Pengaruh Tata Kelola Perusahaan Dan Modal Intelektual Terhadap Financial Distress
Keywords:
financial distress, corporate governance, Intellectual CapitalAbstract
This study aims to examine the effect of corporate governance and intellectual capital on financial distress utilizing the Zmijewski method. The population includes 609 non-financial companies listed on the Indonesia Stock Exchange between 2018 and 2021, from which the samples of 120 observable data are selected through purposive sampling. This study involves secondary data of the companies’ annual reports collected from their official websites and that of IDX (www.idx.co.id) and analyzed by multiple linear regression utilizing IBM SPSS Statistics 26. This study finds that corporate governance does not affect financial distress, and intellectual capital has a negative effect on financial distress; implying that corporate governance does not whatsoever contribute to financial distress, and higher intellectual capital, represented by Value-Added Intellectual Capital (VAIC), can minimize the likelihood of financial distress.
References
Andes, S.L. (2021) ‘Pengaruh Corporate Governance Dan Intellectual Capital Terhadap Competitive Advantage Dan Firm Value’.
Ardalan, B. and Askarian, H. (2014) ‘The Impact Of Intellectual Capital On The Risk Of Financial Distress Of Listed Companies In Tehran Stock Exchange, Iran’, Indian Journal of Fundamental and Applied Life Sciences, 4, pp. 840–853.
Cahyani, D.M. and Diantini, N.N.A. (2016) ‘Peranan Good Corporate Governance Dalam Memprediksi Financial Distress’, Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan [Preprint].
Diba, N.F., Disemadi, H.S. and Prananingtyas, P. (2019) ‘Kebijakan Tata Kelola Otoritas Jasa Keuangan ( OJK ) Di Indonesia Financial Services Authority ( FSA ) Governance Policy in Indonesia’.
Dwijayanti, P.F. (2010) ‘PENYEBAB, DAMPAK, DAN PREDIKSI DARI FINANCIAL DISTRESS SERTA SOLUSI UNTUK MENGATASI FINANCIAL DISTRESS’, 2(2).
Effendi, M.A. (2009) The Power of Good Corporate Governance: Teori dan Implementasi.
Fashhan, M.R. and Fitriana, V.E. (2018) ‘The Influence of Corporate Governance and Intellectual Capital towards Financial Distress (Empirical Study of Manufacturing Company in IDX for the Period of 2014-2016)’, JAAF (Journal of Applied Accounting and Finance) [Preprint].
Harahap, L.W. (2017) ‘Pengaruh Mekanisme Corporate Governance Dan Firm Size Terhadap Kondisi Financial Distress Pada Perusahaan Property and Real Estate Yang Terdaftar Di BEI Tahun 2010 - 2014’, Jurnal Riset Akuntansi & Bisnis [Preprint].
Helena, S. (2021) Pengaruh Corporate Governance Terhadap Financial Disstress, Owner.
Jensen, M.C. and Meckling, W.H. (1976) Reflections On The State Of Accounting Research And The Regulation Of Accounting.
Khan, H. (2011) ‘A Literature Review of Corporate Governance’, International Conference on E-business, Management and Economics, 25, pp. 1–5.
Lizal, L. (2005) ‘Determinants of Financial Distress: What Drives Bankruptcy in a Transition Economy? The Czech Republic Case’, SSRN Electronic Journal [Preprint], (451).
Manzaneque, M., Priego, A.M. and Merino, E. (2016) ‘Corporate governance effect on financial distress likelihood: Evidence from Spain’, Revista de Contabilidad-Spanish Accounting Review [Preprint].
Manzari, M. et al. (2012) ‘Intellectual capital: Concepts, components and indicators: A literature review’, Management Science Letters [Preprint].
Marota, R., Alipudin, A. and Maiyarash, A. (2018) ‘Pengaruh Debt To Assets Ratio (Dar), Current Ratio (Cr) Dan Corporate Governance Dalam Memprediksi Financial Distress’, Jurnal Ilmiah Akuntansi Fakultas Ekonomi [Preprint].
Maulidina, D. (2014) ‘Faktor-Faktor Yang Mempengaruhi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bei’, Media Riset Akuntansi, Auditing & Informasi [Preprint].
Mustika, R. et al. (2018) ‘Pengaruh Modal Intelektual terhadap Financial Distress (Studi pada Perusahaan Pertambangan dan Manufaktur)’, Jurnal Ekonomi & Bisnis Dharma Andalas [Preprint].
Putri, N.W.K.A. and Merkusiwati, N.K.L.A. (2014) ‘Pengaruh Mekanisme Corporate Governance , Likuiditas , Leverage , Dan Ukuran Perusahaan Pada Financial Distress’, E-Jurnal Akuntansi Universitas Udayana, 1.
Radifan, R. and Yuyetta, E.N.A. (2015) ‘Analisis Pengaruh Mekanisme Good Corporate Governance Terhadap Kemungkinan Financial Distress’, Diponegoro Journal of Accounting, Vol.4(No.3).
Rahayu, F., Suwendra, I.W. and Yulianthini, N.N. (2016) ‘Analisis Financial Distress Dengan Menggunakan Metode Altman Z-Score, Springate, Dan Zmijewski Pada Perusahaan Telekomunikasi’, Jurnal Manajemen Indonesia, 4(1), p. 13.
Septivani, R. and Agoes, S. (2014) ‘Pengaruh Kinerja Keuangan Perusahaan, Corporate Governance Dan Intellectual Capital Terhadap Kemungkinan Terjadinya Financial Distress’, Corporate Governance… Jurnal TEKUN [Preprint].
Shahwan, T.M. and Habib, A.M. (2020) ‘Does the efficiency of corporate governance and intellectual capital affect a firm ’ s financial distress ? Evidence from Egypt’.
Sutedi, A. (2012) Good Corporate Governance. 1st edn. Jakarta: Sinar Grafika.
Udchiah, Y. (2013) ‘Model analisis zmijewski (x-score), ohlson (y-score) dan altman (z-score) sebagai indikator pengukuran financial distress: Studi pada perusahaan manufaktur yang go publik di BEI periode 2008-2011’.
Ulum, I. (2009) Intellectual Capital: Konsep dan Kajian Empiris.
Widhiastuti, R., Nurkhin, A. and Susilowati, N. (2019) ‘Peran Financial Performance dalam Memediasi Pengaruh Good Corporate Governance Terhadap Financial Distress’, Jurnal Economia [Preprint].
Zmijewski, M.E. (1984) ‘Methodological Issues Related to the Estimation of Financial Distress Prediction Models’, Journal of Accounting Research, 22.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Reviu Akuntansi, Keuangan, dan Sistem Informasi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
