APAKAH GOOD CORPORATE GOVERNANCE DAN RASIO KEUANGAN MAMPU MEMPREDIKSI FINANCIAL DISTRESS? STUDI PADA PERUSAHAAN TBK. SEKTOR ENERGI DAN BAHAN BAKU
DOI:
https://doi.org/10.25170/jak.v16i2.3159Keywords:
Financial Distress, Good Corporate Governance, Financial Ratio, Financial DistressAbstract
For investors and creditors, the sustainability of an entity's business is an important matter, so that information about financial distress becomes significant in determining investment decisions and loans. Measuring the effect of good corporate governance mechanisms and financial ratios on business sustainability is the aim of this study. The sample includes 174 data on energy and raw material sector companies listed on the Indonesia Stock Exchange for the 2017-2019 period which are accessed using the refinitive database and the Indonesian stock exchange. Using logistic regression, this study finds that those that have no effect on financial distress are independent commissioners, liquidity ratios, and leverage ratios, while those that have a negative effect on financial distress are managerial ownership, institutional ownership, and profitability ratios. This finding implies the significance of profitability as a predictor of financial distress and institutional ownership and management in determining business sustainability.
References
Affiah, Alissa, and Muhamad Muslih. 2018. “Pengaruh Leverage, Profitabilitas, Dan God 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):241–56.
Boediono, Gideon SB. 2005. “Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governance Dan Dampak Manajemen Laba Dengan Menggunakan Analisis Jalur.” SNA VII.
Damayanti, Luh Desi, Gede Adi Yuniarta, and Ni Kadek Sinarwati. 2017. “Analisis Pengaruh Kinerja Keuangan, Ukuran Komite Audit Dan Kepemilikan Manajerial Terhadap Prediksi Financial Distress.” JIMAT Undiksha 7(1).
DP, Emrinaldi N. u. r. 2019. “Analisis Pengaruh Praktek Tata Kelola Perusahaan (Corporate Governance) Terhadap Kesulitan Keuangan Perusahaan (Financial Distress): Suatu Kajian Empiris.” Jurnal Bisnis Dan Akuntansi 9(1 SE-Articles). doi: 10.34208/jba.v9i1.604.
Effendi, Muh Arief. 2005. “Peranan Komite Audit Dalam Meningkatkan Kinerja Perusahaan.” Jurnal Akuntansi Pemerintah.
Fathonah, Andina Nur. 2017. “Pengaruh Penerapan Good Corporate Governance Terhadap Financial Distress.” Jurnal Ilmiah Akuntansi 1(2):133–50. doi: 10.23887/jia.v1i2.9989.
Fadlillah, Muhammad Rizali. 2019. “Faktor-Faktor Yang Mempengaruhi Financial Distress Pada Perusahaan Manufaktur Di Indonesia.” Jurnal AKSI (Akuntansi Dan Sistem Informasi) 4(1):19–28. doi: 10.32486/aksi.v4i1.296.
Finishtya, Florentina Cindy. 2019. “The Role of Cash Flow of Operational, Profitability, and Financial Leverage in Predicting Financial Distress on Manufacturing Company in Indonesia.” Jurnal Aplikasi Manajemen 17(1):110–17. doi: 10.21776/ub.jam.2019.017.01.12.
“Good Corporate Governance.” 2017. Binus Accounting. Retrieved November 20, 2021, from https://accounting.binus.ac.id/2017/06/20/good-corporate-governance-gcg/.
Hanafi, Jeffry, and Ririn Breliastiti. 2016. “Peran Mekanisme Good Corporate Governance Dalam Mencegah Perusahaan Mengalami Financial Distress.” Jurnal Online Insan Akuntan 1(1):195–220.
Hapsari, Evanny Indri. 2018. “Kekuatan Rasio Keuangan Dalam Memprediksi Kondisi Financial Distress Perusahaan Manufaktur Di Bei.” Jurnal Dinamika Manajemen 9(2):140–48.
Jensen, Michael C., and William H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3(4):305–60. doi: 10.1016/0304-405X(76)90026-X.
Kasmir. 2016. Pengantar Manajemen Keuangan: Edisi Kedua. Prenada Media.
Komite Nasional Kebijakan Governance. 2006. Pedoman Umum Good Corporate Governance Indonesia. Jakarta: Komite Nasional Kebijakan Governance.
Keuangan, Dewan komisioner otoritas jasa. 2015. “Pembentukan Dan Pedoman Pelaksanaan Kerja Komite Audit.” Otoritas Jasa Keuangan Republik Indonesia. Retrieved January 13, 2022, from https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/peraturan-ojk/Documents/Pages/POJK-Nomor-55.POJK.04.2015/SALINAN-POJK 55. Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit.pdf).
