Pengaruh Likuiditas, Profitabilitas, Financial Leverage, dan Arus Kas Operasi Dalam Memprediksi Kondisi Financial Distress
Abstract
Financial distress occurs before the bankruptcy of a company. Thus the financial distress model needs to be developed, because by knowing the company's financial distress from an early age, it is hoped that actions can be taken to anticipate conditions that lead to bankruptcy. Financial distress can be measured through financial statements by analyzing financial statements. This study aims to determine and analyze the effect of liquidity, profitability, financial leverage, and operating cash flow in predicting financial distress conditions for manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020. Data from the company's official website and completed from the IDX and ICMD websites. There are independent variables, namely liquidity, profitability, financial leverage, and operating cash flow, while the dependent variable in this study is financial distress. The data analysis method used in this research is logistic regression analysis method which aims to determine the role of each independent variable in influencing the dependent variable. The results of this study indicate that liquidity has no effect on financial distress, meaning that if the company is able to pay its debts well, then it is likely that the company will not experience financial distress. Profitability has no effect on financial distress, meaning that the size of the company's profit value has no effect on the company so that it avoids financial distress conditions. Financial leverage has a positive effect on financial distress, meaning that if the company has higher debt and is not followed by high sales results, it can allow failure to pay debts which causes the company to be in financial distress. Cash flow has no effect on financial distress, meaning that if the company has a good operating cash flow value, it will not experience financial distress.References
Almilia, LS. 2016. Prediksi Kondisi Financial Distress Perusahaan Go Public Dengan
Menggunakan Analisis Multinominal Logit. Jurnal Ekonomi dan Bisnis. Vol. 7 No. 1.
Altman, E.I., 1968. Financial Ratio, Discriminant Analysis, and the Prediction of
Corporat Bankruptcy. The Journal of Finance, September(25).
Arini, Diah. 2020. Analisis Rasio Keuangan Untuk Memprediksi Kondisi Financial
Distress Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Jakarta. Skripsi
thesis, Universitas Muhammadiyah Surakarta.
Atmini, S dan A. Wuryan. 2015. Manfaat Laba dan Arus Kas untuk memprediksi Kondisi
Financial Distress Pada Perusahaan Textile Mill Products Dan Apparel And Other
Textile Products yang terdaftar di Bursa Efek Jakarta Makalah yang disampaikan
pada Simposium Nasional Akuntansi VIII. Solo, 15–16 September.
Boediono. 2015. Tempo.co Jakarta. Diakses pada tanggal 20 November 2015 Pukul
:00
dengan Menggunakan Analisis Multinomial Logit. Jurnal Ekonomi dan Bisnis. Vol.
XII, No. 1.
Foster, G. 1986. Financial Statement Analysis. New Jersey: Prentice Hall, Englewood
Cliffs. Gailego, Gomes dan Yanes. 1997. Financial Distress and Corporate
Governance: An Empirical Analysis. MCB University Press 1472-0701. Hal. 15 23.
Ghozali, Imam. 2002, Multivariate dengan Program SPSS, Badan Penerbit Universitas
Diponegoro, Semarang Gujarati, Damodar. 2003. Ekonometrika Dasar. Terjemahan
Sumarno Zain. Jakarta: PT. Gelora Aksara Pratama Harahap,
Luciana S. 2016. Prediksi Kondisi Financial Distress Perusahaan Go-Public
Luciana S dan Meliza Silvy. 2013. Analisis Faktor-Faktor yang Mempengaruhi
Status Perusahaan Pasca IPO dengan Analisis Multinomial Logit.Jurnal Ekonomi
dan Bisnis. Vol. 18, No. 4.
Sofyan Syafri. 2017. Teori Akuntansi. PT. Raja Grafindo Persada: Jakarta. Hery. 2009.
Teori Akuntansi. Kencana: Jakarta.
Sugiyono. 2008. Metode Penelitian Bisnis. Edisi Kesebelas. Bandung: Alfabeta