Analisis Moderasi Good Corporate Governance atas Pengaruh Financial Ratio dan Market Ratio Terhadap Financial Distress

Moderation Analysis of Good Corporate Governance on the Effect of Financial Ratio and Market Ratio on Financial Distress

Kondisi ekonomi yang saat ini dipenuhi dengan ketidakpastian terlebih lagi adanya pandemi covid-19 yang memberikan penekanan secara signifikan pada perusahaan dapat membawa perusahaan pada kondisi financial distress. Salah satu tindakan preventif bagi perusahaan agar dapat terhindar dari ancaman financial distress adalah melalui analisis pada kondisi internal perusahaan agar perusahaan dapat segera melakukan evaluasi dan peningkatan terhadap kinerja yang tidak optimal. Tujuan penelitian ini adalah untuk menganalisis pengaruh financial ratio yang terdiri dari profitability ratio, liquidity ratio, solvability ratio, dan activity ratio serta market ratio terhadap financial distress yang dimoderasi oleh dua mekanisme good corporate governance yang meliputi institutional ownership dan audit committee. Penelitian ini merupakan penelitian kuantitatif kausalitas. Populasi yang digunakan dalam penelitian ini adalah perusahaan sektor infrastruktur, perdagangan, jasa dan investasi yang terdaftar di Bursa Efek Indonesia tahun 2020- 2021 dengan teknik pengambilan sampel melalui metode purposive sampling dan diperoleh 27 perusahaan. Sumber data penelitian diperoleh dari laporan keuangan dan laporan tahunan perusahaan yang dianalisis menggunakan software SPSS dengan teknik analisis regresi logistik dan moderated regression analysis. Hasil uji regresi logistik menunjukkan bahwa proftability ratio secara signifikan berpengaruh negatif terhadap financial distress, solvability ratio secara signifikan berpengaruh positif terhadap financial distress, sedangkan liquidity ratio, activity ratio dan market ratio tidak memberikan pengaruh terhadap tingkat financial distress. Selanjutnya pada hasil moderated regression analysis menunjukkan bahwa institutional ownership dapat memoderasi pengaruh profitability ratio dan solvability ratio terhadap financial distress, sedangkan audit committee tidak dapat memoderasi pengaruh profitability ratio dan solvability ratio terhadap financial distress.

The current economic conditions are experiencing unpredictable uncertainties, especially with the COVID-19 pandemic, which places a significant emphasis on companies and can bring them into a state of financial distress. One of the preventive measures for companies to avoid the threat of financial distress is through an analysis of the company's internal conditions so that the company can immediately evaluate and improve performance that is not optimal. The main objective of this study was to analyze the effect of financial ratios, consisting of profitability ratio, liquidity ratio, solvency ratio, activity ratio and market ratio in financial distress moderated by mechanisms of good corporate governance, which include institutional ownership and audit committee. This research is a quantitative causality study. The population used in this study are companies in the infrastructure, trade, services, and investment sectors listed on the Indonesia Stock Exchange in 2020-2021 using a purposive sampling technique and obtained 27 companies. Based on research data sources obtained from the company's financial reports and annual reports, which were analyzed using SPSS software with logistic regression analysis techniques and moderate regression analysis. The results of the logistic regression test show that the profitability ratio had a significant and negative effect on financial distress, the solvency ratio had a significant and positive effect on financial distress, while the liquidity ratio, activity ratio, and market ratio did not have a significant effect on the level of financial distress. Furthermore, the results of moderate regression analysis show that institutional ownership can moderate the effect of profitability ratios and solvency ratios on financial distress, while audit committees cannot moderating the effect of profitability ratios and solvency ratios on financial distress.