Pengaruh Working Capital Turnover dan Leverage Terhadap Financial Distress (Study Empiris pada Perusahaan Jasa SubSektor Property, Real Estate dan Kontruksi Bangunan yang Tercatat di Bursa Efek Indonesia)

Abstract

This study aims to determine whether or not the influence of Working Capital Turnover and Leverage to Financial Distress (Empirical Study on Service Company Sub Sector Property, Real Estate and Building Construction Listed on Indonesia Stock Exchange) during the period 2012-2017. Independent variable Working Capital Turnover using Net Working Capital Turnover and leverage using debt to assets ratio (DAR). The dependent variable of financial distress uses Z-Score Altman Modification. The research method used is quantitative method. The type of data is secondary data obtained from the official website of BEI namely www.idx.co.id. Data analysis used is multiple linear regression analysis. The results showed that the Working Capital Turnover variable had a positive effect on financial distress, meaning that if the faster or higher the working capital turnover, the financial condition would be fine and vice versa. Leverage variables have a negative effect on financial means that if the level of debt that finances assets is not too high, then the financial condition will be fine and vice versa.

Pengaruh Profitability, Working Capiral, Dan Free Cash Flow Terhadap Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2020

“…Working Capital dan Financial Distress Sebelumnya telah dilakukan penelitian untuk mencari tahu hubungan Working Capital dengan Financial distress, diantara lain: (Lestari & Ardiana, 2019) penelitiannya menemukan pengaruh positif dan signifikan antara Working Capital terhadap Financial Distress. Penelitian ini sejalan dengan penelitian (Desiyanti et al, 2019).…”

Fenomena struktur modal di Indonesia

“…Zulaecha & Mulvitasari (2019) dan Lestari & Ardiana (2019) revealed that the use of debt harms financial difficulties in property, real estate, and building construction companies. The level of use of debt is one factor that can provide information about the company's health condition.…”

“…The level of use of debt is one factor that can provide information about the company's health condition. The higher the use of debt, the more significant its financial burden (Lestari & Ardiana, 2019) is interest costs. A low level of debt usage impacts the loan interest rate to below so that the ability to generate profits from the use of debt is even greater.…”

“…Studies on capital structure in Indonesia generally focus on the determinants and consequences of capital structure (Zulaecha & Mulvitasari, 2019;Kartika & Hasanudin, 2019;Tutliha & Rahayu, 2019;Lestari & Ardiana, 2019;Salma & Riska, 2020;Hidayat, 2019). In addition, descriptive research on capital structure is still limited to the elaboration of one business sector in Indonesia (Krisna Dewi et al, 2017;Tamam & Wibowo, 2018;Nita Septiani & Suaryana, 2018;Dewiningrat & Mustanda, 2018;Rico Andika & Sedana, 2019).…”