Financial Distress: Studi pada Jumlah Dewan Komisaris, Karakteristik CEO, dan Leverage Perusahaan Manufaktur di Indonesia

https://doi.org/10.36441/jamr.v2i2.1209

Authors

Keywords:

financial distress, board size of commissioners, ceo gender, ceo education, leverage

Abstract

This study aims to determine the impact of the board size of commissioners, CEO characteristics and leverage in the potential of financial distress in manufacturing companies listed on the Indonesia Stock Exchange for the 2016-2020 period. This research is done using quantitative methods. The research population of 192 companies and was taken samples by 72 companies using purposive sampling. The analysis technique used is panel data regression analysis. Based on the result of the research can be concluded that the measure of the board size of commissioners, gender CEO and leverage has a significant effect on the potential of financial distress. Whereas, CEO education does not have a significant effect on  the potential of financial distress.  

References

Abdullah, Hiau, N. A., & Ma'aji, M. (2016). The Value of Governance Variables in Predicting Financial Distress among Small and Medium-Sized Enterprises in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 12, 77–91.

Agostini, M. (2018). Corporate Financial Distress: A Roadmap of the Academic Literature Concerning its Definition and Tools of Evaluation, 5-47.

Ananto, R. P, Mustika, R & Handayani, D. (2017). Pengaruh GCG, Leverage, Profitabilitas dan Ukuran Perusahaan terhadap Financial Distress Pada Perusahaan Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 19(1), 92–105.

Bae, J. K. (2012). Predicting Financial Distress of The South Korean Manufacturing Industries. Expert System with Applications, 39, 9159-9165.

Çolak, M. S. (2020). A New Multivariate Approach for Assessing Corporate Financial Risk using Balance Sheets. Borsa Istanbul Review, 21(3), 239-255.

Elsharkawy, M., Paterson, A. S., & Sherif, M. (2018). Now You See Me: Diversity, CEO Education, and Bank Performance in the UK. Investment Management and Financial Innovations, 15(1), 277–291.

Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation. Journal of Corporate Finance, 39, 193–209.

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25. Semarang: Universitas Diponegoro.

Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9(2), 193–206.

Harviadi, R., & Arilyn, J. (2019). Komisaris Independen, Likuiditas dan Leverage terhadap Financial Distress. Jurnal Bisnis dan Akuntansi, 21(2), 129–146.

Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Cost, and Ownership Structure. Journal of Financial Economics, 3(4), 305–306.

Kasmir. (2016). Manajemen Sumber Daya Manusia (Teori dan Praktik). Depok: Rajagrafindo Persada.

Kasmir. (2017). Analisis Laporan Keuangan. Jakarta: RajaGrafindo Persada.

Kristanti, F. T., Rahayu, S., & Huda, A. N. (2016). The Determinant of Financial Distress on Indonesian Family Firm. Procedia - Social and Behavioral Sciences, 219, 440–447.

Listiana, S. (2014). Pengaruh Corporate Governance, Profitabilitas, dan Leverage terhadap Financial Distress. Repository Universitas PGRI Yogyakarta.

Lubben, S. J., dan Narayanan, R. P. (2012). CDS and the Resolution of Financial Distress. Journal of Applied Corporate Finance, 24(4), 129–134.

Mulyani, A., & Asmeri, R. (2020). Pengaruh Profitabilitas, Likuiditas dan Leverage dalam Memprediksi Financial Distress. Jurnal Matua, 2(4), 259–278.

Ningrum, A., & Hatane, S. E. (2017). Pengaruh Corporate Governance terhadap Financial Disstres. Business Accounting, 5(1), 241–252.

Oktariza, M., & Isynuwardhana, D. (2020). Pengaruh Rasio Likuiditas, Leverage, Profitabilitas dan Sales Growth terhadap Financial Distress. E-Proceeding of Management, 7(2), 3200-3209.

Platt, H. D., & Platt, M. B. (2006). Review of Applied Economics Understanding Differences Between Financial Distress and Bankcruptcy.

Rizal, I. (2022). Pengaruh Debt to Equity Ratio, Return on Equity, dan Earning Per Share terhadap Harga Saham di Jakarta Islamic Index. Journal of Applied Management Research, 2(1), 66–72.

Sadewa, S. N., & Muslim, R. Y. (2022). Pengaruh Mekanisme Corporate Governance Terhadap Financial Distress. Jurnal Manajerial dan Kewirausahaan.

Setiawan, A., Sukarmanto, E., & Fadilah, S. 2016. Pengaruh Ukuran Dewan Direksi, Ukuran Dewan Komisaris, Komisaris Independen, Kepemilikan Manajerial dan Kepemilikan Institusional terhadap Financial Distress. Prosiding Akuntansi Fakultas Ekonomi dan Bisnis Universitas Islam Bandung, 2(1), 285–292.

Sholikhah, P. (2018). Analisis Pengaruh CEO Gender, CEO Quality, Generation Family Firm terhadap Financial Distress Pada Perusahaan Keluarga, 1–25.

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.

Sun, J., Li, H., Huang, Q. H., & He, K. Y. (2014). Predicting Financial Distress and Corporate Failure: A Review from the State of The Art, Definitions, Modeling, Sampling, and Featuring Approaches. Knowledge Based Systems, 57,41-56.

Tanjaya, F. L., & Santoso, E. B. (2020). Asosiasi Karakteristik CEO terhadap Potensi Kesulitan Keuangan Perusahaan. Media Akuntansi dan Perpajakan Indonesia, 1(2), 153–168.

Ting, I. W. K., Azizan, N. A. B., & Kweh, Q. L. (2015). Upper Echelon Theory Revisited: The Relationship between CEO Personal Characteristics and Financial Leverage Decision. Procedia - Social and Behavioral Sciences, 195: 686–694.

Yulianti, R., Putra, D. D, & Takanjanji, P. D. (2018). Women Leadership: Telaah Kapasitas Perempuan Sebagai Pemimpin. Jurnal Politik dan Sosial Kemsyarakatan,10(2), 14–29.

Yuyetta, M. E. N. A. (2019). Analisis Pengaruh Mekanisme Corporate Governance terhadap Probabilitas Terjadinya Financial Distress. Diponegoro Journal of Accounting, 8(3), 1–11.

Published

2022-12-30

Issue

Vol. 2 No. 2 (2022)

Section

Articles
Copyright & Licensing

Authors who publish with this journal agree to the following terms:

  • Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Lisensi Creative Commons Atribution-ShareAlike 4.0 Internasional. that allows others to share the work with an acknowledgement of the works authorship and initial publication in this journal.
  • Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journals published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  • Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).