ABSTRAK
Financial distress merupakan suatu keadaan dimana arus kas operasi tidak cukup untuk memenuhi kewajiban-kewajiban lancarnya seperti hutang dagang ataupun biaya bunga. Financial distress itu bisa berarti mulai dari kesulitan likuidasi (jangka pendek), yang merupakan financial distress yang paling ringan sampai ke pernyataan kebangkrutan, yang merupakan financial distress yang paling berat. Sedangkan mengenai kesulitan keuangan jangka pendek yang sifatnya sementara dan terlihat tidak terlalu buruk, tetapi jika tidak ditangani secepat mungkin akibatnya dapat menjadi kesulitan keuangan yang fatal dan jika terjadi berlarutlarut, perusahaan akan dilikuidasi ataupun direorganisasi. Tujuan penelitian ini adalah untuk mengetahui pengaruh rasio profitabilitas, rasio leverage dan rasio arus kas operasi terhadap financial distress. Metode penelitian yang digunakan adalah metode penelitian Causal Explanatory. Pengujian data melalui uji asumsi klasik. Analisis statistik yang digunakan yaitu analisis regresi berganda, dan pengujian hipotesis. Hasil penelitian menunjukkan bahwa secara parsial Profitabilitas (X 1) berpengaruh terhadap Financial Distress (Y). Leverage (X2) berpengaruh terhadap Financial Distress (Y). Arus Kas Operasi (X3) berpengaruh terhadap Financial Distress (Y). sedangkan secara simultan Profitabilitas (X1), Leverage (X2) dan Arus Kas Operasi (X3) berpengaruh secara simultan terhadap Financial Distress (Y).
Kata-kata Kunci: profitabilitas, leverage, arus kas operasi, dan financial distress
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ABSTRACT
Financial distress is a condition in which operating cash flow is not sufficient to meet its current obligations such as accounts payable or interest charges. It could mean financial distress from difficulty liquidation (short-term), which is the lightest financial distress to the declaration of bankruptcy, which is the most severe financial distress. As for short-term financial difficulties are temporary and do not look too bad, but if not treated as soon as possible the consequences can be fatal financial difficulties and the case drags on, the company will be liquidated or reorganized. The purpose of this study was to determine the profitability ratio, leverage ratio and the ratio of operating cash flow to financial distress. The method used is Explanatory Causal research methods. Testing data through classical assumption. Statistical analysis used is multiple regression analysis, and hypothesis testing. The results showed that partially Profitability (X1) effect on Financial Distress (Y). Leverage (X2) effect on Financial Distress (Y). Operating Cash Flow (X3) influence on Financial Distress (Y). while simultaneously Profitability (X1), Leverage (X2) and Operating Cash Flow (X3) simultaneously on Financial Distress (Y).
Keywords: profitability, leverage, operating cash flow, and financial distress
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DAFTAR ISI Halaman HALAMAN JUDUL................................................................................................ i HALAMAN PENGESAHAN ................................................................................. ii PERNYATAAN ORISINALITAS LAPORAN PENELITIAN ............................ iii PERNYATAAN PUBLIKASI LAPORAN PENELITIAN .................................. iv KATA PENGANTAR ............................................................................................v ABSTRAK ............................................................................................................ vi ABSTRACT ........................................................................................................... vii DAFTAR ISI ....................................................................................................... viii DAFTAR GAMBAR ..............................................................................................x DAFTAR TABEL ................................................................................................. xi DAFTAR LAMPIRAN ........................................................................................ xii BAB I PENDAHULUAN .......................................................................................1 1.1 Latar Belakang Penelitian ....................................................................1 1.2 Rumusan Masalah ..............................................................................11 1.3 Tujuan Penelitian ................................................................................12 1.4 Manfaat Penelitian ..............................................................................12 BAB II LANDASAN TEORI ..............................................................................14 2.1 Kajian Pustaka ....................................................................................14 2.1.1 Profitabilitas..............................................................................14 2.1.2 Leverage ....................................................................................15 2.1.3 Arus Kas Operasi .....................................................................16 2.1.4 Financial Distress .....................................................................17 2.1.5 Teori Sinyal ..............................................................................21 2.1.6 Laporan Keuangan ...................................................................22 2.1.7 Penelitian Terdahulu ................................................................25 2.2 Rerangka Pemikiran ...........................................................................37 2.3 Pengembangan Hipotesis ...................................................................39 2.3.1 Rasio Leverage terhadap Financial Distress ............................39 2.3.2 Rasio Profitabilitas terhadap Financial Distress .......................40 2.3.3 Rasio Aktivitas terhadap Financial Distress .............................41 BAB III METODE PENELITIAN.........................................................................42 3.1 Jenis Penelitian ...................................................................................42 3.2 Populasi dan Sampel ..........................................................................42 3.2.1 Populasi ....................................................................................43 3.3.2 Sampel .......................................................................................43 3.3 Instrumen Penelitian ...........................................................................44 3.4 Teknik Pengumpulan Data .................................................................46 3.4.1 Jenis Data .................................................................................46 3.4.2 Sumber Data ..............................................................................47 3.5 Teknik Analisis Data ..........................................................................47 3.5.1 Uji Asumsi Klasik ....................................................................48 3.5.2 Pengujian Regresi Berganda ....................................................51
