Leverage dan Profitabilitas dalam Memprediksi Financial Distress Perusahaan Pertambangan Periode 2016-2018

Abstract

Financial distress merupakan suatu kondisi di mana sebuah perusahaan mengalami kesulitan keuangan. Adanya fenomena perusahaan yang ter-delisting dari Bursa Efek Indonesia menjadi dasar untuk mengkaji ulang model prediksi kesulitan keuangan yang tepat. Penelitian ini bertujuan untuk memberikan bukti secara empiris mengenai pengaruh leverage dan profitabilitas dalam memprediksi financial distress. Sampel penelitian diperoleh dengan menggunakan metode purposive sampling. Sampel penelitian yang memenuhi kriteria sebanyak 40 perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2016-2018. Dalam penelitian ini, pengelompokkan perusahaan yang mengalami financial distress menggunakan model Altman Z-score. Pengujian hipotesis dalam penelitian ini menggunakan regresi logistik. Berdasarkan hasil analisis regresi logistik dengan tingkat signifikansi 5%, hasil penelitian ini menunjukkan bahwa leverage memiliki pengaruh negatif dan signifikan terhadap prediksi financial distress serta profitabilitas memiliki pengaruh positif dan signifikan terhadap prediksi financial distress. Penelitian selanjutnya diharapkan mempertimbangkan aspek makroekonomi dalam memprediksi kondisi financial distress perusahaan.

The Effect of Financial Ratios in Predicting Financial Distress in Manufacturing Companies

“…These results are in line with research conducted by Dirman (2020), Wulandari &Fitria (2019), andSucipto &Muazaroh (2017) which shows that the leverage ratio has no effect on Financial Distress. This result is different from research conducted by Giovanni et al, (2020), Septiani &Dana (2019), andNindita et al, (2014) which showed that the leverage ratio had a significant negative effect on Financial Distress, and was different from research conducted by Agustini & Wirawati (2019) and Hidayat & Meiranto (2014) which shows that the leverage ratio has a significant positive effect on Financial Distress.…”

“…These results are in line with research conducted by Agustini & Wirawati (2019), Wulandari &Fitria (2019), andSucipto &Muazaroh (2017) which showed that the profitability ratio had a significant negative effect on Financial Distress. This result is different from the research conducted by Giovanni et al, (2020) and Dirman (2020) which showed that the profitability ratio had a significant positive effect on Financial Distress, and there were different results from the research conducted by Nindita et al, (2014) and Hidayat & Meiranto (2014)which state that the profitability ratio has no effect on Financial Distress. The activity ratio is the ratio used to measure the effectiveness of the utilization of the company's resources.…”

“…Financial Distress is a condition in which a company experiences financial difficulties prior to bankruptcy (Fahmi, 2016). Financial distress occurs when a company suffers losses due to liabilities that exceed the company's assets so that the company has the potential to go bankrupt (Giovanni et al, 2020). Financial distress occurs before bankruptcy and when the company suffers losses for several years (Sucipto & Muazaroh, 2017).…”

Studi Empiris Faktor Determinan Financial Distress

“…Rumus untuk menghitung nilai Z score untuk model Altman Z-Score. Sumber dari penelitian (Giovanni, Utami, & Yuzevin, 2020), yaitu: Z= 1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 + 1,0X5 Keterangan: X1 = modal kerja/total asset X2 = laba ditahan/total asset X3 = Penghasilan sebelum bunga dan pajak/total asset X4 = nilai pasar ekuitas/nilai buku total liabilitas X5 = penjualan/total asset Profitabilitas adalah kondisi dimana perusahaan mampu menghasilkan laba atau profit dalam suatu periode yang dinyatakan dalam bentuk persentase. Semakin tinggi tingkat profitabilitas perusahaan berarti semakin tinggi kemampuan perusahaan dalam menghasilkan laba.…”

Financial Ratio Analysis For Predicting Financial Distress

“…Financial reports offer insights into financial statements, cash flows, and financial performance. To make this information useful, the profit figure must be predictive, variable, and persistent (Giovanni et al, 2020;Hery, 2015;Murhadi, 2013;Prihadi, 2019).…”