Pengaruh Leverage, Likuiditas, Profitabilitas, Sales Growth, Good Corporate Governance dan Corporate Social Responsibility Terhadap Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019
DOI:
https://doi.org/10.21009/10.21009/wahana.18.018Kata Kunci:
CSR, Financial Distress, GCG, Leverage, Likuiditas, Profitabilitas, Saels GrowthAbstrak
Tujuan riset ini untuk menguji, membuktikan, dan menganalisis pengaruh leverage, likuiditas, profitabilitas, sales growth, Good Corporate Governance dan Corporate Social Responsibility sebagai variabel independen berdampak terhadap financial distress. Riset ini menggunakan data sekunder berupa data laporan keuangan. Purposive sampling digunakan untuk memilih 310 laporan keuangan dari perusahaan industri yang terdaftar di BEI di tahun 2015 hingga 2019. Analisis yang digunakan dalam riset ini ialah analisis regresi logistik. Berdasarkan hasil riset dapat disimpulkan bahwa leverage, likuiditas, profitabilitas, dan Corporate Social Responsibility berdampak terhadap financial distress. Sedangkan sales growth dan Good Corporate Governance tidak berdampak terhadap financial distress.
Referensi
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Dianova, A., & Nahumury, J. (2019). Investigating The Effect Of Liquidity, Leverage, Sales Growth and Good Corporate Governance on Financial Distress. Journal of Accounting and Strategic Finance, 2(2), 143–156. https://doi.org/10.33005/jasf.v2i2.49
Fahlevi, E. D., & Mukhibad, H. (2018). Penggunaan Rasio Keuangan dan Good Corporate Governance Untuk Memprediksi Financial Distress. Jurnal Reviu Akuntansi Dan Keuangan, 8(2), 147–158. https://doi.org/10.22219/jrak.v8i2.34
Fathonah, A. N. (2016). Pengaruh Penerapan Good Corporate Governance Terhadap Financial Distress. Jurnal Ilmiah Akuntansi, 1(2), 133–150. https://doi.org/10.23887/jia.v1i2.9989
Gantyowati, E., & Nugraheni, R. L. (2014). The Impact of Financial Distress Status and Corporate Governance Structures on the Level of Voluntary Disclosure Within Annual Reports of Firms (Case Study of Non-financial Firms in Indonesia Over the Period of 2009-2011. Journal of Modern Accounting and Auditing, 10(4), 1–121.
Harahap, S. S. (2011). Teori Akuntansi. Rajawali Press.Hery. (2015). Analisis Laporan Keuangan. CAPS.
Hidayat, M. A., & Meiranto, W. (2014). Prediksi Financial Distress Perusahaan Manufaktur di Indonesia. Diponegoro Journal of Accounting, 3(3), 1–11. https://ejournal3.undip.ac.id/index.php/accounting/article/view/6198
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
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Kayo, E. S. (2020). Saham Delisting. www.Sahamok.Net. https://www.sahamok.net/emiten/saham-delisting/
Li, Z., Crook, J., Andreeva, G., & Tang, Y. (2020). Predicting the risk of financial distress using corporate governance measures. Pacific-Basin Finance Journal, February, 101334. https://doi.org/10.1016/j.pacfin.2020.101334Mafiroh, A., & Triyono. (2016). Pengaruh Kinerja Keuangan dan Mekanisme Corporate Governance Terhadap Financial Distress. Riset Akuntansi Dan Keuangan Indonesia, 1(1). https://doi.org/10.23917/reaksi.v1i1.1956Mahaningrum,A. A. I. A., & Merkusiwati, N. K. L. A. (2020). Pengaruh Rasio Keuangan Pada Financial Distress. E-Jurnal Akuntansi, 30(8), 1969–1984. https://doi.org/10.24843/EJA.2020.v30.i08.p06Moleong, L. C. (2018). Pengaruh Real Interest Rate dan Leverage Terhadap Financial Distress. Open Journal Systems, 30(1), 71–86. https://ojs.uajy.ac.id/index.php/modus/article/view/1588