Li, Zhiyong, Jonathan Crook, Galina Andreeva, and Ying Tang. 2021. “Predicting the Risk of Financial Distress Using Corporate Governance Measures.” Pacific Basin Finance Journal 68(April 2020):101334. doi: 10.1016/j.pacfin.2020.101334.
Muhammad Reza Fahlevi, and Aan Marlinah. 2019. “The Influence of Liquidity, Capital Structure, Profitability and Cash Flows on the Company’S Financial Distress.” Jurnal Bisnis Dan Akuntansi 20(1):59–68. doi: 10.34208/jba.v20i1.409.
Munawar, Irsyad, Anisah Firli, and Aldilla Iradianty. 2018. “Pengaruh Good Corporate Governance Terhadap Financial Distress (Studi Pada Perusahaan Subsektor Tekstil Dan Garmen Di Bursa Efek Indonesia Tahun 2012-2016).” E-Proceeding of Management 5(2):1867–77.
Platt, Harlan, and Marjorie Platt. 2006. “Understanding Differences Between Financial Distress and Bankruptcy.” Review of Applied Economics 2(2):141–57. doi: 10.22004/ag.econ.50146.
Sari, Ni Luh Kade Merta, and I. G. A. Made Asri Dwija Putri. 2016. “Kemampuan Profitabilitas Memoderasi Pengaruh Likuiditas Dan Leverage Terhadap Financial Distress.” Juara Jurnal Riset Akutansi 6(1):3419–48.
Septiani, Ni Made Inten, and I. Made Dana. 2019. “Pengaruh Likuiditas, Leverage, Dan Kepemilikan Institusional Terhadap Financial Distress Pada Perusahaan Property Dan Real Estate.” E-Jurnal Manajemen Universitas Udayana 8(5):3110. doi: 10.24843/ejmunud.2019.v08.i05.p19.
Sintyawati, Ni Luh Ary, and Rusmala Dewi S. Made. 2018. “Made Rusmala Dewi S 2 Fakultas Ekonomi Dan Bisnis Universitas Udayana , Bali , Indonesia.” Jurnal Manajemen 7(2):993–1020.
Siregar, Sylvia Veronica N. .., and Siddharta Utama. 2005. “Pengaruh Struktur Kepemilikan, Ukuran Perusahaan, Dan Praktek Corporate Governance Terhadap Pengelolaan Laba (Earnings Management).” Simposium Nasional Akuntansi VIII (September):475–90.
Sudaryanti, Dwiyani, and Annisa Dinar. 2019. “Analisis Prediksi Kondisi Financial Distress Menggunakan Rasio Likuiditas, Profitabilitas, Financial Leverage Dan Arus Kas.” Jurnal Ilmiah Bisnis Dan Ekonomi Asia 13(2):101–10. doi: 10.32812/jibeka.v13i2.120.
Sunarji, Aji, and Mujibah Sufyani. 2017. “Rasio Keuangan Dalam Memprediksi Kondisi Financial Distress Perusahaan Tekstil Dan Garmen.” Jurnal Riset Bisnis Dan Manajemen 10(2):11. doi: 10.23969/jrbm.v10i2.445.
Suprihatin, Neneng Sri, and H. Moch. Mansur. 2016. “Pengaruh Rasio Keuangan Dan Reputasi Underwriter Terhadap Financial Distress Pada Perusahaan Manufaktur Yang Terdapat Di Bursa Efek Indonesia (BEI) Periode 2005-2008.” Jurnal Akuntansi 3(1):1–17.
Susanti, Neneng, Ifa Latifa, and Denok Sunarsi. 2020. “The Effects of Profitability, Leverage, and Liquidity on Financial Distress on Retail Companies Listed on Indonesian Stock Exchange.” Jurnal Ilmiah Ilmu Administrasi Publik 10(1):45. doi: 10.26858/jiap.v10i1.13568.
Widhiari, Ni, and Ni Aryani Merkusiwati. 2015. “Pengaruh Rasio Likuiditas, Leverage, Operating Capacity, Dan Sales Growth Terhadap Financial Distress.” E-Jurnal Akuntansi Universitas Udayana 11(2):456–69.
Pitriya Wulandari. 2011. “Pengaruh Karakteristik Komite Audit Terhadap Financial Distress (Studi Empiris Pada Perusahaan Yang Terdaftar Di BEI).” Universitas Sebelas Maret, Surakarta.
