Analisis Pengaruh Financial Indicators dan Ownership Structure untuk Memprediksi Kondisi Financial Distress (Studi pada Sektor Industri Perdagangan, Jasa dan Investasi yang Terdaftar di BEI Tahun 2014-2018)

Analysis of the Effect of Financial Indicators and Ownership Structure for Predicting Financial Distress Conditions (Study on the Trade, Services and Investment Industry Sector Listed on the IDX in 2014-2018)

Financial distress merupakan tahapan dimana suatu perusahaan mengalami penurunan kinerja keuangan sebelum terjadi kebangkrutan. Penelitian ini bertujuan untuk menguji pengaruh indikator keuangan dan struktur kepemilikan terhadap financial distress. Variabel independen dalam indikator keuangan meliputi profitabilitas, aktivitas, pertumbuhan, likuiditas, dan leverage. Struktur kepemilikan meliputi kepemilikan manajerial dan kepemilikan institusional. Periode penelitian ini selama lima tahun, dari tahun 2014 hingga 2018. Populasi penelitian ini adalah perusahaan di sektor perdagangan, jasa, dan investasi. Sampel diambil dengan menggunakan metode purposive sampling dan diperoleh 16 perusahaan sebagai sampel. Hasil analisis data menggunakan metode regresi logistik. Hasil penelitian menunjukkan bahwa current ratio dan debt to assets ratio berpengaruh signifikan terhadap financial distress. Sedangkan variabel return on assets, total assets turnover, pertumbuhan penjualan, kepemilikan manajerial, dan kepemilikan institusional tidak berpengaruh signifikan terhadap financial distress. Solusi agar sektor industri perdagangan, jasa, dan investasi yang memiliki EPS negatif berturut-turut adalah melunasi kewajiban jangka pendek dalam jangka waktu yang telah ditentukan dan memaksimalkan manfaat utang sebagai pengurang pajak sehingga financial distress bagi perusahaan. dapat dihindari.

Financial distress is the stage when a company experiences a decline in financial performance before bankruptcy occurs. This study aims to examine the effect of financial indicators and ownership structure on financial distress. The independent variables in financial indicators include profitability, activity, growth, liquidity, and leverage. The ownership structure includes managerial ownership and institutional ownership. This research period is for five years, from 2014 to 2018. This study's population are companies in the trade, services, and investment sectors. Samples were taken using the purposive sampling method and obtained 16 companies as samples. The results of data analysis using the logistic regression method. The results showed that the current ratio and debt to assets ratio significantly affected financial distress. Meanwhile, the variables return on assets, total assets turnover, sales growth, managerial ownership, and institutional ownership do not significantly affect financial distress. The solution that the trade, service can carry out, and investment industry sector that has negative EPS in a row is to pay off short-term obligations within a predetermined period and maximize the benefits of debt as a tax deduction so that financial distress for companies can be avoided.