Peran Corporate Governance Dalam Menurunkan Kebangkrutan Pada Perusahaan Di Indonesia

Abstract

This research examines the influence of Corporate Governance on FirmPerformance measured by Tobin's Q and Financial Distress measured by Z-score. The samples used were 72 companies engaged in the manufacturing industry are listed on the Indonesia Stock Exchange (BEI) for five years from 2011 to 2015. The analytical methods used in this research is panel data regression, discriminant analysis, and logistic regression. The results showed that (1) there is no significant impact between corporate governance practices on firm performance. (2) there is negative impact between corporate governance practices on financial distress. Then, the companies need to increase corporate governance in order to avoid possibility of financial distress and for the investor before making an investment should consider the factors that affect the firm performance and financial distress.Keywords: Corporate Governance, Financial Distress, Firm Performance.Abstrak: Jika Perusahaan dapat melaksanakan praktek yang baik, maka dapat melindungi perusahaan terhadap resiko kebangkrutan. Penelitian ini menguji pengaruh Corporate Governance terhadap Kinerja Perusahaan yang diukur oleh Tobin's Q dan Kesulitan Keuanagan yang diukur oleh Z-score. Sampel yang digunakan sebanyak 72 perusahaan yang bergerak dalam industri manufaktur yang tercatat di Bursa Efek Indonesia (BEI) selama lima tahun dari 2011-2015. Metode analisis yang digunakan dalam penelitian ini adalah analisis data panel, analisis diskriminan, dan regresi logistik. Hasil dari penelitian ini adalah (1) Pelaksanaan Corporate Governance tidak berpengaruh terhadap Kinerja Perusahaan. (2) Pelaksanaan Corporate Governance berpengaruh negatif terhadap kemungkinan Kesulitan Keuangan. Maka dengan itu, perusahaan harus meningkatkan pelaksanaan corporate governance agar terhindar dari kemungkinan kesulitan keuangan dan bagi investor sebelum melakukan investasi sebaiknya memperhatikan faktor-faktor yang mempengaruhi kinerja perusahaan dan kesulitan keuangan.Kata kunci: Corporate Governance, Kesulitan Keuangan, Kinerja Perusahaan. PENDAHULUANKrisis ekonomi di Asia yang terjadi tahun 1997 berimbas pada perekonomian Indonesia. Setelah krisis tersebut melanda, isu mengenai praktek corporate governance mulai berkembang, khususnya pada saat Indonesia mengalami krisis yang berkepanjangan pada tahun 1998. Selain itu, pada tahun 1999 negara-negara lain yang terkena dampak dari krisis tersebut perekonomiannya sudah mulai pulih, kecuali Indonesia. Hal ini menjadi perhatian pemerintah dan fokus utama para pelaku usaha dalam mengelola usahanya demi keberlangsungan perusahaannya. Banyak pihak yang berpendapat bahwa

Empirical Evidence of Financial Distress in Indonesia

“…Studies that used GCG as variable are Dianova and Nahumury (2019), Hilaliya and Margaretha (2017), Juniarti (2013), Cahyani and Diantini (2016), and others. Next, the studies that used liquidity, profitability, leverage, and activity as variables are Nurfajrina et al (2016), (Heniwati and Essen (2020), Pujiastuti and Yuharningsih (2014), Oktarina (2017), Utami and Kartika (2019), Sumani (2019), Antikasari and Djuminah (2017), and (Mafiroh and Triyono (2018).…”

“…It could be seen from the many studies done in Indonesia about this topic. Some examples of studies in Indonesia about financial distress are as follows: The Role of Corporate Governance in Reducing Bankruptcy in Companies in Indonesia (Hilaliya and Margaretha, 2017), Analysis of Financial Ratios and Measures, Predictions of Financial Distress, and Investor Reactions (Vestari and Farida, 2013), Predicting Financial Distress with Telecommunication Company Binary Logit Regression (Antikasari and Djuminah, 2017), Antecedents of Probability of Financial Distress in Manufacturing Companies in Indonesia (Pujiastuti and Yuharningsih, 2014).…”

Prediction of Financial Distress in the Pandemic Period with Accounting Conservatism as a Mediation Variable

“…However, these results were not consistent with the research of Christine et al [12] and Yudhistira [10] who suggested that profitability had a significant positive effect on financial distress. While other studies have found different results, namely leverage had no effect on financial distress [18] .…”

The Effect of Cash Flow and CSR Moderated by Corporate Governance

“…The existence of corporate governance can overcome agency problems between company owners and managers. As in research Hilaliya & Margaretha, (2017) concluded that the corporate governance index negatively and significantly affects financial distress. This indicates that if corporate governance is implemented properly, the possibility of financial distress can decrease, while research from Yuliani & Rahmatiasari, (2021) concluded that corporate governance has a positive and significant effect on financial distress, due to supervision that can improve per-formance.…”