Financial Distress di BUMN dan Faktor-faktor Yang Mempengaruhi

Gunawan, Aries Widya and Assagaf, Aminullah and Sayidah, Nur and Mulyaningtyas, Alvy (2019) Financial Distress di BUMN dan Faktor-faktor Yang Mempengaruhi. Ekuitas: Jurnal Ekonomi dan Keuangan, 3 (2). pp. 226-243. ISSN 2548-298X

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Abstract

This study aims to examine the factors that influence financial distress in State-owned enterprises (SOEs). The factors identified include managerial compensation, working capital, investment growth, and operating cash flow. he researchers measure financial distress by Z-score. The researchers measure managerial compensation by calculating the amount of directors' salary and allowances, Working capital by ratio between the number of current assets and short-term liabilities; Investment growth by the ratio between the current year's investment and the previous year. Operating cash flow is the difference between cash inflows and outflows from operating activities. Leverage as a control variable is a comparison between total debt and total equity. The researchers selected the sample with a purposive sampling method. The result is that researchers obtained a sample of 19 BUMN. Research data for the period 2014-2017 were analyzed using multiple linear regression analysis. The results show that the variable working capital and leverage influence financial distress. Managerial compensation, investment growth, and operating cash flow do not affect financial distress.

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