Pengaruh OCFR, Leverage, Likuiditas dan Fixed Asset Ratio Terhadap Financial Distress dengan Probabilitas Sebagai Variabel Moderasi (Kasus pada Perusahaan Energi di Indonesia)
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Published:
Jul 31, 2023
Keywords:
Financial Distress, OCFR, Leverage, Liquidity, Fixed Asset Ratio
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Abstract
The limited availability of energy has caused energy production in Indonesia to decline, which affects the company's financial condition. This research aims to determine the effect of OCFR, leverage, liquidity, and fixed asset ratio on financial distress with profitability as a moderating variable. This research used secondary data which is financial statements obtained from the company’s official website and www.idx.co.id. The population was energy companies in Indonesia consist of 31 companies. Sampling used purposive sampling technique and selected 23 companies. Data collection used documentation techniques and analysis used descriptive statistical analysis and moderation regression analysis. The results showed that the OCFR, leverage, liquidity, and fixed asset ratio simultaneously affect financial distress. Partially liquidity has a positive effect on financial distress. Fixed asset ratio has a negative effect on financial distress. In addition, the OCFR and leverage have no effect on financial distress. Profitability is able to moderate the relationship between OCFR and liquidity, on financial distress, but profitability is not able to moderate the relationship between leverage and fixed asset ratio on financial distress.
Article Details
How to Cite
Salsabila, A., & Mudrikah, S. (2023). Pengaruh OCFR, Leverage, Likuiditas dan Fixed Asset Ratio Terhadap Financial Distress dengan Probabilitas Sebagai Variabel Moderasi (Kasus pada Perusahaan Energi di Indonesia). Medikonis, 14(2), 25 - 51. https://doi.org/10.52659/medikonis.v14i2.86
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Astuti, S., & Sjarif, D. (2022). Effect of Current Ratio , Debt Equity Ratio and Sales Growth on Financial Distress with Return on Asset as Intervening Variable (Study on Mining Sector Companies Listed on the Indonesia Stock Exchange 2013-2020 Period). Journal of Accountancy Inaba (JAI), 01(01), 57–69.
Bachtiar, A., & Handayani, N. (2022). Pengaruh Profitabilitas, Leverage, Capital Intensity, Dan Arus Kas Operasi Terhadap Financial Distress. Jurnal Ilmu Dan Riset Akuntansi, 11(1).
Desiana, L., & Diem, M. J. (2021). Financial Distress Ditinjau Dari Leverage, Intangible Asset, Tangible Asset dan Ukuran Perusahaan. I-Finance: A Research Journal on Islamic Finance, 7(2), 71–84. https://doi.org/10.19109/ifinance.v7i 2.9728
Farooq, M., Qureshi, S. F., & Bhutta, Z. M. (2021). Indirect financial distress costs in non-financial firms: evidence from an emerging market. Pacific Accounting Review, 33(4), 417–434. https://doi.org/10.1108/PAR-09- 2020-0127/FULL/XML
Ginting, R. B. (2020). Pengaruh Likuiditas, Profitabilitas, dan Leverage Terhadap Financial Distress Pada Perusahaan Pertambangan di Bursa Efek Indonesia Periode 2014-2018. Journal Pancabudi, 2(2), 65–128.
Hayati, L. M., & Sholichah, M. (2022). Peran Profitabilitas Dalam Memoderasi Pengaruh Rasio Likuiditas, Leverage, Dan Sales Growth Dalam Memprediksi Financial Distress Pada Perusahaan Sub Sektor Property Dan Real Estate. Journal of Culture Accounting and Auditing, 1(1), 153. https://doi.org/10.30587/jcaa.v1i1.42 24
Heniwati, E., & Essen, E. (2020). Which Retail Firm Characteristics Impact On Financial Distress? Jurnal Akuntansi Dan Keuangan, 22(1), 40–46. https://doi.org/10.9744/jak.22.1.30- 36
Hidayati, D. F., & Yuneline, M. H. (2020). Pengaruh Current Ratio dan Debt to Equity Ratio Terhadap Financial Distress Pada Perusahaan Jasa Sub Sektor Perdagangan Eceran yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2015-2020. Banking & Management Review, 5(3), 248–253.
Isayas, Y. N. (2021). Financial distress and its determinants: Evidence from insurance companies in Ethiopia. Cogent Business and Management, 8(1), 1951–110. https://doi.org/10.1080/23311975.20 21.1951110
Islamy, Zulfa, A., Purwohedi, Unggul, Prihatni, & Rida. (2021). Faktor- Faktor yang Mempengaruhi Financial Distress Perusahaan Terdampak Covid-19 di ASEAN. Jurnal Akuntansi, Perpajakan, Dan Auditing, 2(3), 710–734.
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304- 405X(76)90026-X
Karas, M., & Reznakova, M. (2020). Cash flows indicators in the prediction of financial distress. Engineering Economics, 31(5), 525–535. https://doi.org/10.5755/j01.ee.31.5.25202
Kartika, R., & Hasanudin, H. (2019). Analisis Pengaruh Likuiditas, Leverage, Aktivitas, Dan Profitabilitas Terhadap Financial Distress Pada Perusahaan Terbuka Sektor Infrastruktur, Utilitas, Dan Transportasi. Oikonomia: Jurnal Manajemen, 15(1), 1-16. https://doi.org/10.47313/oikonomia.v 15i1.640
Katadata. (2022). Cadangan Minyak Indonesia Terus Menipis dalam 10 Tahun Terakhir.
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