Determinan Keberhasilan Turn Around pada Perusahaan yang Mengalami Financial Distress
DOI:
https://doi.org/10.37721/je.v16i3.260Abstract
The global economic crisis in 2008 caused a lot of companies having financial performance decreased. Financial distress is a decline in the financial condition of the company before the bankruptcy. By these problems, it is important for researchers to examine the determinants of the success of the turnaround for a company obtaining financial distress. The study aims to analyze the influence of the factors which are the trend of severity health firm, the availability of free assets, firm size, and the asset retrenchment in the success of the turnaround to the manufacturing companies listed on the Indonesia Stock Exchange in 2007-2012. The sample in this study used secondary data obtained from the Indonesian Capital Market Directory (ICMD). Financial data from 2008-2010 were processed into the independent variable, and financial data on 2007-2012 werefunctioned as a benchmark to determine the status of recovery using the Z-score model of Altman (1984). The sample in this study took the 29 manufacturing companies consisting of 21 non-recovery and 8 recovery. The hypothesis was tested by using the analysis model of the independent variables in 2008-2010. The results of data analysis using logistic regression indicates that the model generates the prediction accuracy that is 80,5%. Variable of the trend of severity health firm and the firm size gave significant positive effect on the condition of recovery with a significance level of 5%. Keywords: Financial distress, turnaround, severity, free assets, firm size, asset retrechment, Altman's Z-score models.References
Almilia, Luciana Spica, “Prediksi Kondisi
Financial Distress Perusahaan Go
Public dengan Menggunakan
Analisis Multinomial logit”, Jurnal
Ekonomi & Bisnis, Vol. XII No.1,
STIE Perbanas Surabaya, Maret
, ”Analisis Faktor-faktor yang
Mempengaruhi Kondisi Financial
Distress Suatu Perusahaan yang
terdaftar di BEJ”, Jurnal Riset
Akuntansi Indonesia, Vol. 7 No. 1,
STIE Perbanas Surabaya, Januari
Brigham, Eugene. F and Phillip R. Daves,”
Intermediate Financial
Management”, Eight Edition.
Thomson, South-Western, p.837-
, 2003.
Candrawati, Anna, “Analisis Faktor-faktor
yang Mempengaruhi Keberhasilan
Turnaround pada Perusahaan
yang Mengalami Financial
Distress”, Tesis, Universitas
Diponegoro, Semarang, 2008.
Ciorogariu, E. and Goumas, A.
“Turnaround – Modeling the
Probability of a Turnaround”,
Thesis, Lund University School of
Economics and Management,
Endri, “Prediksi Kebangkrutan Bank untuk
Menghadapi dan Mengelola
Perubahan Lingkungan Bisnis:
Analisis Model Altman’s Z-Score”,
Perbanas Quarterly Review,
Volume 2 Nomor 1, Maret 2009.
Fachrudin, Khaira Amalia, “Faktor-faktor
yang Meningkatkan Peluang
Survive Perusahaan Kesulitan
Keuangan”, Jurnal Manajemen
Bisnis, Vol.1 No. 1, Universitas
Sumatera Utara, Januari 2008.
Fachrudin, Khaira Amalia,”Kesulitan
Keuangan Perusahaan dan
Personal”, USU Press, Medan,
Francis, John D. and Desai, Ashay B.
“Situational and Organizational
Determinants of Turnaround”,
Management Decision 43 (9):
-1224. 2005.
Ghazali, Imam, “Analisis Multivariate
Lanjutan dengan Program SPSS”,
Badan Penerbit Universitas
Diponegoro, Semarang, 2011.
Hanafi, Mamduh M. dan Abdul Halim,
“Analisis Laporan Keuangan”,
Edisi Ketiga Cetakan Pertama,
STIE YKPN: Yogyakarta, 2007.
Hasan, M.Iqbal, “Pokok-pokok Materi
Statistik 2 (Statistik Intensif)”,
PT.Bumi Aksara, Jakarta, 2010.
Hendriani, Nidia Galuh, “Pengaruh
Penerapan Corporate Governance
untuk Menghindari Financial
Distress dengan Variabel Kontrol
Ukuran Perusahaan dan Sumber
Pendanaan”, Skripsi, UIN Syarif
Hidayatullah Jakarta, 2011.
