The Effect of Leverage, Sales Growth, Cash Flow on Financial Distress  with Corporate Governance as a Moderating Variable

The aim of this study is to detect the effect of leverage, sales growth, and cash flow on financial distress with corporate governance as moderating variable. This research used all of basic and chemical sector manufacturing companies listed on the Indonesian Stock Exchange (IDX 2013-2017 period, there were 69 companies. Sampling used with purposive sampling technique and selected 31 companies with 152 analysis units. The data was analysed by descriptive statistical analysis and logistic regression for inferential statistical. The Results show that leverage has significant positive effect to financial distress. Sales growth has no significant effect to financial distress. Cash flow has a significant negative effect to financial distress. Corporate governance measured by managerial ownership is be able to weaken the positive effect of leverage and strengthen the negative effect of sales growth to financial distress, but not be able to strengthen the negative effect of cash flow to financial distress. The conclusions in this research are just leverage and cash flow have significantly effect to financial distress, as well as corporate governance only able to moderate the effect of leverage and sales growth to financial distress.

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Pengaruh Laba, Arus Kas Dan Corporate Governance Terhadap Financial Distress (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015)

Al-Buhuts ◽

10.30603/ab.v13i01.428 ◽

2017 ◽

Vol 13 (01) ◽

pp. 01-22

Author(s):

Septy indra Santoso

Keyword(s):

Corporate Governance ◽

Cash Flow ◽

Financial Distress ◽

Stock Exchange ◽

Institutional Ownership ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Board Size ◽

Negative Effect ◽

Positive Effect

This study aimed to examine the effect of earnings, cash flow and corporate governance on financial distress. The corporate governance in this study using the indicator managerial ownership, institutional ownership and the board size. The population in this of the manufacturing companies listed on Indonesia Stock Exchange at the period of 2011-2015. Based on the criteria purposive sampling method, samples obtained is 28 companies in period 2011-2015 so obtain 140 observations. This study used logistic regression analysis. The result of this research showed that manajerial ownership has a positive effect and the board size have negative effect on the financial distress condition. This research failed to does not effect of the earnings, cash flow and institutional ownership of the financial distress condition.

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THE INFLUENCE OF CORPORATE GOVERNANCE, COMPANY SIZE, AND LEVERAGE TOWARD EARNING MANAGEMENT

Jurnal Akuntansi Trisakti ◽

10.25105/jat.v6i1.4869 ◽

2019 ◽

Vol 6 (1) ◽

pp. 19

Author(s):

Mayasari Mayasari ◽

Ayu Yuliandini ◽

Intan Indah Permatasari

Keyword(s):

Corporate Governance ◽

Earnings Management ◽

Firm Size ◽

Stock Exchange ◽

Sampling Technique ◽

Earning Management ◽

Managerial Ownership ◽

Company Size ◽

Negative Effect ◽

Positive Effect

The purpose of this study is to examine the influence of GCG variables, firm size, and leverage on earnings management. The sample used is 35 public listed property and real estatecompanies in the Indonesia Stock Exchange (IDX) from 2015 until 2017. The sampling technique uses purposive sampling. This study uses multiple regression. The results of the analysis showed that managerial ownership does not have a negative effect on earnings management but oppositely, it has a positive effect on earnings management, while company size does not have any effect on earning management.

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Pengaruh Corporate Governance, Kinerja Lingkungan, dan Ukuran Perusahaan Terhadap Pengungkapan CSR

EKONOMIS Journal of Economics and Business ◽

10.33087/ekonomis.v5i2.351 ◽

2021 ◽

Vol 5 (2) ◽

pp. 327

Author(s):

Adinda Purnama Syane ◽

Jaeni Jaeni

Keyword(s):

Corporate Governance ◽

Environmental Performance ◽

Annual Report ◽

Stock Exchange ◽

Sampling Technique ◽

Institutional Ownership ◽

Managerial Ownership ◽

Company Size ◽

Manufacturing Companies ◽

Positive Effect

This study aims to analyze the effect of institutional ownership, managerial ownership, environmental performance, and firm size on CSRD. CSRD measurement based on GRI-G4 is seen from the company's annual report. The population of this study are manufacturing companies listed on the Indonesia Stock Exchange 2017-2019, which are 492 companies. The research sample was taken using a purposive sampling technique, with observations for 3 years. So, the number of samples studied were 73 companies. Hypothesis testing in this study using multiple regression analysis. The results showed that corporate governance, namely institutional ownership and managerial ownership, had no effect on CSRD. While the environment has a positive effect on CSRD and company size has no effect on CSRD companies.

