scholarly journals PENGARUH KINERJA KEUANGAN, RISK BASED CAPITAL, UKURAN PERUSAHAAN DAN MAKROEKONOMI TERHADAP FINANCIAL DISTRESS

2021 ◽  
Vol 10 (1) ◽  
pp. 55
Author(s):  
Agustina Nilasari
Keyword(s):  
Firm Size ◽  
Financial Distress ◽  
Annual Report ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Insurance Company ◽  
Z Score ◽  
Research Information ◽  
Purposive Sampling

                                                     ABSTRACTThis research intends to examine the effect of insurance company financial ratios, namely solvency margin ratio, risk based capital, firm size, inflation and exchange rate on the estimated financial distress of life insurance companies. As well as general public listed on the Indonesia Stock Exchange from 2015 to 2019. This research is important considering that there have been cases of default by insurance companies. The research information in this research is secondary data obtained in the annual report which is sourced from BEI website and insurance company websites. The sample technique in this research is a purposive sampling technique, there are 35 samples that meet the standards to become samples. Insurance companies experiencing financial distress are determined based on the non-manufacturing Altman Z-score method. Multiple linear regression is the research technique chosen by researchers. This research results in the conclusion that only the firm size variable has an influence on financial distress estimates. The independent variables are able to explain the financial distress variable as much as 32.8%, the deficiency as much as 67.2%, which illustrates the variables that cannot be taken into account in the analysis of this study.                                                 ABSTRAKRiset ini bermaksud untuk menelaah pengaruh rasio keuangan perusahaan asuransi yakni solvency margin ratio (SMR), risk based capital (RBC), ukuran perusahaan (UK), inflasi (INF) serta nilai tukar (NT) terhadap perkiraan timbulnya keadaan financial distress perusahaan asuransi jiwa serta umum yang tercatat pada Bursa Efek Indonesia dari rentang waktu 2015 sampai 2019. Penelitian ini penting mengingat adanya kasus gagal bayar perusahaan asuransi. Informasi penelitian di dalam riset ini merupakan data sekunder yang didapatkan pada annual report yang bersumber dari website BEI serta website perusahaan asuransi. Teknik sampel di dalam riset ini merupakan teknik purposive sampling, terdapat 35 sampel yang memenuhi standar untuk menjadi sampel. Perusahaan asuransi yang mengalami financial distress ditentukan berdasarkan metode Altman Z-score non manufaktur. Regresi linier berganda menjadi teknik penelitian yang dipilih oleh peneliti. Riset ini menghasilkan kesimpulan bahwa hanya variabel ukuran perusahaan (UK) yang ada pengaruh terhadap perkiraan financial distress. Variabel bebas mampu memaparkan variabel financial distress sebanyak 32,8%, kekurangan sebanyak 67,2% digambarkan variabel yang tidak dapat diperhitungkan di dalam analisis penelitian ini.

scholarly journals Analisis Perbandingan Financial Distress Pada Perusahaan Sub Sektor Rokok Periode 2015-2019

2021 ◽  
Vol 3 (3) ◽  
pp. 157-163
Author(s):  
Anang Makruf ◽  
Deni Ramdani
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Market Value ◽  
Sampling Technique ◽  
Z Score ◽  
Book Value ◽  
Purposive Sampling ◽  
Quantitative Models ◽  
A Company ◽  
Analyze Data

