Determinants of financial distress based on accounting, ownership, market and macroeconomic
##plugins.themes.academic_pro.article.sidebar##
Published
Dec 16, 2023
Download
Statistic
Downloads
Download data is not yet available.
##plugins.themes.academic_pro.article.main##
Abstract
Research was conducted to determine factors that can predict financial distress in Tourism, Restaurant and Hotel sector companies listed on the Indonesia Stock Exchange. The variables used in this study are DER, ROA, ROE, NPM, WCTA, TATO, CR, Managerial Ownership, PER, Inflation. The research uses logistic regression analysis to find which variables can determine which companies experience financial failure and do not experience financial failure. The results showed that the ratios that were able to distinguish distress and non-distressed companies were NPM, WCTA and Managerial Ownership
##plugins.themes.academic_pro.article.details##
How to Cite
Senima, T. K., & Bertuah, E. (2023). Determinants of financial distress based on accounting, ownership, market and macroeconomic. Enrichment : Journal of Management, 13(5), 3198-3205. https://doi.org/10.35335/enrichment.v13i5.1716
References
Altman I Edward. (1968). Financial Ratios, Discriminant Analysis And The Prediction Of Corpporate Bankruptcy. The Journal Of Finance, XXIII(4), 589–609.
Ardiyanto, F. D., & Prasetiono. (2011). Prediksi Rasio Keuangan Terhadap Kondisi Financial Distress Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Dinamika Ekonomi Dan Bisnis, 8(1), 1–14. https://ejournal.unisnu.ac.id/JDEB/article/view/96
Aurellie Zulfa Islamy, Unggul Purwohedi, & Rida Prihatni. (2021). Faktor-faktor yang Mempengaruhi Financial Distress Perusahaan Terdampak COVID-19 di ASEAN. Jurnal Akuntansi, Perpajakan Dan Auditing, 2(3), 710–734. https://doi.org/10.21009/japa.0203.13
Balasubramanian, S. A., Radhakrishna, G. S., Sridevi, P., & Natarajan, T. (2019). Modeling corporate financial distress using financial and non-financial variables: The case of Indian listed companies. International Journal of Law and Management, 61(3–4), 457–484. https://doi.org/10.1108/IJLMA-04-2018-0078
Bunea, O. I., Corbos, R. A., & Popescu, R. I. (2019). Influence of some financial indicators on return on equity ratio in the Romanian energy sector - A competitive approach using a DuPont-based analysis. Energy, 189, 116251. https://doi.org/10.1016/j.energy.2019.116251
Chamboko, R., Kadira, G., Mundia, L., & Chamboko, R. K. T. (2017). Mapping patterns of financial distress among consumers in Zimbabwe. International Journal of Social Economics, 44(12), 1654–1668. https://doi.org/10.1108/IJSE-01-2016-0025
Du, X., & Lai, S. (2018). Financial Distress, Investment Opportunity, and the Contagion Effect of Low Audit Quality: Evidence from China. Journal of Business Ethics, 147(3), 565–593. https://doi.org/10.1007/s10551-015-2986-5
Freitas Cardoso, G., Peixoto, F. M., & Barboza, F. (2019). Board structure and financial distress in Brazilian firms. International Journal of Managerial Finance, 15(5), 813–828. https://doi.org/10.1108/IJMF-12-2017-0283
Geng, R., Bose, I., & Chen, X. (2015). Prediction of financial distress: An empirical study of listed Chinese companies using data mining. In European Journal of Operational Research (Vol. 241, Issue 1). Elsevier B.V. https://doi.org/10.1016/j.ejor.2014.08.016
Giarto, R. V. D., & Fachrurrozie, F. (2020). The Effect of Leverage, Sales Growth, Cash Flow on Financial Distress with Corporate Governance as a Moderating Variable. Accounting Analysis Journal, 9(1), 15–21. https://doi.org/10.15294/aaj.v9i1.31022
Halteh, K., Kumar, K., & Gepp, A. (2018). Financial distress prediction of Islamic banks using tree-based stochastic techniques. Managerial Finance, 44(6), 759–773. https://doi.org/10.1108/MF-12-2016-0372
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. The Economic Nature of the Firm: A Reader, Third Edition, 283–303. https://doi.org/10.1017/CBO9780511817410.023
Khoja, L., Chipulu, M., & Jayasekera, R. (2019). Analysis of financial distress cross countries: Using macroeconomic, industrial indicators and accounting data. International Review of Financial Analysis, 66(July), 101379. https://doi.org/10.1016/j.irfa.2019.101379
Kuncoro, S., & Agustina, L. (2017). Factors to Predict the Financial Distress Condition of the Banking Listed in The Indonesia Stock Exchange. Accounting Analysis Journal, 6(1), 39–47. https://journal.unnes.ac.id/sju/index.php/aaj/article/view/11343
Larasati, H., & Wahyudin, A. (2019). Accounting Analysis Journal The Effect of Liquidity, Leverage, and Operating Capacity on Financial Distress with Managerial Ownership as a Moderating Variable ARTICLE INFO ABSTRACT. Accounting Analysis Journal, 8(3), 214–220. https://doi.org/10.15294/aaj.v8i3.30176
Lewaru, T. S., & Loupatty, L. G. (2021). Prediction of Financial Distress As The Impact of The Covid-10 Pandemic on Trade, Service and Investment Companies in Indonesia Using Altman Z-Score Discriminant Analysis (Study on the Indonesia Stock Exchange). International Journal of Multi Science, 2(8), 1–20.
