Pengaruh Kinerja Keuangan, Biaya Keagenan, Dan Tata Kelola Terhadap Kemungkinan Financial Distress
Article Sidebar
Read Counter : 1214
Download : 1010
Main Article Content
Abstract
This research aims to study the effect of financial performance, agency cost, and corporate governance on financial distress likelihood. This research subjects are manufacture firms listed in Indonesian Stock Exchange (BEI) in 2017-2019. This research observing firms annual and financial reports to collect data. Sample selection using purposive sampling, and 117 data used in this research. This research using logistic regression test. This research results are current ratio negatively effecting financial distress likelihood, debt to asset ratio not effecting financial distress likelihood, agency cost not effecting financial distress likelihood, managerial ownership positively effecting financial distress likelihood, institutional ownership not effecting financial distress likelihood, and independent commissioner proportion negatively effecting financial distress likelihood.
Penelitian ini bertujuan untuk mengetahui pengaruh kinerja keuangan, biaya keagenan, dan tata kelola perusahaan terhadap kemungkinan financial distress. Subjek penelitian merupakan perusahaan manufaktur yang terdaftar di BEI pada tahun 2017-2019. Penelitian ini mengobservasi pada laporan tahunan dan keuangan. Pemilihan sampel dilakukan dengan purposive sampling, dan jumlah sampel data yang digunakan sebanyak 117. Penelitian ini menggunakan pengujian regresi logistik. Hasil penelitian menunjukkan current ratio berpengaruh negatif terhadap kemungkinan financial distress, debt to asset ratio tidak berpengaruh terhadap kemungkinan financial distress, agency cost tidak berpengaruh terhadap kemungkinan financial distress, managerial ownership berpengaruh positif terhadap kemungkinan financial distress, institutional ownership tidak berpengaruh terhadap kemungkinan financial distress, serta independent commissioner proportion berpengaruh negatif terhadap kemungkinan financial distress.
Article Details
This work is licensed under a Jurnal Muara Ilmu Ekonomi dan Bisnis Creative Commons Attribution-ShareAlike 4.0 International License.,/p>
References
Ahmad, A. W., & Septriani, Y. (2008). Konflik Keagenan: Tinjauan Teoritis dan Cara Menguranginya. Jurnal Akuntansi Dan Manajemen, 3(2), 47–55.
Ahrendsen, B. L., & Katchova, A. L. (2012). Financial ratio analysis using ARMS data. Agricultural Finance Review, 72(2), 262–272. https://doi.org/10.1108/00021461211250492
Altman, E. I. (2005). An Emerging Market Credit Scoring System For Corporate Bonds. Emerging Market Review, 6, 311–323.
Beaver W. H., M. C. and M. F. M. (2010). Financial Statement Analysis and the Prediction of Financial Distress, Foundation and Trends in Accounting. Foundation and Trends in Accounting, 5(2), 99–173.
Brigham, E. F., & Daves, P. R. (2007). Intermediate Financial Management (9th Edition). https://doi.org/10.1016/0890-8389(89)90100-5
Dwijayanti, S. (2010). Penyebab, Dampak, Dan Pbediksi Dari Financial Distress Serta Solusi Untuk Mengatasi Financial Distress. Jurnal Akuntansi Kontemporer, 2(2), 191–205.
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. Academy of Management Review, 14(1), 57–74. https://doi.org/10.1159/000169659
Erayanti, R. (2019). Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap Prediksi Financial Distress. Jurnal Riset Akuntansi & Perpajakan (JRAP), 6(01), 38–51.
Ghozali, Imam. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Universitas Diponegoro
Gujarati, D. N. (2003). Basic Econometrics Fourth Edition (4th Editio). United States Military Academy, West Point.
Hosmer, D. W. J., Lemeshow, S., & Sturdivant, R. X. (2013). Applied Logistic Regression. In John Wiley & Sons (3rd Editio). John Wiley & Sons, Inc. https://doi.org/10.2307/2348743
Jensen, M. C., & Meckling, W. H. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. Journal of Finance, 3, 305–360.
