Analisis Pengaruh Rasio Keuangan, Kepemilikan Manajerial, dan Kepemilikan Institusional terhadap Financial Distress pada Perusahaan Sektor Perdagangan, Jasa, dan Investasi yang Terdaftar di BEI Tahun 2015-2018

Analysis the Effects of Financial Ratios, Managerial Ownership, and Institutional Ownership on Financial Distress in the Sector of Trade, Services and Investment Firms Listed on the Indonesia Stock Exchange in 2015-2018

Financial distress menyebabkan perusahaan melakukan restrukturisasi atau bahkan mengalami kebangkrutan. Artinya prediksi financial distress penting untuk mengantisipasi terjadinya kebangkrutan. Penelitian ini bertujuan untuk mengetahui pengaruh rasio keuangan, kepemilikan manajerial, dan kepemilikan institusional terhadap financial distress. Variabel independen yang digunakan dalam penelitian ini adalah current ratio, debt to assets ratio, return on assets, total assets turnover, kepemilikan manajerial, dan kepemilikan institusional. Populasi penelitian ini adalah perusahaan sektor perdagangan, jasa, dan investasi yang terdaftar di Bursa Efek Indonesia tahun 2015-2018. Ini menerapkan teknik purposive sampling dan diperoleh 15 perusahaan sebagai sampel. Penelitian kemudian dianalisis menggunakan regresi logistik dan dihitung menggunakan perangkat lunak SPSS versi 25. Hasil menunjukkan bahwa debt to assets ratio memiliki pengaruh positif signifikan terhadap financial distress dan return on asset memiliki pengaruh negatif signifikan terhadap financial distress. Sementara variabel lain, diantaranya total assets turnover, current ratio, kepemilikan manajerial, kepemilikan institusional tidak memiliki pengaruh signifikan terhadap financial distress. Oleh karena itu, perusahaan diharapkan memperhatikan peningkatan nilai debt to assets ratio dan return on assets untuk menghindari kemungkinan terjadinya kesulitan keuangan.

Financial distress causes the company to restructure or even going bankrupt. It means the prediction of financial distress is important to anticipate the occurrence of bankruptcy. This study aimed to determine the effect of financial ratios, managerial ownership, and institutional ownership on financial distress. The independent variables used in this study are the current ratio, debt to assets ratio, return on assets, total assets turnover, managerial ownership, and institutional ownership. This research’s population is sector trade, services, and investment firms listed on the Indonesia Stock Exchange in 2015-2018. It implements purposive sampling techniques and finally obtained 15 firms as samples. The research then is analyzed using logistic regression and calculated using SPSS software version 25. The result showed that debt to assets ratio had a positive significance on financial distress and return on assets had a negative significant effect on financial distress. While the other variables of total assets turnover, current ratio, managerial ownership, institutional ownership don’t have a significant effect on financial distress. Therefore, the companies are expected to pay attention to increasing the value of debt to assets ratio and return on assets to avoid the possibility of financial distress.