Pengaruh Likuiditas, Leverage, Dan Arus Kas Terhadap Financial Distress

Jennifen  Wijaya; Rousilita Suhendah

doi:10.24912/je.v28i2.1468

Authors

Jennifen Wijaya Fakultas Ekonomi dan Bisnis Universitas Tarumanagara Jakarta Indonesia
Rousilita Suhendah Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara Jakarta Indonesia

DOI:

https://doi.org/10.24912/je.v28i2.1468

Keywords: Financial Distress; Liquidity; Leverage; Cash Flow.

Abstract

The purpose of this study is to obtain empirical evidence regarding the effect of liquidity, leverage, and cash flow on financial distress. This study used consumer cyclicals sector companies listed on the Indonesia Stock Exchange in 2019-2021. Samples were selected by purposive sampling method and the data used were 133 data. The data obtained was processed using the E-Views 12 program. Based on the research conducted, liquidity has a positive significant effect on financial distress, leverage has a negative significant effect on financial distress, and cash flow has a positive significant effect on financial distress. The implication of this research is that liquidity, leverage, and cash flow affect company management, investors, and creditors in making decisions.

Author Biographies

Jennifen Wijaya, Fakultas Ekonomi dan Bisnis Universitas Tarumanagara Jakarta Indonesia

jennifen.125190101@stu.untar.ac.id

Rousilita Suhendah, Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara Jakarta Indonesia

Rousilitas@fe.untar.ac.id

References

Ananda. (2021). Pengertian Uji Asumsi Dan Jenis-Jenisnya. Gramedia Blog.

Ayuningtiyas, I. S and Suryono, B. (2019). Pengaruh Likuiditas, Profitabilitas, Leverage, Dan Arus Kas Terhadap Kondisi Financial Distress. Jurnal Ilmu dan Riset Akuntansi, 8(1), 1-17. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/242/243.

Basuki, T. A., dan Prawoto, N. (2017). Analisis Regresi Dalam Penelitian Ekonomi Dan Bisnis: (Dilengkapi AplikasiSPSS Dan Eviews)(2nd Ed.). Rajawali Press.

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). Retrieved from https://ijbel.com/wp-content/uploads/2020/08/IJBEL22_205.pdf.

Field, A. (2017). Discovering Statistics Using IBM SPSS Statistics(5th Ed.). Sage Publication.

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 (JAM), 17(1), 110-117. http://dx.doi.org/10.21776/ub.jam.2019.017.01.12.

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25(9th Ed.). Badan Penerbit Universitas Diponegoro.

Hery. (2016). Analisis Laporan Keuangan. Grasindo.

Hery. (2018). Analisis Laporan Keuangan (Integrated). PT. Gramedia.

Ikpesu, F. (2019). Firm Specific Determinants of Financial Distress: Empirical Evidence From Nigeria. Journal of Accounting and Taxation, 11(3), 49-56. https://doi.org/10.5897/jat2019.0333.

Irfani, A. (2020). Manajemen Keuangan Dan Bisnis: Teori Dan Aplikasi . Jakarta: PT. Gramedia Pustaka Utama.

Isayas, Y. N. (2021). Financial Distress And Its Determinants: Evidence From Insurance Companies in Ethiopia. Cogent Business & Management, 8(1), 1-16. https://doi.org/10.1080/23311975.2021.1951110.

Jaafar, M. N., Muhamat, A. A., Alwi, S. F., Karim, N. A., and Rahman, S. b. (2018). Determinants of Financial Distress Among The Companies Practise Note 17 Listed in Bursa Malaysia. International Journal Of Academic Research In Business And Social Sciences, 8(11), 800-811. https://doi.org/10.6007/ijarbss/v8-i11/4956.

Kasmir. (2018). Analisis Laporan Keuangan. PT. Raja Grafindo Persada.

Kazemian, S., Shauri, N. A., Sanusi, Z. M., Kamaluddin, A., and Shuhidan, S. M. (2017). Monitoring Mechanisms and Financial Distress of Public Listed Companies in Malaysia. Journal of International Studies, 10(1), 92-109. https://doi.org/10.14254/2071-8330.2017/10-1/6.

