DAFTAR ISI
LEMBAR PENGESAHAN KATA PENGANTAR ........................................................................................ i DAFTAR ISI ..................................................................................................... iv DAFTAR TABEL ............................................................................................. x DAFTAR GAMBAR ......................................................................................xiii BAB I PENDAHULUAN 1.1 Latar Belakang ..................................................................................... 1 1.2 Rumusan Masalah ................................................................................ 8 1.3 Tujuan Penelitian ................................................................................. 9 1.4 Kegunaan Penelitian .......................................................................... 10 1.4.1 Kegunaan Teoritis ...................................................................... 10 1.4.2 Kegunaan Praktis ....................................................................... 10 1.5 Lokasi dan Waktu Penelitian ............................................................. 11 BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN, DAN HIPOTESIS 2.1 Kajian Pustaka ................................................................................... 12 2.1.1 Laporan Keuangan ..................................................................... 12 2.1.1.1 Pengertian Laporan Keuangan ...................................... 12
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2.1.1.2 Tujuan Laporan Keuangan ............................................ 13 2.1.1.3 Komponen Laporan Keuangan ...................................... 14 2.1.2 Analisis Laporan Keuangan ...................................................... 18 2.1.2.1 Pengertian Analisis Laporan Keuangan ........................ 18 2.1.2.2 Tujuan Analisis Laporan Keuangan .............................. 19 2.1.2.3 Metode dan Teknik Analisis Laporan Keuangan .......... 20 2.1.3 Rasio Keuangan ......................................................................... 23 2.1.3.1 Pengertian Rasio Keuangan ........................................... 23 2.1.3.2 Manfaat Rasio Keuangan .............................................. 25 2.1.3.3 Metode Analisis Rasio Keuangan ................................. 26 2.1.3.4 Jenis-Jenis Rasio Keuangan .......................................... 26 2.1.4 Rasio Profitabilitas ..................................................................... 29 2.1.4.1 Pengertian Rasio Profitabilitas ...................................... 29 2.1.4.2 Tujuan dan Manfaat Rasio Keuangan ........................... 30 2.1.4.3 Pengukuran Rasio Profitabilitas .................................... 31 2.1.4.4 Return on Assets (ROA) ................................................ 34 2.1.5 Rasio Likuiditas ......................................................................... 35 2.1.5.1 Pengertian Rasio Likuiditas ........................................... 35 2.1.5.2 Tujuan dan Manfaat Rasio Likuiditas ........................... 36 2.1.5.3 Pengukuran Rasio Likuiditas ......................................... 37 2.1.5.4 Rasio Lancar (Current Ratio) ........................................ 39
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2.1.6 Rasio Leverage........................................................................... 41 2.1.6.1 Pengertian Rasio Leverage ............................................ 41 2.1.6.2 Tujuan dan Manfaat Rasio Leverage ............................. 43 2.1.6.3 Pengukuran Rasio Leverage .......................................... 44 2.1.6.4 Debt to Total Assets Ratio (Debt Ratio)........................ 47 2.1.7 Financial Distress ....................................................................... 48 2.1.7.1 Pengertian Financial Distress ........................................ 48 2.1.7.2 Penyebab Financial Distress .......................................... 49 2.1.7.3 Ciri-Ciri Financial Distress............................................ 50 2.1.7.4 Manfaat Informasi Financial Distress ........................... 51 2.1.7.5 Faktor-Faktor yang Mempengaruhi Financial Distress . 52 2.1.7.6 Model Financial Disress ................................................ 54 2.2. Kerangka Pemikiran ......................................................................... 56 2.2.1 Pengaruh Rasio Profitabilitas terhadap Financial Distress ........ 59 2.2.2 Pengaruh Rasio Likuiditas terhadap Financial Distress............. 60 2.2.3 Pengaruh Rasio Leverage terhadap Financial Distress .............. 61 2.2.4 Penelitian Terdahulu .................................................................. 63 2.3 Hiipotesis Penelitian .......................................................................... 65
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BAB III METODOLOGI PENELITIAN 3.1 Metode Penelitian yang Digunakan .................................................. 66 3.1.1 Objek Penelitian ......................................................................... 66 3.1.2 Metode Penelitian ...................................................................... 66 3.1.3 Model Penelitian ........................................................................ 67 3.2 Definisi Variabel dan Operasional Variabel ...................................... 68 3.2.1 Definisi Variabel ........................................................................ 68 3.2.2 Operasional Variabel Penelitian ................................................ 72 3.3 Populasi dan Sampel Penelitian ......................................................... 74 3.3.1 Populasi Penelitian ..................................................................... 74 3.3.2 Sampel Penelitian....................................................................... 77 3.3.3 Teknik Sampling ........................................................................ 77 3.4 Prosedur Pengumpulan Data.............................................................. 80 3.4.1 Sumber Data............................................................................... 80 3.4.2 Teknik Pngumpulan Data .......................................................... 80 3.5 Rancangan Analisis Data dan Pengujian Hipotesis ........................... 81 3.5.1 Metode Analisis Data ................................................................. 81 3.5.2 Analisis Deskriptif ..................................................................... 82 3.5.3 Analisis Verifikatif..................................................................... 87 3.5.3.1 Uji Hipotesis (Wald Test) ................................................ 88 3.5.3.2 Uji Likelihood Ratio Test ................................................ 89