Abstract – The aim of the study was to analyze financial distress in cigarette companies list in Indonesia Stock Exchange in 2015-2019 using 3 methods, Altman Z-Score, Zmijewski, and Springate. Purposive sampling is used in this study to determine the sampling technique. The sample used in this study released 4 cigarette companies. Descriptive asalysis with quantitative models was used to analyze data in this research. Altman Z-Score, Zmijewski, and Springate in 2015-2019 PT. HM Sampoerna Tbk, PT. Gudang Garam Tbk, and PT. Wismilak Inti Makmur Tbk is related to safe, but it is needed a company that is estimated to be grey in the Altman Z-Score calculation in 2018, PT. Wismilak Inti Makmur Tbk. The Z-score is at the limit because the companie has a ratio with a lower value in market value of equity  to book value of liabilities   Abstrak – Penelitian ini memiliki bertujuan untuk menganalisis perbandingan kesulitan keuangan dalam perusahaan sun sektor rokok di Indonesia Stock Exchange periode 2015-2019 menggunakan tiga metode. Metode yang digunakan yaitu Altman Z-Score, Zmijewski, dan Springate. Purposive sampling digunakan dalam penelitian ini untuk menentukan teknik pengambilan sampel. Sampel yang digunakan berjumlah 4 perusahaan rokok. Analisis deskriptif dengan pendekatan kuantitatif digunakan sebagai teknik analisis data. Dalam penelitian ini menjelaskan financial distress yang dihitung menggunakan metode Altman Z-Score, Zmijewski , dan Springate pada tahun 2015-2019 PT. HM Sampoerna Tbk, PT. Gudang Garam Tbk, dan PT. Wismilak Inti Makmur Tbk mengalami dalam kondisi keuangan yang sehat, namun terdapat perusahaan yang diestimasi rawan kebangkrutan pada perhitungan Altman Z-Score pada  tahun 2018 yaitu PT. Wismilak Inti Makmur Tbk. hal ini dapat terjadi  karena nilai Z-Score PT. Wismilak Inti MakmurTbk  berada pada Z < 1,81 salah satu penyebabnya ialah rendahnya rasio market value of equity terhadap liabilities.

scholarly journals Financial Factors and Non-Financial to Financial Distress Insurance Companies That Listed in Indonesia Stock Exchange

2021 ◽  
Vol 4 (1) ◽  
pp. 1305-1312
Author(s):  
Liahmad Liahmad ◽  
Kartika Rusnindita ◽  
Yuni Putri Utami ◽  
Saleh Sitompul
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Cash Flows ◽  
Study Data ◽  
Insurance Companies ◽  
Insurance Company ◽  
Financial Factors ◽  
Descriptive Statistical Analysis

This study aims to test the influence of financial factors in the form of liquidity, cash flow, company size, institutional ownership, earnings and the factors of non-financial form of the independent commissioner against the financial distress of insurance companies that listed in Indonesia stock Exchange. The population of this research as many as 17 of the insurance company. The sampling technique using purposive sampling method, so that the obtained 15 sample company for 4 years of observations of the years 2017 - 2020, with 60 observations of the study. Data analysis using descriptive statistical analysis and logistic regression analysis. The results show that liquidity, cash flows, institutional ownership and independent commissioner does not affect significantly to financial distress, while the method of the size of the company and profit and significant effect on financial distress.

scholarly journals DETERMINAN PENGAMBILAN KEPUTUSAN LINDUNG NILAI (HEDGING) DENGAN INSTRUMEN DERIVATIF VALUTA ASING PADA PERUSAHAAN MANUFAKTUR

2020 ◽  
Vol 15 (1) ◽  
pp. 9-26
Author(s):  
Verawaty Verawaty ◽  
Ade Kemala Jaya ◽  
Megawati Megawati
Keyword(s):  
Firm Size ◽  
Significant Influence ◽  
Financial Distress ◽  
Stock Exchange ◽  
Research Result ◽  
Sampling Technique ◽  
Corporate Value ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Growth Opportunity

Abstract: Hedging is an alternative of risk management that aims to protect the assets of company from losses caused by the risk. This research was aimed to analyze the influence of corporate value, liquidity, leverage, growth opportunity, financial distress and firm size to the hedging decision on manufacturing companies listed in Indonesia Stock Exchange. The samples were 24 manufacturing companies which were listed in Indonesia Stock Exchange in the period of 2016-2017 which had been selected by using the purposive sampling technique. The data analysis technique used logistic regression. The research result showed that corporate value, liquidity and growth opportunity did not give any significant influence to the hedging decision whereas leverage, financial distress and firm size had significant influence to the hedging decision. Hedging adalah alternatif manajemen risiko yang bertujuan untuk melindungi aset perusahaan dari kerugian yang diakibatkan oleh risiko. Penelitian ini bertujuan untuk menganalisis pengaruh corporate value, liquidity, leverage, growth opportunity, financial distress dan firm size terhadap keputusan hedging pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Sampel yang digunakan adalah 24 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2016-2017 dengan menggunakan teknik purposive sampling. Teknik analisis data yang digunakan adalah analisis regresi logistik. Hasil penelitian ini menunjukkan bahwa variabel corporate value, liquidity, dan growth opportunity tidak berpengaruh signifikan terhadap keputusan hedging, sedangkan variabel leverage, financial distress dan firm size berpengaruh signifikan terhadap keputusan hedging. 

scholarly journals Pengaruh Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan Asuransi di Indonesia

