The Effect of Liquidity, Profitability, Operating Cash Flow, and Ownership Structure on Financial Distress (Study on Property and Real Estate Companies Listed on the IDX)

Noto Pamungkas, Hasna Salsabila Qatrunnada

Abstract


Financial distress is recognized as the preliminary phase of bankruptcy, resulting from numerous financial and non-financial factors.This study aims to assess the effect of liquidity, profitability, operating cash flow as financial ratios, also managerial and institutional ownership as ownership structure on financial distress. This study use real estate and property companies listed on the Indonesia Stock Exchange (IDX) in the period 2018-2021 as the population. From a total of 80 companies, 28 were selected as the sample for this study using a purposive sampling method that applies several specific criteria. The data were processed using SPSS version 25 with a quantitative approach through multiple linear regression analysis techniques. Since the classical assumption test results of this research do not meet the requirements, the data are modified using log-modulus transformation. The results show that liquidity, profitability, and operating cash flow variables affect financial distress. Moreover, managerial ownership and institutional ownership do not affect financial distress. The results of this study suggest that management should be able to maintain financial performance efficiently to avoid financial distress.

Full Text:

PDF

References


Annabila, N., & Rasyid, R. (2022). Pengaruh Leverage, Likuiditas, Arus Kas Operasi, dan Sales Growth Terhadap Financial Distress. Jurnal Paradigma Akuntansi, 4(3), 1264-1272.

Azizah, N., & Ramli, A. (2023). Analysis Of Financial Distress In Companies Threaten To Delisting On The Indonesia Stock Exchange Using The Altman Z-Score Model. Journal Management & Economics Review (JUMPER), 1(2), 65-74.

Brigham, E.F, & Houston, J.F. (2019). Fundamentals of Financial Management (Fifteenth Edition). Boston: Cengage Learning Inc.

Dirman, A. (2021). Determining variables of financial distress. International Journal of Management Studies and Social Science Research, 3(3), 254-262.

Fadliansyah, M. E. (2020, August 12nd). Laba Perusahaan Properti Anjlok hingga 60%, Bagaimana di Semester II?. Katadata.co.id. Accesed at August 1st 2023, https://katadata.co.id/happyfajrian/finansial/5f342f918d36a/laba-perusahaan-properti-anjlok-hingga-60-bagaimana-di-semester-ii

Fatimah, F., Toha, A., & Prakoso, A. (2019). The influence of Liquidity, Leverage and Profitability Ratio on Financial Distress (On Real Estate and Property Companies Listed in Indonesia Stock Exchange in 2015-2017).

Feanie, A. W. S., & Dillak, V. J. (2021). Pengaruh Likuiditas, Arus Kas Operasi, Kepemilikan Institusional, Dan Kepemilikan Manajerial Terhadap Financial Distress. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(1), 56-66.

Finishtya, F. C. (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), 110-117.

Fitri, R. A., & Syamwil, S. (2020). Pengaruh Likuiditas, Aktivitas, Profitabilitas dan Leverage Terhadap Financial Distress (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018). Jurnal Ecogen, 3(1), 134-143.

Fitriyani, Y. (2023). Analisa Komparasi dan Uji Akurasi Model Altman, Grover, Springate dan Zmijewski dalam Mendiagnosis Kebangkrutan Emiten Saham Jasa Transportasi di Bursa Efek Indonesia Pada Masa Pandemi. J-MAS (Jurnal Manajemen dan Sains), 8(1), 590-598

Ghozali, I. (2018). Aplikasi Analisis Multivarite Dengan Program IBM SPSS 25 (9th ed.). Semarang: Badan Penerbit Universitas Diponegoro.

Grahadyarini (2023, April 10th). Sektor Properti Topang Perekonomian. kompas.id. Accesed at August 1st 2023, https://www.kompas.id/baca/ekonomi/2023/04/ 10/sektor-properti-tahan-banting

Hakim, M. Z., Abbas, D. S., & Nasution, A. W. (2020). Pengaruh Profitabiltas, Likuiditas, Leverage, Kepemilikan Manajerial, Dan Kepemilikan Institusional Terhadap Financial distress (Studi Empiris Pada Perusahaan Sektor Property & Real Estate Yang Terdaftar di BEI Periode 2016-2018). Competitive Jurnal Akuntansi dan Keuangan, 4(1), 94-105.

Hery. (2018). Analisis Laporan Keuangan. Jakarta: Grasindo.

John, J. A & Draper, N. R. (1980). An Alternative Family of Transformations. Journal of the Royal Statistical Society. Series C (Applied Statistics), 29(2), 190–197.

