Analysis Of Financial Distress With Profitability As Moderation Variable

Wiwi Idawati; Aditya Kusuma Wardhana

doi:10.24912/ja.v25i2.807

Authors

Wiwi Idawati Department Accounting, STIE IndonesiaBanking School, Jakarta
Aditya Kusuma Wardhana DepartmentAccounting, STIE IndonesiaBanking School, Jakarta

DOI:

https://doi.org/10.24912/ja.v25i2.807

Keywords: Liquidity, Leverage, Operating Capacity, Profitability, Financial Distress.

Abstract

The purpose of this research is to know and analyze the performance of profitability to measure its ability to strengthen or weaken about impact liquidity, leverage, and also operating capacity for financial distress. Furthermore, there are 39 of Indonesia Stock Exchange infrastructure companies as long as 2016-2020 as samples in this study. The results of the data analysis show that liquidity variables do not signiifkan to financial distress, and leverage is significantly positive to financial distress and operating capacity is significantly negative to financial distress. Profitability strengthens liquidity relationships to financial distress. As for the relationship of leverage and also operating capacity to financial distress can not be moderated profitability.

Author Biographies

Wiwi Idawati, Department Accounting, STIE IndonesiaBanking School, Jakarta

wiwi.idawati@ibs.ac.id

Aditya Kusuma Wardhana, DepartmentAccounting, STIE IndonesiaBanking School, Jakarta

kaditwardhana@gmail.com

References

Abdillah, N. (2020). Pengaruh Rasio Leverege, Profitabilitas Dan Ukuran Perusahaan Terhadap Financial Distress.Prosiding Biema, 1(1), 60–74.

Affifah, A., dan Muslih, M. (2018). Pengaruh Leverege, Profitabilitas Dan Good Corporate Governance Terhadap Financial Distress (Studi Kasus pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2016). Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan Dan Akuntansi, 10(2), 241–256. https://jurnal.polban.ac.id/akuntansi/article/view/1213.

Altman, E. (1968). Financial Ratio, Discriminant Analysis, and the Prediction of Corporate Bankcruptcy. "The Journal of Finance, September, Vol. 23, h. 589-609.

Ananto, R. P., Mustika, R., dan Handayani, D. (2017). Pengaruh GCG, Leverage, Profitabilitas Dan UP Terhadap FD Pada Perusahaan Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 19(1), 92–105.

Anggraeni, G., Parlindungan, D., dan Kurniawati, R. (2020). Pengaruh Corporate Governance, Rasi Keuangan, dan Ukuran Perusahaan Terhadap Financial Distress (Studi Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2015-2018). Jurnal Ekonomi Bisnis (JEB), 26(2), 324–332.

Ayu, P., and Widari, D. (2021). The Effect of Operating Cash Flows , Sales Growth , and Operating Capacity in Predicting Financial Distress. 6(1).

Baimwera, B., and Muriuki, A. M. (2014). Analysis of Corporate Financial Distress Determinants : a Survey of Non-Financial Firms Listed in the Nse. International Journal of Current Business and Social Sciences, 1(2), 58–80.

Bernardin, D. E. Y., dan Indriani, G. (2020). Fiancial Distress : Laverage, Likuiditas, Aktivitas Dan Ukuran Perusahaan Dimoderasi Profitabilitas. Jurnal Financia, 1(1), 38–49.

Chen, C. C., Chen, C. Da, and Lien, D. (2020). Financial distress prediction model: The effects of corporate governance indicators. Journal of Forecasting, 39(8), 1238–1252. https://doi.org/10.1002/for.2684.

Desiyanti, O., Soedarmo, W., Chandra, K., and Kusnadi, K. (2019). The Effect Of Financial Ratios To Financial Distress Using Altman Z-Score Method In Real Estate Companies Listed In Indonesia Stock Exchange Period 2014 - 2018. Business and Entrepreneurial Review, 19(2), 119. https://doi.org/10.25105/ber.v19i2.5699.

Dewi, R.J., Khairunnisa, dan Mahardika, D.P (2017). Analisis Pengaruh Likuiditas, Leverage, dan Operating Capacity Terhadap Financial Distress. Bandung: Universitas Telkom ISSN : 2355-9357.

F.Ermar, S. Suhono. (2021). Pengaruh RGEC (Risk Profile, Good Corporate Governance Earning, Capital) terhadap Financial Distress. Owner Riset & Jurnal Akuntansi, 5(1), 107-118.

