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DAFTAR PUSTAKA
Adelita Shanti Rachmawati. (2011). Pengaruh Aktiva Tetap Tak Berwujud (Intangible Assets) terhadap Financial Distress. Skripsi. Universitas Indonesia. Depok. Al-Khatib, Hazem B. & Alaa Al-Horani. (2012). Predicting Financial Distress of Public Companies Listed in Amman Stock Exchange. European Scientific Journal. 8(15), tahun 2012. Altman, E. J. (1968). Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankruptcy. Journal of Finance (September), 589-609. Ariesta, Dwiki Ryno & Anis Chariri. (2013). Analisis Pengaruh Struktur Dewan Komisaris, Struktur Kepemilikan Saham dan Komite Audit terhadap Financial Distress. Diponegoro Journal of Accounting. 1(1), 1-9. Atika, Darminto & Siti Ragil Handayani. (2012). Pengaruh Beberapa Rasio Keuangan terhadap Prediksi Kondisi Financial Distress (Studi pada Perusahaan Tekstil dan Garmen yang terdaftar di Bursa Efek Indonesia periode 2008-2011). Skripsi. Universitas Brawijaya Malang. Baimwera, Bernard & Antony Murimi Muiruki. (2014). Analysis of Corporate Financial Distress Determinants: A Survey of Non-Financial Firms Listed in The NSE. International Journal of Current Business and Social Sciences, 1(2), 2014. MacKay, P. & G.M. Phillips. (2005). How Does Industry Affect Firm Financial Structure?. Review of Financial Studies 18, 1433–1466. Beaver, William H. (1996). Financial Ratios as Predictors of Failure, Journal of Accounting Research, Sopplement (1996): 71-11. Brahmana. (2007). Identifying Financial Distress Condition in Indonesia Manufacture Industry. Birmingham Business School, University of Birmingham United Kingdom. Bredart, Xavier. (2014). Financial Distress and Corporate Governance: The Impact of Board Configuration. International Business Research, 7(3), 2014. Brigham, Eugene F & Houston. (2001). Manajemen Keuangan. Terjemahan. Edisi Kedelapan. Jakarta: Penerbit Erlangga.
http://digilib.mercubuana.ac.id/
83
Chalendra Prasetya Agusti. (2013). Analisis Faktor yang Mempengaruhi Kemungkinan Terjadinya Financial Distress. Skripsi. Universitas Diponegoro. Dina Rosselly Martha. (2012). Pengaruh Rasio Keuangan terhadap Financial Distress pada Perusahaan SubSektor Aneka Industri yang Terdaftar di Bursa Efek Indonesia periode 2009-2011.Universitas Maritim Raja Ali Haji. Ellen & Juniarti. (2013). Penerapan Good Corporate Governance, Dampaknya terhadap Prediksi Financial Distress pada Sektor Aneka Industri dan Barang Konsumsi. Business Accounting Review, 1(2), tahun 2013.
Emrinaldi. (2007). Analisis Pengaruh Praktek Tata Kelola Perusahaan (Corporate Governance) Terhadap Kesulitan Keuangan Perusahaan (Financial Distress) : Suatu Kajian Empiris. Jurnal Bisnis dan Akuntansi, Vol. 9, No. 1, h. 88-104 Foster, G. (1986). Financial Statement Analysis. Prentice-Hall. Engelwood Clifss, New Jersey. Fransisca Fortunata Gunawan, Felizia Arni Rudiawarni & Aurelia C.C Sutanto. (2014). Hubungan antara Financial Distress dengan Earning Management pada Badan Usaha Sektor Manufaktur yang terdaftar di BEI periode 20102012. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 3(1), 2014. H. Sri Sulistyanto dan Haris Wibisono.