Muflihah, I. Z. (2017). Analisis Financial Distress Perusahaan Manufaktur Di Indonesia dengan Regresi Logistik. Majalah Ekonomi, XXII(2), 254–269. https://jurnal.unipasby.ac.id/index.php/majalah_ekonomi/article/view/1020
Pedoman Umum Good Corporate Governance Indonesia. (2006). Komite Nasional Kebijakan Governance. https://ecgi.global/sites/default/files/codes/documents/indonesia_cg_2006_id.pdf
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 26(2), 184–199. https://doi.org/10.1007/bf02755985
Purwaningsih, R. W., & Aziza, N. (2019). Pengaruh Corporate Social Responsibility Terhadap Financial Distress Dimoderasi Oleh Siklus Hidup Perusahaan Pada Tahap Mature. Jurnal Akuntansi, 9(3), 173–186. https://doi.org/10.33369/j.akuntansi.9.3.173-186
Putra, D. A. (2021). Kilas Balik Dampak Pandemi Covid-19 ke Ekonomi Dunia dan Indonesia. Www.Liputan6.Com. https://www.liputan6.com/bisnis/read/4483655/kilas-balik-dampak-pandemi-covid-19-ke-ekonomi-dunia-dan-indonesia
Saputra, A. J., & Salim, S. (2020). Pengaruh Profitabilitas, Leverage, Firm Size, Dan Sales Growth Terhadap Financial Distress. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(1), 262–269. https://doi.org/10.24912/jpa.v2i1.7154
Sari, P. R., & Nuzula, N. F. (2019). Pengaruh Karakteristik Perusahaan Terhadap Pengungkapan Corporate Social Responsibility (CSR) (Studi Pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017). Jurnal Administrasi Bisnis (JAB), 72(57–66). http://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/2866
Spence, M. (1973). Job Market Signalling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Suryani. (2020). Pengaruh Profitabilitas, Likuiditas, Leverage, dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Online Insan Akuntan, 5(2), 229–244. https://doi.org/10.51211/joia.v5i2.1440
Tyaga, M. S., & Kristanti, F. T. (2020). Analisis Survival Dalam Memprediksi Kondisi Financial Distress. Buletin Studi Ekonomi, 25(1), 112. https://doi.org/10.24843/bse.2020.v25.i01.p07
Utami, E. F., Rahman, A., & Kartika, R. (2021). Corporate Social Responsibility, Financial Distress, Dan Siklus Hidup Perusahaan. Journal of Economics and Business, 5(1), 106–116. https://doi.org/10.33087/ekonomis.v5i1.289
Wibowo, A., & Susetyo, A. (2020). Analisis Pengaruh Profitabilitas,Likuiditas, Operating Capacity, Sales Growth Terhadap Kondisi Financial Distress pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2018. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi, 2, 929. https://doi.org/10.32639/jimmba.v2i6.687
Widhiari, N. L. M. A., & Merkusiwati, N. K. L. A. (2015). Pengaruh Rasio Likuiditas, Leverage, Operating Capacity, Dan Sales Growth Terhadap Financial Distress. E-Jurnal Akuntansi Universitas Udayana, 11(2), 456–469. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/11061William. (2019). Pengertian Manufaktur dan Berbagai Element di dalamnya. https://indoforwarding.com/manufaktur-adalah/
Yolanda, J., & Kristanti, F. T. (2020). Analisis Survival Pada Financial Distress Menggunakan ModelCox Hazard. Economic, Business, Management, and Accounting Journal, XVII(2), 21–31. https://doi.org/10.30651/blc.v17i2.4260
Agustini, N. W., & Wirawati, N. G. P. (2019). Pengaruh Rasio Keuangan pada Financial Distress Perusahaan Ritel Yang Terdaftar di Bursa Efek Indonesia (BEI). E-Jurnal Akuntansi Universitas Udayana, 26(1), 251–280. https://doi.org/10.24843/EJA.2019.v26.i01.p10
Ananto, R. P., Mustika, R., & Handayani, D. (2017). Pengaruh Good Corporate Governance (GCG), Leverage, Profitabilitas dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Barang Konsumsi yang Terdaftar Di Bursa Efek Indonesia.Jurnal Ekonomi & Bisnis Dharma Andalas, 19(1), 92–105.
