PENGARUH LEVERAGE, PROFITABILITAS, ARUS KAS OPERASI, INTELLECTUAL CAPITAL, DAN RISIKO BISNIS TERHADAP FINANCIAL DISTRESS

Widiyaningrum Safenida; Mekani Vestari

doi:10.29040/jie.v7i2.10185

Authors

Widiyaningrum Safenida STIE Bank BPD Jateng, Indonesia
Mekani Vestari STIE Bank BPD Jateng, Indonesia

DOI:

https://doi.org/10.29040/jie.v7i2.10185

Abstract

This study aims to obtain empirical evidence about the effect of the tendency value of leverage, profitability, operating cash flow, intellectual capital, and business risk on financial distress. In this study financial distress is measured using the Altman (Z-Score) and Ohlson (O-Score) models. The population of this research is manufacturing companies listed on the Indonesia Stock Exchange over the period 2012 â€“ 2016. The sample was determined based on the purposive sampling method, consist of 33 companies. The data analysis tool used is multiple linear regression. The results showed that profitability measured by ROA regression coefficient and retained earnings regression coefficient, intellectual capital measured by VAIC regression coefficient consistently affected financial distress as measured by the Altman and Ohlson models. The tendency value of leverage measured by the DER regression coefficient, regression coefficient of operating cash flow, and business risk inconsistent affects the financial distress measured by the Altman model and Ohlson model. Keyword : financial distress, ROA, retained earnings, intellectual capital.

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