The Determinants of Financial Distress on Family Business in Indonesia

Elviana, Jenny (2019) The Determinants of Financial Distress on Family Business in Indonesia. Undergraduate thesis, Universitas Internasional Batam.

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Abstract

Financial Distress adalah tahap penurunan kondisi keuangan perusahaan sebelum terjadinya kebangkrutan. Prediksi financial distress menghasilkan early warning system yang efektif dalam mendeteksi kemungkinan terjadinya kebangkrutan. Penelitian ini bertujuan untuk mengidentifikasi indikator-indikator financial distress pada perusahaan keluarga yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2013-2017. Altman Z-Score digunakan sebagai proksi dari financial distress. Indikator yang digunakan dalam penelitian ini adalah komisaris independen, ukuran perusahaan, maturitas, pembayaran dividen, kinerja perusahaan dan likuiditas. Penelitian ini memilih 120 perusahaan sebagai sampel penelitian melalui metode purposive sampling. Data dikumpulkan dengan menggunakan data sekunder yang diperoleh dari laporan tahunan perusahaan yang diunduh dari website Bursa Efek Indonesia. Dalam penelitian ini, SPSS versi 25 dan EViews versi 10 digunakan untuk menguji data. Berdasarkan analisis data dan hasil uji, dapat disimpulkan bahwa komisaris independen, ukuran perusahaan, maturitas, pembayaran dividen dan likuiditas berpengaruh signifikan positif terhadap financial distress. Sedangkan, kinerja perusahaan berpengaruh signifikan negatif terhadap financial distress. ********************************************************************** Financial distress is a declining stage of financial condition in a company before bankruptcy occurs. Predicting financial distress provides an effective early warning system to detect the possibility of bankruptcy. This study aims to identify the indicators of financial distress in family-owned companies listed in Indonesia Stock Exchange (IDX) during the period of 2013 to 2017. Altman Z-Score is used as the proxy of financial distress. The indicator variables used in this study namely the independent commissioner, firm size, maturity, dividend payment, firm performance and liquidity. This study has selected 120 companies as the research sample through purposive sampling method and the data were collected by using secondary data, which obtained from company’ annual report that was downloaded in Indonesia Stock Exchange homepage. In this study, SPSS version 25 and EViews version 10 are used to test the data. Based on the data analysis and discussion result, it is concluded that Independent Commissioner, Firm Size, Maturity, Dividend Payment and Liquidity have significant and positive effect on financial distress. Meanwhile, Firm Performance negatively affect financial distress.

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