Analisis Likuiditas, Solvabilitas dan Arus Kas Operasi terhadap Financial Distress dengan Komite Audit sebagai Variabel Moderasi
DOI:
https://doi.org/10.21009/japa.0401.11Keywords:
Liquidity, Solvency, Operating Cash Flow, Financial Distress, Audit CommitteeAbstract
This research was conducted to determine the effect of liquidity, solvency, and operating cash flow on financial distress with the audit committee as a moderating variable. The purposive sampling method was used as a sampling technique with 28 selected companies from all infrastructure companies listed on the Indonesia Stock Exchange for 2020 – 2021. This research uses secondary data obtained by documentation techniques from financial statements, cash flow reports, and company annual reports. The data was processed using panel data regression analysis with the Eviews 12 program. The results of this study indicate that liquidity and operating cash flow have a significant positive effect on financial distress. Meanwhile, solvency does not affect financial distress. Then the audit committee as a moderating variable in this study is unable to moderate the effect of liquidity, operating cash flow, and solvency on financial distress.
References
Adytia, N. D., & Nursito. (2021). Current Ratio , Debt to Equity Ratio. Journal of Economic, Business and Accounting, 4(2), 1–10.
Asfali, I. (2019). Pengaruh Profitabilitas, Likuiditas, Leverage, Aktivitas, Pertumbuhann Penjualan Terhadap Financial Distress Perusahaan Kimia. Pengaruh Profitabilitas, Likuiditas, Leverage, Aktivitas, Pertumbuhan Penjualan Terhadap Financial Distress Perusahaan Kimia, 20(2), 56–66.
Aviannie, W., Ajengtiyas, A., & Samin. (2020). Determinasi Financial Distress Perusahaan BUMN di Indonesia. Business Management, Economic, and Accounting, 2(1), 1059–1076.
Ayuningtiyas,I. S., & Suryono, B. (2019). Pengaruh Likuiditas, Profitabilitas, Leverage dan Arus Kas terhadap Kondisi Financial Distress. J, 8(1), 1–17. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/242/243
Cultrera, L., & Bredart, X. (2016). Bankruptcy Prediction: The Case of Belgian SMEs. https://doi.org/10.1108/RAF-06-2014-0059
Dirman, A. (2020). Financial Distress: The Impacts Of Profitability, Liquidity, Leverage, Firm Size, and Free Cash Flow. International Journal of Business, Economics and Law, 22(1), 1.
Erayanti, R. (2019). Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap Prediksi Financial Distress. Jurnal Riset Akuntansi & Perpajakan (JRAP), 6(01), 38–51. https://doi.org/10.35838/jrap.v6i01.393
Evrilianingsih, A., & Amalia, A. S. (2022). Pengaruh Faktor Keuangan terhadap Financial Distress dengan Dimoderasi oleh Komite Audit. Owner, 6(3), 1676–1686. https://doi.org/10.33395/owner.v6i3.867
Finishtya, F. C. (2019). the Role of Cash Flow of Operational, Profitability, and Financial Leverage in Predicting Financial Distress on Manufacturing Company in Indonesia. Jurnal Aplikasi Manajemen, 17(1), 110–117. https://doi.org/10.21776/ub.jam.2019.017.01.12
Giarto, R. V. D., & Fachrurrozie, F. (2020). The Effect of Leverage, Sales Growth, Cash Flow on Financial Distress with Corporate Governance as a Moderating Variable. Accounting Analysis Journal, 9(1), 15–21. https://doi.org/10.15294/aaj.v9i1.31022
Ginting, M. C. (2017). Pengaruh Current Ratio dan Debt To Equity Ratio (DER) Terhadap Financial Distress Pada Perusahaan Property & Real Estate di Bursa Efek. Jurnal Manajemen, 3(2), 37–44.
Gunawijaya, I. N. A. (2015). Pengaruh Karakteristik Komite Audit, Independensi Dewan Komisaris, Reputasi Auditor Terhadap Financial Distress. Nhk技研, 151(27), 10–17.