Kristanti, F.T., Rahayu, S., dan Nurul Huda, A., (2016). The Determinant of Financial Distress on Indonesia Family Firm. Procedia Social Behavioral Sciences, 219, 440-447. Retrieved from https://www.sciencedirect.com/science/article/pii/S1877042816300787.

Masdupi, Erni, Abel Tasman, dan Atri Davista. (2018). The Influence of Liquidity, Leverage and Profitability on Financial Distress of Listed Manufacturing Companies in Indonesia. Advances in Economics, Business and Management Research, 57, 223-228. Retrieved from https://doi.org/10.2991/piceeba-18.2018.51.

Michalkova, L., Adamko, P., & Kovacova, M. (2018). The Analysis of Causes of Business Financial Distress. Advances in Economics, Business and Management Research, 56, 49-52. https://www.atlantis-press.com/proceedings/febm-18/55907611.

Pandapotan, F., and Puspitasari, F. (2022). The Effect of Cash Flow, Board Independence, and Company Size on Financial Distress. Saudi Journal of Economics and Finance, 6(9), 311-318. https://doi.org/10.36348/sjef.2022.v06i09.003.

Pandegirot, S.C.G., Van Rate, P., dan Tulung, J.E., (2019). Analisis Pengaruh Current Ratio, Institutional Ownership, Debt to Asset Ratio terhadap Kondisi Financial Distress pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia 2013-2017. Jurnal EMBA, 7(8), hal 3339-3348. Retrieved from https://doi.org/10.35794/emba.v7i3.24242.

Phan, T. D., Hoang, T. T., and Tran, N. M. (2022). Cash Flow And Financial Distress Of Private Listed Enterprises on the Vietnam Stock Market: A Quantile Regression Approach. Cogant Business & Management, 9(1), 1-13. https://doi.org/10.1080/23311975.2022.2121237.

Putri, P. A. (2021). The Effect of Operating Cash Flows, Sales Growth, and Operating Capacity in Predicting Financial Distress. International Journal of Innovative and Research Technology, 6(1), 638-646. https://ijisrt.com/assets/upload/files/IJISRT21JAN378.pdf.

Saleem, R., Hussain, A., and Ibraheem, R. (2020). Banking Industry Specific Determinants of Financial Distress: Empirical Evidence from ASEAN Countries. iRASD Journal of Economics, 2(2), 113-123. https://doi.org/10.52131/joe.2020.0202.0020.

Sanjaya, A. R., & Marlius, D. (2017). Peranan Laporan Keuangan Dalam Kebijaksanaan Pemberian Kredit Kepada Calon Nasabah Pada PT. BPR Batang Kapas. https://doi.org/https://doi.org/10.31227/osf.io/uxmg6.

Wahyuningtiyas, A., and Retnani, E. D. (2020). Pengaruh Likuiditas, Profitabilitas, Leverage Dan Arus Kas Terhadap Financial Distress. Jurnal Illmu dan Riset Akuntansi, 9(8),1-15. Retrieved from http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/242/243.

Waqas, H., and Md-Rus, R. (2018). Predicting Financial Distress: Importance of Accounting and Firm-Specific Market Variables for Pakistan's Listed Firms. Cogant Economics & Finance (2018), 6: 154739, 1-16. https://doi.org/10.1080/23322039.2018.1545739.

Wesa, E., and Otinga, H. (2018). Determinants of Financial Distress Among Listed Firms at The Nairobi Securities Exchange, Kenya. The Strategic Journal of Business & Change Management Vol. 5, Iss. 4, October 29, 2018, 1057-1073. http://www.strategicjournals.com/index.php/journal/article/view/933/934.

Zelie, E. M., and Wassie, F. A. (2019). Examining The Financial Distress Condition and Its Determinant Factors: A Study on Selected Insurance Companies in Ethiopia. World Journal of Education and Humanities Vol. 1 No. 1, 2019, 64-75. https://doi.org/10.22158/wjeh.v1n1p64.