Article Sidebar

Download
Full text PDF
Statistic
Read Counter : 1321 Download : 1328

Downloads

Download data is not yet available.

Main Article Content

Abstract

This research aims to examine how leverage and equity affect firm value and financial distress as mediating factor in listed manufacturing firms on the Indonesia Stock Exchange. Such manufacturing businesses are the research's population. The manufacturing industry is the research sample from 2011 to 2021 periods. Purposive sampling was utilized in the sampling approach, resulting in data availability from 53 firms and 583 financial statement data—a structural equation model with structural equations for hypothesis testing. The test results demonstrate that leverage affects financial distress. Financial distress is negatively impacted by profitability. Leverage and financial distress negatively affect both firm value and financial distress, acting as a mediating factor. Conversely, profitability positively affects both firm value and financial distress, functioning as a mediating factor.

Keywords

Leverage profitability financial distress firm value

Article Details

License

Copyright (c) 2022 Sri Hermuningsih, Hadri Kusuma, Teguh Erawati, Anisya Dewi Rahmawati

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

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

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  3. 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).

References

  1. Aggarwal, D., & Padhan, P. C. (2017). Impact of capital structure on firm value: evidence from Indian Hospitality Industry. Theoretical Economics Letters, 07(04), 982–1000. https://doi.org/10.4236/tel.2017.74067
  2. Agus Sartono. (2011). Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE.
  3. Agustini, N. W., & Wirawati, N. G. P. (2019). Pengaruh Rasio Keuangan Pada Financial Distress Perusahaan Ritel Yang Terdaftar di Bursa Efek Indonesia (BEI). E-Jurnal Akuntansi, 26(1), 251–280. https://doi.org/10.24843/eja.2019.v26.i01.p10
  4. Al-Slehat, Z. A. F. (2019). Impact of financial leverage, size and assets structure on firm value: evidence from industrial sector, Jordan. International Business Research, 13(1), 109. https://doi.org/10.5539/ibr.v13n1p109
  5. Amna, L. S., Aminah, & Khairudin. (2021). Faktor-faktor yang mempengaruhi CSR pada perusahaan barang konsumsi ike nurul anggraini , listyorini wahyu widati faktor-faktor yang mempengaruhi kebijakan dividen pada perusahaan LQ45 Puji Lestari , Endang Masitoh , Purnama Siddi Pengelolaan Keuangan Kel. Jurnal Akuntansi & Keuangan, 12(2).
  6. Andika, L. (2021). Effect of leverage , profitability and firm size on financial distress (empirical study on transportation companies listed on the indonesia stock exchange 2016 – 2020). 25237–25247.
  7. Angga Pratama, A. B., & Wiksuana, I. G. B. (2018). Pengaruh firm size dan profitabilitas terhadap nilai perusahaan dengan struktur modal sebagai variabel mediasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 5, 1289. https://doi.org/10.24843/eeb.2018.v07.i05.p03
  8. Arifin, D. S., Masud, A., Kalsum, U., & Makkulau, A. R. (2021). International Journal of Business and Social Science Research. International Journal of Business and Social Science Research, 2(6), 11–17. https://doi.org/10.47742/ijbssr.v2n6p2
  9. Ayuningtiyas, I. S., & Suryono, B. (2019). Pengaruh likuiditas, profitabilitas, leverage dan arus kas terhadap kondisi financial distress. J, 8(1), 1–17. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/242/243
  10. Azalia, V. (2019). Pengaruh leverage, likuiditas, profitabilitas, dan ukuran perusahaan terhadap financial distress. Jurnal Ilmu Dan Riset Akuntansi, 8(6), 1–16.
