PENGARUH LIKUIDITAS, ARUS KAS OPERASI, KEPEMILIKAN INSTITUSIONAL, DAN KEPEMILIKAN MANAJERIAL TERHADAP FINANCIAL DISTRESS
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Abstract
Financial distress is a condition in which a company experiences financial
difficulties which is characterized by its inability to pay its obligations. This study
aims to determine the effect of liquidity, operating cash flow, institutional
ownership, and managerial ownership on financial distress using the calculation of
the Altman Z-Score method in various industrial sector companies listed on the
Indonesia Stock Exchange for the 2016-2019 period. The data were analyzed by
logistic regression analysis using the IBM SPSS 25 application. The results showed
that simultaneously liquidity, operating cash flow, institutional ownership, and
managerial ownership had a significant effect on financial distress. Partially, the
liquidity variable has a negative effect on financial distress, operating cash flow
and institutional ownership have no effect on financial distress, while the
managerial ownership variable has a positive effect on financial distress.
Article Details
References
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Subsektor Tekstil & Garmen di Bursa Efek Indonesia Tahun THE EFFECT OF
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study on Textiles & Garments Subsector Listed in . 5(2), 1867–1877.
Toly, A. A., Permatasari, R., & Wiranata, E. (2020). The Effect of Financial Ratio
(Altman Z-Score) on Financial Distress Prediction in Manufacturing Sector in
Indonesia 2016-2018. 144(Afbe 2019), 47–53.
https://doi.org/10.2991/aebmr.k.200606.008
Amarilla, U., Nurcholisah, K., & Sofianty, D. (2017). Pengaruh Arus Kas Operasi dan
Ukuran Perusahaan Terhadap Financial Distress ( Studi Empiris Pada Perusahaan
Pertambangan Batubara yang Terdaftar di Bursa Efek Indonesia Periode Tahun
-2016 ). Prosiding Akutansi, 3(2), 166–172.
Carolina, V., Marpaung, E. I., & Pratama, D. (2018). Analisis Rasio Keuangan untuk
Memprediksi Kondisi Financial Distress (Studi Empiris pada Perusahaan
Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2015). Jurnal
Akuntansi Maranatha, 9(2), 137–145. https://doi.org/10.28932/jam.v9i2.481
Dewi, N. L. P. A., Endiana, I. D. M., & Arizona, I. P. E. (2019). PENGARUH RASIO
LIKUIDITAS, RASIO LEVERAGE DAN RASIO PROFITABILITAS
TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR.
Kumpulan Hasil Riset Mahsiswa Akuntansi (KHARISMA), Vol 1 No 1.
Dwiridotjahjono, J. (2010). Penerapan Good Corporate Governance : Manfaat Dan
Tantangan Serta Kesempatan Bagi Perusahaan Publik Di Indonesia. 5(2), 101–
Fathonah, A. N. (2017). Pengaruh Penerapan Good Corporate Governance Terhadap
Financial Distress. Jurnal Ilmiah Akuntansi, 1(2), 133–150.
https://doi.org/10.23887/jia.v1i2.9989
Febriyan, & Prasetyo, A. H. (2019). PENGARUH ARUS KAS OPERASI,
LIKUIDITAS, LEVERAGE, DIVERSIFIKASI, DAN UKURAN PERUSAHAAN
TERHADAP FINANCIAL DISTRESS (Studi empiris pada perusahaan sektor
aneka industri yang terdaftar di BEI 2014-2016). Jurnal Akuntansi, 8(1).
https://doi.org/10.46806/ja.v8i1.579
Hery. (2018). Analisis Laporan Keuangan (Adipramono (ed.); Cetakan 3). Grasindo.
Munawar, I., B, A. F. S. M., & Iradianty, A. (2018). PENGARUH GOOD
CORPORATE GOVERNANCE TERHADAP FINANCIAL ( Studi pada Perusahaan
Subsektor Tekstil & Garmen di Bursa Efek Indonesia Tahun THE EFFECT OF
GOOD CORPORATE GOVERNANCE TOWARDS FINANCIAL DISTRESS ( A
study on Textiles & Garments Subsector Listed in . 5(2), 1867–1877.
Toly, A. A., Permatasari, R., & Wiranata, E. (2020). The Effect of Financial Ratio
(Altman Z-Score) on Financial Distress Prediction in Manufacturing Sector in
Indonesia 2016-2018. 144(Afbe 2019), 47–53.