2020 ◽  
Vol 2 (4) ◽  
pp. 873
Author(s):  
Christoforus Octavus ◽  
I Gede Adiputra
Keyword(s):  
Firm Size ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Insurance Company ◽  
Probability Sampling ◽  
Purposive Sampling

This research was conducted with the aim to find out whether there is an influence of Leverage (DER), Profitability Ratio (ROA), Firm Size (SIZE) on Firm Value (VALUE) Insurance Company in Indonesia. Population in this study are all the insurance company listed in Indonesian Stock Exchange in the period 2017 – 2019. The method of selecting samples used in this study is a non probability sampling method with a purposive sampling technique. The results of this study are Leverage that has a negative and non significant effect on Firm Value, Profitability Ratio has a positive and non significant effect on Firm Value, and Firm Size has a negative and significant effect on Firm Value. Penelitian ini dilakukan dengan tujuan untuk mengetahui apakah terdapat pengaruh antara Rasio Hutang (DER), Rasio Profitabilitas (ROA), dan Ukuran Perusahaan (Firm Size) terhadap Nilai Perusahaan Asuransi di Indonesia. Populasi pada penelitian ini adalah seluruh perusahaan asuransi di Indonesia yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2017 – 2019. Metode pemilihan sample yang digunakan dalam penelitian ini adalah metode non profitability sampling dengan teknik purposive sampling. Hasil dari penelitian ini adalah Rasio Hutang (DER) berpengaruh negatif dan tidak signifikan terhadap Nilai Perusahaan, Rasio Profitabilitas berpengaruh positif dan tidak signifikan terhadap Nilai Perusahaan, Ukuran Perusahaan berpengaruh negatif dan signifikan terhadap Nilai Perusahaan.

scholarly journals Analisis Profitabilitas, Ukuran Perusahaan, Struktur Aset, Likuiditas, dan Risiko Bisnis terhadap Struktur Modal Perusahaan Manufaktur di Indonesia

2020 ◽  
Vol 3 (2) ◽  
pp. 282-291
Author(s):  
Velda Lianto ◽  
Annisa Nauli Sinaga ◽  
Elvi Susanti ◽  
Christina Yaputra ◽  
Veronica Veronica
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Purposive Sampling ◽  
The Capital Structure

Capital structure reflects the extent to which companies can manage existing capital to generate profits. The purpose of this research is to examine and analyze the influence of variables of profitability, firm size, asset structure, liquidity, and business risk on the capital structure in Manufacturing companies listed on the Indonesia Stock Exchange in the period of 2015 - 2018. The sampling technique uses purposive sampling by determining 3 criteria. From total of 155 companies, only 69 companies were sampled. The result of this research indicate that profitability has a positive and significant effect on capital structure, firm size has a positive and no significant effect on capital structure, asset structure has no effect and no significant on capital structure, liquidity and business risk have a negative and significant effect on capital structure in Manufacturing companies listed on the Indonesia Stock Exchange in the periode of 2015 -  2018. Keywords: Profitability, Firm Size, Asset Structure, Liquidity, Business Risk and Capital Structure

scholarly journals A COMPARATIVE STUDY OF CONVENTIONAL AND SHARIAH LIFE INSURANCE EFFICIENCY USING DATA ENVELOPMENT ANALYSIS

2020 ◽  
Vol 9 ◽  
Author(s):  
Mulia Saputra ◽  
Muhammad Arfan ◽  
Neni Zahara
Keyword(s):  
Data Envelopment Analysis ◽  
Life Insurance ◽  
Value Added ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Data Envelopment ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Purposive Sampling ◽  
Test Input