Hastiarto, O. (2021). The Effect of Liquidity, Leverage, and Profitability on Financial Distress with Audit Committee as a Moderating Variable. International Journal of Current Science Research and Review, 04(10), 1304–1315. https://doi.org/10.47191/ijcsrr/v4-i10-13
Herry. (2016). Analisis Laporan Keuangan (Integrated and Comprehensive Edition) (Adipramono (ed.)). PT Gramedia Widiasarana Indonesia.
Indarti, M. G. K., Widiatmoko, J., & Pamungkas, I. D. (2020). Corporate Governance Structures and Probability of Financial Distress: Evidence From Indonesia Manufacturing Companies. International Journal of Financial Research, 12(1), 174. https://doi.org/10.5430/ijfr.v12n1p174
Juliani, R. H., & Muslihat, A. (2021). Influence of Profit and Cash Flow on Financial Distress Conditions. Jurnal Ilmu Manajemen Profitability, 5(2), 327–339. https://doi.org/10.26618/profitability.v5i2.5905
Kristanti, F. T. (2019). Financial Distress Teori dan Perkembangannya dalam Konteks Indonesia (Pertama). Inteligensia Media.
Lesmana, N., & Damayanti, C. R. (2021). How Corporate Governance Protects Indonesian Companies From Financial Distress. Jurnal Administrasi Bisnis, 10(1), 13–22. https://doi.org/10.14710/jab.v10i1.33523
Makkulau, A. R. (2020). Pengaruh Rasio Keuangan Terhadap Financial Distress Pada Perusahaan Sektor Industri Dasar dan Kimia yang Terdaftar Di Bursa Efek Indonesia.5(1), 11–28.
Marota, R. A. A. (2018). Pengaruh Debt To Assets Ratio (DAR), Current Ratio (CR) dan Corporate Governance Dalam Memprediksi Financial Distress Pada Perusahaan Bumn Sektor Non Keuangan yang Terdaftar Di Bursa Efek Indonesia.World Development, 1(1), 1–15.
Masak, F., & Noviyanti, S. (2019). Pengaruh Karakteristik Komite Audit terhadap Financial Distress. International Journal of Social Science and Business, 3 (3), 237. https://doi.org/10.23887/ijssb.v3i3.21002
Masita, A., & Purwohandoko, P. (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), 894. https://doi.org/10.26740/jim.v8n3.p894-908
Mauda, A., & Serly, V. (2021). Pengaruh Karakteristik Dewan Direksi Terhadap Financial Distress: Pada Perusahaan BUMN di Indonesia Tahun 2015–2019. Jurnal Eksplorasi Akuntansi, 3(3), 567–582. https://doi.org/10.24036/jea.v3i3.427
Melati, P. M., & Suryowati, K. (2018). Aplikasi Metode Common Effect, Fixed Effect, dan Random Effect Untuk Menganalisis Faktor-Faktor yang Mempengaruhi Tingkat Kemiskinan Kabupaten/Kota di Jawa. Jurnal Statistika Industri dan Komputasi, 3(1), 41–51.
Mondayri, S., & Tresnajaya, R. T. J. (2022). Analisis Pengaruh Good Corporate Governance, Intellectual Capital, dan Arus Kas Operasi Terhadap Financial Distress. Jurnalku, 2(1), 25–43. https://doi.org/10.54957/jurnalku.v2i1.132
Murni, M. (2018). Analisis Faktor-Faktor yang Mempengaruhi Tingkat Financial Distress Pada Perusahaan Manufaktur yang Terdaftar Di Bei Tahun 2010-2014. Jurnal Akuntansi dan Bisnis: Jurnal Program Studi Akuntansi, 4(1). https://doi.org/10.31289/jab.v4i1.1530
Negoro, D. A., & Wakan, M. (2022). Effect Of Capital Structure, Liquidity, and Profitability On Financial Distress With The Effectiveness Of The Audit Committee As Variable Moderate (Study Empirics in Construction and Building Companiesin Indonesia period 2018-2020). American International Journal of Business Management (AIJBM), 5(06), 63–82.
