Pengaruh Profitabilitas, Likuiditas dan Leverage Dalam Memprediksi Financial Distress (Studi Empiris Pada Perusahaan Aneka Industri yang Terdaftar di BEI)

Orina Andre

Abstract


This study aimed to examine the effect of profitability, as measured by return on asset, liquidity as measured by current ratio, and leverage as measured by debt ratioin predicting financial distress in a variety of industrial companies listed on the Indonesia Stock Exchange (IDX ).

This study considered the causative research. The population in this study are all various industrial companies listed on the Stock Exchange in 2006 until 2010. While the sample was determined by the method of purposive sampling to obtain a sample of 46 companies. Types of data used is secondary data obtained from the Indonesian capital market directory and www.idx.co.id. The method of analysis used is logistic regression analysis.

Based on the results of multiple regression analysis with a significance level of 5%, the results of the study concluded: (1) profitability has a negative and significant effect in predicting financial distress in a variety of industial companies listed on the Indonesia Stock Exchange with a wald test value is positive amounted to 7.167 and 0.007 significance value <0.05, (2) liquidity has no effect in predicting financial distress in a variety of industial companies listed on the Indonesia Stock Exchange with a wald test value is positive amounted to 2.374 and 0.123 significance value >0.05, (3) leverage has a positive and significant effect in predicting financial distress in a variety of industial companies listed on the Indonesia Stock Exchange with a wald test value is positive amounted to 17.995 and 0.000 significance value <0.05.

Based on the above results, it is suggested: (1) For the company, it can be used as consideration in performing corrective actions before it develops into severe financial distress and lead to bankruptcy, (2) For academics and researchers turn, can increase an empirical and scientific evidence knowledge about the impact of profitability, liquidity and leverage in predicting financial distress, which can be input in line with this research, (3) For the investor, it can be used as a consideration in making the right investment decisions.

Keywords : Profitability, Liquidity, Leverage, Financial Distress

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