(2003). Good Corporate Governance: Berhasilkah diterapkan di Indonesia, http://researchengines.com/hsulistyanto3.html Hill, N., & Perry S. (1996). Evaluating Firms in Financial Distress: An Event History Analysis. Journal of Applied Business Research, 12(30), 60-71. Imam Ghozali. (2011). Aplikasi Analisis Multivariate dengan Program IBM SPSS19. Edisi 5, BP Undip, Semarang. Ivan Shandi. (2013). Pengaruh Kebijakan Struktur Modal, Institusional Ownership, dan Profitabilitas terhadap Financial Distressi pada Perusahaan Manufaktur. Skripsi. Universitas Riau. Jensen, M.C & William H. Meckling. (1976). Theory of The Firm: Managerial Behaviour, Agency Costs, and Ownership Structure, Journal of Financial Economics, 3(4), 305-360
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84
Junda Eka Fitdini. (2009). Hubungan Struktur Kepemilikan, Ukuran Dewan, Dewan Komisaris Independen, Ukuran Perusahaan, Leverage, dan Likuiditas dengan kondisi Financial Distress. Skripsi. Universitas Diponegoro. Kamaludin dan Karina Ayu Pribadi. (2011). Prediksi Financial Distress Kasus Industri Manufaktur Pendekatan Model Regresi Logistik. Jurnal Ilmiah STIE MDP, Vol. 1 (1), 11-23. September 2011 Ko, Li Jen, Edward J. Blocher & P. Paul Lin. (1992). Prediction of Corporate Financial Distress: An Application of The Composite Rule Indication System. The International Journal of Digital Accounting Research, 1(1), 69-85. Luciana Spica Almilia & Kristijadi. (2003). Analisis Rasio Keuangan untuk Memprediksi Kondisi Financial Distress Perusahaan Manufaktur yang Terdaftar di Bursa Efek Jakarta. Jurnal Akuntansi dan Bisnis, 7(2). Muhamad Arif Hidayat dan Wahyu Meiranto. (2014). Prediksi Financial Distress Perusahaan Manufaktur di Indonesia. Diponegoro Journal of Accounting. 3(3), tahun 2014. Ni Wayan Krisnayanti Arwinda Putri & Ni Kt. Lely A. Merkusiwati. (2014). Pengaruh Mekanisme Corporate Governance, Likuiditas, Leverage, dan Ukuran Perusahaan pada Financial Distress. E-Jurnal Akuntansi Universitas Udayana.7(1), 93-106. Ohlson, J.A. (1968). Financial Ratios and the Probabilistic Prediction of Bankruptcy. Journal of Accounting Research 18, 109–131. Oktita Earning Hanifah. (2013). Pengaruh Struktur Corporate Governance dan Financial Indicators terhadap Kondisi Financial Distress. Skripsi. Universitas Diponegoro. Orina Andre. (2009). Pengaruh Profitabilitas, Likuiditas, dan Leverage dalam Memprediksi Financial Distress. Skripsi. Universitas Negeri Padang. Platt, H., & M. B. Platt. (2002). Predicting Financial Distress. Journal of Financial Service Professionals, 56: 1215. Ratna Wardhani. (2007). Mekanisme Corporate Governance dalam Perusahaan yang Mengalami Permasalahan Keuangan. Jurnal Akuntansi dan Keuangan Indonesia. 4(1), 95-114. Juni 2007.
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85
