PENGARUH CORPORATE GOVERNANCE, OPERATING CAPACITY, LEVERAGE, LIKUIDITAS, DAN UKURAN PERUSAHAAN TERHADAP FINANCIAL DISTRESS PERUSAHAAN SEKTOR ANEKA INDUSTRI

THE EFFECT OF CORPORATE GOVERNANCE, OPERATING CAPACITY, LEVERAGE, LIQUIDITY, AND FIRM SIZE ON FINANCIAL DISTRESS IN MISCELLANEOUS INDUSTRY

Financial distress adalah suatu keadaan yang terjadi ketika suatu perusahaan memiliki kondisi keuangan yang tidak sehat. Jika kondisi ini terjadi secara berkelanjutan, akan berdampak pada kebangkrutan perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh corporate governance, operating capacity, leverage, likuiditas, dan ukuran perusahaan. Variabel independen dalam corporate governance meliputi kepemilikan institusional, kepemilikan manajerial, dan dewan komisaris independen. Populasi penelitian ini adalah perusahaan-perusahaan di sektor aneka industri yang terdaftar di Bursa Efek Indonesia dari tahun 2017-2020. Teknik pengambilan sampel menggunakan purposive sampling dan diperoleh 15 perusahaan sebagai sampel dalam penelitian. Data dianalisis menggunakan regresi logistik dan dihitung dengan IBM SPSS 25. Hasil penelitian menunjukkan bahwa dewan komisaris independen berpengaruh signifikan negatif terhadap financial distress. Leverage (debt to assets ratio) dan ukuran perusahaan berpengaruh signifikan positif terhadap financial distress. Sedangkan kepemilikan institusional, kepemilikan manajerial, operating capacity (total assets turnover), dan likuiditas (current ratio) tidak berpengaruh signifikan terhadap financial distress. Oleh karena itu, perusahaan di sektor aneka industri dapat lebih memperhatikan peran kepemilikan institusional dan manajerial untuk menghindari financial distress.

Financial distress is a situation that occurs when a company have unhealthy financial conditions. If this condition occurs sustainably, it will impact the company's bankruptcy. This research aims to determine the effect of corporate governance, operating capacity, leverage, liquidity, and firm size. The independent variables in corporate governance include institutional ownership, managerial ownership, and an independent board of commissioners. This research's population are companies in the miscellaneous industry sectors listed on the Indonesia Stock Exchange from 2017-2020. The sample retrieval technique uses purposive sampling and obtained 15 companies as samples in this research. The data were analysed using logistic regression and calculated with IBM SPSS 25. The result showed that an independent board of commissioners significantly and negatively impacted financial distress. Leverage (debt to assets ratio) and firm size significantly and positively affected financial distress. While institutional ownership, managerial ownership, operating capacity (total assets turnover), and liquidity (current ratio) don't significantly impact financial distress. Therefore, companies in the miscellaneous industry sectors can give more attention to the role of institutional and managerial ownership to avoid financial distress.