Determinants of company bankruptcy before and during the Covid 19 Pandemic
Main Article Content
Abstract
Financial distress or financial difficulty is a condition where the company cannot fulfill its long-term and short-term obligations. If this condition is allowed to drag on, the company will either go bankrupt or be liquidated. Financial distress is measured using the Springate. The initial sample was 25 companies listed on the Indonesia Stock Exchange before 2018, of which only 22 companies were found eligible. Among them, nine companies are considered outliers. Therefore, only 13 firms were considered the effective sample. Since the study context is three years, we arrive at 39 data units finally used as the sample. The data source was obtained from the official website of the Indonesia Stock Exchange. Multiple linear regression shows that liquidity positively influences the Springate value, indicating decreased financial distress. Business diversification and leverage have no significant effect on financial distress. The conclusions may be different if different methods are used. Further research is suggested for the Zmijewski or Grover model for more convincing results. Further research can use the Zmijewski or Grover models.
Article Details
References
Altman, E.I., Iwanicz-Drozdowska, M., Laitinen, E.K., & Suvas, A. (2016). Financial distress prediction in an international Context: A review and empirical analysis of Altman's Z-Score model. Journal of International Financial Management & Accounting, 28(2), 131-171. https://doi.org/10.1111/jifm.12053.
Ayu, A. S., Handayani, S. R., & Topowijono, T. (2017). Pengaruh Likuditas, Leverage, Profitabilitas, dan Ukuran Perusahaan Terhadap Financial Distress Studi pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia tahun 2012-2015. Brawijaya University.
Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age, Dan Kepemilikan Institusional Terhadap Financial Distress. Simak, 16(01), 45–62. https://doi.org/10.35129/simak.v16i01.11
CNN Indonesia. (2020). Saham Sektor Pariwisata Paling Terpukul Corona, diakses 29 November 2021, https://www.cnnindonesia.com/ekonomi/20200327171330-92-487612/saham-sektor-pariwisata-paling-terpukul-corona
Fadlillah, M. R., & Susilowati, P. I. M. (2019). Faktor-Faktor Yang Mempengaruhi Financial Distress Pada Perusahaan Manufaktur Di Indonesia. Jurnal AKSI (Akuntansi Dan Sistem Informasi), 4(1), 19-28.
Febriyan, Ari Hadi Prasetyo, F. (2019). Pengaruh Arus Kas Operasi, Likuiditas, Leverage, Diversifikasi, dan Ukuran Perusahaan Terhadap Financial Distress (Studi Empiris pada perusahaan sektor aneka industri yang terdaftar di BEI 2014-2016). Jurnal Akuntansi, 8(1). https://doi.org/10.46806/ja.v8i1.579
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25. Penerbit Universitas Diponegoro.
Gitman, Lawrence J. & Juchau, Roger H. & Flanagan, Jack. (2005). Principles of Managerial Finance. Frenchs Forest, N.S.W : Pearson Education
Hanafi, Mamduh M. 2004. Manajemen Keuangan Edisi 1, Yogyakarta: BPFE-Yogyakarta.
Hariadi, B. (2005). Strategi Manajemen: Strategi Memenangkan Perang Bisnis. Malang: Bayumedia Publishing.
Hendra, H., Afrizal, A., & Arum, E. D. P. (2018). Faktor-Faktor Yang Mempengaruhi Financial Distress (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di Bursa Efek Indonesia Periode 2014-2016). Jurnal Akuntansi & Keuangan Unja, 3(4), 64–74.
Hery, S. E. (2017). Teori Akuntansi: Pendekatan Konsep dan Analisis. Gramedia Widiasarana Indonesia.
Johnson. (2015). Analisis Total Assets Turnover dan Return On Equity pada PT. Aksaha Wira Internasional, Tbk. yang terdaftar di Bursa Efek Indonesia. Jurnal Financial, 1(1), 1–6.
Khoiriyah, R. M. (2018). Analisis Variabel Penjelas Terhadap Kondisi Financial Distress Pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Bisnis Indonesia (JMBI), 7(5), 478–489.