Katadata. (2020). (Retrieved from: https://katadata.co.id/happyfajrian/finansial/5e9a4c3ba18f4/jadi-tumpuan-ekonomi-risektor-manufaktur-2019-tumbuh-melambat 15-01-2021)
Kazemian, S., Shauri, N. A. A., Sanusi, Z. M., Kamaluddin, A., & Shuhidan, S. M. (2017). Monitoring mechanisms and financial distress of public listed companies in Malaysia. Journal of International Studies, 10(1), 92–109. https://doi.org/10.14254/2071-8330.2017/10-1/6
Kementerian BUMN. (2002). Keputusan Menteri BUMN No. KEP-117/M-MBU/2002 (Retrieved from: http://jdih.bumn.go.id/lihat/KEP-117/M-MBU/2002. 27-10-2020)
Lesmana. (2003). Pedoman Menilai Kinerja Untuk Perusahaan Tbk, Yayasan, BUMN, BUMD, dan Organisasi Lainnya, Edisi Pertama, Jakarta: Elex Media Komputindo.
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), 622–636. https://doi.org/10.1108/14720700810913287
Lizal, L. (2002). Determinants of Financial Distress: What Drives Bankruptcy in a Transition Economy? The Czech Republic Case. SSRN Electronic Journal, 451.
Luqman, R., Ul hassan, M., Tabasum, S., Khakwani, M. S., & Irshad, S. (2018). Probability of financial distress and proposed adoption of corporate governance structures: Evidence from Pakistan. Cogent Business and Management, 5(1), 1–14. https://doi.org/10.1080/23311975.2018.1492869
Manzaneque, M., Priego, A. M., & Merino, E. (2016). Corporate Governance Effect on Financial Distress Likelihood: Evidence From Spain. Revista de Contabilidad-Spanish Accounting Review, 19(1), 111–121. https://doi.org/10.1016/j.rcsar.2015.04.001
Matar, A., & Eneizan, B. M. (2018). Determinants of Financial Performance in the Industrial Firms: Evidence from Jordan. Asian Journal of Agricultural Extension, Economics & Sociology, 22(1), 1–10. https://doi.org/10.9734/ajaees/2018/37476
Nursiva, K., & Widyaningsih, A. (2020). Financial Distress In Indonesia: Viewed From Governance Structure. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 205–220. https://doi.org/10.17509/jrak.v8i2.27796
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
Prastiwi, B. I., & Dewi, R. (2019). Pengaruh Managerial Agency Cost Terhadap Financial Distress Dengan Struktur Kepemilikan Sebagai Variabel Pemoderasi. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 14(1), 81. https://doi.org/10.25105/jipak.v14i1.5016
Sanny, & Warastuti, Y. (2020). Analisis Pengaruh Kinerja Keuangan dan Tata Kelola Perusahaan Terhadap Kondisi Kesehatan Keuangan Perusahaan. Jurnal Akuntansi Bisnis, 18(1).
Scott, W. R. (2003). Financial Accounting Theory (3rd ed.). Toronto, Ontario: Pearson Education Canada Inc.
Shidiq, J. I., & Khairunnisa. (2019). Analisis Rasio Likuiditas, Rasio Leverage, Rasio Aktivitas, dan Rasio Pertumbuhan Terhadap Financial Distress Menggunakan Metode Altman Z-Score Pada Sub Sektor Tekstil dan Garmen di BEI Periode 2013-2017. Financial Management, 17–48.
Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance Andrei. The Journal of Finance, 1(2), 737–783.
Susilowati, Y., Suwarti, T., Puspitasari, E., & Nurmaliani, F. A. (2019). The Effect of Liquidity, Leverage, Profitability, Operating Capacity, and Managerial Agency Cost on Financial Distress of Manufacturing Companies Listed in Indonesian Stock Exchange. Advances in Economics, Business and Management Research, 100, 651–656. https://doi.org/10.2991/icoi-19.2019.114
Udin, S., Khan, M. A., & Javid, A. Y. (2017). The effects of ownership structure on likelihood of financial distress: an empirical evidence. Corporate Governance (Bingley), 17(4), 589–612. https://doi.org/10.1108/CG-03-2016-0067
Witiastuti, R. S., & Suryandari, D. (2016). The Influence of Good Corporate Governance (GCG) on Financial Distress. Review of Integrative Business and Economics Reseacrh, 5(1), 118–127. https://doi.org/10.2991/insyma-18.2018.19