Lin, T. H. (2009). A cross model study of corporate financial distress prediction in Taiwan: Multiple discriminant analysis, logit, probit and neural networks models. Neurocomputing, 72(16–18), 3507–3516. https://doi.org/10.1016/j.neucom.2009.02.018
López-Gutiérrez, C., Sanfilippo-Azofra, S., & Torre-Olmo, B. (2015). Investment decisions of companies in financial distress. BRQ Business Research Quarterly, 18(3), 174–187. https://doi.org/10.1016/j.brq.2014.09.001
Maulidina, D. (2014). Faktor-Faktor Yang Mempengaruhi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Media Riset Akuntansi, Auditing & Informasi, 14(3), 89–106. https://doi.org/10.25105/mraai.v14i3.2814
Moch, R., Prihatni, R., & Buchdadi, A. D. (2019). The effect of liquidity, profitability and solvability to the financial distress of manucatured companies listed on the Indonesia stock exchange (IDX) period of year 2015-2017. Academy of Accounting and Financial Studies Journal, 23(6), 1–16.
Mokhtar, M., & Rashid, S. A. (2018). Regional Conference on Science, Technology and Social Sciences (RCSTSS 2016). In Regional Conference on Science, Technology and Social Sciences (RCSTSS 2016) (Issue Rcstss 2016). Springer Singapore. https://doi.org/10.1007/978-981-13-0074-5
Mselmi, N., Lahiani, A., & Hamza, T. (2017). Financial distress prediction: The case of French small and medium-sized firms. International Review of Financial Analysis, 50, 67–80. https://doi.org/10.1016/j.irfa.2017.02.004
Muranda, Z. (2006). Financial distress and corporate governance in Zimbabwean banks. Corporate Governance, 6(5), 643–654. https://doi.org/10.1108/14720700610706126
Murni, M. (2018). Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2010-2014. JURNAL AKUNTANSI DAN BISNIS : Jurnal Program Studi Akuntansi, 4(1). https://doi.org/10.31289/jab.v4i1.1530
Paule-Vianez, J., Gutiérrez-Fernández, M., & Coca-Pérez, J. L. (2020). Prediction of financial distress in the Spanish banking system: An application using artificial neural networks. Applied Economic Analysis, 28(82), 69–87. https://doi.org/10.1108/AEA-10-2019-0039
Platt, H. D., & Platt, M. B. (2006). UNDERSTANDING DIFFERENCES BETWEEN FINANCIAL DISTREAA AND BANKRUPTCY. Review of Applied Economics, Vol. 2, 141–157.
Priyatnasari, S., & Hartono, U. (2019). Rasio Keuangan, Makroekonomi, dan Financial Distress: Studi pada Perusahaan Perdagangan, Jasa, dan Investasi di Indonesia. Jurnal Ilmu Manajemen, 7(4), 1005–1016.