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3.5.3.3 Analisis Regresi (Regresi Logistik) ................................. 91 3.5.3.4 Analisis Korelasi (Eta Test) ............................................. 92 3.5.3.5 Koefisien Determinasi (Nagelkerke’s R Square)............. 93 BAB IV HASIL PENELITIAN DAN PEMBAHASAN 4.1 Hasil Penelitian ........................................................................................... 94 4.1.1 Gambaran Umum Perusahaan ........................................................... 94 4.1.2 Gambaran Profitabilitas pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ............................................ 127 4.1.3 Gambaran Likuiditas pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ............................................ 130 4.1.4 Gambaran Leverage pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ............................................ 133 4.1.5 Gambaran Financial Distress pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ............................................ 136 4.2 Pembahasan Hasil Penelitian .................................................................... 140 4.2.1 Analisis Deskriptif Profitabilitas pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ..................... 140 4.2.2 Analisis Deskriptif Likuiditas pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ............................................ 142 4.2.3 Analisis Deskriptif Leverage pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ............................................ 144 4.2.4 Analisis Deskriptif Financial Distress pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ..................... 147
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4.2.5 Analisis Pengaruh Profitabilitas, Likuiditas dan Leverage Terhadap Finanicial Distress Secara Parsial ................................................... 149 4.2.5.1 Analisis Pengaruh Profitabilitas Terhadap Financial Distress 149 4.2.5.2 Analisis Pengaruh Likuiditas Terhadap Financial Distress .... 152 4.2.5.3 Analisis Pengaruh Leverage Terhadap Financial Distress ..... 156 4.2.6 Analisis Pengaruh Profitabilitas, Likuiditas dan Leverage Terhadap Financial Distress Secara Simultan ............................................... 160 BAB V KESIMPULAN DAN SARAN 5.1 Kesimpulan ............................................................................................... 163 5.2 Saran .......................................................................................................... 166 DAFTAR PUSTAKA LAMPIRAN
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DAFTAR TABEL
Tabel 1.1 Penelitian Mengenai Penggunaan Rasio Keuangan terhadap Financial Distress ............................................................................. 6 Tabel 2.1 Classification Cut-off Point of Zmijewski Model .......................... 56 Tabel 2.2
Daftar Penelitian Terdahulu ........................................................... 64
Tabel 3.1 Operasional Variabel ...................................................................... 73 Tabel 3.2 Populasi Penelitian ......................................................................... 75 Tabel 3.3 Kriteria Sample .............................................................................. 78 Tabel 3.4 Sampel Penelitian ........................................................................... 79 Tabel 3.5 Kriteria Penilaian Rasio Profitabilitas (ROA) ................................ 84 Tabel 3.6 Kriteria Penilaian Rasio Likuiditas (Current Ratio) ....................... 85 Tabel 3.7 Kriteria Penilaian Rasio Leverage (Debt Ratio) ............................ 86 Tabel 3.8 Kriteria Penilaian Financial Distress ............................................. 87 Tabel 3.9 Interpretasi Koefisien Korelasi....................................................... 93 Tabel 4.1
Return on assets pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ........................................................ 127
Tabel 4.2 Current Ratio pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ........................................................ 131 Tabel 4.3 Debt Ratio pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ....................................................................... 134
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Tabel 4.4 Financial Distress pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ........................................................ 137 Tabel 4.5 Hasil Analisis Statistik Deskriptif Profitabilitas pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012........ 140 Tabel 4.6 Kriteria Penilaian Rasio Profitabilitas ......................................... 141 Tabel 4.7 Hasil Analisis Statistik Deskriptif Likuiditas pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012........ 142 Tabel 4.8 Kriteria Penilaian Rasio Likuiditas .............................................. 144 Tabel 4.9 Hasil Analisis Statistik Deskriptif Leverage pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ................... 145 Tabel 4.10 Kriteria Penilaian Rasio Leverage ................................................ 146 Tabel 4.11 Hasil Analisis Statistik Deskriptif Financial Distress pada Perusahaan di Sektor Perdagangan, Jasa dan Investasi Periode 2008-2012 ... 147 Tabel 4.12 Kriteria Penilaian Financial Distress ............................................ 148 Tabel 4.13 Pengaruh Profitabilitas terhadap Financial Distress .................... 149 Tabel 4.14 Nilai Taksiran Regresi Logistik ................................................... 150 Tabel 4.15 Korelasi antara Profitabilitas dengan Financial Distress ............. 151 Tabel 4.16 Interpretasi Koefisien Korelasi Profitabilitas................................ 152 Tabel 4.17 Pengaruh Likuiditas terhadap Financial Distress ........................ 153 Tabel 4.18 Nilai Taksiran Regresi Logistik ................................................... 154 Tabel 4.19 Korelasi antara Likuiditas dengan Financial Distress .................. 155 Tabel 4.20 Interpretasi Koefisien Korelasi Likuiditas ................................... 156 Tabel 4.21 Pengaruh Leverage terhadap Financial Distress ......................... 157 xi
Tabel 4.22 Nilai Taksiran Regresi Logistik .................................................... 158 Tabel 4.23 Korelasi antara Leverage dengan Financial Distress ................... 159 Tabel 4.24 Interpretasi Koefisien Korelasi Leverage ..................................... 160 Tabel 4.25 Uji -2 Log Likelihood ................................................................... 161 Tabel 4.26 Nagelkerke R Square .................................................................... 162
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DAFTAR GAMBAR
Gambar 1.1
Laba (rugi) bersih PT Indosiar Karya Media, Tbk dan Hotel Mandarine Regency, Tbk .........................................................3
Gambar 2.1
Kerangka Pemikiran .................................................................. 63
Gambar 3.1
Model Penelitian ........................................................................ 67
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