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PENGARUH PENGGUNAAN LABA DAN ARUS KAS TERHADAP PERMASALAHAN KEUANGAN PADA PERUSAHAAN MANUFAKTUR

BALANCE Jurnal Akuntansi dan Bisnis ◽

10.32502/jab.v4i2.2006 ◽

2019 ◽

Vol 4 (2) ◽

pp. 641

Author(s):

Rifani Akbar Sulbahri ◽

Melda Febriyanti Febriyanti

Keyword(s):

Cash Flow ◽

Financial Distress ◽

Regression Coefficient ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Sampling Technique ◽

Multiple Linear Regression Analysis ◽

Manufacturing Companies ◽

Significance Level ◽

Positive Effect

This study aims to determine the effect of the use of earnings and cash flow on financial distress in manufacturing companies (metal industry sub-sector and the like in the Indonesia Stock Exchange in 2014-2018). This research on financial distress uses a quantitative approach. The study population includes all metal manufacturing sub-sector manufacturing companies and the like on the Indonesia Stock Exchange in 2014-2018. The sample in this study were 7 companies that were determined by purposive sampling technique. The data analysis method used is multiple linear regression analysis. The results showed that (1) Profit had a positive effect on financial distress. This is indicated by a regression coefficient of 0.038 and a calculated t value of 1.675. t count < t table that is 1.675 < 1.69389. The value of t arithmetic shows that earnings have a positive effect on financial distress. With a significance level of less than 5% (0.004 < 0.05). (2) Cash flow does not affect financial distress. This is indicated by a regression coefficient of 0,000 and a calculated value of -0,060. t arithmetic < t table that is -0.060 < 1.69389, the value of t arithmetic shows that cash flow has no positive effect on financial distress. With a significance level of more than 5% (0.952 > 0.05). (3) The determination determination R2 of 0.292 (29.2%) illustrates that the effect of earnings and cash flow on financial distress is 29.2% while the remaining 70.8% is influenced by other factors.

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Pengaruh Operating Capacity, Sales Growth, Arus Kas dan Leverage Terhadap Financial Distress

SUSTAINABLE ◽

10.30651/stb.v1i2.10907 ◽

2021 ◽

Vol 1 (2) ◽

pp. 357

Author(s):

Siti Noviati Uswatun Khasanah ◽

Fatmasari Sukesti ◽

Nurcahyono Nurcahyono

Keyword(s):

Cash Flow ◽

Financial Distress ◽

Quantitative Research ◽

Sampling Method ◽

Stock Exchange ◽

Sampling Technique ◽

Sales Growth ◽

Operating Capacity ◽

Positive Effect ◽

Selection Of

This research was conducted the empirically prove the factors that influence Financial Distress by using the variables operating capacity, sales growth, cash flow, and leverage in transportation companies listed on the Indonesia Stock Exchange in 2015–2020. This type of research is quantitative research with sampling technique using purposive sampling method, namely the selection of samples with criteria determined by the researcher. The method used in this study uses multiple linear regression with the help of the SPSS version 25 program. The results in this study indicate that operating capacity has a positive effect on financial distress, which means that a low operating capacity value will cause financial distress. Sales growth and cash flow do not effect financial distress, which means the size of the value of sales growth and cash flow does not affect the occurrence of financial distress. Leverage has a positive effect on financial distress, which means that the high value of debt will cause financial distress.

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Pengaruh Sales Growth dan Keahlian Keuangan Komite Audit terhadap FinancialDistress.(Studi Empiris Pada Perusahaan Manufaktur Sub Sektor Otomotif dan Komponen yang Terdaftar di Bursa Efek IndonesiaPeriode 2012-2016)

Kajian Akuntansi ◽

10.29313/ka.v21i2.4580 ◽

2019 ◽

Vol 21 (2) ◽

Author(s):

Nurhayati Nurhayati

Keyword(s):

Financial Distress ◽

Research Method ◽

Audit Committee ◽

Stock Exchange ◽

Balance Sheet ◽

Linear Regression Method ◽

Sales Growth ◽

Manufacturing Companies ◽

Financial Expertise ◽

Negative Effect

Abstract. This study aims to determine the effect of sales growth and financial expertise of audit committee to financial distress. The research method used is descriptive research method with quantitative approach. Analyzer used in this research is multiple regression analysis by using sample of research as many as 9 manufacturing companies of the automotive and component sub-sector listed on The Indonesia Stock Exchange in 2012-2016. Hypothesis testing is done by multiple linear regression method using SPSS version 17. The result showed that the sales growth variable has no significant negative effect to financial distress, and financial expertise of audit committee has negative and significant effect to financial distress. The result of this study can be recommendation for investor to be able to analyse the company’s financial statements related to the decision to invest. Recommendation for the next researchers to be able to research all of manufacturing companies listed on Indonesia Stock Exchange and used other indicator of financial ratios contained in balance sheet, income statements, and cash flow statements.Keywords: Financial Distress, Audit Committee Financial Expertise, Sales Growth.

