Pengaruh Kinerja Keuangan Terhadap Financial Distress Pada Perusahaan Otomotif Di Indonesia

Wita Maharani; Imam Nazaruddin Latif; Mita Sonaria

doi:10.35968/mpu.v15i2.1514

Authors

Wita Maharani Universitas 17 Agustus 1945 Samarinda
Imam Nazaruddin Latif Universitas 17 Agustus 1945 Samarinda
Mita Sonaria Universitas 17 Agustus 1945 Samarinda

DOI:

https://doi.org/10.35968/mpu.v15i2.1514

Keywords:

ROA, Current Ratio, Debt to Asset Ratio, Financial distress, Industri Otomotif

Abstract

Industri otomotif di Indonesia menghadapi tantangan seperti fluktuasi ekonomi dan gangguan rantai pasok, yang meningkatkan risiko financial distress. Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan, diukur melalui Return on Asset (ROA), Current Ratio (CR), dan Debt to Asset Ratio (DAR), terhadap financial distress pada perusahaan otomotif yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2021â€“2023. Pendekatan kuantitatif dengan model Grover dan regresi linear berganda digunakan untuk menganalisis data laporan keuangan tahunan dari 13 perusahaan otomotif. Hasil menunjukkan bahwa ROA berpengaruh positif dan signifikan terhadap financial distress, sementara CR dan DAR tidak signifikan secara individu. Secara simultan, ketiga variabel ini berpengaruh signifikan. Penelitian ini memberikan wawasan bagi manajer keuangan untuk mengelola risiko dan bagi investor untuk menilai kesehatan finansial perusahaan otomotif.

References

Anistasya, V., & Setyawan, I. R. (2022). Pengaruh Profitabilitas, Likuiditas Dan Leverage Terhadap Financial Distress. Jurnal Manajerial Dan Kewirausahaan. https://doi.org/10.24912/jmk.v4i3.19773

Anjelita, D., & Falikhatun, F. (2023). Do Leverage and Carbon Risk Affect Financial Distress? Evidence From Asian Countriesâ€™ Automotive Industry. Journal of Economics Finance and Accounting Studies. https://doi.org/10.32996/jefas.2023.5.5.12

Anwar, A., Nurman, N., Ruma, Z., & Hasbiah, S. (2022). Proyeksi Kebangkrutan Pada Perusahaan Indeks Lq45 Di Bursa Efek Indonesia. JMM Unram - Master of Management Journal. https://doi.org/10.29303/jmm.v11i2.712

Apasya, T., Machmuddah, Z., & Sumaryati, A. (2023). The Effect of Financial Ratios on Financial Distress Conditions Is Moderated by Profitability Ratios. Jurnal Penelitan Ekonomi Dan Bisnis. https://doi.org/10.33633/jpeb.v8i2.7961

Arsana, I. N., Suardana, I. M., & Ariffianti, I. (2024). Liquidity Risk, Credit Risk and Capital as Determining of Predicting Financial Distress in Rural Banks in Indonesia. Ajesh. https://doi.org/10.46799/ajesh.v3i8.384

Assagaf, A., Murwaningsari, E., Gunawan, J., & Mayangsari, S. (2019). Estimates Model of Factors Affecting Financial Distress: Evidence From Indonesian State-Owned Enterprises. Asian Journal of Economics Business and Accounting. https://doi.org/10.9734/ajeba/2019/v11i330131

BartekovÃ¡, N., & KajanovÃ¡, J. (2022). Differences in Financial Management in Vehicle Industry From the Aspect of the COVID-19 Crisis. https://doi.org/10.36689/uhk/hed/2022-01-003

Diyanto, V. (2020). The Effect of Liquidity, Leverage and Profitability on Financial Distress. Indonesian Journal of Economics Social and Humanities. https://doi.org/10.31258/ijesh.2.2.127-133

Dwi Giarto, R. V., & Fachrurrozie, F. (2020). The Effect of Leverage, Sales Growth, Cash Flow on Financial Distress With Corporate Governance as a Moderating Variable. Accounting Analysis Journal. https://doi.org/10.15294/aaj.v9i1.31022

Erayanti, R. (2019). Pengaruh Likuiditas, Profitabilitas Dan Leverage Terhadap Prediksi Financial Distress. Jurnal Riset Akuntansi & Perpajakan (Jrap). https://doi.org/10.35838/jrap.2019.006.01.4

Friska, G., & Pudjolaksono, Drs. E. (2023). The Effect of Profitability, Liquidity, Leverage, Sales Growth on Financial Distress in Consumer and Non-Consumer Cyclicals Companies Listed on the Idx During the 2019-2021. Journal of Entrepreneurship. https://doi.org/10.56943/joe.v2i3.355

Ghadge, A., Jena, S. K., Kamble, S., Misra, D., & Tiwari, M. K. (2020). Impact of Financial Risk on Supply Chains: A Manufacturer-Supplier Relational Perspective. International Journal of Production Research. https://doi.org/10.1080/00207543.2020.1834638