This study aims to analyze and compare the efficiency between conventional life insurance companies and Islamic life insurance companies in Indonesia over the period of 2014-2018. The sample of this study was taken from 10 conventional life insurance companies and 10 shariah life insurance companies that were selected based on the purposive sampling technique. Measurement of efficiency in this study was conducted using the method of data envelopment analysis (DEA) based on Bankers-Charnes-Cooper (BCC) and Charnes-Cooper-Rhodes (CCR) models of the value-added approach. This was followed by testing the hypothesis using a different Mann-Whitney U-test. Input variables used are assets, capital, general and administrative costs, and commission expenses. Meanwhile, the output variables are premiums and investment income. The results showed that conventional life insurance companies are more efficient than Islamic life insurance companies based on the BCC and CCR models. Furthermore, the results of different tests using the Mann-Whitney U-test showed an insignificant difference in efficiency between conventional life insurance companies and Islamic life insurance companies during the study period. The results of the comparison of the average efficiency value with the DEA method indicated that the efficiency level of a conventional life insurance company was better than a shariah life insurance company.========================================================================================================Studi Perbandingan Efisiensi antara Asuransi Jiwa Konvensional dengan Syariah Menggunakan Data Envelopment Analysis. Penelitian ini bertujuan untuk menganalisis perbandingan efisiensi perusahaan asuransi jiwa konvensional dengan perusahaan asuransi jiwa syariah di indonesia pada periode 2014-2018. Sampel penelitian ini adalah 10 perusahaan asuransi jiwa konvensional dan 10 perusahaan asuransi jiwa syariah yang dipilih berdasarkan teknik purposive sampling. Pengukuran efisiensi dalam penelitian ini menggunakan metode data envelopment analysis (DEA) dengan model BCC dan CCR berdasarkan pendekatan nilai tambah. dilanjutkan dengan melakukan uji hipotesis menggunakan uji beda mann-whitney u-test. Variabel input yang digunakan adalah aset. modal. biaya administrasi dan umum. dan beban komisi. Sedangkan variabel outputnya adalah premi dan pendapatan investasi. Hasil penelitian menunjukkan bahwa perusahaan asuransi jiwa konvensional lebih efisien dibandingkan perusahaan asuransi jiwa syariah berdasarkan pengukuran dengan model BCC maupun model CCR. Selanjutnya hasil uji beda menggunakan uji mann-whitney u- test menunjukkan bahwa tidak terdapat perbedaan efisiensi yang signifikan antara perusahaan asuransi jiwa konvensional dan perusahaan asuransi jiwa syariah selama periode penelitian ini. Hasil perbandingan nilai efisiensi rata-rata dengan metode DEA menunjukkan bahwa tingkat efisiensi perusahaan asuransi jiwa konvensional lebih baik daripada perusahaan asuransi jiwa syariah.

scholarly journals Pengaruh Likuiditas, Leverage, Profitabilitas, dan Ukuran Perusahaan terhadap Financial Distress di Sektor Trade, Service, and Invesment

2021 ◽  
Vol 9 (3) ◽  
pp. 1227-1240
Author(s):  
Hasivatus Sariroh
Keyword(s):  
Firm Size ◽  
Financial Distress ◽  
Ordinal Data ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Annual Reports ◽  
Return On Assets ◽  
Current Ratio ◽  
Independent Variables

This study is a quantitative study that aims to determine the effect of the current ratio, debt to asset ratio, return on assets, and firm size on financial distress. Logistic regression method was used to test all relationships between independent variables and dependent variables with nominal/ordinal data scales. The dependent variable in this study is financial distress. The independent variables in this study are liquidity, leverage, profitability and firm size. This study uses secondary data from annual reports of trading, service, and investment companies listed on the Indonesia Stock Exchange from 2016 to 2018. The population used is companies in the trade, services, and investment sectors listed on the Indonesia Stock Exchange (IDX). from 2016 to 2018 with a total of 162 companies selected using purposive sampling technique. The results of hypothesis testing indicate that the current ratio, debt to asset ratio, return on assets, and firm size have no effect on the company's financial distress. From research conducted by researchers, for management to be used as a basis to take corrective actions if there are indications that the company experiencing financial distress. For investors, to be used as a basis in making the right decision to invest in a company.

scholarly journals A COMPARATIVE STUDY OF CONVENTIONAL AND SHARIAH LIFE INSURANCE EFFICIENCY USING DATA ENVELOPMENT ANALYSIS

2020 ◽  
Vol 9 (2) ◽  
pp. 110
Author(s):  
Mulia Saputra ◽  
Muhammad Arfan ◽  
Neni Zahara
Keyword(s):  
Data Envelopment Analysis ◽  
Life Insurance ◽  
Value Added ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Data Envelopment ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Purposive Sampling ◽  
Test Input

