Update Artikelilmiah: 47775

ZANUAR LUTFI ROHMAN

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Judul Artikel

Abstrak (Bhs. Indonesia)

Penelitian ini bertujuan untuk mengatahui dan mengananilis pengaruh kinerja keuangan, ukuran perusahaan, dan good corporate governance terhadap financial distress pada perusahaan sektor barang baku yang terdaftar di Bursa Efek Indonesia periode 2020 – 2023. Variabel independen yang diteliti adalah: (1) Profitabilitas diproksikan dengan Return on Assets (ROA); (2) Likuiditas diproksikan dengan Current Ratio (CR); (3) Leverage diproksikan dengan Debt to Equity Ratio (DER); (4) Ukuran perusahaan diproksikan dengan Logaritma Natural Total Aset; (5) Kepemilikan Manajerial; (6) Kepemilikan Institusional; (7) Dewan Komisaris Independen; dan (8) Komite Audit. Variabel dependennya adalah Financial Distress dengan indikator Altman Z-Score Modifikasi. Penelitian ini menggunakan tiga teori sebagai dasar penelitiannya yaitu teori keagenan, teori sinyal, dan teori pecking order. Penelitian ini merupakan penelitian kuantitatif kausal. Teknik pengambilan sampel yang digunakan yaitu purposive sampling. Analisis data yang digunakan adalah uji regresi logistik dengan memanfaatkan software Statistical Package for Social Science (SPSS) v25. Hasil penelitian menunjukan bahwa variabel profitabilitas berpengaruh negatif signifikan terhadap financial distress dan variabel likuiditas berpengaruh positif signifikan terhadap financial distress. Semetara itu, variabel leverage, ukuran perusahaan, dan kepemilikan manajerial, kepemilikan institusional, dewan komisaris independen, dan komite audit tidak berpengaruh terhadap financial distress. Implikasi dari penelitian ini diharapkan dapat memberikan kontribusi dalam memperluas literatur tentang pengaruh kinerja keuangan, ukuran perusahaan, dan good corporate governance (GCG) terhadap financial distress. Keterbatasan penelitian ini yaitu cakupan sampel yang hanya terfokus pada sektor barang baku saja, variabel penelitian, proksi (alat ukur) variabel, dan periode pengamatan. Penelitian selanjutnya disarankan menggunakan cakupan sampel yang lebih luas untuk memperoleh hasil yang lebih komprehensif.

Abtrak (Bhs. Inggris)

This study aims to determine and analyze the effect of financial performance, company size, and good corporate governance on financial distress in raw goods sector companies listed on the Indonesia Stock Exchange for the period 2020 - 2023. The independent variables studied are: (1) Profitability proxied by Return on Assets (ROA); (2) Liquidity proxied by Current Ratio (CR); (3) Leverage proxied by Debt to Equity Ratio (DER); (4) Company size proxied by Natural Logarithm of Total Assets; (5) Managerial Ownership; (6) Institutional Ownership; (7) Independent Board of Commissioners; and (8) Audit Committee. The dependent variable is Financial Distress with the Modified Altman Z-Score indicator. This study uses three theories as the basis of its research, namely agency theory, signal theory, and pecking order theory. This research is a causal quantitative research. The sampling technique used is purposive sampling. The data analysis used is the logistic regression test by utilizing the Statistical Package for Social Science (SPSS) v25 software. The results showed that the profitability variable has a significant negative effect on financial distress and the liquidity variable has a significant positive effect on financial distress. Meanwhile, the variables of leverage, company size, and managerial ownership, institutional ownership, independent board of commissioners, and audit committee have no effect on financial distress. The implications of this research are expected to contribute to expanding the literature on the effect of financial performance, company size, and good corporate governance (GCG) on financial distress. The limitations of this study are the sample coverage which only focuses on the raw goods sector, research variables, variable proxies (measuring instruments), and observation period. Future research is recommended to use a wider sample coverage to obtain more comprehensive results.

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