Pengaruh Audit Committee, Ownership Structure, dan Chief Executive Officer terhadap Financial Distress pada Perusahaan Sektor Perdagangan, Jasa, dan Investasi yang Terdaftar di Bursa Efek Indonesia pada Tahun 2015-2018
DOI:
https://doi.org/10.26740/jim.v8n3.p1099-1115Keywords:
Altman Z-score, audit committee, CEO gender, financial distress, ownership structure.Abstract
Financial distress is a condition that occurs before a company goes bankrupt, so before that happens, the company needs to take actions such as good corporate governance practices. The purpose of this research is to determine the effect of the audit committee, ownership structure, and CEO on financial distress in trading, service, and investment companies listed on the Indonesia Stock Exchange for the period 2015-2018. The analysis technique used is logistic regression analysis. This type of research is quantitative by using a sample of 25 companies determined through a purposive sampling technique. The results showed that the frequency of audit committee meetings had a significant and positive impact on financial distress, and institutional ownership had a significant and negative impact on financial distress. While the other variables include: audit committee size, audit committee competence, audit committee independence, managerial ownership, family ownership, government ownership, foreign ownership, block holder ownership, and CEO's gender do not have a significant impact on financial distress. Implications of the results in this study are considering the frequency of audit committee meetings and the percentage of institutional ownership in predicting financial distress that can be used by companies and potential investors.
References
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Donker, H., Santen, B., & Zahir, S. (2009). Ownership structure and the likelihood of financial distress in the Netherlands. Applied Financial Economics, 19(21), 16871696. https://doi.org/10.1080/09603100802599647
Elloumi, F., & Gueyié, J. P. (2001). Financial Distress and Corporate Governance: An Empirical Analysis. Corporate Governance: The International Journal of Business in Society, 1(1), 1523. https://doi.org/10.1108/14720700110389548
Fathonah, A. (2017). Pengaruh Penerapan Good Corporate Governance Terhadap Financial Distress. Jurnal Ilmiah Akuntansi, 1(2), 133150. https://doi.org/10.23887/jia.v1i2.9989
FCGI. (2001). Seri Tata Kelola Perusahaan (Corporate Governance) The Roles of the Board of Commissioners and the Audit Committee in Corporate Governance. 37. Retrieved from http://www.fcgi.or.id
Fuad, N. (2017). The Impact of Audit Committee Characteristics on Financial Distress. Diponegoro Journal of Accounting, 6, 19.
Gunawijaya, I. (2015). Pengaruh Karakteristik Komite Audit, Independensi Dewan Komisaris, Reputasi Auditor terhadap Financial Distress. Jurnal Akuntansi Bisnis, 151(27), 1017.
Hanifah, O., & Purwanto, A. (2013). Pengaruh Struktur Corporate Governance dan Financial Indicators terhadap Kondisi Financial Distress. Diponegoro Journal of Accounting, 2, 115.
Hu, D., & Zheng, H. (2015). Does ownership structure affect the degree of corporate financial distress in China? Journal of Accounting in Emerging Economies, 5(1), 3550.
Jensen, M., & Meckling, W. (1976). Value Engineering and the Lean Start-Up. Journal of Financial Economics, 3, 305360.
Kristanti, F., Rahayu, S., & Huda, A. (2016). The Determinant of Financial Distress on Indonesia Family Firm. Procedia-Social and Behavioral Science, 219, 440447.
Kristanti, M., & Syafruddin, M. (2012). Pengaruh Karakteristik Komite Audit Pada Kondisi Financial Distress Perusahaan. Jurusan Akuntansi Fakultas Ekonomika Dan Bisnis Universitas Diponegoro, 1(1), 275288.
Li, H. X., Wang, Z. J., & Deng, X. L. (2008). Ownership, independent directors, agency costs and financial distress: Evidence from Chinese listed companies. Corporate Governance, 8(5), 622636. https://doi.org/10.1108/14720700810913287
Manzaneque, M., Merino, E., & Priego, A. M. (2016). The role of institutional shareholders as owners and directors and the financial distress likelihood. Evidence from a concentrated ownership context. European Management Journal, 34(4), 439451. https://doi.org/10.1016/j.emj.2016.01.007
Manzaneque, M., Priego, A. M., & Merino, E. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain. Revista de Contabilidad, 19(1), 111121. https://doi.org/10.1016/j.rcsar.2015.04.001
Masak, F., & Noviyanti, S. (2019). Pengaruh Karakteristik Komite Audit terhadap Financial Distress. International Journal of Social Science and Business, 3(3), 237.
McMullen, D., & Raghunandan. (1996). Enhancing Audit Committee Effectiveness. Journal of Accountancy, 79.
