Kumalasari, RiestaDevi (2014) Pengaruh Variabel Fundamental dan Variabel Makro terhadap Kemungkinan Perusahaan Mengalami Financial Distress (Studi pada Perusahaan Tekstil yang Terdaftar di BEI). Magister thesis, Universitas Brawijaya.
Abstract
Perusahaan Tekstil saat ini sedang berada dalam kondisi yang sangat memprihatinkan sejak terjadinya krisis moneter dan krisis keuangan global serta sejak masuknya Indonesia ke dalam ASEAN – Cina Free Trade Agreement (ACFTA) yang membuat produk Cina masuk secara bebas ke Indonesia dengan harga yang terjangkau. Oleh karena itu, adanya pendeteksian financial distress dengan fenomena seperti di atas menjadi sangat penting. Tujuan dari penelitian ini adalah untuk mengetahui dan menjelaskan pengaruh variabel fundamental yaitu variabel Working Capital To Total Asset (WC/TA), Sales To Total Assets (S/TA), Return On Equity (ROA) , Debt Ratio (DR) , dan Shareholder Equity To Total Asset (SETA) dan variabel makro yaitu Sensitifitas Kurs, Sensitifitas Inflasi, dan Sensitifitas Suku Bunga terhadap kemungkinan perusahaan mengalami kondisi financial distress dan mengetahui urutan kontribusi variabel tersebut terhadap kemungkinan perusahaan mengalami kondisi financial distress. Penelitian ini menggunakan alat analisis regresi logistik yang digunakan untuk mengetahui variabel-variabel fundamental maupun variabel makro yang menjadi prediktor dari financial distress dan mengetahui probabilitas perusahaan mengalami financial distress serta untuk mengetahui prosentase rasio keuangan dan seberapa sensitif suatu perusahaan terhadap variabel ekonomi makro. Jenis penelitian ini adalah penelitian ekspalanatory. Objek penelitian adalah seluruh Perusahaan Tekstil yang telah go public dan listing di Bursa Efek Indonesia (BEI) serta tidak mengalami delisting selama periode penelitian yaitu tahun 2010-2012. Teknik sampling yang digunakan adalah teknik sampling sensus. Terdapat 15 perusahaan tekstil dengan pendeteksian awal menggunakan Interest Coverage Ratio (ICR) dan teridentifikasi 7 perusahaan dalam kondisi financial distress dan 8 perusahaan tergolong dalam non financial distress. Hasil penelitian menunjukkan bahwa Working Capital To Total Asset (WC/TA), Total Debt To Total Asset (DR), Shareholder Equity To Total asset (SETA), dan Sensitifitas Inflasi berpengaruh signifikan terhadap kemungkinan perusahaan mengalami financial distress serta kontribusi terbesar dipegang oleh variabel Debt Ratio (DR) dan Sensitifitas Inflasi.
English Abstract
Textile companies` condition has been so alarming since monetary crisis and global financial crisis and after Indonesia joined ASEAN – China Free Trade Agreement (ACFTA) that let Chinese products with affordable price sent to Indonesia freely. refore, it is important to have detection on financial distress with that phenomenon view. objective of this research was to understand and explain effect of fundamental variables such as Working Capital To Total Asset (WC/TA), Sales To Total Assets (S/TA), Return On Equity (ROA) , Debt Ratio (DR) , and Shareholder Equity To Total Asset (SETA) and macro variables such as Rate Sensitivity, Inflation Sensitivity, and Interest Rate Sensitivity on probability of companies to suffer financial distress and understand sequence of those variables contribution on probability of companies to suffer financial distress . This research used logistic regression as analysis model to understand ei r fundamental variables or macro variables that become predictor of financial distress and to understand probability of companies to suffer financial distress and to understand percentage of financial ratios and how sensitive a company toward macro variables. This research was categorized as an explanatory research. research objects were all public textile companies listed in Bursa Efek Indonesia (BEI) and y do not have delisting during research period, 2010-2012. sampling technique used by researcher was census sampling. re were 15 textile companies as beginning detection using Interest Coverage Ratio (ICR) and re were 7 companies identified suffering financial distress and 8 companies were not in non financial distress . research finding revealed that Working Capital To Total Asset (WC/TA), Total Debt To Total Asset (DR), Shareholder Equity To Total asset (SETA) and Inflation Sensitivity gave significant effect to probability of companies to suffer financial distress and Debt Ratio and Inflation Sensitivity were variables that give greatest effect.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/658.15/KUM/p/041407097 |
| Subjects: | 600 Technology (Applied sciences) > 658 General management > 658.1 Organization and financial management |
| Divisions: | S2/S3 > Magister Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 11 Dec 2014 15:07 |
| Last Modified: | 11 Dec 2014 15:07 |
| URI: | http://repository.ub.ac.id/id/eprint/159339 |
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