STRUKTUR KEPEMILIKAN DAN FINANCIAL DISTRESS: STUDI PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.12928/j.reksa.v8i1.3395Keywords:
Financial Distress, Ownership Structure, Good Corporate Governance, and Food and Beverages Companies.Abstract
The purpose of this study was to determine the effect of institutional ownership, insider ownership, government ownership and foreign ownership on the likelihood of companies experiencing financial distress. The sample used is 20 food and beverages companies listed on the Indonesia Stock Exchange for the 2017 - 2019 period. The research method used is using logistic regression analysis. Foreign ownership has a significant influence on the likelihood of financial distress. Meanwhile, institutional ownership, insider ownership and government ownership do not have a significant effect on the likelihood of financial distress in this study.This study aims to determine the effect of institutional ownership, insiderownership, government ownership and foreign ownership on the likelihoodof companies experiencing financial distress. The sample used is 20 foodand beverages companies listed on the Indonesia Stock Exchange for the2017 - 2019 period. The research method used is using logistic regressionanalysis. Foreign ownership has a significant influence on the likelihood offinancial distress. Meanwhile, institutional ownership, insider ownership andgovernment ownership do not have a significant effect on the likelihood offinancial distress in this study.References
Udin, S., Khan, MA., and Javid, AY. (2016). The Effects of Ownership Structure on Likelihood of Financial Distress: an Empirical Evidence. Emerald Group Publishing Limited, 17 (4): 589-612.
Shawan, TM. (2015). The Effects of Corporate Governance on Financial Performance and Financial Distress: Evidence from Egypt. Emerald Group Publishing Limited, 15 (5): 641-662.
Siregar, RI., and Fauzie, S. (2014). Analisis Manfaat Rasio Keuangan dalam Memprediksi Financial Distress pada Perbankan (2007-2012). Jurnal Ekonomi dan Keuangan, 2 (12): 716-726.
Sari, S., Putri, M., and Handayani, N. (2016). Pengaruh profitabilitas, Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan Transportasi. Jurnal Ilmu dan Riset Akuntansi, 5 (9), ISSN: 2640-0585.
Supardi & Sri Mastuti. 2003. Validitas Penggunaan Z-Score Altman untuk Menilai Kebangkrutan pada Perusahaan Perbankan Go Public di Bursa Efek Jakarta : Kompak.
Brigham, EF., and Daves, PR. (2003). Intermediate Financial Management with Thomson One. United States of America: Cengange South-Western.
Meilinda, T., and Muharam, H. (2012). Analisis Pengaruh Struktur Kepemilikan, Ukuran Dewan, Komisaris Independen, Likuiditas dan Leverage Terhadap Terjadinya Kondisi Finacial Distress (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2008-2010). Diponegoro Journal of Management, 1 (1): 1-14.
Bodroastuti, Tri. (2009). Pengaruh Struktur Corporate Governance terhadap Financial Distress. Jurnal Riset Akuntansi, Manajemen, Ekonomi, 1 (1): 87-105.
Shahab., Muhammad Arshad Khan., and Attiya Yasmin Javid. (2017). The Effects of Ownership Structure on Likelihood of Financial Distress: an Empirical Evidence. Corporate Governance. The International Journal of Business in Society, 17 (4): 589-612.
D, Ariesta., and A, Chariri. (2013). Analisis Pengaruh Struktur Dewan Komisaris, Struktur Kepemilikan Saham dan Komite Audit Terhadap Financial Distress. Diponegoro Journal of Accounting, 0: 183-191
Beaver, WH., Correia, M., and McNichols, MF. (2010). Financial Statement Analysis and the Prediction of Financial Distress. Foundation and Trends in Accounting, 5 (2): 99-173.
Altman, EI. (1968). Financial Ratios, Discriminant Analysis, and the Prediction of Corporate Bancruptcy. The Journal of Finance, 23 (4): 589-609.
Hussain, F., Ali, I., Ullah, S., & Ali, M. (2014). Can Altman Z-score Model Predict Business Failures in Pakistan? Evidence from Textile Companies of Pakistan. Journal of Economics and Sustainable Development, 5 (13): 110-115.
Jensen, MC., and Meckling, WH. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3 (4): 589-612.
Novaridha, IA., Indrawati, A., and Al-Azhar, L. (2017). Pengaruh Kepemilikan Institusional, Ukuran Perusahaan, dan Profitablitias terhadap Elemen-Elemen Intergrated Reporting (Studi pada Perusahaan Non-Keuangan yang Listing di BEI tahun 2015). Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau, 4 (1): 3399-3411.
Donker, H., Santen, B. and Zahir, S. (2009). Ownership Structure and the Likelihood of Financial Distress in the Netherlands. Applied Financial Economics, 19 (21): 1687-1696.
Manzaneque, M., Priego, AM., and Merino, E. (2016). Corporate Governance Effect on Financial Distress Likelihood: Evidence from Spain. Spanish Accounting Review, 19 (1): 111-121.
Jensen, MC. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48 (3): 831-880.
