Pengaruh financial performance pada financial distress yang dimoderasi oleh managerial ownership

Wihardjo, Felicia (2023) Pengaruh financial performance pada financial distress yang dimoderasi oleh managerial ownership. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Tujuan dari studi ini yaitu guna mengetahui apakah financial performance yang diproksikan dengan leverage, liquidity, dan operating cash flow memiliki pengaruh yang signifikan pada financial distress yang diukur dengan S-score, serta apakah managerial ownership mampu memperlemah atau memperkuat pengaruh financial performance pada financial distress. Studi ini hanya berfokus pada perusahaan publik sektor transportasi dan logistik di seluruh negara ASEAN pada tahun 2019-2022. Terdapat 64 sampel perusahaan yang diambil dengan teknik purposive sampling sehinggga jumlah observasi yang diperoleh sebesar 244 observasi untuk tahun 2019-2022. Analisis data yang dilakukan pada studi ini yaitu analisis statistik deskriptif; analisis korelasi; uji asumsi klasik yang mencakup uji normalitas, heteroskedastisitas, multikolinearitas, dan autokorelasi; analisis model regresi; serta uji hipotesis yang mencakup uji koefisien determinasi, uji T, dan uji F. Berdasarkan hasil olah dan analisis data, dapat disimpulkan bahwa (1) Leverage berpengaruh positif pada financial distress; (2) Liquidity berpengaruh negatif pada financial distress; (3) Operating cash flow tidak berpengaruh pada financial distress; (4) Managerial ownership berpengaruh negatif pada financial distress; (5) Managerial ownership kurang mampu memperkuat pengaruh positif leverage pada financial distress; (6) Managerial ownership dapat memperkuat pengaruh negatif Liquidity pada financial distress; (7) Managerial ownership tidak dapat memoderasi pengaruh Operating cash flow pada financial distress. /The aim of this study is to learn more whether financial performance as proxied by leverage, liquidity and operating cash flow significantly affects the S-score's indicator of financial distress, and to find out whether managerial ownership is able to weaken or strengthen the influence of financial performance on financial distress. This study only focuses on public companies in the transportation and logistics sector in all ASEAN countries in 2019-2022. Using a purposive sampling technique, 64 company samples were collected, resulting in 244 observations over the 2019–2022 period. The data analysis carried out in this study was descriptive statistical analysis; correlation analysis; classical assumption tests which include normality, heteroscedasticity, multicollinearity and autocorrelation tests; regression model analysis; as well as hypothesis testing which includes the coefficient of determination test, T test, and F test. Based on the results of data processing and analysis, it can be concluded that (1) Leverage has a positive influence on financial distress; (2) Liquidity has a negative influence on financial distress; (3) Operating cash flow has not significant effect on financial distress; (4) Managerial ownership has a negative influence on financial distress; (5) Managerial ownership can weaken the positive influence of leverage on financial distress; (6) Managerial ownership can strengthen the negative influence of Liquidity on financial distress; (7) Managerial ownership cannot moderate the influence of Operating cash flow on financial distress.

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