Struktur Modal, Profitabilitas, Likuiditas, Leverage dan Financial Distress
Abstract
This study aims to determine the effect of capital structure, profitability, liquidity and leverage in predicting the potential for financial distress. This research includes causative research to see the relationship between variables. The data used is quantitative data from the Indonesia Stock Exchange. The research population is large trading companies on the IDX for the 2017-2019 period. The sample used as many as 33 companies. This research uses binary logistic regression analysis technique with SPSS 26.0 tool. The results showed that capital structure with DER proxies, profitability with ROA proxies and liquidity with CR proxies had no effect on financial distress. Meanwhile, leverage with DAR proxy has a significant positive effect on financial distress.
Keywords : Financial Distress; Capital Structure; Profitability; Liquidity and Leverage.
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References
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Asmarani, S. A., & Lestari, D. (2020). Analisis Pengaruh Likuiditas, Leverage dan Proftabilitas terhadap Financial Distress. Jurnal Administrasi Bisnis, 9(3), 369. https://doi.org/10.32493/jabi.v3i3.y2020.p253-266
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Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age, Dan Kepemilikan Institusional Terhadap Financial Distress. Simak, 16(01), 45–62. https://doi.org/10.35129/simak.v16i01.11
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Dewi, N. L. P. A., Endiana, I. D. M., & Arizona, I. P. E. (2015). Pengaruh Rasio Likuiditas, Rasio Leverage dan Rasio Profitabilitas Terhadap Financial Distress Pada Perusahaan Manufaktur. Journal of Chemical Information and Modeling, 53(November), 1689–1699. http://www.statsghana.gov.gh/docfiles/glss6/GLSS6_Main Report.pdf%0Ahttps://resources.saylor.org/wwwresources/archived/site/wp-content/uploads/2015/07/ENVS203-7.3.1-ShawnMackenzie-ABriefHistoryOfAgricultureandFoodProduction-CCBYNCSA.pdf
Dewi, T. T. C., & Mahfudz. (2016). Effect of change in surplus ratio, incurred loss ratio, liquidity ratio, premium growth ratio, size and risk based capital to predict the possibilities of financial distress: The case of Indonesian non-life insurance listed in Indonesia insurance director. Advanced Science Letters, 23(8), 7285–7288. https://doi.org/10.1166/asl.2017.9352
Dirman, A. (2020). Financial Distress: The Impacts Of Profitability, Liquidity, Leverage, Firm Size, And Free Cash Flow. International Journal of Business, Economics and Law, 22(1), 17–25.
Dwiantari, R. A., Gede, L., & Artini, S. (2021). The Effect of Liquidity , Leverage , and Profitability on Financial Distress ( Case Study of Property and Real Estate Companies on the IDX 2017-2019 ). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 367–373.
Erayanti, R. (2019). Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap Prediksi Financial Distress. Jurnal Riset Akuntansi & Perpajakan (JRAP), 6(01), 38–51. https://doi.org/10.35838/jrap.v6i01.393
Fadhilah, S. N., & Nurdin, N. (2020). Pengaruh Financial Leverage, Struktur Modal, dan Total Asset Growth Terhadap Financial Distress. Prosiding Manajemen, 6(2), 865–871.
Fatmawati, V., & Rihardjo, I. B. (2017). Pengaruh Likuiditas, Leverage, Aktivitas Dan Profitabilitas Dalam Memprediksi Financial Distress. Ilmu Dan Riset Akuntansi, 6(10), 1–19.