This study aims to analyze and compare the efficiency between conventional life insurance companies and Islamic life insurance companies in Indonesia over the period of 2014-2018. The sample of this study was taken from 10 conventional life insurance companies and 10 shariah life insurance companies that were selected based on the purposive sampling technique. Measurement of efficiency in this study was conducted using the method of data envelopment analysis (DEA) based on Bankers-Charnes-Cooper (BCC) and Charnes-Cooper-Rhodes (CCR) models of the value-added approach. This was followed by testing the hypothesis using a different Mann-Whitney U-test. Input variables used are assets, capital, general and administrative costs, and commission expenses. Meanwhile, the output variables are premiums and investment income. The results showed that conventional life insurance companies are more efficient than Islamic life insurance companies based on the BCC and CCR models. Furthermore, the results of different tests using the Mann-Whitney U-test showed an insignificant difference in efficiency between conventional life insurance companies and Islamic life insurance companies during the study period. The results of the comparison of the average efficiency value with the DEA method indicated that the efficiency level of a conventional life insurance company was better than a shariah life insurance company.========================================================================================================Studi Perbandingan Efisiensi antara Asuransi Jiwa Konvensional dengan Syariah Menggunakan Data Envelopment Analysis. Penelitian ini bertujuan untuk menganalisis perbandingan efisiensi perusahaan asuransi jiwa konvensional dengan perusahaan asuransi jiwa syariah di indonesia pada periode 2014-2018. Sampel penelitian ini adalah 10 perusahaan asuransi jiwa konvensional dan 10 perusahaan asuransi jiwa syariah yang dipilih berdasarkan teknik purposive sampling. Pengukuran efisiensi dalam penelitian ini menggunakan metode data envelopment analysis (DEA) dengan model BCC dan CCR berdasarkan pendekatan nilai tambah. dilanjutkan dengan melakukan uji hipotesis menggunakan uji beda mann-whitney u-test. Variabel input yang digunakan adalah aset. modal. biaya administrasi dan umum. dan beban komisi. Sedangkan variabel outputnya adalah premi dan pendapatan investasi. Hasil penelitian menunjukkan bahwa perusahaan asuransi jiwa konvensional lebih efisien dibandingkan perusahaan asuransi jiwa syariah berdasarkan pengukuran dengan model BCC maupun model CCR. Selanjutnya hasil uji beda menggunakan uji mann-whitney u- test menunjukkan bahwa tidak terdapat perbedaan efisiensi yang signifikan antara perusahaan asuransi jiwa konvensional dan perusahaan asuransi jiwa syariah selama periode penelitian ini. Hasil perbandingan nilai efisiensi rata-rata dengan metode DEA menunjukkan bahwa tingkat efisiensi perusahaan asuransi jiwa konvensional lebih baik daripada perusahaan asuransi jiwa syariah.

scholarly journals Increasing Firm Value via Conservatism in Accounting

2021 ◽  
Vol 9 (2) ◽  
pp. 1-11
Author(s):  
Moh. Ubaidillah
Keyword(s):  
Regression Analysis ◽  
Data Analysis ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Accounting Conservatism ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Analysis Technique

This study aims to determine the effect of firm size and profitability on firm value with accounting conservatism as a moderating variable. The population of this study are manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019 as many as 183 companies. The sampling technique used purposive sampling which resulted in 72 manufacturing companies. The data analysis technique uses regression analysis with SPSS 24. The results of this study indicate that firm size and profitability have a positive and significant effect on firm value. Furthermore, the variable of accounting conservatism is able to moderate the effect of firm size and profitability on firm value in a positive and significant way.

scholarly journals Application of Altman Modified Z-Score to Predict Financial Distress in the Indonesian Telecommunications Industry

2020 ◽  
Vol 4 (1) ◽  
Author(s):  
Rianti Fifriani ◽  
Perdana Wahyu Santosa
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Financial Statements ◽  
Telecommunications Industry ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Purposive Sampling ◽  
Modification Method ◽  
The Future ◽  
The Right

Bankruptcy prediction is needed to assess the prospect of going concern and sustainability of the corporations in the future. This study aims to predict the bankruptcy of corporates with the Altman Z-Score Modification model in the telecommunications industry in Indonesia. The data used are the financial statements of the telecommunications industry that listing on the Indonesia Stock Exchange for the period 2011-2015. Samples for this study uses purposive sampling according to company criteria. The results of the study using the Altman Z-score modification method found two potentially bankrupt companies, namely Bakrie Telecom, Tbk, and Smartfren, Tbk. While Indosat, Tbk, and XL Axiata, Tbk have high financial distress potential due to liquidity and profitability problems that tend to weaken. Meanwhile, Telkom Indonesia, Tbk, and Infracom Inovisi financial concessions are relatively healthy and have the right business expectations

Sign in / Sign up

Export Citation Format

Share Document