Financial Distress Prediction In Non-Cyclical Sector Companies

Dian Putri Christiani

Abstract


Financial distress is a signal for companies to avoid bankruptcy. Analysis of financial ratios is very important for company stakeholders in dealing with rapid economic changes. For example, the Corona pandemic that emerged in 2020 caused several companies to experience financial distress, including primary consumer sector companies. The companies under study that experienced financial distress included Bumi Teknoculture Unggul Tbk., Eagle High Plantations Tbk., and Tri Banyan Tirta Tbk. This study uses linear regression analysis with leverage, liquidity, profitability and activity as independent variables, while the dependent variable financial distress is proxied in the calculation of the Altman Z-Score. The result of this study is that leverage has a negative effect on financial distress. Liquidity does not prove that there is an effect on the dependent variable while profitability and activity have a positive effect on financial distress.


Keywords


Financial Distress, Financial Ratio, Altman Z-Score, Non Cyclical

References


Altman, E. I. (1968). Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy. The Journal of Finance, XXIII(4), 589–609.

Ardi, M. F. S., Desmintari, & Yetty, F. (2020). Analisis Pengaruh Kinerja Keuangan Terhadap Financial Distress Pada Perusahaan Tekstil dan Garment Di BEI. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 309–318.

Asquith, P., Gertner, R., & Scharfstein, D. (1994). Anatomy of Financial Distress. The Quarterly Journal Of Economics, 109(3), 625–658.

Brigham, E. F., & Houston, J. F. (2009). Fundamentals of Financial Management (12th ed.). Mason : South-Western Cengage Learning.

Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age Dan Kepemilikan Institusional Terhadap Financial Distress. Jurnal Sistem Informasi, Manajemen Dan Akuntansi, 16(1), 45–62.

Finishtya, F. C. (2019). The Role Of Cash Flow Of Operational, Profitability, And Financial Leverage In Predicting Financial Distress On Manufacturing Company In Indonesia. Journal Of Applied Management, 17(1), 110–117. https://doi.org/10.21776/ub.jam.2019.017.01.12

Gyarteng, K. A. (2021). Corporate Financial Distress : The Impact of Profitability, Liquidity, Asset Productivity, Activity And Solvency. Journal of Accounting, Business and Management, 28(2), 104–115.

Hardani, Auliya, N. H., Andriani, H., Fardani, R. A., Ustiawaty, J., Utami, E. F., Sukmana, D. J., & Istiqomah, R. R. (2020). Metode Penelitian Kualitatif & Kuantitatif (1st ed., Vol. 1). Yogyakarta : CV. Pustaka Ilmu Group.

Idawati, W., & Wardhana, A. K. (2021). Analysis Of Financial Distress With Profitability As Moderation Variable. Jurnal Akuntansi, XXV(02), 222–238.

idx.co.id. (2023a). Fact Sheet Indeks IDX Sektor Barang Konsumen Primer (IDXNONCYC) per Maret 2023. https://idx.co.id/id/data-pasar/laporan-statistik/fact-sheet-index/

idx.co.id. (2023b, April 13). Notasi Khusus per tanggal 13 April 2023. https://www.idx.co.id/id/perusahaan-tercatat/notasi-khusus/

Islamiyatun, S. B., Hermuningsih, S., & Cahya, A. D. (2021). Pengaruh Profitabilitas, Likuiditas Dan Solvabilitas Terhadap Kondisi Financial Distress. Competitive Jurnal Akuntansi Dan Keuangan, 5(2).

Kamaluddin, A., Ishak, N., & Mohammed, N. F. (2019). Financial Distress Prediction Through Cash Flow Ratios Analysis. International Journal of Financial Research, 10(3), 63–76. https://doi.org/10.5430/ijfr.v10n3p63

Kasmir. (2019). Analisis Laporan Keuangan (1st ed.). Jakarta : PT. RajaGrafindo Persada.

Kusuma, E., & Sumani. (2017). Pengaruh Likuiditas, Leverage dan Profitabilitas Terhadap Financial Distress (Z-Score) Perusahaan Property, Real Estate dan Manufaktur Periode 2014-2016. Jurnal Manajemen, 14(1), 1–16.