Hui, Huang dan Jing Jing Zhou,
“Relationship Between Corporate
Governance and Financial
Distress: An Empirical Study Of
Distressed Companies In China”,
International Journal Of
Management, Desember, 2008.
Husnan, Suad dan Enny Pudjiastuti,
“Dasar-dasar Manajemen
Keuangan”, edisi keempat cetakan
pertama, UPP AMP YKPN,
Yogyakarta, 2004.
Lestari, Rizki Dwi dan Ni Nyoman.A.T.
“Determinan Keberhasilan
Turnaround pada Perusahaan
yang Mengalami Financial Jurnal Ekonomi, Volume 16 Nomor 3, Oktober 2014
Copyright @ 2014, oleh Program Pascasarjana, Universitas Borobudur
____________________________________________________________________________
_____________________________
*) Dosen Program Pascasarjana Universitas Borobudur Jakarta
*) Mahasiswa S1 FakultasEkonomi dan Bisnis, UIN SyarifHidayatullah Jakarta
Distress”, Jurnal Ilmu Manajemen,
Vol. 1 No. 4, Juli 2013.
Makgeta, Malose, “Turnaround
Determinants of Distressed Firms
Funded by the Industrial
Development Corporation”,
Thesis, University of Pretoria,
Desember 2010.
Manimala, Mathew J. ”Succesfull
Turnaround: The Role of
Appropriate Entrepeneurial
Strategies”, Indian Institite of
Management Bangalore, No.337,
Manzoor, Amir, “Hr Intervention for
Organizational Turnaround:
Evidence from Pakistan Financial
Sector”, Arabian Journal of
Business and Management Review
(Oman Chapter), 2.10: 79-97, Mei
Nuraini, Yustiana Ratna, “Analisis
Pengaruh Return on Investment,
Fixed Assets Ratio, Firm Size, dan
Rate of Growth terhadap Debt do
Equity Ratio pada Perusahaan
Manufaktur yang Tercatat di
Bursa Efek Indonesia Periode
-2007”, Tesis, Universitas
Diponegoro, Semarang, 2010.
Rodoni, Ahmad dan Herni Ali,
“Manajemen Keuangan-Edisi
Pertama”, Mitra Wacana Media,
Jakarta, 2010.
Rodoni, Ahmad dan Rahman Muslim,
“Prediksi Kondisi Financial
Distress Perusahaan Go Public
Menggunakan Analisis
Multinomial Logit”, Etikonomi,
Vol. 8 No. 2, UIN Syarif
Hidayatullah Jakarta, Agustus
Smith, Malcolm and Graves, C. “Corporate
Turnaround and Financial
Distress”, Managerial Auditing
Journal20 (3): 304-320, 2005.
Sugiyono, “Metode Penelitian
Administrasi”, CV Alfabeta,
Bandung, 2008.
Sugiyono, “Statistika untuk penelitian”, CV
Alfabeta, Bandung, 2007.
Sumbodo, Joko, “Perbandingan Model
Diskriminan dan Model Logit
untuk Memprediksi Financial
Distress Perusahaan Manufaktur
di BEI”,Skripsi, Universitas
Sebelas Maret, Surakarta 2010.
Syafrizal, “Analisis Strategi Turnaround
pada Perusahaan yang Terdaftar
di Bursa Efek Jakarta”, Jurnal
Bussines & Manajemen, Volume 2
Nomor 1, 2006.
Wongsosudono, Corinna, “Analisis Rasio
Keuangan untuk Memprediksi
Financial Distress pada
Perusahaan Sektor Keuangan
yang Terdaftar di Bursa Efek
Indonesia”, Jurnal Bina Akuntansi,
Vol. 19 No. 2, ISSN 1858-3202,
STIE IBBI Medan, Juni 2013.
http://id.wikipedia.org/wiki/perusahaan_pu
blik
http://mutiaralumpur.blogspot.com
http://www.ICMD.co.id
http://www.idx.co.id
http://www.scribd.com/doc/52798915/Anali
sis-Regresi-Logistik
ICN, Maret 2008, Fokus Ketahanan
Ekonomi Indonesia Terhadap Krisis
Finansial.