Nopiana, P. R., & Rusmiati, S. (2022). Analysis of Governance, Leverage and Financial Distress Conditions on Earnings Management in the Banking Services Sector in Indonesia. Asean International Journal of Business, 1(1), 34–42. https://doi.org/10.54099/aijb.v1i1.69
Oktariyani, A. (2019a). Analisis Pengaruh Current Ratio, DER, TATO dan EBITDA Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Akuntansi dan Manajemen, 14(1), 111–125. https://doi.org/10.30630/jam.v14i1.89
Oktariyani, A. (2019b). Analisis Pengaruh Current Ratio, DER, TATO dan EBITDA Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. 14(1), 2013–2017.
Oktasari, D. P. (2020). The Effect of Liquidity, Leverage and Firm Size of Financial Distress Literature Review. 4413(9), 15–19. https://doi.org/10.36349/easmb.2020.v03i09.002
Pradana, R. S. (2020). Analisis Financial Distress Pada Perusahaan Pertambangan Batu Bara yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2018. Jurnal Akuntansi dan Bisnis: Jurnal Program Studi Akuntansi, 6(1), 36-45. https://doi.org/10.31289/jab.v6i1.2825
Priyatno, D. (2022). Olah Data Sendiri Analisis Regresi Linier dengan SPSS & Analisis Regresi Data Panel dengan Eviews (A. Prabawati (ed.); Pertama). Cahaya Harapan.
Rahmawati, D., & Khoiruddin, M. (2017). Pengaruh Corporate Governance dan Kinerja Keuangan Dalam Memprediksi Kondisi Financial Distress. Management Analysis Journal, 6(1).
Rahmawati, S. (2017). Konflik Perusahaan dan Tata Kelola Perusahaan di Indonesia. Syiah Kuala University Press.
Runis, A., Samsul Arifin, D., Masud, A., & Kalsum, U. (2021). The Influence of Liquidity, Leverage, Company Size and Profitability on Financial Distress. International Journal of Business and Social Science Research, 11–17. https://doi.org/10.47742/ijbssr.v2n6p2
Subani. (2015). Analisis Arus Kas Untuk Mengukur Kinerja Keuangan. Jurnal WIGA, 5(1), 58–67.
Suci, D., & Yosandra, A. (2022). Faktor–Faktor yang Mempengaruhi Financial Distress (Studi pada beberapa Badan Usaha Milik Negara di Indonesia). 14(1), 22–41. https://doi.org/10.35313/ekspansi.v14i1.3629
Sudaryo, Y., Devi, W. S. G. R., Purnamasari, D., Kusumawardani, A., & Hadiana, A. (2021). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER) dan Net Profit Margin (NPM) Terhadap Financial Distress. EKONAM: Jurnal Ekonomi, 3(1), 12–22.
Sukmawati, N. K. D., Widnyana, I. W., & Sukadana, I. W. (2020). Analisis Kinerja Keuangan dalam Memprediksi Kondisi Financial Distress pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Values: Jurnal Pengabdian Kepada Masyarakat, 1(3), 244–251.
Syuhada, P., & Muda, I. (2020). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Financial Distress pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia. 8(2), 319–336.
Trianto, A., Studi, P., Politeknik, A., & Palembang, D. (2017). Analisis Laporan Keuangan Sebagai Alat Untuk Menilai Kinerja Keuangan Perusahaan Pada Pt. Bukit Asam (Persero) Tbk Tanjung Enim. 8(03).
Tumiur, R., & Carolin, M. (2020). Effect of Profitability, Leverage, Liquidity, Audit Committee on Financial Distress. 9414, 377–383. https://doi.org/10.36348/sjef.2020.v04i08.001
Yunindra, A. E. (2018). Analisa Rasio Keuangan Dalam Memprediksi Kebangkrutan Perusahaan Industri Sub Sektor Textile dan Garment yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi Universitas Borobudur, 7(1), 37–72.