Kasmir. (2019). Analisis Laporan Keuangan. Jakarta: PT Raja Grafindo Persada

Kurniawati, N., & Aligarh, F. (2022). Struktur Kepemilikan, Komisaris Independen, Ukuran Perusahaan, dan Financial Distress Pada Perusahaan Manufaktur di Indonesia. JAPP: Jurnal Akuntansi, Perpajakan, dan Portofolio, 1(02), 81-97.

Mondayri, S., & Tresnajaya, R. T. J. (2022). Analisis Pengaruh Good Corporate Governance, Intellectual Capital, dan Arus Kas Operasi Terhadap Financial Distress. Jurnalku, 2(1), 25-43.

Munandari, D., & Suryana, P. A. I. S. (2021). Struktur Kepemilikan dan Financial Distress: Studi Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit, 8(1), 1-13.

Nilasari, I. (2021). Pengaruh Corporate Governance, Financial Indicators, Dan Ukuran Perusahaan Terhadap Financial Distress. Competitive Jurnal Akuntansi Dan Keuangan, 5(2), 62-70.

Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 74–95.

Pandegirot, S. C. G., Van Rate, P., & 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: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3).

Pranita, K. R., & Kristanti, F. T. (2020). Analisis Financial Distress Menggunakan Analisis Survival. Nominal: Barometer Riset Akuntansi dan Manajemen, 9(2), 240-257.

Purwaningsih, E., & Safitri, I. (2022). Pengaruh Profitabilitas, Likuiditas, Leverage, Rasio Arus Kas Dan Ukuran Perusahaan Terhadap Financial Distress. JAE (JURNAL AKUNTANSI DAN EKONOMI), 7(2), 147-156.

Ramadhanti, N. C. & Subagyo (2022). Pengaruh Corporate Governance, Cash Flow, Dan Profit Terhadap Financial Distress Perusahaan Manufaktur Di Bursa Efek Indonesia. Trilogi Accounting & Business Research, 3(1), 13-33.

Raflis, R., & Arita, E. (2021). Impak Struktur Modal, Struktur Kepemilikan dan Karakteristik Perusahaan Terhadap Financial Distress dan Financial Health Perusahaan. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 23(1), 135-149.

Stephanie, S., Lindawati, L., Suyanni, S., Christine, C., Oknesta, E., & Afiezan, A. (2020). Pengaruh Likuiditas, Leverage Dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Properti Dan Perumahan. Journal of Economic, Bussines and Accounting (COSTING), 3(2), 300-310.

Suryadi, A., & Serly, V. (2022). Pengaruh Struktur Kepemilikan terhadap Financial Distress: Studi Empiris Pada Perusahaan BUMN di Indonesia Tahun 2015–2019. Jurnal Eksplorasi Akuntansi, 4(2), 349-362.

Sukarno, A., Yacobus, A., & Satmoko, A. (2023). Financial Ratio Analysis in Predicting Financial Distress at Tourism Companies, Restaurants, and Hotels Listed on the Indonesia Stock Exchange (IDX) 2021. Jurnal Ilmu Keuangan dan Perbankan (JIKA), 12(2), 191-202. https://doi.org/10.34010/jika.v12i2.8994

Syuhada, P., Muda, I., & Rujiman, F. N. U. (2020). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia. Jurnal Riset Akuntansi dan Keuangan, 8(2), 319-336.

Triguerios, D & Sam, C (2016). Log-Modulus for Knowledge Discovery in Databases of Financial Reports. IMMM 2016 : The Sixth International Conference on Advances in Information Mining and Management, Spain.

Widhiadnyana, I. K., & Ratnadi, N. M. D. (2019). The impact of managerial ownership, institutional ownership, proportion of independent commissioner, and intellectual capital on financial distress. Journal of Economics, Business & Accountancy Ventura, 21(3), 351.




DOI: https://doi.org/10.32535/jicp.v6i6.2714

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Noto Pamungkas, Hasna Salsabila Qatrunnada

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Flag Counter

Published by:

AIBPM Publisher

Editorial Office:

JL. Kahuripan No. 9 Hotel Sahid Montana, Malang, Indonesia
Phone:+62 341 366222
Email: journal.jicp@gmail.com
Website:http://ejournal.aibpmjournals.com/index.php/JICP

Supported by: Association of International Business & Professional Management

If you are interested to get the journal subscription you can contact us at admin@aibpm.org.

ISSN 2622-0989 (Print)
ISSN 2621-993X (Online)

DOI:Prefix 10.32535 by CrossREF

Journal of International Conference Proceedings (JICP) INDEXED:

 

In Process


This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.