PENGARUH PROFITABILITAS, LIKUIDITAS, DAN SOLVABILITAS TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE TAHUN 2015-2017

RUSLI, MOCH (2019) PENGARUH PROFITABILITAS, LIKUIDITAS, DAN SOLVABILITAS TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE TAHUN 2015-2017. S2 thesis, Universitas Negeri Jakarta.

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Abstract

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 Moch. Rusli 8236177019 This study aims to examine the effect of liquidity as measured by Current Ratio and Working Capital to Total Assets, profitability as measured by Return On Equity and Return On Assets, and solvency as measured by Debt Asset Ratio, Debt Equity Ratio, and Time Interest Earned in predicting financial distress at manufacturing companies listed on the Indonesia Stock Exchange for the period 2015-2017. The populations in this study were all manufacturing companies listed on the Stock Exchange in 2015 to 2017. While the sample of this study was determined by the nonprobability sampling method so that 101 samples were obtained. The type of data used is secondary data obtained from the Indonesia capital market directory and www.idx.co.id. The statistical methods used for hypothesis testing are the Likelihood Statistic Test (simultaneous) and the z statistical test (partial) obtained from multiple logistic regression analysis with Financial distress (Y) as the dependent variable. This study uses Altman discriminant analyst with version 4 (four) variables to determine the Z-Score value as a prediction classification of companies experiencing financial distress, in vulnerable areas, or healthy. The results of the research partially showed CR liquidity, WCTA had a significant negative effect, ROA profitability, ROE had a significant negative effect and DAR solvency, DER had a significant positive effect on financial distress of manufacturing companies listed on the Indonesia Stock Exchange in the 2015-2017 period, with a level of significance below 0, 05 (p <0.05). The other ratio is TIE which has no significant effect on financial distress. The results of the simultaneous study of liquidity, profitability and solvency together have a strong relationship, significantly influence the financial distress of manufacturing companies. LR statistical calculation results obtained values of 366.6391 (model 1), 295.3499 (model 2), 356,1684 (model 3), 307,689 (model 4) with a significance of 0,000 (p <0.05) which means that there are jointly independent variables on the dependent variable. Keywords: Liquidity, Profitability, Solvability, Financial Distress, Z-Score

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