Pengaruh Rasio Likuiditas, Solvabilitas, Ukuran Perusahaan Dan Dewan Direksi Terhadap Financial Distress (studi Kasus Pada Perusahaan Sektor Infrastruktur, Utilitas Dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2015 - 2019)

Fanni Nurbaiti Jaelani, Vaya Juliana Dillak

Abstract

Abstrak Saat ini perusahaan infrastruktur sedang berkembang di Indonesia Perkembangan sektor infrastruktur dapat membuat laba perusahaan meningkat akan tetapi dikhawatirkan perusahaan tidak mampu mengelola dengan bijak sehingga perusahaan dapat mengalami financial distress. Financial distress adalah kondisi dimana perusahaan sudah tidakmampu membayarkan kewajibannya, baik jangka pendek maupun jangka panjang atau. Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas, solvabilitas, ukuran perusahaan dan dewan direksi terhadap financial distress. Financial distress dihitung menggunakan nilai Earning Per Share (EPS) Perusahaan dengan menggunakan variabel dummy, dimana perusahaan yang mempunyai EPS Negatif akandi beri nilai 1 dan perusahaan yang mengalami EPS Positif akan diberi nilai 0. Populasi penelitian ini adalah perusahaan sub sektor infrastruktur, utilitas dan transportasi yang terdaftardi Bursa Efek Indonesia (BEI) pada tahun 2015-2019. Teknik sampling yang dalam penelitian ini adalah purposive sampling dan diperoleh 210 data observasi. Metode analisis data dalam penelitian ini adalah regresi logistik yang menggunakan software SPSS25. Hasil penelitian ini menunjukkan bahwa secara simultan variabel likuiditas (CR), solvabilitas (DER), ukuran perusahaan dan dewan direksi berpengaruh signifikan terhadap financial distress. Secara parsial, variabel likuiditas (CR) berpengaruh positif terhadap financial distress dan variabel dewan direksi berpengaruh positif terhadap financial distress. Ukuran perusahaan dan dewan direksi tidak berpengaruh signifikan terhadap financial distress Kata Kunci: Dewan Direksi, Likuiditas, Solvabilitas, Ukuran Perusahaan dan Financial Distress. Abstract Currently, infrastructure companies are developing in Indonesia. The development of the infrastructure sector can make the company's profit increase, but it is feared that the company willnot be able to manage the company's wisely so that the company can experience financial distress. Financial distress is a condition where the company is unable to pay its obligations, both short term and long term. This study aims to determine the effect of liquidity, solvency, firm size and board of directors on financial distress. Financial distress is calculated using the company's Earning Per Share (EPS) value using a dummy variable, where companies that have Negative EPS will be given a value of 1 and companies that experience Positive EPS will be given a value of 0. The population of this study is the infrastructure, utilities and transportation sub-sector companies listed on the Indonesia Stock Exchange (IDX) in 2015-2019. The sampling technique used in this study was purposive sampling and obtained 210 observational data. The data analysis method in this study is logistic regression using SPSS 25 software. The results of this study indicate that simultaneously the variables of liquidity (CR), solvency (DER), firm size and the board of directors have a significant effect on financial distress.Partially, the liquidity variable (CR) has a significant positive effect on financial distress and the board of directors variable has a significant positive effect on financial distress. Company size and board of directors have no significant effect on financial distress. Keywords: liquidity, firm size, financial distress, leverage, firm and board of directors

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