Habibi, H., & Utami, W. (2022). Study of CoVD19 Pandemic, Financial Ratios, and Macroeconomic Impact on Financial Distress in Indonesian Manufacturing Firms Traded on the Indonesian Stock Exchange. International Journal of Economics Business and Entrepreneurship. https://doi.org/10.23960/ijebe.v5i2.202

Habiburrahman, M., Nurcahyo, R., Maâ€™aram, A., & Natsuda, K. (2024). Driving the Transport Electrification: Exploring Stakeholdersâ€™ Perceptions and Actions in the Indonesian Automotive Industry Transition to Electric Mobility. Sustainability. https://doi.org/10.3390/su16145855

Hantono, H. (2019). Predicting Financial Distress Using Altman Score, Grover Score, Springate Score, Zmijewski Score (Case Study on Consumer Goods Company). Accountability. https://doi.org/10.32400/ja.23354.8.1.2019.1-16

Heniwati, E., & Essen, E. (2020). Which Retail Firm Characteristics Impact on Financial Distress? Jurnal Akuntansi Dan Keuangan. https://doi.org/10.9744/jak.22.1.30-36

Hidayat, W. W., & Yuniati, T. (2024). Determination of Financial Distress in Transportation Equipment Industry: Evidence From Indonesia. Qas. https://doi.org/10.47750/qas/25.199.29

Inten Septiani, N. M., & Dana, I. M. (2019). Pengaruh Likuiditas, Leverage, Dan Kepemilikan Institusional Terhadap Financial Distress Pada Perusahaan Property Dan Real Estate. E-Jurnal Manajemen Universitas Udayana. https://doi.org/10.24843/ejmunud.2019.v08.i05.p19

Karim, S., Alaudin, R. I., & Liang, Y. (2024). Post-Pandemic Financial Distress Analysis: A Study of Retailer and Tourism Companies Listed in Bursa Malaysia Using the Grover Model. Amci. https://doi.org/10.58915/amci.v13i4.768

Kesuma, M. R., Defung, F., & Kusumawardani, A. (2021). Bankruptcy Prediction And Its Effect On Stock Prices As Impact Of The COVID-19 Pandemic. Technium Social Sciences Journal, 25, 567â€“582. https://doi.org/10.47577/tssj.v25i1.4964

Kurniasih, A., Heliantono, H., Sumarto, A. H., Setyawasih, R., & Pujihastuti, I. (2020). DETERMINANT OF FINANCIAL DISTRESS: THE CASE OF PULP &Amp; PAPER COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE. Jurnal Manajemen Dan Agribisnis. https://doi.org/10.17358/jma.17.3.254

Kusumawardani, R., Damanik, J. M., & Yulia, Y. (2023). What Drives a Firm Innovation Success? Insight From Indonesian Firms Experiences. https://doi.org/10.2991/978-94-6463-160-9_22

Laksmiwati, M., Mappadang, A., Indrabudiman, A., & Riza, V. G. (2021). Determination of Financial Performance on Prediction Financial Distress. Asian Journal of Economics Business and Accounting. https://doi.org/10.9734/ajeba/2021/v21i2230523

MareÅ¡, D., & JanÃÄko, M. (2022). The Reliance of the Czech Economy on Its Automotive Sector. Central European Business Review. https://doi.org/10.18267/j.cebr.285

Marsela, A., Kosim, B., Permana, A., & Ramadani, S. (2023). The Influence of Liquidity, Profitability, Leverage and Operating Cash Flows in Predicting Financial Distress in Manufacturing Companies in the Consumption Goods Industry Sector in Indonesia Stock Exchange. Icbem. https://doi.org/10.47747/icbem.v1i1.1246

Maximillian, N., & Septina, F. (2022). The Effect of Profitability, Liquidity, and Solvency on Financial Distress of Textile and Garment Companies in Indonesia. Jurnal Ecodemica Jurnal Ekonomi Manajemen Dan Bisnis. https://doi.org/10.31294/eco.v6i2.12933

Muttia, E. E., & Sutrisno, S. (2022). Financial Performance and Prediction of Financial Distress in Food and Beverage Companies Listed on the Indonesia Stock Exchange. International Journal of Economics Business and Management Research. https://doi.org/10.51505/ijebmr.2022.6513

Oktavian, E., & Handoyo, S. E. (2023). Effect of Leverage, Profitability, Liquidity Ratio, and Inflation Towards Financial Distress. International Journal of Management Science and Application. https://doi.org/10.58291/ijmsa.v2i1.111

Pratama, H., & Mulyana, B. (2020). Prediction of Financial Distress in the Automotive Component Industry: An Application of Altman, Springate, Ohlson, and Zmijewski Models. Dinasti International Journal of Economics Finance & Accounting. https://doi.org/10.38035/dijefa.v1i4.533

Rago, G., Sharon Gabriel, S. F., & Abellar, J. B. (2023). Financial Distress Risk Levels of Listed Small and Medium Enterprises in the Philippines. International Journal of Multidisciplinary Applied Business and Education Research. https://doi.org/10.11594/ijmaber.04.08.06