  11. Azalia, V., & Rahayu, Y. (2019). Pengaruh leverage, likuiditas, profitabilitas, dan ukuran perusahaan terhadap financial distress. Jurnal Ilmu Dan Riset Akuntansi, 86–101.
  12. Bachrudin, B., & Ngumar, S. (2017). Pengaruh ukuran perusahaan, leverage, dan kepemilikan manajerial terhadap nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 6(4), 1473–1491.
  13. Bastomi, M. (2015). Analisis prediksi financial distress serta pengaruhnya terhadap harga saham dengan struktur modal sebagai variabel intervining: Studi pada perusahaan jasa yang terdaftar di Bursa Efek Indonesia tahun 2009-2013. Universitas Islam Negeri Maulana Malik Ibrahim.
  14. Bouzzine, Y. D., & Lueg, R. (2020). The contagion effect of environmental violations: The case of Dieselgate in Germany. Business Strategy and the Environment, 29(8), 3187–3202. https://doi.org/10.1002/bse.2566
  15. Brigham, E.F., & Houston, J.F. (2008). Fundamental of Financial Managements.Jakarta: Salemba Empat.
  16. Brigham, E. F., & Houston, J.F.(2014). Fundamentals of Financial Management. Jakarta: Salemba Empat
  17. Brigham, E.F, & Houston, J.F. (2011). Essentials of Financial Management. Jakarta: Salemba Empat.
  18. Carolina, V., Marpaung, E. I., & Pratama, D. (2017). Analisis rasio keuangan untuk memprediksi kondisi financial distress (studi empiris pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2014-2015). Jurnal Akuntansi Maranatha, 9(2), 137–145. https://doi.org/10.28932/jam.v9i2.481
  19. Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. In Journal of Management (Vol. 37, Issue 1). https://doi.org/10.1177/0149206310388419
  20. Devinaya, D. R. (2020). Pengaruh financial distress terhadap nilai perusahaan pada perusahaan asuransi yang terdaftar di BEI Tahun 2014-2018. SIMBA: Seminar Inovasi Manajemen Bisnis Dan Akuntansi, 2, 1–14.
  21. Dewi, N. L. P. A., Endiana, I. D. M., & Arizona, I. P. E. (2019). Pengaruh rasio likuiditas, rasio leverage dan rasio profitabilitas terhadap financial distress pada perusahaan manufaktur. Journal of Chemical Information and Modeling, 53, 322–333.
  22. Dirman, A. (2020). Financial Distress: The Impacts Of Profitability, Liquidity, Leverage, Firm Size And Free Cash Flow. International Journal of Business, Economics and Law, 22(1), 17–25.
  23. Dzahabiyya, J., Jhoansyah, D., & Danial, R. D. M. (2020). Analisis nilai perusahaan dengan model rasio Tobin’s Q. JAD : Jurnal Riset Akuntansi & Keuangan Dewantara, 3(1), 46–55. https://doi.org/10.26533/jad.v3i1.520
  24. Erna, L., & Sutama, D. R. (2018). Pengaruh leverage dan profitabilitas terhadap nilai perusahaan (studi pada perusahaan sektor manufaktur food and beverage yang terdaftar di Bursa Efek Indonesia). Sains Manajemen Dan Akuntansi, 10(1), 21–39.
  25. Evania, S., & Widyastuti, E. (2018). Pengaruh profitabilitas, dividen tunai, dan ukuran perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Prosiding Working Papers Series In Management, 10(2), 193–214. http://ojs.atmajaya.ac.id/index.php/WPM/article/view/1217
  26. Fahmi, I. (2014). Analisa Kinerja Keuangan. Bandung: Alfabeta.
  27. Fajar, S. V. (2020). Pengaruh profitabilitas, likuiditas, dan leverage terhadap financial distress perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Stie Mahardhika Surabaya.
  28. Faldiansyah, A. K., Arrokhman, D. B. K., & Shobri, N. (2020). Analisis pengaruh leverage, ukuran perusahaan, dan arus kas terhadap financial distress. Bisnis-Net Jurnal Ekonomi Dan Bisnis, 3(2), 90–102. https://doi.org/10.46576/bn.v3i2.999
  29. Fatmawati, V., & Rihardjo, I. B. (2017). Pengaruh likuiditas, leverage, aktivitas dan profitabilitas dalam memprediksi financial distress. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 6(10), 1–19. www.kemenperin.go.id