Md-Rus, R., Mohd, K. N. T., Latif, R. A., & Alassan, Z. N. (2013). Ownership Structure and Financial Distress. Journal of Advanced Management Science, (January), 363367. https://doi.org/10.12720/joams.1.4.363-367
Miglani, S., Ahmed, K., & Henry, D. (2015). Voluntary corporate governance structure and financial distress: Evidence from Australia. Journal of Contemporary Accounting and Economics, 11(1), 1830. https://doi.org/10.1016/j.jcae.2014.12.005
Musallam, S., Fauzi, H., & Nagu, N. (2019). Family, institutional investors ownerships and corporate performance: the case of Indonesia. Social Responsibility Journal, 15(1), 110.
Nuresa, A., & Hadiprajitno, B. (2015). Financial Distress. Wiley Encyclopedia of Management, 2, 13. https://doi.org/10.1002/9781118785317.weom040039
Nurwaspodo, A. (2016). Pengaruh struktur kepemilikan perusahaan terhadap financial distress dengan leverage sebagai variabel kontrol. Diponegoro Journal of Accounting.
Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 7495. https://doi.org/10.1177/0974686217701467
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 26(2), 184199.
Rahmat, M., Iskandar, T., & Saleh, N. (2009). Audit committee characteristics in financially distressed and non-distressed companies. Managerial Auditing Journal, 24(7), 624638. https://doi.org/10.1108/02686900910975350
Rahmawati, E., & Herlambang, P. (2018). Pengaruh Efektifitas Komite Audit Terhadap Financial Distress. Jurnal Reviu Akuntansi Dan Keuangan, 8(1), 53. https://doi.org/10.22219/jrak.v8i1.26
Revitasari, F., Nurdin, & Azib. (2017). Pengaruh Karakteristik Komite Audit terhadap Financial Distress. Jurnal Manajemen Universitas Islam Bandung, 3, 289293.
Rinaldi, A., Haryetti, & Fathoni, A. F. (2014). Effect of Ownership Structure Financial Distress in Mining Company Listed on the Effect of Ownership Structure Financial Distress in Mining Company Listed on the Effect of Ownership Structure Financial Distress in the Mining Company Registered in Idx. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau, 1(2), 116.
Salloum, C., & Azoury, N. (2012). Corporate governance and firms in financial distress: Evidence from a Middle Eastern country. International Journal of Business Governance and Ethics, 7(1), 117. https://doi.org/10.1504/IJBGE.2012.046102
Salloum, C., Azzi, G., & Gebrayel, E. (2014). Audit Committee and Financial Distress in the Middle East Context: Evidence of the Lebanese Financial Institutions. International Strategic Management Review, 2(1), 3945. https://doi.org/10.1016/j.ism.2014.09.001
Setiyani, D. (2014). Determinasi Karakteristik Komite Audit dalam Memprediksi Kondisi Financial Distress Stud Empiris Perusahaan Sektor Jasa yang Terdaftar di BEI tahun 2010-2012. Jurnal Akuntansi Indonesia, 3(1), 2946.
Shahwan, M. (2015). The Effects of Corporate Governance on Financial Performance and Financial Distress. The International Jornal of Business in Society, 6(1), 334348.
Sholikhah, P. (2018). Analisis Pengaruh CEO Gender, CEO Quality, Generation Family Firm terhadap Financial Distress pada Perusahaan Keluarga. International Journal of Machine Tools and Manufacture, 5(1), 8696. https://doi.org/10.1016/j.ijmachtools.2009.09.004
Siagian, D. (2010). analisis pengaruh struktur corporate governance terhadap perusahaan yang mengalami financial distress. Media Riset Akuntansi, Auditing & Informasi, 10, 4664.
Sugiarto. (2009). Struktur Modal, Struktur Kepemilikan Perusahaan, Permasalahan Keagenan dan Informasi Asimetri. Yogyakarta: Graha Ilmu.
Sunarwijaya, I. (2017). Pengaruh Likuiditas, Leverage, Kepemilikan Manajerial, Dan Kepemilikan Institusional Terhadap Kemungkinan Terjadinya Financial Distress. Jurnal Ilmu Manajemen Mahasaraswati, 7(7).
Sundari, S., & Amiruddin. (2015). Hubungan Antara Komite Audit Dengan Financial Distress. Jurnal Akuntansi Universitas Hasanuddin, 5165.
Udin, S., Khan, M. A., & Javid, A. Y. (2016). The Effects of Ownership Structure on likelihood of Financial Distress¯: An Empirical Evidence Article information¯: About Emerald www.emeraldinsight.com. International Journal of Business Society, 136. https://doi.org/https://doi.org/10.1108/CG-03-2016-0067
Agustina, N., Rifa, D., & Meihendri, M. (2015). Pengaruh Agency Cost,Corporate Governance dan Profitabilitas Terhadap Financial Distress. Jurnal Akuntansi, 7(1), 112. Retrieved from http://ejurnal.bunghatta.ac.id/index.php?journal=JFEK&page=article&op=view&path%5B%5D=5587
Altman, E. I., & Hotchkiss, E. (2006). Corporate Financial Distress and Bankruptcy. In John Wiley % Sons, Inc. https://doi.org/10.1002/9781118267806
Audit Quality Forum. (2005). AuditQuality Agency theory and the role of audit AuditQuality. Audit and Insurance Faculty.