Ghozali, (2016). Aplikasi Analisis Multivariate dengan Program SPSS. Edisi Ketujuh. Semarang: Badan Penelitian Universitas Diponegoro. https://money.kompas.com/read/2021/04/09/110159826/derita-waskita-utang-menggunung-rugi-triliunan-anak-digugat-pailit?page=all Diakses 01 April 2021.

Idawati, W. (2020). Analisis Financial Distress : Operating Capacity, Leverage, Dan Profitabilitas. Jurnal Akuntansi Bisnis, 13(1), 1–10. https://doi.org/10.30813/jab.v13i1.1914.

Indriaty, N., Setiawan, D., and Pravasanti, Y. A. (2019). The Effects of Financial Ratio, Local Size and Local Status on Financial Distress. International Journal of Economics, Business and Accounting Research (IJEBAR), 3(01), 38. https://doi.org/10.29040/ijebar.v3i01.381.

Islami, I. N., and 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.

Jensen, Michael C., and Meckling, William H. (1976) "Theoryof The Firm: Managrial Behavior, Agency Cost and Ownership Structure". Journal of Financial Economics, Vol.3, No.4, October.305-360.

Keown, A. J. (2008). Manajemen Keuangan. Edisi Sepuluh, Jakarta, Salamba Empat.

Kristanti, F. T., Rahayu, S., and Huda, A. N. (2016). The Determinant of Financial Distress on Indonesian Family Firm. Procedia - Social and Behavioral Sciences, 219, 440–447. https://doi.org/10.1016/j.sbspro.2016.05.018.

Lisiantara, G. A., dan Febrina, L. (2018). Likuiditas, Leverage, Operating Capacity, Profitabilitas, Sales Growth Sebagai Preditor Financial Distress (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa EFek Indonesia Tahun 2013-2016). Prosiding SENDI, 764–772.

N. Indriaty, D. Setiawan, Y. Pravasanti. (2019). The Effect Of Financial Ratio, Local Size And Local Status on Financail Distress. International Journal of Economics, Business and Accounting Research (IJEBAR), 3(1), 38.

Paul, A., and Rakshit, D. (2020). Earnings Management and Financial Distress : An Analysis of Indian Textile Companies. Journal of Economics and Public Policy, V(3), 40–53.

Plat, H, and Plat, M.B. (2002). Predicting Financial Distress, Vol. 56, p12-15.

Pranowo. K. (2010). "Determinant of Corporate Financial Distress in an Emerging Pustylnick, I. 2012. "Restructuring The Financial Characteristies of Project in Financial Distress". Global Journal of Business Research Vol. 6, No. 2. pp. 125-134.

Rafatnia, A. A., Ramakrishnan, S., Abdullah, D. F. B., Nodeh, F. M., and Farajnezhad, M. (2020). Financial distress prediction across firms. Journal of Environmental Treatment Techniques, 8(2), 646–651.

Rahma, A. (2020). Analisis Pengaruh Profitabilitas Dan Leverage. 3(3), 2615–7896.

Rohmadini, A., Saifi, M., dan Darmawan, A. (2018). Pengaruh Profitabilitas, Likuiditas dan Leverage Terhadap Financial Distress (Studi Pada Perusahaan Food & Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2016). Jurnal Administrasi Bisnis, 61(2), 11–19.

S. Balasubramanian, G. Radhakharisna, P. Sridevi. (2019). Modeling Corporate Financial Distress Using Financial and Non Financial Variables : The Case of Indian Listed Companies. International Journal of Law and Management, 61(3), 457-484.

Stephanie, Lindawati, S. (2020). Pengaruh Likuiditas, Leverege, Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Proferti dan Perumahan.Malaysian Palm Oil Council (MPOC), 21(1), 1–9.

Subramanyam, K. (2013). Financial Statement Analysis. Edisi Sebelas, Jakarta, Salemba Empat.

Suryani. (2020). Pengaruh Profitabilitas, Likuiditas, Leverage, dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Online Insan Akuntan, 5(2), 229–244.

Thim, C. K., Choong, Y. V., and Nee, C. S. (2011). Factors affecting financial distress: The case of Malaysian public listed firms. Corporate Ownership and Control, 8(4 D), 345–351. https://doi.org/10.22495/cocv8i4c3art3.

Wilujeng, R., dan Yulianto, A. (2020). Determinan Financial Distress dengan Profitabilitas Sebagai Variabel Moderating. Jurnal Penelitan Ekonomi Dan Bisnis, 5(1), 90–102. https://doi.org/10.33633/jpeb.v5i1.2746.