The influence of corporate governance, profitability and leverage toward financial distress in miscellaneous industry listed at Indonesia Stock Exchange

Pratama, Cindy (2020) The influence of corporate governance, profitability and leverage toward financial distress in miscellaneous industry listed at Indonesia Stock Exchange. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

The objective of this study is to analyze the influence of corporate governance, profitability and leverage toward financial distress in miscellaneous industry companies listed at Indonesia Stock Exchange (IDX) for the period 20162018. The independent variables used in this study are corporate governance proxied by institutional ownership, profitability measured by return on assets (ROA), and leverage measured by debt to assets ratio (DAR). Financial distress is measured by using the original Altman Z-Score intended for public manufacturing companies. The data used in this research are secondary data obtained from miscellaneous industry companies listed in IDX from 2016 to 2018. Using the purposive sampling method, 16 miscellaneous industry companies are chosen as samples resulting in total of 48 observations. The data analysis method used in this research is multiple linear regressions processed through Statistical Product and Service Solutions 25 (SPSS 25). The result of this study reveals that corporate governance (institutional ownerships) has an insignificant negative influence on financial distress partially. Whereas, profitability (ROA) has a significant negative and leverage (DAR) has a significant positive influence on financial distress partially. Simultaneously, those three independent variables have significant influence on financial distress. / Tujuan dari penelitian ini adalah untuk menganalisis pengaruh tata kelola perusahaan, profitabilitas dan leverage terhadap kesulitan keuangan pada perusahaan industri aneka yang terdaftar di Bursa Efek Indonesia (BEI) untuk periode 2016-2018. Variabel independen yang digunakan dalam penelitian ini adalah tata kelola perusahaan yang diproksikan dengan kepemilikan institusional, profitabilitas yang diukur dengan return on assets (ROA), dan leverage yang diukur dengan rasio debt to assets (DAR). Kesulitan keuangan diukur dengan menggunakan Altman Z-Score yang ditujukan untuk perusahaan manufaktur publik. Data yang digunakan dalam penelitian ini adalah data sekunder yang diperoleh dari perusahaan industri aneka yang terdaftar di BEI dari 2016 hingga 2018. Dengan menggunakan metode purposive sampling, 16 perusahaan industri aneka dipilih sebagai sampel dan menghasilkan total 48 objek pengamatan. Metode analisis data yang digunakan dalam penelitian ini adalah regresi linier berganda yang diproses melalui Statistical Product and Service Solutions 25 (SPSS 25). Hasil penelitian ini menunjukkan bahwa tata kelola perusahaan (kepemilikan institusional) memiliki pengaruh negatif yang tidak signifikan terhadap kesulitan keuangan secara parsial. Sedangkan, profitabilitas (ROA) memiliki pengaruh negatif signifikan dan leverage (DAR) memiliki pengaruh positif signifikan terhadap kesulitan keuangan secara parsial. Secara simultan, ketiga variabel independen tersebut memiliki pengaruh signifikan terhadap kesulitan keuangan.

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