Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia
Abstract
The objective of the research was to analyze the influence of financial performance which included liquidity ratio, leverage, profitability, activity, cash flow, and firm size used to predict the possibility of financial distress at property and real estate companies listed in BEI (Indonesia Stock Exchange). The research used quantitative method by processing secondary data, financial statement of 54 property and real estate companies in the period of 2007-2018, and all of them were used as the samples, using census sampling techniques so that there were 509 observations and analyzed by using logistic regression analysis. It was found that, simultaneously, liquidity ratio, leverage, profitability, activity, cash flow, and firm size had the the influence to predict financial distress. Partially, liquidity ratio had positive and significant influence, leverage, profitability, cash flow, and firm size had negative and significant influence while activity ratio did not have any influence in predicting the possibility of financial distress condition at the property and real estate companies listed in BEI (Indonesia Stock Exchange) in the period of 2007-2018. The results of the study aim to help the investors to know which one the health and financial distress corporate, and the company with good financial performance. So that, the investor takes the right decision. with good financial performance. So that, the investor takes the right decision
Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan yang mencakup rasio likuiditas, leverage, profitabilitas, aktivitas, arus kas, dan ukuran perusahaan yang digunakan untuk memprediksi kemungkinan terjadinya financial distress yang ada pada perusahaan property dan real estate yang ada di Bursa Efek Indonesia (BEI). Penelitian kuantitatif digunakan dalam penelitian ini dengan mengolah data sekunder berupa laporan keuangan perusahaan property dan real estate tahun 2007-2018 sebanyak 54 perusahaan. Teknik sampel yang digunakan adalah sampel jenuh (sensus) dengan total amatan berjumlah 509. Model yang digunakan pada penelitian ini analisis regresi logistik. Pada penelitian ini secara serempak rasio likuiditas, leverage, profitabilitas, aktivitas, arus kas, dan ukuran perusahaan berpengaruh untuk memprediksi financial distress. Secara parsial, rasio likuiditas berpengaruh positif dan signifikan, rasio leverage, profitabilitas, arus kas dan ukuran perusahaan berpengaruh negatif dan signifikan, sedangkan rasio aktivitas tidak berpengaruh didalam menentukan kemungkinan terjadinya kondisi financial distress pada perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2007-2018. Hasil penelitian ini diharapkan dapat membantu para investor untuk mengetahui mana perusahaan yang sehat dan tidak sehat, dan mana perusahaan yang memiliki kinerja yang baik, sehingga para investor tidak akan salah dalam mengambil keputusan.
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DOI: https://doi.org/10.17509/jrak.v8i2.22684
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