PENGARUH CORPORATE GOVERNANCE DAN RASIO KEUANGAN TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2010-2012
Keywords:
Rasio Keuangan, Corporate Governance, Logistic Regression, Financial Distress.Abstract
Penelitian ini dilakukan untuk menginvestigasi secara empiris hubungan antara rasio keuangan dan corporate governance terhadap kemungkinan terjadinya financial distress dengan menggunakan perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) selama tahun 2010-2012. Perusahaan yang dikategorikan sebagai perusahaan yang mengalami financial distress adalah jika perusahaan tersebut selama dua tahun mengalami net-operating income negatif. Data sampel yang ada dibentuk sesuai dengan prinsip kecocokan industri dan kecocokan ukuran perusahaan. Metode statistik yang digunakan untuk menguji hipotesis pada penelitian ini adalah logistic regression. Hasil penelitian ini menunjukkan bahwa rasio keuangan memiliki daya klasifikasi untuk dalam hubungannya dengan financial distress. Rasio keuangan yang berhubungan dengan financial distress antara lain : Debt Ratio, Current Ratio, Cash Flow ratio, Return on Assets, Operating Profit Margin, Gross Profit Margin, Gross Profit Growth, Long-Term Equity Investment to Networth dan Earnings per Share. Sementara itu, corporate governance tidak memiliki hubungan dalam financial distress. Hasil tersebut mungkin disebabkan sebagian besar perusahaan yang terdaftar di BEI adalah perusahaan keluarga, sehingga berdampak pada corporate governance tidak berjalan efektif.
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