Restianti, T., & Agustina, L. (2018). The Effect of Financial Ratios on Financial Distress Conditions in Sub Industrial Sector Company. Accounting Analysis Journal, 7(1), 25–33. https://doi.org/10.15294/aaj.v5i3.18996
Saputri, L. (2019). Accounting Analysis Journal The Effect of Leverage, Liquidity and Profitability on Financial Distress with the Effectiveness of the Audit Committee as a Moderating Variable ARTICLE INFO ABSTRACT. Accounting Analysis Journal, 8(1), 38–44. https://doi.org/10.15294/aaj.v8i1.25887
Seppa, R. (2014). Implication of inside-debt: Signalling for bankruptcy probabilities within small firms. Baltic Journal of Management, 9(2), 168–188. https://doi.org/10.1108/BJM-03-2013-0043
Sun, J., Fujita, H., Zheng, Y., & Ai, W. (2021). Multi-class financial distress prediction based on support vector machines integrated with the decomposition and fusion methods. Information Sciences, 559, 153–170. https://doi.org/10.1016/j.ins.2021.01.059
Truong, K. D. (2022). Corporate governance and financial distress: An endogenous switching regression model approach in vietnam. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2111812
Yusbardini, Y., & Rashid, R. (2019). Prediksi Financial Distress Dengan Pendekatan Altman Pada Perusahaan Manufaktur Di Indonesia. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 3(1), 122. https://doi.org/10.24912/jmieb.v3i1.3543
Ardiyanto, F. D., & Prasetiono. (2011). Prediksi Rasio Keuangan Terhadap Kondisi Financial Distress Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Dinamika Ekonomi Dan Bisnis, 8(1), 1–14. https://ejournal.unisnu.ac.id/JDEB/article/view/96
Aurellie Zulfa Islamy, Unggul Purwohedi, & Rida Prihatni. (2021). Faktor-faktor yang Mempengaruhi Financial Distress Perusahaan Terdampak COVID-19 di ASEAN. Jurnal Akuntansi, Perpajakan Dan Auditing, 2(3), 710–734. https://doi.org/10.21009/japa.0203.13
Balasubramanian, S. A., Radhakrishna, G. S., Sridevi, P., & Natarajan, T. (2019). Modeling corporate financial distress using financial and non-financial variables: The case of Indian listed companies. International Journal of Law and Management, 61(3–4), 457–484. https://doi.org/10.1108/IJLMA-04-2018-0078
Bunea, O. I., Corbos, R. A., & Popescu, R. I. (2019). Influence of some financial indicators on return on equity ratio in the Romanian energy sector - A competitive approach using a DuPont-based analysis. Energy, 189, 116251. https://doi.org/10.1016/j.energy.2019.116251
Chamboko, R., Kadira, G., Mundia, L., & Chamboko, R. K. T. (2017). Mapping patterns of financial distress among consumers in Zimbabwe. International Journal of Social Economics, 44(12), 1654–1668. https://doi.org/10.1108/IJSE-01-2016-0025
Du, X., & Lai, S. (2018). Financial Distress, Investment Opportunity, and the Contagion Effect of Low Audit Quality: Evidence from China. Journal of Business Ethics, 147(3), 565–593. https://doi.org/10.1007/s10551-015-2986-5
Freitas Cardoso, G., Peixoto, F. M., & Barboza, F. (2019). Board structure and financial distress in Brazilian firms. International Journal of Managerial Finance, 15(5), 813–828. https://doi.org/10.1108/IJMF-12-2017-0283
Geng, R., Bose, I., & Chen, X. (2015). Prediction of financial distress: An empirical study of listed Chinese companies using data mining. In European Journal of Operational Research (Vol. 241, Issue 1). Elsevier B.V. https://doi.org/10.1016/j.ejor.2014.08.016
Giarto, R. V. D., & Fachrurrozie, F. (2020). The Effect of Leverage, Sales Growth, Cash Flow on Financial Distress with Corporate Governance as a Moderating Variable. Accounting Analysis Journal, 9(1), 15–21. https://doi.org/10.15294/aaj.v9i1.31022
Halteh, K., Kumar, K., & Gepp, A. (2018). Financial distress prediction of Islamic banks using tree-based stochastic techniques. Managerial Finance, 44(6), 759–773. https://doi.org/10.1108/MF-12-2016-0372
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. The Economic Nature of the Firm: A Reader, Third Edition, 283–303. https://doi.org/10.1017/CBO9780511817410.023
Khoja, L., Chipulu, M., & Jayasekera, R. (2019). Analysis of financial distress cross countries: Using macroeconomic, industrial indicators and accounting data. International Review of Financial Analysis, 66(July), 101379. https://doi.org/10.1016/j.irfa.2019.101379
Kuncoro, S., & Agustina, L. (2017). Factors to Predict the Financial Distress Condition of the Banking Listed in The Indonesia Stock Exchange. Accounting Analysis Journal, 6(1), 39–47. https://journal.unnes.ac.id/sju/index.php/aaj/article/view/11343
Larasati, H., & Wahyudin, A. (2019). Accounting Analysis Journal The Effect of Liquidity, Leverage, and Operating Capacity on Financial Distress with Managerial Ownership as a Moderating Variable ARTICLE INFO ABSTRACT. Accounting Analysis Journal, 8(3), 214–220. https://doi.org/10.15294/aaj.v8i3.30176
Lewaru, T. S., & Loupatty, L. G. (2021). Prediction of Financial Distress As The Impact of The Covid-10 Pandemic on Trade, Service and Investment Companies in Indonesia Using Altman Z-Score Discriminant Analysis (Study on the Indonesia Stock Exchange). International Journal of Multi Science, 2(8), 1–20.