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Pengaruh Financial Distress, Ukuran Perusahaan, dan Corporate Governance pada Audit Delay

E-Jurnal Akuntansi ◽

10.24843/eja.2019.v27.i03.p19 ◽

2019 ◽

pp. 2154

Author(s):

Ni Putu Shinta Oktaviani ◽

Dodik Ariyanto

Keyword(s):

Corporate Governance ◽

Firm Size ◽

Financial Distress ◽

Audit Committee ◽

Sampling Method ◽

Stock Exchange ◽

Institutional Ownership ◽

Analysis Technique ◽

Negative Effect ◽

Positive Effect

This study aims to determine the effect of financial distress, company size, and corporate governance on audit delay. This research was conducted at mining companies listed on the Indonesia Stock Exchange in 2015-2017. The number of samples taken was 32 companies so that there were 96 observations, with a purposive sampling method. The analysis technique used in this study is multiple linear regression. Based on the results of the analysis found that financial distress and independent board of commissioners have positive effect on audit delay. Firm size, audit committee and institutional ownership have negative effect on audit delay. Keywords: Financial distress, firm size, corporate governance, audit delay

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CORPORATE OWNERSHIP, KARAKTERISTIK EKSEKUTIF, DAN INTENSITAS ASET TETAP TERHADAP PENGHINDARAN PAJAK

Jurnal Profita ◽

10.22441/profita.2019.v12.03.001 ◽

2019 ◽

Vol 12 (3) ◽

pp. 361

Author(s):

Umi Sulistiyanti ◽

R. Andro Zylio Nugraha

Keyword(s):

Stock Exchange ◽

Tax Avoidance ◽

Secondary Data ◽

Managerial Ownership ◽

Observation Data ◽

Corporate Ownership ◽

Manufacturing Companies ◽

Fixed Assets ◽

Negative Effect ◽

Positive Effect

Tax avoidance is a legal action carried out by corporate taxpayer to reduce, minimize, and alleviate the tax burden in the manner permitted by law. Nowdays, there are a lot of tax avoidance cases in Indonesia. Indonesia is ranked 11th largest with the highest tax avoidance cases with an estimated value of 6.48 billion US dollars. This study aims to analyze the Influence of corporate ownership, executive characteristics, and the intensity of fixed assets on tax avoidance.The research’s population of this study were 152 manufacturing companies listed in Indonesia Stock Exchange (IDX) in 2015,2016, and 2017. This research samples were 62 companies or 167 observation data selected by purposive sampling method. The data used secondary data that obtained from Indonesia Stock Exchange (IDX) and it was analyzed by multiple regression.The results of the study show that Family Ownership and Institutional Ownership have no effect on Tax Avoidance. While managerial ownership has a positive effect on Tax Avoidance. Executive characteristics and Intensity of Fixed Assets have negative effect on Tax Avoidance.

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Analisis Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017

Jurnal Manajemen Bisnis dan Kewirausahaan ◽

10.24912/jmbk.v4i1.6793 ◽

2020 ◽

Vol 4 (1) ◽

pp. 24

Author(s):

Mariska Leviani Dan Indra Widjaja

Keyword(s):

Capital Structure ◽

Firm Size ◽

Stock Exchange ◽

Sampling Technique ◽

Sales Growth ◽

Manufacturing Companies ◽

Return On Assets ◽

Food And Beverage ◽

Negative Effect ◽

Equity Ratio

This research aimed to examine the effect of Liquidity (Current Ratio), Profitability (Return On Assets), Sales Growth, and Firm Size toward Capital Structure (Debt to Equity Ratio) on manufacturing companies sector food and beverages in Indonesia Stock Exchange for period 2013 - 2017. The sampling technique used was purposive sampling and the sample collected consisted of 14 companies. Analysis using SPSS program. Based on statistical t test, the result of research show that Liquidity had a significant, negative effect on Capital Structure. Meanwhile, Profitability, Sales Growth, and Firm Size did not affect Capital Structure. Based on statistical F test indicates that variables Liquidity, Profitability, Sales Growth, and Firm Size simultantly affect Capital Structure on manufacturing companies sector food and beverage listed in Indonesia Stock Exchange for period 2013 - 2017.

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PENGARUH FIRM SIZE, SALES GROWTH, STRUKTUR ASET, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012 – 2017)

JURNAL STIE SEMARANG ◽

10.33747/stiesmg.v12i1.396 ◽

2020 ◽

Vol 12 (1) ◽

pp. 47-68

Author(s):

Suci Atiningsih ◽

Asri Nur Wahyuni

Keyword(s):

Capital Structure ◽

Firm Size ◽

Firm Value ◽

Stock Exchange ◽

Sales Growth ◽

Manufacturing Companies ◽

Company Value ◽

Negative Effect ◽

Positive Effect ◽

Data Analysis Methods

The purpose of this study is to examine the effect of firm size, sales growth, asset structure, and profitability on firm value with capital structure as an intervening variable. The population are all companies listed on the Indonesia Stock Exchange. While the sample in this study were all manufacturing companies listed on the Indonesia Stock Exchange Period 2012 - 2017. Sampling using purposive sampling and data analysis methods using multiple linear regression and path analysis. The results of this study are firm size and asset structure have a positive effect on capital structure. Sales growth and profitability have a negative effect on capital structure. Capital structure, sales growth, and asset structure have a negative effect on firm value. Firm size has a positive effect on company value. Capital structure cannot mediate the influence of firm size and profitability on firm value. Capital structure can mediate the effect of sales growth and asset structure on firm value.

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