Burke, R. (1994). Women on corporate boardsof directors: Forces for change? Women in Management Review, 9(1), 2731. https://doi.org/10.1108/09649429410051006
Choy, S., Munusamy, J., Chelliah, S., & Mandari, A. (2011). Effects of Financial Distress Condition on the Company Performance: A Malaysian Perspective. Review of Economics & Finance, 1(July 1997), 8599. Retrieved from http://www.bapress.ca/Journal-4/Effects of Financial Distress Condition on the Company Performance-A Malaysian Perspective.pdf
Dalton, D., Daily, C., Johnson, J., & Ellstrand, A. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal. https://doi.org/10.2307/256988
Donker, H., Santen, B., & Zahir, S. (2009). Ownership structure and the likelihood of financial distress in the Netherlands. Applied Financial Economics, 19(21), 16871696. https://doi.org/10.1080/09603100802599647
Elloumi, F., & Gueyié, J. P. (2001). Financial Distress and Corporate Governance: An Empirical Analysis. Corporate Governance: The International Journal of Business in Society, 1(1), 1523. https://doi.org/10.1108/14720700110389548
Fathonah, A. (2017). Pengaruh Penerapan Good Corporate Governance Terhadap Financial Distress. Jurnal Ilmiah Akuntansi, 1(2), 133150. https://doi.org/10.23887/jia.v1i2.9989
FCGI. (2001). Seri Tata Kelola Perusahaan (Corporate Governance) The Roles of the Board of Commissioners and the Audit Committee in Corporate Governance. 37. Retrieved from http://www.fcgi.or.id
Fuad, N. (2017). The Impact of Audit Committee Characteristics on Financial Distress. Diponegoro Journal of Accounting, 6, 19.
Gunawijaya, I. (2015). Pengaruh Karakteristik Komite Audit, Independensi Dewan Komisaris, Reputasi Auditor terhadap Financial Distress. Jurnal Akuntansi Bisnis, 151(27), 1017.
Hanifah, O., & Purwanto, A. (2013). Pengaruh Struktur Corporate Governance dan Financial Indicators terhadap Kondisi Financial Distress. Diponegoro Journal of Accounting, 2, 115.
Hu, D., & Zheng, H. (2015). Does ownership structure affect the degree of corporate financial distress in China? Journal of Accounting in Emerging Economies, 5(1), 3550.
Jensen, M., & Meckling, W. (1976). Value Engineering and the Lean Start-Up. Journal of Financial Economics, 3, 305360.
Kristanti, F., Rahayu, S., & Huda, A. (2016). The Determinant of Financial Distress on Indonesia Family Firm. Procedia-Social and Behavioral Science, 219, 440447.
Kristanti, M., & Syafruddin, M. (2012). Pengaruh Karakteristik Komite Audit Pada Kondisi Financial Distress Perusahaan. Jurusan Akuntansi Fakultas Ekonomika Dan Bisnis Universitas Diponegoro, 1(1), 275288.
Li, H. X., Wang, Z. J., & Deng, X. L. (2008). Ownership, independent directors, agency costs and financial distress: Evidence from Chinese listed companies. Corporate Governance, 8(5), 622636. https://doi.org/10.1108/14720700810913287
Manzaneque, M., Merino, E., & Priego, A. M. (2016). The role of institutional shareholders as owners and directors and the financial distress likelihood. Evidence from a concentrated ownership context. European Management Journal, 34(4), 439451. https://doi.org/10.1016/j.emj.2016.01.007
Manzaneque, M., Priego, A. M., & Merino, E. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain. Revista de Contabilidad, 19(1), 111121. https://doi.org/10.1016/j.rcsar.2015.04.001
Masak, F., & Noviyanti, S. (2019). Pengaruh Karakteristik Komite Audit terhadap Financial Distress. International Journal of Social Science and Business, 3(3), 237.
McMullen, D., & Raghunandan. (1996). Enhancing Audit Committee Effectiveness. Journal of Accountancy, 79.
Md-Rus, R., Mohd, K. N. T., Latif, R. A., & Alassan, Z. N. (2013). Ownership Structure and Financial Distress. Journal of Advanced Management Science, (January), 363367. https://doi.org/10.12720/joams.1.4.363-367
Miglani, S., Ahmed, K., & Henry, D. (2015). Voluntary corporate governance structure and financial distress: Evidence from Australia. Journal of Contemporary Accounting and Economics, 11(1), 1830. https://doi.org/10.1016/j.jcae.2014.12.005
Musallam, S., Fauzi, H., & Nagu, N. (2019). Family, institutional investors ownerships and corporate performance: the case of Indonesia. Social Responsibility Journal, 15(1), 110.