Lin, T. H. (2009). A cross model study of corporate financial distress prediction in Taiwan: Multiple discriminant analysis, logit, probit and neural networks models. Neurocomputing, 72(16–18), 3507–3516. https://doi.org/10.1016/j.neucom.2009.02.018
López-Gutiérrez, C., Sanfilippo-Azofra, S., & Torre-Olmo, B. (2015). Investment decisions of companies in financial distress. BRQ Business Research Quarterly, 18(3), 174–187. https://doi.org/10.1016/j.brq.2014.09.001
Maulidina, D. (2014). Faktor-Faktor Yang Mempengaruhi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Media Riset Akuntansi, Auditing & Informasi, 14(3), 89–106. https://doi.org/10.25105/mraai.v14i3.2814
Moch, R., Prihatni, R., & Buchdadi, A. D. (2019). The effect of liquidity, profitability and solvability to the financial distress of manucatured companies listed on the Indonesia stock exchange (IDX) period of year 2015-2017. Academy of Accounting and Financial Studies Journal, 23(6), 1–16.
Mokhtar, M., & Rashid, S. A. (2018). Regional Conference on Science, Technology and Social Sciences (RCSTSS 2016). In Regional Conference on Science, Technology and Social Sciences (RCSTSS 2016) (Issue Rcstss 2016). Springer Singapore. https://doi.org/10.1007/978-981-13-0074-5
Mselmi, N., Lahiani, A., & Hamza, T. (2017). Financial distress prediction: The case of French small and medium-sized firms. International Review of Financial Analysis, 50, 67–80. https://doi.org/10.1016/j.irfa.2017.02.004
Muranda, Z. (2006). Financial distress and corporate governance in Zimbabwean banks. Corporate Governance, 6(5), 643–654. https://doi.org/10.1108/14720700610706126
Murni, M. (2018). Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2010-2014. JURNAL AKUNTANSI DAN BISNIS : Jurnal Program Studi Akuntansi, 4(1). https://doi.org/10.31289/jab.v4i1.1530
Paule-Vianez, J., Gutiérrez-Fernández, M., & Coca-Pérez, J. L. (2020). Prediction of financial distress in the Spanish banking system: An application using artificial neural networks. Applied Economic Analysis, 28(82), 69–87. https://doi.org/10.1108/AEA-10-2019-0039
Platt, H. D., & Platt, M. B. (2006). UNDERSTANDING DIFFERENCES BETWEEN FINANCIAL DISTREAA AND BANKRUPTCY. Review of Applied Economics, Vol. 2, 141–157.
Priyatnasari, S., & Hartono, U. (2019). Rasio Keuangan, Makroekonomi, dan Financial Distress: Studi pada Perusahaan Perdagangan, Jasa, dan Investasi di Indonesia. Jurnal Ilmu Manajemen, 7(4), 1005–1016.
Restianti, T., & Agustina, L. (2018). The Effect of Financial Ratios on Financial Distress Conditions in Sub Industrial Sector Company. Accounting Analysis Journal, 7(1), 25–33. https://doi.org/10.15294/aaj.v5i3.18996
Saputri, L. (2019). Accounting Analysis Journal The Effect of Leverage, Liquidity and Profitability on Financial Distress with the Effectiveness of the Audit Committee as a Moderating Variable ARTICLE INFO ABSTRACT. Accounting Analysis Journal, 8(1), 38–44. https://doi.org/10.15294/aaj.v8i1.25887
Seppa, R. (2014). Implication of inside-debt: Signalling for bankruptcy probabilities within small firms. Baltic Journal of Management, 9(2), 168–188. https://doi.org/10.1108/BJM-03-2013-0043
Sun, J., Fujita, H., Zheng, Y., & Ai, W. (2021). Multi-class financial distress prediction based on support vector machines integrated with the decomposition and fusion methods. Information Sciences, 559, 153–170. https://doi.org/10.1016/j.ins.2021.01.059
Truong, K. D. (2022). Corporate governance and financial distress: An endogenous switching regression model approach in vietnam. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2111812
Yusbardini, Y., & Rashid, R. (2019). Prediksi Financial Distress Dengan Pendekatan Altman Pada Perusahaan Manufaktur Di Indonesia. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 3(1), 122. https://doi.org/10.24912/jmieb.v3i1.3543