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3.5.3 Pengujian Hipotesis ..................................................................52 3.5.3.1 Uji F .............................................................................52 3.5.3.2 Uji t ..............................................................................53 BAB IV HASIL PENELITIAN DAN PEMBAHASAN .......................................54 4.1 Hasil Penelitian ...................................................................................54 4.1.1 Perkembangan Profitabilitas pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ......................................................................................... 54 4.1.2 Perkembangan Leverage pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ......................................................................................... 59 4.1.3 Perkembangan Arus Kas Operasi pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 .............................................................................. 63 4.1.4 Perkembangan Financial Distress pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 .............................................................................. 68 4.1.5 Perkembangan Profitabilitas, Leverage, Arus Kas Operasi Terhadap Financial Distress pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 .............................................................................. 73 4.1.6 Uji Asumsi Klasik ............................................................................. 73 4.1.6.1 Uji Normalitas .................................................................... 73 4.1.6.2 Uji Multikolinearitas ........................................................... 75 4.1.6.3 Uji Autokorelasi .................................................................. 76 4.1.6.4 Uji Heterokedastisitas ......................................................... 77 4.1.7 Regresi Linear Berganda .................................................................. 78 4.1.8 Pengujian Hipotesis .......................................................................... 79 4.1.8.1 Uji Simultan (Uji F) ............................................................ 77 4.1.8.2 Uji Parsial (Uji t) ................................................................. 82
4.2 Pembahasan ........................................................................................84 BAB V PENUTUP .................................................................................................86 5.1 Simpulan..................................................................................................... 86 5.2 Keterbatasan Penelitian .............................................................................. 88 5.3 Saran ........................................................................................................... 89 DAFTAR PUSTAKA ............................................................................................91 LAMPIRAN 94 DAFTAR RIWAYAT HIDUP PENULIS (CURRICULUM VITAE) .................105
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DAFTAR GAMBAR
Gambar 2.1 Gambar 4.1
Gambar 4.2
Gambar 4.3
Gambar 4.4
Gambar 4.5
Halaman Rerangka Pemikiran ......................................................................38 Grafik Perkembangan Profitabilitas pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ..............................................58 Grafik Perkembangan Leverage pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ..............................................................62 Grafik Perkembangan Arus Kas Operasi pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ..............................................67 Grafik Perkembangan Financial Distress pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ..............................................72 Uji Heteroskedastisitas ...................................................................77
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DAFTAR TABEL
Tabel 2.1 Tabel 3.1 Tabel 4.
Tabel 4.2
Tabel 4.3
Tabel 4.4
Tabel 4.5 Tabel 4.6 Tabel 4.7 Tabel 4.8 Tabel 4.9 Tabel 4.10
Halaman Penelitian Terdahulu ......................................................................31 Operasional Variabel .....................................................................45 Kondisi Perkembangan Profitabilitas pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ..............................................55 Kondisi Perkembangan Leverage pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ..............................................................59 Kondisi Perkembangan Arus Kas Operasi pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ..............................................63 Kondisi Perkembangan Financial Distress pada Perusahaan Manufaktur Food and Beverage yang Listing di Bursa Efek Indonesia Periode Tahun 2011-2014 ..............................................69 Uji Normalitas |Data ......................................................................74 Multikolinearitas ............................................................................75 Autokorelasi ..................................................................................76 Analisis Regresi Berganda ............................................................78 Uji Hipotesis F ...............................................................................81 Hasil Uji Hipotesis secara Parsial (Uji t) .......................................83
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DAFTAR LAMPIRAN
Lampiran A Lampiran B Lampiran C Lampiran D
Halaman Rekapitulasi Laporan Keuangan Perusahaan ................................95 Hasil Output SPSS .........................................................................99 Tabel Distribusi F ........................................................................102 Tabel Harga-harga Kritis T .........................................................104
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