Yayan Yanuar. 2018. “Pengaruh Rasio Likuiditas, Leverage Keuangan, Operating Income, Dan Efektivitas Komite Audit Terhadap Financial Distress.” Scientific Journal of Reflection : Economic, Accounting, Management and Business Vol.1, No. doi: 10.5281/zenodo.1437018 https://doi.org/10.5281/zenodo.1437018.
Zhafirah, Anindya. 2019. “Analisis Determinan Financial Distress.” Analisis Determinan Financial Distress 7(1):195–202. doi: 10.17509/jrak.v7i1.15497.
Boediono, Gideon SB. 2005. “Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governance Dan Dampak Manajemen Laba Dengan Menggunakan Analisis Jalur.” SNA VII.
Damayanti, Luh Desi, Gede Adi Yuniarta, and Ni Kadek Sinarwati. 2017. “Analisis Pengaruh Kinerja Keuangan, Ukuran Komite Audit Dan Kepemilikan Manajerial Terhadap Prediksi Financial Distress.” JIMAT Undiksha 7(1).
DP, Emrinaldi N. u. r. 2019. “Analisis Pengaruh Praktek Tata Kelola Perusahaan (Corporate Governance) Terhadap Kesulitan Keuangan Perusahaan (Financial Distress): Suatu Kajian Empiris.” Jurnal Bisnis Dan Akuntansi 9(1 SE-Articles). doi: 10.34208/jba.v9i1.604.
Effendi, Muh Arief. 2005. “Peranan Komite Audit Dalam Meningkatkan Kinerja Perusahaan.” Jurnal Akuntansi Pemerintah.
Fathonah, Andina Nur. 2017. “Pengaruh Penerapan Good Corporate Governance Terhadap Financial Distress.” Jurnal Ilmiah Akuntansi 1(2):133–50. doi: 10.23887/jia.v1i2.9989.
Fadlillah, Muhammad Rizali. 2019. “Faktor-Faktor Yang Mempengaruhi Financial Distress Pada Perusahaan Manufaktur Di Indonesia.” Jurnal AKSI (Akuntansi Dan Sistem Informasi) 4(1):19–28. doi: 10.32486/aksi.v4i1.296.
Finishtya, Florentina Cindy. 2019. “The Role of Cash Flow of Operational, Profitability, and Financial Leverage in Predicting Financial Distress on Manufacturing Company in Indonesia.” Jurnal Aplikasi Manajemen 17(1):110–17. doi: 10.21776/ub.jam.2019.017.01.12.
“Good Corporate Governance.” 2017. Binus Accounting. Retrieved November 20, 2021, from https://accounting.binus.ac.id/2017/06/20/good-corporate-governance-gcg/.
Hanafi, Jeffry, and Ririn Breliastiti. 2016. “Peran Mekanisme Good Corporate Governance Dalam Mencegah Perusahaan Mengalami Financial Distress.” Jurnal Online Insan Akuntan 1(1):195–220.
Hapsari, Evanny Indri. 2018. “Kekuatan Rasio Keuangan Dalam Memprediksi Kondisi Financial Distress Perusahaan Manufaktur Di Bei.” Jurnal Dinamika Manajemen 9(2):140–48.
Jensen, Michael C., and William H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3(4):305–60. doi: 10.1016/0304-405X(76)90026-X.
Kasmir. 2016. Pengantar Manajemen Keuangan: Edisi Kedua. Prenada Media.
Komite Nasional Kebijakan Governance. 2006. Pedoman Umum Good Corporate Governance Indonesia. Jakarta: Komite Nasional Kebijakan Governance.
Keuangan, Dewan komisioner otoritas jasa. 2015. “Pembentukan Dan Pedoman Pelaksanaan Kerja Komite Audit.” Otoritas Jasa Keuangan Republik Indonesia. Retrieved January 13, 2022, from https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/peraturan-ojk/Documents/Pages/POJK-Nomor-55.POJK.04.2015/SALINAN-POJK 55. Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit.pdf).
Li, Zhiyong, Jonathan Crook, Galina Andreeva, and Ying Tang. 2021. “Predicting the Risk of Financial Distress Using Corporate Governance Measures.” Pacific Basin Finance Journal 68(April 2020):101334. doi: 10.1016/j.pacfin.2020.101334.
Muhammad Reza Fahlevi, and Aan Marlinah. 2019. “The Influence of Liquidity, Capital Structure, Profitability and Cash Flows on the Company’S Financial Distress.” Jurnal Bisnis Dan Akuntansi 20(1):59–68. doi: 10.34208/jba.v20i1.409.
Munawar, Irsyad, Anisah Firli, and Aldilla Iradianty. 2018. “Pengaruh Good Corporate Governance Terhadap Financial Distress (Studi Pada Perusahaan Subsektor Tekstil Dan Garmen Di Bursa Efek Indonesia Tahun 2012-2016).” E-Proceeding of Management 5(2):1867–77.
