Analisis faktor-faktor yang mempengaruhi financial distress pada perusahaan sub sektor pertambangan batubara periode 2015-2020

Williem, Nicolas (2022) Analisis faktor-faktor yang mempengaruhi financial distress pada perusahaan sub sektor pertambangan batubara periode 2015-2020. Masters thesis, Universitas Pelita Harapan.

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Abstract

Financial distress adalah kondisi dimana sebuah perusahaan memiliki kesulitan untuk memenuhi kewajibannya. Sektor pertambangan batubara adalah sektor pertambangan terbesar di Indonesia, disusul oleh sektor minyak dan gas. Sub sektor pertambangan batubara adalah sektor yang kenaikan dan penurunan pendapatan nya paling dinamis. Tidak hanya disebabkan oleh pandemi COVID-19 yang melanda Indonesia dari tahun 2020, namun pergerakan harga acuan batubara juga menjadi penyebabnya. Akibatnya, selain efisiensi yang harus ditingkatkan, perusahaan sub sektor batubara juga harus membuat suatu ancang-ancang bila harga acuan mendadak turun, demi keberlangsungan perusahaan. Tujuan dari penelitian ini adalah untuk menganalisa perusahaan mana yang beresiko mengalami kebangkrutan, dan juga pengaruh rasio-rasio keuangan seperti return on asset, net profit margin, liquidity ratio, leverage ratio, total asset turnover dalam mempengaruhi financial distress perusahaan sub sektor pertambangan batubara yang terdaftar di Bursa Efek Indonesia periode 2015-2020. Berdasarkan hasil regresi data panel, variabel return on asset, net profit margin, dan liquidity ratio tidak memiliki pengaruh terhadap financial distress, dan variabel leverage ratio dan total asset turnover memiliki pengaruh pada financial distress. Nilai R-Squared yang dihasilkan adalah sebesar 88%, dan probabilitas f-statistic berada di bawah 5% yang mengindikasikan seluruh variabel independent secara simultan financial distress/Financial distress is a condition where a company is having difficulties to pay its liabilities. Coal mining is the largest sector in the mining industry, followed by oil and gas mining. Sub sector coal mining companies are a sector which is very volatile in increase and decrease of income. Not only caused by COVID-19 pandemic which hit Indonesia in 2020, but the movement of coal prices is one of the causes too. So, not only efficiency should be optimized, but coal mining companies have to make a countermeasure if coal prices suddenly dropped, for the continuity of the companies. The purpose of this research is to analyse which companies have the probability to experience financial distress, and to analyse the influence of financial ratios such as return on asset, net profit margin, liquidity ratio, leverage ratio, and total asset turnover on influencing financial distress of coal mining companies that are listed on Indonesian Stock Exchange in 2015-2020. Based on panel regression analysis, return on asset, net profit margin and liquidity ratio didn’t have any effect on financial distress. Leverage ratio and total asset turnover have significant influences on financial distress. The r-squared in this research is 88%. The probability of f-statistic is below 5%, which means, all of the independent variable, simultaneously having an effect on financial distress.

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