Finishtya, F. C. (2019). the Role of Cash Flow of Operational, Profitability, and Financial Leverage in Predicting Financial Distress on Manufacturing Company in Indonesia. Jurnal Aplikasi Manajemen, 17(1), 110–117. https://doi.org/10.21776/ub.jam.2019.017.01.12
Gobenvy, O. (2014). Pengaruh Profitabilitas, Financial Leverage Dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2009-2011. Jurnal Akuntansi, 2(1), 1–24. http://ejournal.unp.ac.id/students/index.php/akt/article/view/859/609
Harianti, R., & Paramita, R. A. S. (2019). Analisis Faktor Internal Terhadap Financial Distress Sektor Perdagangan, Jasa, dan Investasi yang Go Public pada Periode 2013 - 2017. Jurnal Ilmu Manajemen (JIM), 7(4), 984–993. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/29608
Hendra, Afrizal, E. D. P. . (2018). Faktor-Faktor yang Mempengaruhi Financial Distress (Studi Empiris Pada Perusahaan Pertambangan yang terdaftar di Bursa Efek Indonesia Periode 2014-2016). 14, 63–65. https://doi.org/10.15900/j.cnki.zylf1995.2018.02.001
Islami, I. N., & Rio, W. (2019). Financial Ratio Analysis to Predict Financial Distress on Property and Real Estate Company listed in Indonesia Stock Exchange. JAAF (Journal of Applied Accounting and Finance), 2(2), 125. https://doi.org/10.33021/jaaf.v2i2.550
Khotimah, K., & Yuliana, I. (2020). Pengaruh profitabilitas terhadap prediksi kebangkrutan ( financial distress ) dengan struktur modal sebagai variabel moderating. Forum Ekonomi; Jurnal Ekonomi Manajemen Dan Akuntansi, 22(1), 37–43.
Marfungatun, F. (2015). Pengaruh Rasio Profitabilitas, Likuiditas Dan Leverage. Ekonomi, 0(0), 1–12.
Muhammad Reza Fahlevi, & Aan Marlinah. (2018). the Influence of Liquidity, Capital Structure, Profitability and Cash Flows on the Company’S Financial Distress. Jurnal Bisnis Dan Akuntansi, 20(1), 59–68. https://doi.org/10.34208/jba.v20i1.409
Nelson, Johnny, & Peter, A. (2019). an Empirical Analysis of Effect of Capital Structure on Firm. European Journal of Accounting, Auditing and Finance Research, 7(9), 30–44.
Pratiwi, Indah , Supriadi, Y. (2014). Analisis Kebangkrutan Perusahaan Dalam Hubungannya dengan Kebijakan Struktur Modal dan Biaya Modal. 2(1), 1–8.
Saputri, L., & Asrori. (2019). The Effect of Liquidity, Leverage, and Operating Capacity on Financial Distress with Managerial Ownership as a Moderating Variable. Accounting Analysis Journal, 8(3), 214–220. https://doi.org/10.15294/aaj.v8i1.25887
Septiani, N. M. I., & Dana, I. M. (2019). Pengaruh Likuiditas, Leverage, Dan Kepemilikan Institusional Terhadap Financial Distress Pada Perusahaan Property Dan Real Estate. E-Jurnal Manajemen Universitas Udayana, 8(5), 3110. https://doi.org/10.24843/ejmunud.2019.v08.i05.p19
Setiawati, A. (2018). Dupont Terhadap Prediksi Financial Distress Pada Perusahaan Perdagangan Besar Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018.
Sudjiman, A. A. J. S., & Sudjiman, L. S. (2020). Investigating Effect of Liquidity, Leverage and Sales Growth on Financial Distress. Jurnal Ekonomis, 13(2), 3–18.
Suniah, V. H. (2020). Pengaruh Profitabilitas , Struktur Modal , Sales Growth , Dan Pergantian Ceo Terhadap Financial Distress Dengan Variabel Moderasi Struktur Corporate Governance Akuntansi Fakultas Ekonomi dan Bisnis Universitas Trisakti. KOCENIN Serial Konferensi, 1(1), 1–9.
Susanti, N., Latifa, I., & Sunarsi, D. (2020). The Effects of Profitability, Leverage, and Liquidity on Financial Distress on Retail Companies Listed on Indonesian Stock Exchange. Jurnal Ilmiah Ilmu Administrasi Publik, 10(1), 45. https://doi.org/10.26858/jiap.v10i1.13568
Windiastuti, A., & Wajdi, M. F. (2020). Analisis Pengaruh Corporate Governance, Leverage dan Likuiditas terhadap Peluang terjadinya Financial Distress pada Perusahaan Manufaktur di Bursa Efek…. http://eprints.ums.ac.id/id/eprint/81088
Andre, O., & Taqwa, S. (2014). Pengaruh Profitabilitas , Likuiditas , dan Leverage Dalam Memprediksi Financial Distress ( Studi Empiris Pada Perusahaan Aneka Industri yang Terdaftar di BEI Tahun 2006-2010 ). Jurnal Wahana Riset Akuntansi, 2(1), 293–312. http://ejournal.unp.ac.id/index.php/wra/article/view/6146
Ardi, M. F. S., Desmintari, D., & Yetty, F. (2020). Analisa Kinerja Keuangan Terhadap Financial Distress Pada Perusahaan Tekstil dan Garment Di BEI. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 309–318. https://doi.org/10.37641/jiakes.v8i3.383
Asmarani, S. A., & Lestari, D. (2020). Analisis Pengaruh Likuiditas, Leverage dan Proftabilitas terhadap Financial Distress. Jurnal Administrasi Bisnis, 9(3), 369. https://doi.org/10.32493/jabi.v3i3.y2020.p253-266
Atika, G. A., Jumaidi, & Kholis, A. (2020). Pengaruh Likuiditas Dan Ukuran Perusahaan Terhadap Financial Distress. Prosiding WEBINAR Fakultas Ekonomi Universitas Negeri Medan, 976-623-94335-0–5, 86–101.
Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age, Dan Kepemilikan Institusional Terhadap Financial Distress. Simak, 16(01), 45–62. https://doi.org/10.35129/simak.v16i01.11
Christella, C., & Oesoga, M. S. (2019). Pengaruh Leverage, Profitabilitas, Kepemilikan Institusional, Likuiditas, Dan Ukuran Perusahaan Terhadap Financial Distress: Ultimaccounting : Jurnal Ilmu Akuntansi, 11(1), 13–31. https://doi.org/10.31937/akuntansi.v11i1.1092
Curry, K., Banjarnahor, E., Diploma, P., & Keuangan, E. (2018). Financial Distress Pada Perusahaan Sektor Properti Go. 207–221.
Dewi, N. L. P. A., Endiana, I. D. M., & Arizona, I. P. E. (2015). Pengaruh Rasio Likuiditas, Rasio Leverage dan Rasio Profitabilitas Terhadap Financial Distress Pada Perusahaan Manufaktur. Journal of Chemical Information and Modeling, 53(November), 1689–1699. http://www.statsghana.gov.gh/docfiles/glss6/GLSS6_Main Report.pdf%0Ahttps://resources.saylor.org/wwwresources/archived/site/wp-content/uploads/2015/07/ENVS203-7.3.1-ShawnMackenzie-ABriefHistoryOfAgricultureandFoodProduction-CCBYNCSA.pdf
Dewi, T. T. C., & Mahfudz. (2016). Effect of change in surplus ratio, incurred loss ratio, liquidity ratio, premium growth ratio, size and risk based capital to predict the possibilities of financial distress: The case of Indonesian non-life insurance listed in Indonesia insurance director. Advanced Science Letters, 23(8), 7285–7288. https://doi.org/10.1166/asl.2017.9352
Dirman, A. (2020). Financial Distress: The Impacts Of Profitability, Liquidity, Leverage, Firm Size, And Free Cash Flow. International Journal of Business, Economics and Law, 22(1), 17–25.
Dwiantari, R. A., Gede, L., & Artini, S. (2021). The Effect of Liquidity , Leverage , and Profitability on Financial Distress ( Case Study of Property and Real Estate Companies on the IDX 2017-2019 ). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 367–373.
Erayanti, R. (2019). Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap Prediksi Financial Distress. Jurnal Riset Akuntansi & Perpajakan (JRAP), 6(01), 38–51. https://doi.org/10.35838/jrap.v6i01.393
Fadhilah, S. N., & Nurdin, N. (2020). Pengaruh Financial Leverage, Struktur Modal, dan Total Asset Growth Terhadap Financial Distress. Prosiding Manajemen, 6(2), 865–871.
Fatmawati, V., & Rihardjo, I. B. (2017). Pengaruh Likuiditas, Leverage, Aktivitas Dan Profitabilitas Dalam Memprediksi Financial Distress. Ilmu Dan Riset Akuntansi, 6(10), 1–19.