Larasati, H., & Wahyudin, A. (2019). The Effect of Liquidity, Leverage, and Operating Capacity on Financial Distress with Managerial Ownership as a Moderating Variable. Accounting Analysis Journal, 8(3), 214–220.
Levina, S., & Dermawan, S. (n.d.). Pengaruh Profitabilitas, Likuiditas, Solvabilitas, Aktivitas, Dan Kebijakan Dividen Terhadap Harga Saham. I(2), 381–389.
Masdupi, E., Tasman, A., & Davista, A. (2018). The influence of liquidity, leverage and profitability on financial distress of listed manufacturing companies in Indonesia. Advances in Economics, Business and Management Research, 57(1).
Munawir, 2014. Analisa Laporan Keuangan. Edisi Keempat. Yogyakarta: Liberty
Ningsih, S., & Sari, S.P. (2019). Analysis of the effect of liqidity ratios, solvability ratios and profitability ratios on firm value in go public companies in the automotive and component sectros. International Journal of Economics, Business and Accounting Research (IJEBAR), 3(4), 351-359. DOI: http://dx.doi.org/10.29040/ijebar.v3i04.752
Pane, R. A. (2015). Analisis Diskriminan untuk Memprediksi Kebangkrutan Perusahaan (Studi pada Perusahaan Panufaktur yang Terdaftar di Bursa Efek Indonesia tahun 2011-2013). Brawijaya University, Malang.
Plat, H., & Plat, M.M. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economic and Finance, 26(2), 184-199. http://dx.doi.org/10.1007/BF02755985
Prastowo, D. (2011). Analisis Laporan Keuangan. Edisi Kedua. Penerbit Sekolah Tinggi Ilmu Manajemen YKPN
Cooper, D., & S. Schindler, P. (2014). Business Research Methods.
Setiawan, K. (2020). PHRI: Sektor pariwisata rugi Rp 85,7 triliun akibat pandemi. Tempo.co [Online news paper]. Retrieved from https://bisnis.tempo.co/read/1365055/phri-sektor-pariwisata-rugi-rp-857-triliun-akibat-pandemi, September 1, 2022.
Sembiring, T. M. (2015). Bankruptcy prediction analysis of manufacturing companies listed in Indonesia stock exchange. International Journal of Economics and Financial Issues, 5(1S), 354–359.
Susilawati, D., Sofianty, D., & Sukarmanto, E. (2017). Pengaruh Profitabilitas , Ukuran Perusahaan dan Leverage Terhadap Financial Distress Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia ( BEI ). Prosiding Akuntansi, 3(2), 208–214.
Sutra, F. M., & Mais, R. G. (2019). Faktor-Faktor yang Mempengaruhi Financial Distress dengan Pendekatan Altman Z-Score pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Jurnal Akuntansi Dan Manajemen, 16(01), 34–72. https://doi.org/10.36406/jam.v16i01.267
Taqwa, C. S. (2013). Analisis Potensi Kebangkrutan dengan Metode Springate Konvensional dan Metode Fuzzy Springate Pada Perusahaan Industry Farmasi. Universitas Gunadarma Yogyakarta.
Toad, M., Mangantar, M., & Maramis, J. B. (2016). Analisis Kinerja Keuangan Berbasis Diversifikasi Usaha Di Di Bursa Efek Indonesia. Jurnal Berkala Ilmiah Efisiensi, 16(4), 3–4.
Wahyudi, E., & Setiawan, K. (2020). PHRI : Sektor Pariwisata Rugi 85,7 Triliun Akibat Pandemi. Retrieved November 30, 2020, from https://bisnis.tempo.co/read/1365055/phrisektor-pariwisata-rugi-rp-857-triliun-akibat-pandemi
Yustika, Y., Kirmizi, K., & Silfi, A. (2015). Pengaruh Likuiditas, Leverage, Profitabilitas, Operating Capacity Dan Biaya Agensi Manajerial Terhadap Financial Distress (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2013). Riau University