Nuresa, A., & Hadiprajitno, B. (2015). Financial Distress. Wiley Encyclopedia of Management, 2, 13. https://doi.org/10.1002/9781118785317.weom040039
Nurwaspodo, A. (2016). Pengaruh struktur kepemilikan perusahaan terhadap financial distress dengan leverage sebagai variabel kontrol. Diponegoro Journal of Accounting.
Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 7495. https://doi.org/10.1177/0974686217701467
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 26(2), 184199.
Rahmat, M., Iskandar, T., & Saleh, N. (2009). Audit committee characteristics in financially distressed and non-distressed companies. Managerial Auditing Journal, 24(7), 624638. https://doi.org/10.1108/02686900910975350
Rahmawati, E., & Herlambang, P. (2018). Pengaruh Efektifitas Komite Audit Terhadap Financial Distress. Jurnal Reviu Akuntansi Dan Keuangan, 8(1), 53. https://doi.org/10.22219/jrak.v8i1.26
Revitasari, F., Nurdin, & Azib. (2017). Pengaruh Karakteristik Komite Audit terhadap Financial Distress. Jurnal Manajemen Universitas Islam Bandung, 3, 289293.
Rinaldi, A., Haryetti, & Fathoni, A. F. (2014). Effect of Ownership Structure Financial Distress in Mining Company Listed on the Effect of Ownership Structure Financial Distress in Mining Company Listed on the Effect of Ownership Structure Financial Distress in the Mining Company Registered in Idx. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau, 1(2), 116.
Salloum, C., & Azoury, N. (2012). Corporate governance and firms in financial distress: Evidence from a Middle Eastern country. International Journal of Business Governance and Ethics, 7(1), 117. https://doi.org/10.1504/IJBGE.2012.046102
Salloum, C., Azzi, G., & Gebrayel, E. (2014). Audit Committee and Financial Distress in the Middle East Context: Evidence of the Lebanese Financial Institutions. International Strategic Management Review, 2(1), 3945. https://doi.org/10.1016/j.ism.2014.09.001
Setiyani, D. (2014). Determinasi Karakteristik Komite Audit dalam Memprediksi Kondisi Financial Distress Stud Empiris Perusahaan Sektor Jasa yang Terdaftar di BEI tahun 2010-2012. Jurnal Akuntansi Indonesia, 3(1), 2946.
Shahwan, M. (2015). The Effects of Corporate Governance on Financial Performance and Financial Distress. The International Jornal of Business in Society, 6(1), 334348.
Sholikhah, P. (2018). Analisis Pengaruh CEO Gender, CEO Quality, Generation Family Firm terhadap Financial Distress pada Perusahaan Keluarga. International Journal of Machine Tools and Manufacture, 5(1), 8696. https://doi.org/10.1016/j.ijmachtools.2009.09.004
Siagian, D. (2010). analisis pengaruh struktur corporate governance terhadap perusahaan yang mengalami financial distress. Media Riset Akuntansi, Auditing & Informasi, 10, 4664.
Sugiarto. (2009). Struktur Modal, Struktur Kepemilikan Perusahaan, Permasalahan Keagenan dan Informasi Asimetri. Yogyakarta: Graha Ilmu.
Sunarwijaya, I. (2017). Pengaruh Likuiditas, Leverage, Kepemilikan Manajerial, Dan Kepemilikan Institusional Terhadap Kemungkinan Terjadinya Financial Distress. Jurnal Ilmu Manajemen Mahasaraswati, 7(7).
Sundari, S., & Amiruddin. (2015). Hubungan Antara Komite Audit Dengan Financial Distress. Jurnal Akuntansi Universitas Hasanuddin, 5165.
Udin, S., Khan, M. A., & Javid, A. Y. (2016). The Effects of Ownership Structure on likelihood of Financial Distress¯: An Empirical Evidence Article information¯: About Emerald www.emeraldinsight.com. International Journal of Business Society, 136. https://doi.org/https://doi.org/10.1108/CG-03-2016-0067
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2020-07-20
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Maghfiroh, R. D., & Isbanah, Y. (2020). Pengaruh Audit Committee, Ownership Structure, dan Chief Executive Officer terhadap Financial Distress pada Perusahaan Sektor Perdagangan, Jasa, dan Investasi yang Terdaftar di Bursa Efek Indonesia pada Tahun 2015-2018. Jurnal Ilmu Manajemen, 8(3), 1099–1115. https://doi.org/10.26740/jim.v8n3.p1099-1115
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