Pengaruh Laba, Arus Kas Dan Corporate Governance Terhadap Financial Distress (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015)

Abstract

This study aimed to examine the effect of earnings, cash flow and corporate governance on financial distress. The corporate governance in this study using the indicator managerial ownership, institutional ownership and the board size.
 The population in this of the manufacturing companies listed on Indonesia Stock Exchange at the period of 2011-2015. Based on the criteria purposive sampling method, samples obtained is 28 companies in period 2011-2015 so obtain 140 observations. This study used logistic regression analysis.
 The result of this research showed that manajerial ownership has a positive effect and the board size have negative effect on the financial distress condition. This research failed to does not effect of the earnings, cash flow and institutional ownership of the financial distress condition.

Financial Distress A Case Study of Indonesia

“…If management owns shares in the company, then the supervision of a company should be higher. The results of this study support the research conducted by [7] which states that managerial ownership has no influence on financial distress.…”

“…Research conducted by [5] proves that managerial ownership has no significant positive effect on financial distress, in line with research conducted by [8]. However, this study is different from the research of [7] which states that managerial ownership has a significant positive effect on the condition of financial distress.…”

“…Managerial ownership is one of the factors that can affect the condition of the company in the future [7]. Managerial ownership in the company is expected to reduce agency conflicts, because management ownership shows that the company is owned by the company management itself, in other words, the owners (principals) also function as managers of the company's agents.…”

“…The corporate governance mechanisms examined in this study are managerial ownership Managerial ownership is ownership of company shares by the management or managers of the company. Managerial ownership is able to reduce agency problems that arise in a company [7]. The greater the proportion of company ownership by management (directors or commissioners), the greater the management's responsibility in managing the company.…”

Pengaruh Profitabilitas, Likuiditas Dan Leverage Terhadap Prediksi Kondisi Financial Distress

“…Teori keagenan merupakan suatu hubungan kontraktual yang terjadi antara principal yang menggunakan agent untuk melaksanakan jasa sesuai kepentingan principal dalam hal terjadi pemisahan kepemilikan dan kontrol perusahaan (Jensen, M., 1976). Menurut (Wahyuningtyas, 2010) teori keagenan (agency theory) menggambarkan suatu hubungan kontraktual yang melibatkan beberapa orang yang bertindak sebagai principal yang berperan sebagai pemilik perusahaan dan beberapa orang yang bertindak sebagai agent yang bertugas untuk menjalankan aktivitas perusahaan. Agent ditunjuk oleh principal untuk mengelola perusahaan dimana di dalamnya juga terkandung pendelegasian wewenang dari principal terhadap agent dalam pengambilan keputusan perusahaan atas nama pemilik.…”