  30. Fauziah, F. (2017). Kesehatan Bank, kebijakan dividen dan nilai perusahaan Teori dan kajian empiris (RV Pustaka). http://opac.kaltimprov.go.id/opac/detail-opac?id=89311
  31. Finishtya, F. C. (2019). The role of cash flow of operational, profitability, and financial leverage in predicting financial distress on manufacturing company in Indonesia. Jurnal Aplikasi Manajemen.
  32. Finishtya, F. C. (2019). The role of cash flow of operational, profitability, and financial leverage in predicting financial distress on manufacturing company in Indonesia. Jurnal Aplikasi Manajemen, 17(1), 110–117. https://doi.org/10.21776/ub.jam.2019.017.01.12
  33. Fitri, M. A., & Dillak, V. J. (2020). Arus kas operasi, leverage, sales growth terhadap financial distress. Jurnal Riset Akuntansi Kontemporer, 12(2), 60–64. https://doi.org/10.23969/jrak.v12i2.3039
  34. Gunawan, I., Subiyanto, S., & Siagian, H. L. (2020). The effect of profitability on financial distress with leverage as a moderating variable in pharmaceutical sub-sector companies listed on the idx from 2018-2020. 2014, 9734–9742.
  35. Heriyanti, G. D. (2017). Pengaruh profitabilitas, growth of firm dan leverage terhadap nilai perusahaan (studi pada perusahaan sektor konsumsi di Bursa Efek Indonesia periode 2012-2016). Indonesia Banking School, June, 1–15. http://lib.ibs.ac.id/index.php?p=show_detail&id=38.
  36. Hermuningsih, S. (2012). Pengaruh profitabilitas, size terhadap nilai perusahaan dengan sruktur modal sebagai variabel intervening. Jurnal Siasat Bisnis, 16(2), 232–242. https://doi.org/10.20885/jsb.vol16.iss2.art8
  37. Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
  38. Huda, S., Zuhroh, D., & Firdiansjah, A. (2020). The effect of profitability and capital structure on firm value through dividend policy in transportation companies listed on the Indonesia Stock Exchange for the period of 2015-2018. International Journal of Advances in Scientific Research and Engineering, 06(09), 44–55. https://doi.org/10.31695/ijasre.2020.33878
  39. Ibrahim, U. A. (2020). Effect of financial leverage on firm value: evidence from selected firms quoted on the Nigerian Stock Exchange. European Journal of Business and Management, 12(3), 124–135. https://doi.org/10.7176/ejbm/12-3-16
  40. Jensen, M. ., & Meckling, W. (1976). Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Finance Economic.
  41. Kalbuana, N., Prasetyo, B., Kurnianto, B., Saputro, R., Kurniawati, Z., Utami, S., Lamtiar, S., Arnas, Y., Rusdiyanto, & Abdusshomad, A. (2020). Liquidity effect, profitability leverage to company value: a case study Indonesia. European Journal of Molecular & Clinical Medicine, 7(11), 2800–2822. https://ejmcm.com/article_6290.html
  42. Kanta, A. G. A., Hermanto, & Surasni, N. K. (2021). The effect of leverage and profitability on firm value with dividend policy as moderation variable (studies in manufacturing companies for the 2014-2018 period). International Journal of Multicultural and Multireligious Understanding, 8(1), 245–255.
  43. Karasek, R., & Bryant, P. C. (2012). Signaling theory: past, present, and future. Academy of Strategic Management Journal, 11, 91.
  44. Kartika, R., & Hasanudin, H. (2019). Analisis pengaruh likuiditas, leverage, aktivitas, dan profitabilitas terhadap financial distress pada perusahaan terbuka sektor infrastruktur, utilitas, dan transportasi periode 2011-2015. Oikonomia: Jurnal Manajemen, 15(1), 1–16. https://doi.org/10.47313/oikonomia.v15i1.640
  45. Kasmir. (2019). Analisis Laporan Keuangan. PT. Raja Grafindo Persada.
