ANALISIS FINANCIAL DISTRESS PADA PERUSAHAAN AGRIBISNIS DI BURSA EFEK INDONESIA

Annisa Nurfajrina

Abstract


Agribusiness is one of important sector in Indonesia. Agribusiness has unique characteristics and high complexity which can lead to financial problems. Therefore, its important to analyzed financial distress in agribusiness company to avoid bankruptcy. This research analyzed financial factors that influence financial distress in agribusiness companies listed in Indonesia stock exchange period 2010-2014. Eleven agribusiness companies were selected based on purposive sampling. This study used DSCR (debt service coverage ratio) as a proxy of financial distress. The method of analysis used panel data regression. The results showed that financial ratios are EBITDA to total assets, ROE, and TATO have a significant positive effect to DSCR. However, DAR and working capital to total assets have no significant effect to DSCR

Keywords


agribusiness companies; DSCR; financial distress; panel data regression

Full Text:

pdf

References


Andrade G, Kaplan SN. 1998. How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed. Journal of Finance 53(5):1442-1493.

[BPS] Badan Pusat Statistik. 2015a. Distribusi produk distribusi bruto seri 2010 triwulanan atas dasar harga berlaku menurut lapangan usaha (persen), 2010-2014 [Internet]. Jakarta (ID): Badan Pusat Statistik; [diunduh 2015 November 3]. Tersedia pada: http://www.bps.go.id/linkTabelStatis/view/id/1253.

_______________________. 2015b. Laporan perekonomian Indonesia 2015. Jakarta (ID): Badan Pusat Statistik.

Fitriyah I, Hariyati. 2013. Pengaruh rasio keuangan terhadap financial distress pada perusahaan properti dan real estate. Jurnal Ilmu Manajemen 1(3):760-773.

Gujarati DN. 2003. Basic Econometrics. Singapore (SG): McGraw-Hill.

Haq S, Arfan M, Siswar D. 2013. Analisis rasio keuangan dalam memprediksi financial distress (studi pada perusahaan yang terdaftar di bursa efek indonesia). Jurnal Akuntansi Pascasarjana Universitas Syiah Kuala 2(1):37-46.

Jaya MSA, Wahyuni LM, Putra IMDW. 2013. Pengaruh rasio likuiditas, profitabilitas, dan aktivitas terhadap financial distress pada industri pakaian jadi dan produk tekstil lainnya yang terdaftar di bursa efek indonesia tahun 2004-2010. Jurnal Bisnis dan Kewirausahaan 9(1):56-67.

Kamaludin, Pribadi KA. 2011. Prediksi financial distress kasus industri manufaktur pendekatan model regresi logistik. Jurnal Ilmiah STIE MDP 1(1):11-23.

[KEMENTAN] Kementerian Pertanian. 2015a. Ekspor komoditi pertanian persubsektor periode Januari-Desember 2014 [Internet]. Jakarta (ID): Pusat Data dan Sistem Informasi Pertanian. Basis Data Ekspor Impor Komoditi Pertanian; [diunduh 2015 September 20]. Tersedia pada: http://aplikasi.pertanian.go.id/eksim2012/hasileksporSubsek.asp.

_________________________________. 2015b. Rencana Strategis Kementerian Pertanian Tahun 20152019. Jakarta (ID): Kementerian Pertanian.

Noviandri T. 2014. Peranan analisis rasio keuangan dalam memprediksi kondisi financial distress perusahaan sektor perdagangan. Jurnal Ilmu Manajemen 2(4):1655-1665.

Nurcahyono, Sudharma K. 2014. Analisis rasio keuangan untuk memprediksi kondisi financial distress. Management Analysis Journal 1(3):1-6.

Platt HD, Platt MB. 2002. Predicting corporate financial distress: reflecting on choice-based sample bias. Journal of Economics and Finance 26(2):184-199.

Pranowo K, Achsani NA, Manurung AH, Nuryantono N. 2010. The dynamics of corporate financial distress in emerging market economy: empirical evidence from the Indonesian Stock Exchange 2004-2008. European Journal of Social Sciences 16(1):138-149.

Putri NWKA, Merkusiwati NKLA. 2014. Pengaruh mekanisme corporate governance, likuiditas, leverage, dan ukuran perusahaan pada financial distress. E-Jurnal Akuntansi Universitas Udayana 7(1):93-106.

Ruster J. 1996. Mitigating commercial risks in project finance. Public Policy for Private Sector. New York (US): The World Bank.

Rizaldi AF. 2000. Analisis kinerja dan strategi investasi kelompok saham sektor agribisnis di Bursa Efek Jakarta (studi kasus periode pra krisis krisis pemulihan) [Tesis]. Bogor (ID): Institut Pertanian Bogor.

Stulpiniene V, Mazure G. 2013. Finding financial distress predictor of farms. Rural Development 2013 6(1): 383-388.

Swantari A, Habibie FH. 2012. Prediksi financial distress berdasarkan kemampuan kinerja keuangan pada industri properti. MITTRA 3(1):1-18.

Veronica MS, Anantadjaya SPD. 2014. Bankruptcy prediction model: an industrial study in Indonesian publicly-listed firms during 1999-2010. Review of Integrative Business and Economics Research 3(1):13-41.

Widarjo W, Setiawan D. 2009. Pengaruh rasio keuangan terhadap kondisi financial distress perusahaan otomotif. Jurnal Bisnis dan Akuntansi 11(2): 107-119.

Widati WL, Pratama BA. 2015. Pengaruh current ratio, debt to equity ratio, dan return on equity, untuk memprediksi kondisi financial distress. Journal of Accounting and Banking 4(1):1-13.




DOI: https://doi.org/10.26905/jkdp.v20i3.280

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

Diploma Program of Banking and Finance, Faculty of Economics and Business, University of Merdeka Malang

Published by University of Merdeka Malang

Mailing Address:
2nd floor Finance and Banking Building, Jl. Terusan Raya Dieng No. 57 Malang, East Java, Indonesia
Phone: +62 813-3180-1534
Email: jkp@unmer.ac.id

This work is licensed under a Creative
Commons Attribution-ShareAlike 4.0