Restuti Nugraheni. (2012). Pengaruh Likuiditas, Financial Leverage, dan Profitabilitas terhadap Financial Distress. Skripsi. Universitas Negeri Yogyakarta. Tifani Vota Anggarini. (2010). Pengaruh Karakteristik Komite Audit terhadap Financial Distress. Skripsi. Universitas Diponegoro. Triwahyuningtias, Meilinda & Harjum Muharam. (2012). Analisis Pengaruh Struktur Kepemilikan, Ukuran Dewan, Komisaris Independen, Likuiditas, dan Leverage terhadap Terjadinya Kondisi Financial Distress. Diponegoro Journal of Management, 1(1), 2012, 1-14. Wahyu Widarjo & Doddy Setyawan. (2009). Pengaruh Rasio Keuangan terhadap Kondisi Financial Distress Perusahaan Otomotif. Jurnal Bisnis dan Akuntansi, 11(2), 107-119. Wini Hidayat. (2009). Analisis Financial Distress Perusahaan Manufaktur yang Listed Sebagai Dampak Krisis Ekonomi Asia. Jurnal Akuntansi, Manajemen Bisnis, dan Sektor Publik (JAMBSP), 5(3), 304-323. http://www.idx.co.id
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LAMPIRAN
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LAMPIRAN 1 DAFTAR PERUSAHAAN SAMPEL
NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Nama Emiten PT Sepatu Bata Tbk Primarindo Asia Infrastructure Tbk Jembo Cable Company Tbk Kabelindo Murni Tbk KMI Wire and Cabel Tbk Supreme Cable Manufacturing Corporation Tbk Voksel Electric Tbk Indospring Tbk Prima Alloy Steel Universal Tbk Selamat Sempurna Tbk Astra International Tbk Gajah Tunggal Tbk Astra Otoparts Tbk Indomobil Sukses Internasional Tbk Multi Prima Sejahtera Tbk Nipress Tbk Star Petrochem Tbk Nusantara Inti Corpora Tbk Apac Citra Centertex Tbk Panasia Indo Resources Tbk Sunson Textile Manufacture Tbk
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KODE EMITEN BATA BIMA JECC KBLM KBLI SCCO VOKS INDS PRAS SMSM ASII GJTL AUTO IMAS LPIN NIPS STAR UNIT MYTX HDTX SSTM
88
LAMPIRAN 2 TABULASI DATA
TAHUN 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012
KODE EMITEN BATA BIMA JECC KBLM KBLI SCCO VOKS INDS PRAS SMSM ASII GJTL AUTO IMAS LPIN NIPS STAR UNIT MYTX HDTX SSTM BATA BIMA JECC KBLM KBLI SCCO VOKS INDS PRAS SMSM ASII GJTL AUTO
DISTRESS INST_OWN MAN_OWN 0 0,88 1 0 0,89 0 0 0,90 0 0 0,75 1 0 0,74 0 0 0,67 0 0 0,49 0 0 0,88 1 0 0,45 1 0 0,58 1 0 0,50 1 0 0,59 1 0 0,96 1 0 0,70 0 0 0,39 0 0 0,37 1 0 0,65 0 0 0,55 0 1 0,80 1 0 0,90 1 1 0,89 1 0 0,88 1 0 0,89 0 0 0,90 0 0 0,75 1 0 0,72 0 0 0,67 0 0 0,49 0 0 0,88 1 0 0,45 1 0 0,58 1 0 0,50 1 0 0,60 1 0 0,96 1
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DIR_SIZE 6 3 4 3 5 4 6 3 4 5 9 9 8 7 3 4 2 2 3 4 3 7 3 4 3 5 4 6 3 3 5 9 10 8
LIQUID 2,13 0,56 1,11 0,93 2,19 1,29 1,29 2,40 1,14 2,52 1,34 1,75 1,33 1,36 2,89 1,08 1,70 1,08 0,46 0,99 1,83 2,12 0,52 1,16 0,98 3,07 1,46 1,33 2,36 1,11 2,05 1,40 1,72 1,10
LEVER 0,31 3,08 0,80 0,62 0,34 0,64 0,68 0,45 0,59 0,39 0,51 0,61 0,32 0,61 0,25 0,63 0,32 0,21 0,97 0,44 0,65 0,33 2,44 0,80 0,63 0,27 0,56 0,64 0,32 0,51 0,42 0,51 0,57 0,38
89
TAHUN 2012 2012 2012 2012 2012 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014
KODE EMITEN IMAS LPIN NIPS STAR UNIT MYTX HDTX SSTM BATA BIMA JECC KBLM KBLI SCCO VOKS INDS PRAS SMSM ASII GJTL AUTO IMAS LPIN NIPS STAR UNIT MYTX HDTX SSTM BATA BIMA JECC KBLM KBLI SCCO VOKS INDS PRAS SMSM
DISTRESS INST_OWN MAN_OWN 0 0,70 0 0 0,39 0 0 0,37 1 0 0,65 0 0 0,55 0 1 0,80 1 0 0,90 1 1 0,70 1 0 0,87 0 0 0,89 0 0 0,90 0 0 0,80 1 0 0,74 0 0 0,67 0 0 0,53 0 0 0,88 0 0 0,54 1 0 0,58 1 0 0,50 1 0 0,60 1 0 0,80 1 0 0,90 0 0 0,39 0 0 0,37 1 0 0,63 0 0 0,55 0 1 0,80 0 1 0,90 1 1 0,70 1 0 0,87 0 0 0,89 0 0 0,90 0 0 0,80 1 0 0,58 0 0 0,67 1 1 0,53 0 0 0,88 1 0 0,54 1 0 0,58 0