Platt, Harlan, and Marjorie Platt. 2006. “Understanding Differences Between Financial Distress and Bankruptcy.” Review of Applied Economics 2(2):141–57. doi: 10.22004/ag.econ.50146.
Sari, Ni Luh Kade Merta, and I. G. A. Made Asri Dwija Putri. 2016. “Kemampuan Profitabilitas Memoderasi Pengaruh Likuiditas Dan Leverage Terhadap Financial Distress.” Juara Jurnal Riset Akutansi 6(1):3419–48.
Septiani, Ni Made Inten, and I. Made Dana. 2019. “Pengaruh Likuiditas, Leverage, Dan Kepemilikan Institusional Terhadap Financial Distress Pada Perusahaan Property Dan Real Estate.” E-Jurnal Manajemen Universitas Udayana 8(5):3110. doi: 10.24843/ejmunud.2019.v08.i05.p19.
Sintyawati, Ni Luh Ary, and Rusmala Dewi S. Made. 2018. “Made Rusmala Dewi S 2 Fakultas Ekonomi Dan Bisnis Universitas Udayana , Bali , Indonesia.” Jurnal Manajemen 7(2):993–1020.
Siregar, Sylvia Veronica N. .., and Siddharta Utama. 2005. “Pengaruh Struktur Kepemilikan, Ukuran Perusahaan, Dan Praktek Corporate Governance Terhadap Pengelolaan Laba (Earnings Management).” Simposium Nasional Akuntansi VIII (September):475–90.
Sudaryanti, Dwiyani, and Annisa Dinar. 2019. “Analisis Prediksi Kondisi Financial Distress Menggunakan Rasio Likuiditas, Profitabilitas, Financial Leverage Dan Arus Kas.” Jurnal Ilmiah Bisnis Dan Ekonomi Asia 13(2):101–10. doi: 10.32812/jibeka.v13i2.120.
Sunarji, Aji, and Mujibah Sufyani. 2017. “Rasio Keuangan Dalam Memprediksi Kondisi Financial Distress Perusahaan Tekstil Dan Garmen.” Jurnal Riset Bisnis Dan Manajemen 10(2):11. doi: 10.23969/jrbm.v10i2.445.
Suprihatin, Neneng Sri, and H. Moch. Mansur. 2016. “Pengaruh Rasio Keuangan Dan Reputasi Underwriter Terhadap Financial Distress Pada Perusahaan Manufaktur Yang Terdapat Di Bursa Efek Indonesia (BEI) Periode 2005-2008.” Jurnal Akuntansi 3(1):1–17.
Susanti, Neneng, Ifa Latifa, and Denok Sunarsi. 2020. “The Effects of Profitability, Leverage, and Liquidity on Financial Distress on Retail Companies Listed on Indonesian Stock Exchange.” Jurnal Ilmiah Ilmu Administrasi Publik 10(1):45. doi: 10.26858/jiap.v10i1.13568.
Widhiari, Ni, and Ni Aryani Merkusiwati. 2015. “Pengaruh Rasio Likuiditas, Leverage, Operating Capacity, Dan Sales Growth Terhadap Financial Distress.” E-Jurnal Akuntansi Universitas Udayana 11(2):456–69.
Pitriya Wulandari. 2011. “Pengaruh Karakteristik Komite Audit Terhadap Financial Distress (Studi Empiris Pada Perusahaan Yang Terdaftar Di BEI).” Universitas Sebelas Maret, Surakarta.
Yayan Yanuar. 2018. “Pengaruh Rasio Likuiditas, Leverage Keuangan, Operating Income, Dan Efektivitas Komite Audit Terhadap Financial Distress.” Scientific Journal of Reflection : Economic, Accounting, Management and Business Vol.1, No. doi: 10.5281/zenodo.1437018 https://doi.org/10.5281/zenodo.1437018.
Zhafirah, Anindya. 2019. “Analisis Determinan Financial Distress.” Analisis Determinan Financial Distress 7(1):195–202. doi: 10.17509/jrak.v7i1.15497.
Downloads
Published
2022-10-29
How to Cite
Saputra, C. A. R., & Kuang, T. M. (2022). APAKAH GOOD CORPORATE GOVERNANCE DAN RASIO KEUANGAN MAMPU MEMPREDIKSI FINANCIAL DISTRESS? STUDI PADA PERUSAHAAN TBK. SEKTOR ENERGI DAN BAHAN BAKU. Jurnal Akuntansi, 16(2), 172–191. https://doi.org/10.25170/jak.v16i2.3159
Issue
Section
Articles
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