Boubaker, S., Cellier, A., Manita, R., & Saeed, A. (2020). Does Corporate Social Responsibility Reduce Financial Distress Risk? Economic Modelling. https://doi.org/10.1016/j.econmod.2020.05.012Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Profitabilitas, Leverage, Likuiditas, Firm Age, dan Kepemilikan Institusional Terhadap Financial Distress. SiMAk, 16(1), 45–61. https://doi.org/10.35129/simak.v16i01.11
CNN Indonesia. (2019). Sri Mulyani Ungkap BUMN Pertanian Rentan Bangkrut. https://www.cnnindonesia.com/ekonomi/20191202194547-92-453506/sri-mulyani-ungkap-bumn-pertanian-rentan-bangkrut
Dianova, A., & Nahumury, J. (2019). Investigating The Effect Of Liquidity, Leverage, Sales Growth and Good Corporate Governance on Financial Distress. Journal of Accounting and Strategic Finance, 2(2), 143–156. https://doi.org/10.33005/jasf.v2i2.49
Fahlevi, E. D., & Mukhibad, H. (2018). Penggunaan Rasio Keuangan dan Good Corporate Governance Untuk Memprediksi Financial Distress. Jurnal Reviu Akuntansi Dan Keuangan, 8(2), 147–158. https://doi.org/10.22219/jrak.v8i2.34
Fathonah, A. N. (2016). Pengaruh Penerapan Good Corporate Governance Terhadap Financial Distress. Jurnal Ilmiah Akuntansi, 1(2), 133–150. https://doi.org/10.23887/jia.v1i2.9989
Gantyowati, E., & Nugraheni, R. L. (2014). The Impact of Financial Distress Status and Corporate Governance Structures on the Level of Voluntary Disclosure Within Annual Reports of Firms (Case Study of Non-financial Firms in Indonesia Over the Period of 2009-2011. Journal of Modern Accounting and Auditing, 10(4), 1–121.
Harahap, S. S. (2011). Teori Akuntansi. Rajawali Press.Hery. (2015). Analisis Laporan Keuangan. CAPS.
Hidayat, M. A., & Meiranto, W. (2014). Prediksi Financial Distress Perusahaan Manufaktur di Indonesia. Diponegoro Journal of Accounting, 3(3), 1–11. https://ejournal3.undip.ac.id/index.php/accounting/article/view/6198
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kartika, A., Rozak, H. A., Nurhayat, I., & Bagana, B. D. (2020). Rasio Keuangan sebagai Prediksi Financial Distress. Prosiding SENDI_U, 675–681. https://www.unisbank.ac.id/ojs/index.php/sendi_u/article/view/8052
Kayo, E. S. (2020). Saham Delisting. www.Sahamok.Net. https://www.sahamok.net/emiten/saham-delisting/
Li, Z., Crook, J., Andreeva, G., & Tang, Y. (2020). Predicting the risk of financial distress using corporate governance measures. Pacific-Basin Finance Journal, February, 101334. https://doi.org/10.1016/j.pacfin.2020.101334Mafiroh, A., & Triyono. (2016). Pengaruh Kinerja Keuangan dan Mekanisme Corporate Governance Terhadap Financial Distress. Riset Akuntansi Dan Keuangan Indonesia, 1(1). https://doi.org/10.23917/reaksi.v1i1.1956Mahaningrum,A. A. I. A., & Merkusiwati, N. K. L. A. (2020). Pengaruh Rasio Keuangan Pada Financial Distress. E-Jurnal Akuntansi, 30(8), 1969–1984. https://doi.org/10.24843/EJA.2020.v30.i08.p06Moleong, L. C. (2018). Pengaruh Real Interest Rate dan Leverage Terhadap Financial Distress. Open Journal Systems, 30(1), 71–86. https://ojs.uajy.ac.id/index.php/modus/article/view/1588
Muflihah, I. Z. (2017). Analisis Financial Distress Perusahaan Manufaktur Di Indonesia dengan Regresi Logistik. Majalah Ekonomi, XXII(2), 254–269. https://jurnal.unipasby.ac.id/index.php/majalah_ekonomi/article/view/1020
