The Effects of Liquidity,Solvency,and Debt Default on Going Concern Opinions in Manufacturing Companies Listed on the Indonesia Stock Exchange

R Kurnia Nur Wulandari, Kurnia Rina Ariani

Abstract


Opinions of going concern audit reflect a company's continuity for at least another 12 months. This study looks into Liquidity, Solvency and Default debt impact on going concern audit opinion in Manufacturing companies listed in Indonesia Stock Exchange during 2019-2022. Current ratio is used as a proxy for liquidity, debt-to-equity for solvency, and Altman Z-Score for debt default. The study comprises of 72 manufacturing companies who experienced losses over the study period, and resulting 288 firm-year observations extracted from audited financial statements. Descriptive statistics and binary logistic regression have been used. Liquidity (B = −0.173; p = 0.041), solvency (B = 1.430; p < 0.001) and debt default (B =−1.207; p < 0.001) respectively have negative significant influence, positive significant influence and negative and significant influence on the going concern opinion. The variables together are found to be significant (χ² = 64.884; p < 0.001), explaining 31.8% of the variation in the opinion (Nagelkerke R²) and correctly classifying 83.3% of observations. Auditors consider short-term liquidity, leverage, and overall financial health when judging the likelihood of becoming going concern.


Keywords


Going Concerns Audit Opinion,Liquidity,Solvency,Debt Default,profitability,leverage

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DOI: https://doi.org/10.17509/ijdb.v6i2.107530

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