Finishtya, F. C. (2019). the Role of Cash Flow of Operational, Profitability, and Financial Leverage in Predicting Financial Distress on Manufacturing Company in Indonesia. Jurnal Aplikasi Manajemen, 17(1), 110–117. https://doi.org/10.21776/ub.jam.2019.017.01.12
Gobenvy, O. (2014). Pengaruh Profitabilitas, Financial Leverage Dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2009-2011. Jurnal Akuntansi, 2(1), 1–24. http://ejournal.unp.ac.id/students/index.php/akt/article/view/859/609
Harianti, R., & Paramita, R. A. S. (2019). Analisis Faktor Internal Terhadap Financial Distress Sektor Perdagangan, Jasa, dan Investasi yang Go Public pada Periode 2013 - 2017. Jurnal Ilmu Manajemen (JIM), 7(4), 984–993. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/29608
Hendra, Afrizal, E. D. P. . (2018). Faktor-Faktor yang Mempengaruhi Financial Distress (Studi Empiris Pada Perusahaan Pertambangan yang terdaftar di Bursa Efek Indonesia Periode 2014-2016). 14, 63–65. https://doi.org/10.15900/j.cnki.zylf1995.2018.02.001
Islami, I. N., & Rio, W. (2019). Financial Ratio Analysis to Predict Financial Distress on Property and Real Estate Company listed in Indonesia Stock Exchange. JAAF (Journal of Applied Accounting and Finance), 2(2), 125. https://doi.org/10.33021/jaaf.v2i2.550
Khotimah, K., & Yuliana, I. (2020). Pengaruh profitabilitas terhadap prediksi kebangkrutan ( financial distress ) dengan struktur modal sebagai variabel moderating. Forum Ekonomi; Jurnal Ekonomi Manajemen Dan Akuntansi, 22(1), 37–43.
Marfungatun, F. (2015). Pengaruh Rasio Profitabilitas, Likuiditas Dan Leverage. Ekonomi, 0(0), 1–12.
Muhammad Reza Fahlevi, & Aan Marlinah. (2018). the Influence of Liquidity, Capital Structure, Profitability and Cash Flows on the Company’S Financial Distress. Jurnal Bisnis Dan Akuntansi, 20(1), 59–68. https://doi.org/10.34208/jba.v20i1.409
Nelson, Johnny, & Peter, A. (2019). an Empirical Analysis of Effect of Capital Structure on Firm. European Journal of Accounting, Auditing and Finance Research, 7(9), 30–44.
Pratiwi, Indah , Supriadi, Y. (2014). Analisis Kebangkrutan Perusahaan Dalam Hubungannya dengan Kebijakan Struktur Modal dan Biaya Modal. 2(1), 1–8.
Saputri, L., & Asrori. (2019). The Effect of Liquidity, Leverage, and Operating Capacity on Financial Distress with Managerial Ownership as a Moderating Variable. Accounting Analysis Journal, 8(3), 214–220. https://doi.org/10.15294/aaj.v8i1.25887
Septiani, N. M. I., & Dana, I. M. (2019). Pengaruh Likuiditas, Leverage, Dan Kepemilikan Institusional Terhadap Financial Distress Pada Perusahaan Property Dan Real Estate. E-Jurnal Manajemen Universitas Udayana, 8(5), 3110. https://doi.org/10.24843/ejmunud.2019.v08.i05.p19
Setiawati, A. (2018). Dupont Terhadap Prediksi Financial Distress Pada Perusahaan Perdagangan Besar Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018.
Sudjiman, A. A. J. S., & Sudjiman, L. S. (2020). Investigating Effect of Liquidity, Leverage and Sales Growth on Financial Distress. Jurnal Ekonomis, 13(2), 3–18.
Suniah, V. H. (2020). Pengaruh Profitabilitas , Struktur Modal , Sales Growth , Dan Pergantian Ceo Terhadap Financial Distress Dengan Variabel Moderasi Struktur Corporate Governance Akuntansi Fakultas Ekonomi dan Bisnis Universitas Trisakti. KOCENIN Serial Konferensi, 1(1), 1–9.
Susanti, N., Latifa, I., & Sunarsi, D. (2020). The Effects of Profitability, Leverage, and Liquidity on Financial Distress on Retail Companies Listed on Indonesian Stock Exchange. Jurnal Ilmiah Ilmu Administrasi Publik, 10(1), 45. https://doi.org/10.26858/jiap.v10i1.13568
Windiastuti, A., & Wajdi, M. F. (2020). Analisis Pengaruh Corporate Governance, Leverage dan Likuiditas terhadap Peluang terjadinya Financial Distress pada Perusahaan Manufaktur di Bursa Efek…. http://eprints.ums.ac.id/id/eprint/81088
Published
2021-11-28
How to Cite
DINI, Siti et al.
Struktur Modal, Profitabilitas, Likuiditas, Leverage dan Financial Distress.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 11, p. 2761-2773, nov. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/75994>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i11.p07.
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