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DIR_SIZE 7 3 3 2 2 3 4 3 6 3 4 3 5 4 4 3 3 5 8 11 9 7 3 3 2 2 3 3 3 6 3 4 3 6 4 5 3 3 5
LIQUID 1,23 2,90 1,11 1,92 0,57 0,50 0,93 1,72 1,69 0,87 0,98 0,96 2,55 1,39 1,13 3,86 1,03 2,10 1,24 2,31 1,89 1,09 2,48 1,05 1,87 0,40 0,48 0,45 1,31 1,55 0,92 1,03 1,04 3,33 1,57 1,16 2,91 1,00 2,11
LEVER 0,68 0,22 0,61 0,35 0,37 1,03 0,53 0,65 0,42 3,22 0,88 0,59 0,34 0,60 0,69 0,20 0,49 0,41 0,50 0,63 0,24 0,70 0,27 0,70 0,35 0,47 1,05 0,70 0,66 0,45 2,86 0,84 0,55 0,30 0,51 0,67 0,20 0,47 0,34
90
TAHUN 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014
KODE EMITEN ASII GJTL AUTO IMAS LPIN NIPS STAR UNIT MYTX HDTX SSTM
DISTRESS INST_OWN MAN_OWN 0 0,50 1 0 0,60 1 0 0,80 1 0 0,90 0 1 0,44 0 0 0,63 1 0 0,54 0 0 0,55 0 1 0,80 0 1 0,90 1 1 0,70 1
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DIR_SIZE 9 13 9 6 4 4 2 2 3 3 3
LIQUID 1,32 2,02 1,33 1,03 2,16 1,29 1,74 0,45 0,42 0,97 1,20
LEVER 0,49 0,63 0,30 0,71 0,25 0,52 0,37 0,45 1,13 0,85 0,67
91
LAMPIRAN 3 HASIL UJI STATISTIK DESKRIPTIF
Descriptives
Descriptive Statistics N
Minimum
Maximum
Mean
Std. Deviation
DISTRESS
84
,00
1,00
,1429
,35203
INST_OWN
84
,37
,96
,6905
,17222
MAN_OWN
84
,00
1,00
,5119
,50286
DIR_SIZE
84
2,00
13,00
4,6190
2,36900
LIQUID
84
,40
3,86
1,4799
,72085
LEVER
84
,20
3,22
,6418
,55049
Valid N (listwise)
84
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LAMPIRAN 3 HASIL UJI MULTIKOLONIERITAS
a
COEFFICIENT CORRELATIONS Model
LEVER
DIR_SIZE
MAN_OWN
INST_OWN
LIQUID
LEVER
1,000
,022
,243
-,286
,446
DIR_SIZE
,022
1,000
-,259
-,011
-,177
MAN_OWN
,243
-,259
1,000
-,066
,202
INST_OWN
-,286
-,011
-,066
1,000
-,008
LIQUID
,446
-,177
,202
-,008
1,000
LEVER
,007
3,019E-005
,002
-,005
,002
3,019E-005
,000
,000
-4,084E-005
,000
MAN_OWN
,002
,000
,006
-,001
,001
INST_OWN
-,005
-4,084E-005
-,001
,051
,000
LIQUID
,002
,000
,001
,000
,004
Correlation s
1 DIR_SIZE Covariance s
a. Dependent Variable: DISTRESS
a
COEFFICIENTS Model
Unstandardized
Standardized
Coefficients
Coefficients
B
Std. Error
(Constant)
,237
,201
INST_OWN
,223
,227
MAN_OWN
,123
DIR_SIZE
T
Sig.
Beta
Collinearity Statistics
Tolerance
VIF
1,180
,242
,109
,983
,329
,900
1,112
,079
,175
1,555
,124
,869
1,151
-,037
,017
-,250
-2,242
,028
,892
1,120
LIQUID
-,088
,059
-,181
-1,486
,141
,749
1,335
LEVER
-,015
,081
-,023
-,182
,856
,684
1,462
1
a. Dependent Variable: DISTRESS
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LAMPIRAN 4 HASIL UJI REGRESI LOGISTIK
Logistic Regression Case Processing Summary a
Unweighted Cases
N Included in Analysis
Selected Cases
Missing Cases Total
Unselected Cases Total
Percent 84
100,0
0
,0
84
100,0
0
,0
84
100,0
a. If weight is in effect, see classification table for the total number of cases. Dependent Variable Encoding Original Value
Internal Value
SEHAT
0
DISTRESS
1
Block 0: Beginning Block
a,b,c
Iteration History Iteration
-2 Log
Coefficients
likelihood
Constant
1
70,377
-1,429
2
68,916
-1,752
3
68,900
-1,791
4
68,900
-1,792
Step 0
a. Constant is included in the model. b. Initial -2 Log Likelihood: 68,900 c. Estimation terminated at iteration number 4 because parameter estimates changed by less than ,001.
