Pengaruh Profitabilitas, Likuiditas, Leverage, Rasio Arus Kas dan Ukuran Perusahaan Terhadap Financial Distress
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Keywords:
Profitability, Liquidity, Leverage, Cash Flow Ratio, Firm Size, Financial Distress.
Abstract
This study aims to identify the factors that influence financial distress conditions, either simultaneously or partially in retail trading sub-sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. This study uses a type of causal comparative research. The sample in this study is the retail trading sub-sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period using the purposive sampling method. There are 10 companies that meet the sample criteria, so there are 50 financial statements. The factors tested in this study are profitability, liquidity, leverage, cash flow ratio and firm size. The results of the study show that partially the profitability variable (NPM) has a positive effect on financial distress, the liquidity (CR) has a negative effect on financial distress, the leverage variable (DER) has no effect on financial distress, the cash flow ratio (CFR) has a negative effect on financial distress and firm size (FS) has no effect on financial distress. Simultaneously there is an effect of profitability (NPM), liquidity (CR), leverage (DER), cash flow ratio (CFR), and firm size (FS) on financial distress.
References
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Waqas, H., dan Md-Rus, R. (2018). Predicting Financial Distress: Importance of Accounting and Firm-Specific Market Variables for Pakistan’s Listed Firms. Cogent Economics and Finance, 6 (1), 1–16. https://doi.org/10.1080/23322039.2018.1545739.
Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589–609.
Fahlevi, M. R., dan Marlinah, A. (2019). The Influence of Liquidity, Capital Structure, Profitability and Cash Flows on The Company’s Financial Distress. Jurnal Bisnis Dan Akuntansi, 20(1), 59–68. https://doi.org/10.34208/jba.v20i1.409.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Hastiarto, O., Umar, H., dan Agustina, I. (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.
Hosca, I. A., Siswantini, T., dan Murtatik, S. (2018). Leverage, Profitabilitas, Pertumbuhan Penjualan terhadap Financial Distress pada Perusahaan Ritel di Bursa Efek Indonesia. Prosiding Biema, 1 (1), 60–74. https://conference.upnvj.ac.id/index.php/biema/article/view/718.
Isayas, Y. N. (2021). Financial Distress and Its Determinants: Evidence From Insurance Companies in Ethiopia. Cogent Business and Management, 8 (1). https://doi.org/10.1080/23311975.2021.1951110.
Jaafar, S. B., Hassan, H., dan Ismail, S. (2021). Cash Flow Statement as a Tool to Predict Financial Distress. SSRN Electronic Journal, January. https://doi.org/10.2139/ssrn.3838158.
Kasmir. (2018). Analisis Laporan Keuangan. PT RajaGrafindo Persada.
M.Maulvi N, M. Y. A. (2009). Pengaruh Likuiditas, Leverage dan Efektivitas Komite Audit terhadap Prediksi Financial Distress pada Perusahaan Go Public Sektor Real Estate dan Properti Tahun 2007-2009: Metode Altman Z-Score. Jurnal Ilmiah Wahana Akuntansi, 9 (2), 134.
Maharani, N. K. (2020). Pengaruh Prediksi Kebangkrutan, Profitabilitas dan Opini Audit terhadap Nilai Perusahaan. Forum Ilmiah, 17 Nomor 3 (September), 364–374.
Patmawati, P., Hidayat, M., dan Farhan, M. (2020). Model Altman Score dan Grover Score: Mendeteksi Financial Distress pada Perusahaan Ritel di Indonesia. Akuntabilitas, 14 (1), 133–154. https://doi.org/10.29259/ja.v14i1.11525.
Patunrui, K. I. A., dan Yati, S. (2017). Analisis Penilaian Financial Distress Menggunakan Model Altman (Z-Score) pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2013-2015. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 5 (1), 55. https://doi.org/10.30871/jaemb.v5i1.275.
Permatasari, I., Aziz, A., dan Siswantini, T. (2018). Analisis Financial Distress pada Perusahaan Agribisnis di Bursa Efek Indonesia. Jurnal Keuangan Dan Perbankan, 20 (3), 140–154. https://doi.org/10.26905/jkdp.v20i3.280.
Rahman, B. N., dan Artinah, B. (2021). Faktor-faktor yang Memengaruhi Financial Distress (Studi Empiris pada Perusahan Retail yang Terdaftar di Bursa Efek Indonesia Periode 2016-2018). Jurnal Manajemen Dan Akuntansi, 22 (1).
Sasongko, H., Fajar Ilmiyono, A., dan Tiaranti, A. (2021). Financial Ratios and Financial Distress in Retail Trade Sector Companies. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 07 01), 63–72. https://doi.org/10.34204/jiafe.v7i1.3380.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 64 (4), 419. https://doi.org/10.1055/s-2004-820924.
Sunaryo, D. (2021). Analysis of Current Ratio, Debt to Assets Ratio and Gross Profit Margin on Financial Distress with Moderated Share Prices in Retail Companies Listed in Securities Exchange. International Journal of Educational Research and Social Sciences, 2(1), 23–33. https://doi.org/10.51601/ijersc.v2i1.39.
Susanto, R. (2019). Rasio Keuangan yang Mengindikasikan Perusahaan Mengalami Financial Distress pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2015-2018. Jurnal Ilimiah Bisnis Dan Perpajakan, 33–54.
Waqas, H., dan Md-Rus, R. (2018). Predicting Financial Distress: Importance of Accounting and Firm-Specific Market Variables for Pakistan’s Listed Firms. Cogent Economics and Finance, 6 (1), 1–16. https://doi.org/10.1080/23322039.2018.1545739.
Published
2022-07-02
How to Cite
Purwaningsih, E., & Safitri, I. (2022). Pengaruh Profitabilitas, Likuiditas, Leverage, Rasio Arus Kas dan Ukuran Perusahaan Terhadap Financial Distress. JAE (JURNAL AKUNTANSI DAN EKONOMI), 7(2), 147-156. https://doi.org/10.29407/jae.v7i2.17707
Section
Volume 7 No 2 Tahun 2022
Copyright (c) 2022 Eny Purwaningsih Eny Purwaningsih
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