ANALISIS PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP FINANCIAL DISTRESS PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2014-2016)

KHOIRUNNISA VAURIN NABELLA, Ratna Nurhayati, S.E., M.Com., Ak., CA., Ph.D.

2018 | Skripsi | S1 AKUNTANSI

Penelitian ini bertujuan untuk menguji pengaruh mekanisme corporate governance terhadap kondisi financial distress perusahaan. Mekanisme corporate governance terdiri dari proporsi komisaris independen, kepemilikan institusional, kepemilikan manajerial, ukuran komite audit, dan keahlian keuangan komite audit. Sementara itu, variabel financial distress dalam penelitian ini diukur dengan Altman Z'-Score. Penelitian ini menggunakan ukuran perusahaan dan rasio leverage sebagai variabel kontrol. Sampel penelitian terdiri dari 84 perusahaan publik yang terdaftar di Bursa Efek Indonesia selama tahun 2014 hingga 2016. Berdasarkan hasil analisis regresi logistik, bukti menunjukkan bahwa proporsi komisaris independen dan kepemilikan manajerial berpengaruh negatif dan signifikan terhadap kondisi financial distress. Akan tetapi, variabel independen lainnya, yaitu kepemilikan institusional, ukuran komite audit, dan keahlian keuangan komite audit tidak berpengaruh secara signifikan terhadap kondisi financial distress. Sebagai tambahan, hanya variabel kontrol berupa rasio leverage yang berpengaruh positif dan signifikan terhadap kondisi financial distress. Sementara itu, variabel kontrol berupa ukuran perusahaan tidak dapat menunjukkan pengaruh yang signifikan kondisi financial distress.

This research on this study aimed to examine the effect of corporate governance mechanism on firm's financial distress condition. Corporate governance mechanism consists of independent board of commissioner proportion, institutional ownership, managerial ownership, size of audit committee, and financial expertise of audit committee. In the other hand, financial distress variable in this research was measured by Altman Z'-Score. This study also uses firm size and leverage ratio as control variables. The sample consist of 84 public companies that listed in Indonesia Stock Exchange from the year of 2014 to 2016. Based on the result of logistic regression analysis, the evidence showed that independent board of commissioner proportion and managerial ownership have negative and significant effect on financial distress condition. Unfortunately, other independent variables such as institutional ownership, size of audit committee, and financial expertise of audit committee are seen not to have significant effect on financial distress condition. In addition, only control variable leverage ratio that has positive and significant effect on financial distress condition. While the other control variable, firm size are unable to show significant effect financial distress condition.

Kata Kunci : corporate governance, financial distress, Altman Z'-Score, regresi logistik