, I. G. A., Endiana, I. D. M., Pramesti, I. G. A. A., & Mirah, N. P. A. (2021). Pengaruh Profitabilitas, Likuiditas, Leverage, Rasio Aktivitas dan Pertumbuhan Penjualan untuk Memprediksi Kondisi Financial Distress. Karya Riset Mahasiswa Akuntansi, 1(Vol 1 No 1 (2021): Edisi Pebruari), 137147.
Prianto, E., & Amboningtyas, D. (2017). Analisis Du Pont System untuk Menilai Kinerja Keuangan Perusahaan (Studi pada PT. Mayora Indah Tbk, PT. Delta Djakarta Tbk, dan PT. Indofood Sukses Makmur Tbk Periode Tahun 2010-2015). Jurnal Ekonomika Dan Bisnis Universitas Pandanaran, 3(3), 16.
Putri, R. D. (2019). Analisis Pengaruh Pertumbuhan Penjualan dan Kepemilikan Manajerial terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur yang Ada di Indonesia. Jurnal Sosial Dan Ilmu Ekonomi, 4, 5463. https://doi.org/http://dx.doi.org/10.36665/jusie.v4i01.189
Restianti, T., & Agustina, L. (2018). Accounting Analysis Journal The Effect of Financial Ratios on Financial Distress Conditions in Sub Industrial Sector Company. Accounting Analysis Journal, 7(1), 2533. https://doi.org/https://doi.org/10.15294/aaj.v7i1.18996
Rizkyana, A. W., Fadila, A., & Pinem, D. B. (2021). Identifikasi Potensi Financial Distress pada Industri Pertambangan di Indonesia. Jurnal Apresiasi Ekonomi, 9(1), 7889. https://doi.org/https://doi.org/10.31846/jae.v9i1.336
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2021-06-30
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Savitri, E. R., & Purwohandoko, P. (2021). Analisis Pengaruh Financial Indicators dan Ownership Structure untuk Memprediksi Kondisi Financial Distress (Studi pada Sektor Industri Perdagangan, Jasa, dan Investasi yang Terdaftar di BEI Tahun 2014-2018). Jurnal Ilmu Manajemen, 9(2), 723–737. https://doi.org/10.26740/jim.v9n2.p723-737
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