Laksmiwati, M., Mappadang, A., & Maulana, M. R. (2022). Determinan Kinerja Keuangan Dan Good Corporate Governance Terhadap Financial Distress Model Altman. Jurnal Riset Akuntansi Dan Keuangan, 4(1), 21–32.

Maghfiroh, R. D., Hartono, U., & Haryono, N. A. (2022). The Indonesia Stock Exchange Companies: The Existence of Institutional Ownership As a Moderating Variable Of The Influence Of Financial Ratio on Financial Distress. Journal of Business and Management Review, 3(8), 532–547.

Mahaningrum, A. A. I. A., & Merkusiwati, N. K. L. A. (2020). Pengaruh Rasio Keuangan Pada Financial Distress. E-Jurnal Akuntansi, 30(8), 1969–1984.

Marota, R., Alipudin, A., & Maiyarash, A. (2018). Pengaruh Debt To Assets Ratio (DAR), Current Ratio (CR) Dan Corporate Governance Dalam Memprediksi Financial Distress Pada Perusahaan BUMN Sektor Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Akuntansi Fakultas Ekonomi, 4(2), 249–266.

Murni, M. (2018). Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2010-2014. Jurnal Akuntansi Dan Bisnis, 4(1), 74–83.

Nugrahanti, Y. W. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Financial Distress Dengan Mekanisme Corporate Governance sebagai Pemoderasi. Simposium Nasional Perpajakan, 1(1), 45–60.

Rahayu, W. P., & Sopian, D. (2017). Pengaruh Rasio Keuangan Dan Ukuran Perusahaan Terhadap Financial Distress. Competitive Jurnal Akuntansi Dan Keuangan, 1(2).

Sari, I. P., Susbiyani, A., & Syahfrudin, A. (2019). Analisis Faktor-Faktor Yang Mempengaruhi Kondisi Financial Distress Pada Perusahaan Yang Terdapat DI BEI Tahun 2016-2018. Jurnal Ilmiah Akuntansi Dan Humanika, 9(2), 191–203.

Savitri, E. R., & Purwohandoko. (2021). Analisis Pengaruh Financial Indicators Dan Ownership Structure Untuk Memprediksi Kondisi Financial Distress. Jurnal Ilmu Manajemen, 9(2), 723–737.

Sekaran, U. & B. R. (2016). Research Methods for Business (7th ed.). Chichester, West Sussex, United Kingdom : John Wiley & Sons Ltd.

Setiyoharini, R., & Taufiqurahman, E. (2022). Pengaruh Rasio Keuangan, Kepemilikan Saham, dan Indikator Makroekonomi Terhadap Financial Distress. Jurnal Ekonomi & Ekonomi Syariah, 5(1), 743–756.

Sugiharto, B., Putri, T. E., & Nur’alim, R. M. (2021). The Effect Of Liquidity, Leverage, And Sales Growth On Financial Distress With Profitability As Moderating Variables (Case study of manufacturing companies listed on the Indonesia Stock Exchange 2017 – 2019). Journal of Accounting for Sustainable Society, 3(1), 45–69. https://doi.org/10.35310/jass.v3i01.888

Suryani. (2020). Pengaruh Profitabilitas, Leverage, Sales Growth dan Ukuran Perusahaan terhadap Financial Distress. Jurnal Online Insan Akuntan, 5, 229–244.

Susilowati, P. I. M., & Fadlillah, M. R. (2019). Faktor-Faktor Yang Mempengaruhi Financial Distress Pada Perusahaan Manufaktur Di Indonesia. Jurnal Akuntansi Dan Sistem Informasi , 4(1), 19–28.

Sutra, F. M., & Mais, R. G. (2019). Faktor-Faktor Yang Mempengaruhi Financial Distress dengan Pendekatan Altman Z-Score pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Jurnal Akuntansi Dan Manajemen, 16(1), 34–72.

Utami, S. W., & Dirman, A. (2022). The Effect of Institutional Ownership, Managerial Ownership, Liquidity, and Leverage on Financial Distress. Asian Journal of Economics, Business and Accounting, 22(21), 170–181.

Vestari, M., & Farida, D. N. (2013). Analisis Rasio-Rasio Dan Ukuran Keuangan, Prediksi Financial Distress Dan Reaksi Investor. Jurnal Akuntansi, 5(1), 26–44.




DOI: http://dx.doi.org/10.32833/majem.v13i1.405

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.