Aydin, N., Sayim, M. and Yalama, A. (2007). Foreign Ownership and Firm Performance: Evidence from Turkey, International Research Journal of Finance and Economics, 11 : 103-111.
Kim, J. and Yi, C. (2004). Foreign Equity Ownership and Corporate Transparency in Emerging Markets: Evidence from Korea. Conference Paper: CAAA Annual Conference, Vancouver, 27-30 May.
Murti Sumarni dan Salamah Wahyuni. 2006. Metodologi Penelitian Bisnis, Yogyakarta: Andi Yogyakarta.
Ghozali, Imam. 2009. Aplikasi Analisis Multivariate dengan Program SPSS, Semarang : UNDIP.
Shawan, TM. (2015). The Effects of Corporate Governance on Financial Performance and Financial Distress: Evidence from Egypt. Emerald Group Publishing Limited, 15 (5): 641-662.
Siregar, RI., and Fauzie, S. (2014). Analisis Manfaat Rasio Keuangan dalam Memprediksi Financial Distress pada Perbankan (2007-2012). Jurnal Ekonomi dan Keuangan, 2 (12): 716-726.
Sari, S., Putri, M., and Handayani, N. (2016). Pengaruh profitabilitas, Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan Transportasi. Jurnal Ilmu dan Riset Akuntansi, 5 (9), ISSN: 2640-0585.
Supardi & Sri Mastuti. 2003. Validitas Penggunaan Z-Score Altman untuk Menilai Kebangkrutan pada Perusahaan Perbankan Go Public di Bursa Efek Jakarta : Kompak.
Brigham, EF., and Daves, PR. (2003). Intermediate Financial Management with Thomson One. United States of America: Cengange South-Western.
Meilinda, T., and Muharam, H. (2012). Analisis Pengaruh Struktur Kepemilikan, Ukuran Dewan, Komisaris Independen, Likuiditas dan Leverage Terhadap Terjadinya Kondisi Finacial Distress (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2008-2010). Diponegoro Journal of Management, 1 (1): 1-14.
Bodroastuti, Tri. (2009). Pengaruh Struktur Corporate Governance terhadap Financial Distress. Jurnal Riset Akuntansi, Manajemen, Ekonomi, 1 (1): 87-105.
Shahab., Muhammad Arshad Khan., and Attiya Yasmin Javid. (2017). The Effects of Ownership Structure on Likelihood of Financial Distress: an Empirical Evidence. Corporate Governance. The International Journal of Business in Society, 17 (4): 589-612.
D, Ariesta., and A, Chariri. (2013). Analisis Pengaruh Struktur Dewan Komisaris, Struktur Kepemilikan Saham dan Komite Audit Terhadap Financial Distress. Diponegoro Journal of Accounting, 0: 183-191
Beaver, WH., Correia, M., and McNichols, MF. (2010). Financial Statement Analysis and the Prediction of Financial Distress. Foundation and Trends in Accounting, 5 (2): 99-173.
Altman, EI. (1968). Financial Ratios, Discriminant Analysis, and the Prediction of Corporate Bancruptcy. The Journal of Finance, 23 (4): 589-609.
Hussain, F., Ali, I., Ullah, S., & Ali, M. (2014). Can Altman Z-score Model Predict Business Failures in Pakistan? Evidence from Textile Companies of Pakistan. Journal of Economics and Sustainable Development, 5 (13): 110-115.
Jensen, MC., and Meckling, WH. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3 (4): 589-612.
Novaridha, IA., Indrawati, A., and Al-Azhar, L. (2017). Pengaruh Kepemilikan Institusional, Ukuran Perusahaan, dan Profitablitias terhadap Elemen-Elemen Intergrated Reporting (Studi pada Perusahaan Non-Keuangan yang Listing di BEI tahun 2015). Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau, 4 (1): 3399-3411.
Donker, H., Santen, B. and Zahir, S. (2009). Ownership Structure and the Likelihood of Financial Distress in the Netherlands. Applied Financial Economics, 19 (21): 1687-1696.
Manzaneque, M., Priego, AM., and Merino, E. (2016). Corporate Governance Effect on Financial Distress Likelihood: Evidence from Spain. Spanish Accounting Review, 19 (1): 111-121.
Jensen, MC. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48 (3): 831-880.
Aydin, N., Sayim, M. and Yalama, A. (2007). Foreign Ownership and Firm Performance: Evidence from Turkey, International Research Journal of Finance and Economics, 11 : 103-111.
Kim, J. and Yi, C. (2004). Foreign Equity Ownership and Corporate Transparency in Emerging Markets: Evidence from Korea. Conference Paper: CAAA Annual Conference, Vancouver, 27-30 May.
Murti Sumarni dan Salamah Wahyuni. 2006. Metodologi Penelitian Bisnis, Yogyakarta: Andi Yogyakarta.
Ghozali, Imam. 2009. Aplikasi Analisis Multivariate dengan Program SPSS, Semarang : UNDIP.
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2021-04-03
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