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Classification Tablea,b Observed
Predicted DISTRESS SEHAT
Percentage Correct
DISTRESS
SEHAT
72
0
100,0
DISTRESS
12
0
,0
DISTRESS Step 0
Overall Percentage
85,7
a. Constant is included in the model. b. The cut value is ,500 Variables in the Equation B Step 0
Constant
S.E.
-1,792
Wald
,312
df
Sig.
33,021
1
Exp(B)
,000
,167
Variables not in the Equation Score
Variables
df
Sig.
X1
1,508
1
,219
X2
1,342
1
,247
X3
4,732
1
,030
X4
4,922
1
,027
X5
,809
1
,368
11,545
5
,042
Step 0
X1 X2 X3 X4 X5
Overall Statistics : Kepemilikan Institusional : Kepemilikan Manajerial : Ukuran Dewan Direksi : Rasio Likuiditas : Rasio Leverage
Block 1: Method = Enter a,b,c,d
Iteration History Iteration
-2 Log
Coefficients
likelihood
Constant
X1
X2
X3
X4
X5
1
62,526
-1,050
,891
,491
-,148
-,353
-,059
2
56,235
-1,055
1,801
,846
-,308
-,727
-,156
3
54,849
-,916
2,483
1,004
-,458
-,948
-,226
4
54,690
-,819
2,756
1,039
-,544
-,991
-,246
5
54,686
-,794
2,796
1,044
-,563
-,992
-,247
6
54,686
-,793
2,797
1,044
-,563
-,992
-,247
Step 1
a. Method: Enter
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b. Constant is included in the model. c. Initial -2 Log Likelihood: 68,900 d. Estimation terminated at iteration number 6 because parameter estimates changed by less than ,001.
Omnibus Tests of Model Coefficients Chi-square
Step 1
Df
Sig.
Step
14,213
5
,014
Block
14,213
5
,014
Model
14,213
5
,014
Model Summary Step
-2 Log
Cox & Snell R
Nagelkerke R
Square
Square
likelihood a
1
54,686
,156
,278
a. Estimation terminated at iteration number 6 because parameter estimates changed by less than ,001.
Hosmer and Lemeshow Test Step
Chi-square
1
df
12,789
Sig. 8
,119
Contingency Table for Hosmer and Lemeshow Test DISTRESS = SEHAT
DISTRESS = DISTRESS
Observed
Observed
Expected
Total
Expected
1
8
7,963
0
,037
8
2
8
7,898
0
,102
8
3
7
7,857
1
,143
8
4
7
7,732
1
,268
8
5
8
7,537
0
,463
8
6
8
7,072
0
,928
8
7
8
6,775
0
1,225
8
8
7
6,405
1
1,595
8
9
4
5,824
4
2,176
8
10
7
6,937
5
5,063
12
Step 1
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Contingency Table for Hosmer and Lemeshow Test DISTRESS = SEHAT
DISTRESS = DISTRESS
Observed
Observed
Expected
Total
Expected
1
8
7,963
0
,037
8
2
8
7,898
0
,102
8
3
7
7,857
1
,143
8
4
7
7,732
1
,268
8
5
8
7,537
0
,463
8
6
8
7,072
0
,928
8
7
8
6,775
0
1,225
8
8
7
6,405
1
1,595
8
9
4
5,824
4
2,176
8
10
7
6,937
5
5,063
12
Step 1
Classification Tablea Observed
Predicted DISTRESS SEHAT SEHAT
Percentage Correct
DISTRESS
72
0
100,0
9
3
25,0
DISTRESS Step 1
DISTRESS Overall Percentage
89,3
a. The cut value is ,500
Variables in the Equation B
Step 1a
S.E.
Wald
df
Sig.
Exp(B)
X1
2,797
2,378
1,384
1
,239
16,391
X2
1,044
,759
1,890
1
,169
2,840
X3
-,563
,316
3,167
1
,075
,569
X4
-,992
,656
2,287
1
,130
,371
X5
-,247
,666
,138
1
,710
,781
Constant
-,793
1,866
,181
1
,671
,452
a. Variable(s) entered on step 1: X1, X2, X3, X4, X5.
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Correlation Matrix Constant
X1
X2
X3
X4
X5
Constant
1,000
-,632
-,172
-,287
-,319
-,159
X1
-,632
1,000
-,126
-,228
-,084
-,399
X2
-,172
-,126
1,000
-,078
-,013
,322
X3
-,287
-,228
-,078
1,000
-,160
,068
X4
-,319
-,084
-,013
-,160
1,000
,347
X5
-,159
-,399
,322
,068
,347
1,000
Step 1
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