  46. Lestari, E. P., Astuti, D., & Abdul Basir, M. (2020). The role of internal factors in determining the firm value in Indonesia. Accounting, 6(5), 665–670. https://doi.org/10.5267/j.ac.2020.6.018
  47. Lienanda, J., & Ekadjaja, A. (2020). Faktor-faktor yang mempengaruhi financial distress pada perusahaan manufaktur. Jurnal Paradigma Akuntansi, 2(1), 439. https://doi.org/10.24912/jpa.v2i1.7173
  48. Linawaty, L., & Ekadjaja, A. (2017). Analisis pengaruh leverage terhadap nilai perusahaan dengan kepemilikan manajerial dan arus kas bebas sebagai variabel pemoderasi. Jurnal Ekonomi, 22(1), 164–176. https://doi.org/10.24912/je.v22i1.189
  49. Lubis, N. H., & Patrisia, D. (2019). Pengaruh activity ratio, leverage dan firm growth terhadap financial distress (studi empiris pada perusahaan manufaktur yang terdaftar di BEI Periode 2013-2017). Jurnal Kajian Manajemen Dan Wirausaha, 01(2013), 173–182.
  50. Lucky, L. A., & Michael, A. O. (2019). Leverage and corporate financial distress in Nigeria : A Panel Data Analysis. Asian Finance & Banking Review, 3(2), 26–38.
  51. Manyo, T. S., & Ike, U. J. (2013). Research article the effect of accounts receivable on return on assets of selected. International Journal of Current Research, 5(12), 3767–3772.
  52. Masdupi, E., Tasman, A., & Davista, A. (2018). The influence of liquidity, leverage and profitability on financial distress of listed manufacturing companies in indonesia. 57(Piceeba), 223–228. https://doi.org/10.2991/piceeba-18.2018.51
  53. Moleong, L. C. (2018). Effect of real interest rate and leverage on financial distress. Open Journal Systems, 30(1), 71–86.
  54. Murtadha, M. A., Arfan, M., & Saputra, M. (2018). Factors influencing financial distress and its impact on company values of the sub-sectors firms in Indonesian. Journal of Accounting Research, Organization and Economics, 1(2), 191–204. https://doi.org/10.24815/jaroe.v1i2.11883
  55. Nguyen, V. C., Nguyen, T. N. L., Tran, T. T. P., & Nghiem, T. T. (2019). The impact of financial leverage on the profitability of real estate companies: A study from Vietnam stock exchange. Management Science Letters, 9(Spceial Issue 13), 2315–2326. https://doi.org/10.5267/j.msl.2019.7.023
  56. Nicolin, O., & Sabeni, A. (2013). Pengaruh struktur corporate governance, audit tenure, dan spesialisasi industri auditor terhadap integritas laporan keuangan. Diponegoro Journal of Accounting, 2(3), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting
  57. Nilasari, I. (2021). Pengaruh corporate governance, financial indicators, dan ukuran perusahaan terhadap financial distress. Competitive Jurnal Akuntansi Dan Keuangan, 5(2), 61–68.
  58. Novari, P. M., & Lestari, P. V. (2016). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan pada sektor properti dan real estate. E-Jurnal Manajemen Unud, 5(9), 5671–5694.
  59. Putri, N., & Budyastuti, T. (2021). The effect dof investment decisions, diviend policy and profitability on firm value in the Indonesian Manufacturing Companies. American Journal of Humanities and Social Sciences Research, 5(4), 47–53.
  60. Rahma, A. (2020). Analisis pengaruh profitabilitas, leverage dan likuiditas terhadap financial distress. JABI (Jurnal Akuntansi Berkelanjutan Indonesia), 3(3), 253. https://doi.org/10.32493/jabi.v3i3.y2020.p253-266
  61. Rejeki, H. T., & Haryono, S. (2021). Pengaruh leverage dan ukuran perusahaan terhadap nilai perusahaan di Indonesia. Invoice : Jurnal Ilmu Akuntansi, 3(1), 1–9. https://doi.org/10.26618/inv.v3i1.4969
  62. Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of liquidity, profitability, and size of companies on firm value. Utopia y Praxis Latinoamericana, 25(Extra 6), 325–332. https://doi.org/10.5281/zenodo.3987632