Rahmawati, I. Y., Pandansari, T., & Khasanah, F. (2020). Liquidity Ratio Analysis, Profitability Ratio, Leverage Ratio, and Cash Flow Operations to Predict the Financial Distress in Manufacturing Companies Listed in Indonesia Stock Exchange (2015-2018). https://doi.org/10.4108/eai.5-8-2020.2301126

Rivanda, A. K., Afgani, K. F., Purbayati, R., & Marzuki, M. M. (2023). The Effect of Liquidity, Leverage, Operating Capacity, Profitability, and Sales Growth as Predictors of Financial Distress : (Property, Real Estate, and Construction Services Companies Listed on the IDX). Journal Integration of Management Studies. https://doi.org/10.58229/jims.v1i1.15

Saleem, R., Hussain, A., & Ibraheem, R. (2020). Banking Industry Specific Determinants of Financial Distress: Empirical Evidence From ASEAN Countries. Irasd Journal of Economics. https://doi.org/10.52131/joe.2020.0202.0020

Salim, M. N., & Ismudjoko, D. (2021). An Analysis of Financial Distress Accuracy Models in Indonesia Coal Mining Industry: An Altman, Springate, Zmijewski, Ohlson and Grover Approaches. Journal of Economics Finance and Accounting Studies. https://doi.org/10.32996/jefas.2021.3.2.1

Salma, S., Suryani, E., & Ichwanudin, W. (2023). Moderating Role of Profitability in the Interaction of Liquidity, Leverage and Sales Growth on Financial Distress. https://doi.org/10.4108/eai.4-11-2022.2328387

Sariroh, H. (2021). Pengaruh Likuiditas, Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Financial Distress Di Sektor Trade, Service, and Invesment. Jurnal Ilmu Manajemen. https://doi.org/10.26740/jim.v9n3.p1227-1240

Saudicha, M. S., & Kautsar, A. (2024). The Effect of Liquidity, Leverage, Firm Size, Ceo Duality, Political Connection on Financial Distress With Profitability as a Moderating Variable in Property &Amp; Real Estate Sector Companies Listed on the Indonesian Stock Exchange for the Period 2018-2022. Journal of Business Management Review. https://doi.org/10.47153/jbmr53.9312024

Sayida, N., & Assagaf, A. (2020). Assessing Variables Affecting the Financial Distress of State-Owned Enterprises in Indonesia (Empirical Study in Non-Financial Sector). Verslas Teorija Ir Praktika. https://doi.org/10.3846/btp.2020.11947

Sehgal, S., Mishra, R. K., Deisting, F., & Vashisht, R. (2021). On the Determinants and Prediction of Corporate Financial Distress in India. Managerial Finance. https://doi.org/10.1108/mf-06-2020-0332

Septyanto, D., Welandasari, N. F., & Sayidah, N. (2022). An Empirical Test of the Financial Ratio Effect on Financial Distress in Indonesia (Study in Garment and Textile Industry). Journal of Economics and Business. https://doi.org/10.31014/aior.1992.05.02.428

Supriati, D., Bawono, I. R., & Anam, K. C. (2019). Analisis Perbandingan Model Springate, Zmijewski, Dan Altman Dalam Memprediksi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Journal of Applied Business Administration. https://doi.org/10.30871/jaba.v3i2.1730

Susanti, N., Latifa, I., & Sunarsi, D. (2020). The Effects of Profitability, Leverage, and Liquidity on Financial Distress on Retail Companies Listed on Indonesian Stock Exchange. Jurnal Ilmiah Ilmu Administrasi Publik. https://doi.org/10.26858/jiap.v10i1.13568

Susilowati, K. D. S., Riwajanti, N. Ä°., & Widiastuti, R. (2021). Financial Analysis to Predict Financial Distress of Small and Medium-Sized Entities in Malang City. https://doi.org/10.2991/aebmr.k.210717.035

Trisanti, T. (2020). Analysis of Factors That Lead to Financial Distress for Property and Real Estate Companies in Indonesia. Inobis Jurnal Inovasi Bisnis Dan Manajemen Indonesia. https://doi.org/10.31842/jurnalinobis.v3i3.139

Virnanda, K. A., & Oktaviana, U. K. (2023). Profitability as a Moderating Effect of Liquidity, Sales Growth and Leverage on Financial Distress in Islamic Commercial Banks. Tazkia Islamic Finance and Business Review. https://doi.org/10.30993/tifbr.v16i2.306

Wagner, S. M., Bode, C., & Peter, M. A. (2021). Financially Distressed Suppliers: Exit, Neglect, Voice or Loyalty? The International Journal of Logistics Management. https://doi.org/10.1108/ijlm-02-2021-0127

Wardhana Idawati, A. K. (2021). Analysis of Financial Distress With Profitability as Moderation Variable. Jurnal Akuntansi. https://doi.org/10.24912/ja.v25i2.807