Pedoman Umum Good Corporate Governance Indonesia. (2006). Komite Nasional Kebijakan Governance. https://ecgi.global/sites/default/files/codes/documents/indonesia_cg_2006_id.pdf
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 26(2), 184–199. https://doi.org/10.1007/bf02755985
Purwaningsih, R. W., & Aziza, N. (2019). Pengaruh Corporate Social Responsibility Terhadap Financial Distress Dimoderasi Oleh Siklus Hidup Perusahaan Pada Tahap Mature. Jurnal Akuntansi, 9(3), 173–186. https://doi.org/10.33369/j.akuntansi.9.3.173-186
Putra, D. A. (2021). Kilas Balik Dampak Pandemi Covid-19 ke Ekonomi Dunia dan Indonesia. Www.Liputan6.Com. https://www.liputan6.com/bisnis/read/4483655/kilas-balik-dampak-pandemi-covid-19-ke-ekonomi-dunia-dan-indonesia
Saputra, A. J., & Salim, S. (2020). Pengaruh Profitabilitas, Leverage, Firm Size, Dan Sales Growth Terhadap Financial Distress. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(1), 262–269. https://doi.org/10.24912/jpa.v2i1.7154
Sari, P. R., & Nuzula, N. F. (2019). Pengaruh Karakteristik Perusahaan Terhadap Pengungkapan Corporate Social Responsibility (CSR) (Studi Pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017). Jurnal Administrasi Bisnis (JAB), 72(57–66). http://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/2866
Spence, M. (1973). Job Market Signalling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Suryani. (2020). Pengaruh Profitabilitas, Likuiditas, Leverage, dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Online Insan Akuntan, 5(2), 229–244. https://doi.org/10.51211/joia.v5i2.1440
Tyaga, M. S., & Kristanti, F. T. (2020). Analisis Survival Dalam Memprediksi Kondisi Financial Distress. Buletin Studi Ekonomi, 25(1), 112. https://doi.org/10.24843/bse.2020.v25.i01.p07
Utami, E. F., Rahman, A., & Kartika, R. (2021). Corporate Social Responsibility, Financial Distress, Dan Siklus Hidup Perusahaan. Journal of Economics and Business, 5(1), 106–116. https://doi.org/10.33087/ekonomis.v5i1.289
Wibowo, A., & Susetyo, A. (2020). Analisis Pengaruh Profitabilitas,Likuiditas, Operating Capacity, Sales Growth Terhadap Kondisi Financial Distress pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2018. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi, 2, 929. https://doi.org/10.32639/jimmba.v2i6.687
Widhiari, N. L. M. A., & Merkusiwati, N. K. L. A. (2015). Pengaruh Rasio Likuiditas, Leverage, Operating Capacity, Dan Sales Growth Terhadap Financial Distress. E-Jurnal Akuntansi Universitas Udayana, 11(2), 456–469. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/11061William. (2019). Pengertian Manufaktur dan Berbagai Element di dalamnya. https://indoforwarding.com/manufaktur-adalah/
Yolanda, J., & Kristanti, F. T. (2020). Analisis Survival Pada Financial Distress Menggunakan ModelCox Hazard. Economic, Business, Management, and Accounting Journal, XVII(2), 21–31. https://doi.org/10.30651/blc.v17i2.4260
Unduhan
Diterbitkan
2023-07-18
Cara Mengutip
Adzroo, N. U. A., & Suryaningrum, D. H. (2023). Pengaruh Leverage, Likuiditas, Profitabilitas, Sales Growth, Good Corporate Governance dan Corporate Social Responsibility Terhadap Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. Jurnal Ilmiah Wahana Akuntansi, 18(1), 128–150. https://doi.org/10.21009/10.21009/wahana.18.018
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