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JURNAL BISNIS DAN AKUNTANSI
Vol. 16, No. 1a, Is. 8, November 2014, Hlm. 115-136

FAKTOR-FAKTOR YANG MEMPENGARUHI KONDISI FINANCIAL DISTRESS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

TIKE KARTIKA

STIE Trisakti
tike@stietrisakti.ac.id

 

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http://www.tsm.ac.id/JBA/JBAVOL16/FAKTOR-FAKTOR YANG MEMPENGARUHI KONDISI FINANCIAL DISTRESS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

ABSTRACT:

This study aimed to investigate the effect of financial ratios to predict probability of financial distress in the company. Financial ratios used as independent variables in this research are net profit margin, return on assets, return on equity, current ratio, working capital ratio, current liabilities to total assets, total assets turnover, debt to total assets ratio, firm size, cash flow and sales growth. The samples of this research are 89 manufacturing companies listed at Indonesia Stock Exchange with three years observation period from 2011 to 2013. The samples are classified into 2 groups which are 224 non-financially distressed firms and 43 financially distressed firms. The samples are chosen by purposive sampling. As for the criteria of financial distress in this study was measured by average earnings per share, whilst statistic analysis that used in this study was logistic regression.The result of this research shows that total assets turnover and debt to total assets ratio are significantly influence the firm’s financial distress condition. Whereas, net profit margin, return on assets, return on equity, current ratio, working capital ratio, current liabilities to total assets, firm size ,cash flow and sales growth do not influence the firm’s financial distress condition.

Keyword :Financial Distress, Liquidity, Profitability, Leverage, Solvability.
 
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