  63. Restianti, T., & Agustina, L. (2018). The effect of financial ratios on financial distress conditions in sub industrial sector company. Accounting Analysis Journal, 7(1), 25–33. https://doi.org/https://doi.org/10.15294/aaj.v7i1.18996
  64. Rieska, & Luh. (2021). The effect of liquidity, leverage, and profitability on financial distress (case study of property and real estate companies on the IDX 2017-2019). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 367–373. https://doi.org/10.31258/ijesh.2.2.127-133
  65. Rudianto. (2013). Akuntansi Manajemen, Informasi Untuk Pengambilan Keputusan Strategis. Erlangga.
  66. Salvatore, D. (2005). Ekonomi Manajerial (2nd ed.). Jakarta: Salemba Empat.
  67. Saputri, D. R., & Bahri, S. (2021). The effect of leverage, profitability, and dividend policy on firm value. International Journal of Educational Research & Social Sciences, 2(6), 1316–1324. https://doi.org/10.51601/ijersc.v2i6.223
  68. Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127. https://doi.org/10.21744/irjmis.v7n1.828
  69. Scott, W. (1997). Financial Accounting Theory. Prentice Hall International.
  70. Septiana, V., & Gustyana, T. T. (2021). The influence of dividend policy, debt policy, profitability and firm age on firm value on cement subsectors listed on the IDX for the period 2015-2019. International Journal of Advanced Research in Economics and Finance, 3(1), 80–86.
  71. Shahrbabaki. (2020). Strategic reactions to information content of dividend change: applying bcg growth share matrix when signalling hypothesis identified. Journal of Entrepreneurship and Sustainability, 2(8), 10–32.
  72. Silaban, C. N., Rini, I., & Pengestuti, D. (2017). Analisis faktor-faktor yang mempengaruhi kebijakan dividen dengan firm size sebagai variabel kontrol (studi pada perusahaan manufaktur yang Terdaftar di BEI Tahun 2011-2015). Diponegoro Journal of Management, 6(3), 1–15. http://ejournal-s1.undip.ac.id/index.php/dbr
  73. Spence, M. (1973). Job market signaling. Quarterly Journal of Economics. https://doi.org/10.2307/1882010
  74. Stewart, C. M. (2001). Capital Structure. The Journal of Economic Perspective, 15(2), 81–102.
  75. Sukmawardini, D., & Ardiansari, A. (2018). The influence of institutional ownership . Profitability ,. 7(2).
  76. Suripto. (2015). Manajemen Keuangan. Graga Ilmu.
  77. 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, 10(1), 45. https://doi.org/10.26858/jiap.v10i1.13568
  78. Sutra, F. M., & Mais, R. G. (2019). Faktor-faktor yang mempengaruhi financial distress dengan pendekatan altman z-score pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Jurnal Akuntansi Dan Manajemen, 16(01), 34–72. https://doi.org/10.36406/jam.v16i01.267
  79. Sylvia, et al. (2021). Analysis of the effect of profitability, leverage, and liquidity on firm value with sustainability report disclosure as moderating variable in service companies listed on Indonesia Stock Exchange (IDX) in 2013-2017. International Journal Public Budgeting, Accounting and Finance, 4(1), 1–12.
  80. Umdiana, N., & Claudia, H. (2020). Struktur modal melalui trade off theory. Jurnal Akuntansi Kajian Ilmiah Akuntansi (JAK), 7(1), 52. https://doi.org/10.30656/jak.v7i1.1930
  81. Wangsih, I. C., Yanti, D. R. Y., Kalbuana, N., & Catra Indra Cahyadi. (2021). Influence of leverage, firm size, and sales growth on financial distress. International Journal of Economics, Business and Accounting Research (IJEBAR), 5(4), 180–194.
  82. Yuniningsih, Y., Pertiwi, T. K., & Purwanto, E. (2019). Fundamental factor of financial management in determining company values. Management Science Letters, 9(2), 205–216. https://doi.org/10.5267/j.msl.2018.12.002