B2041171019, TEDDY MULYAWAN. "PERAN FINANCIAL DISTRESS SEBAGAI MEDIASI GOOD CORPORATE GOVERNANCE TERHADAP RETURN SAHAM." Equator Journal of Management and Entrepreneurship (EJME) 7, no. 4 (August 6, 2019). http://dx.doi.org/10.26418/ejme.v7i4.34574.
Abstract:
Penelitian ini bertujuan untuk mengetahui pengaruh Financial Distress memediasi Good Corporate Governance dan Return saham. Penilaian financial distress menggunakan proksi Altman Z-Score untuk EMS (Emerging Market) yang dirasakan sesuai dengan kondisi pasar modal di Indonesia. Model analisis yang digunakan adalah regresi berganda dan hasil yang ditemukan adanya pengaruh financial distress memediasi kedua variabel penelitian GCG dan return saham. Dari keseluruhan emiten yang tercatat dalam SWA (per 1 November 2018), ditemukan sejumlah 12 emiten yang dapat dijadikan sampel dalam penelitian karena konsistensi keikutsertaan dalam penilaian GCG oleh IICG. Financial Distress ditemukan memediasi Good Corporate Governance terhadap return saham, dimana hal ini sesuai dengan penelitian terdahulu seperti penelitian Jannah & Khoiruddin (2017) yang meneliti mengenai peran financial distress memediasi kepemilikan institusional, kepemilikan manajerial terhadap return saham Keputusan investor untuk berinvestasi perlu mempertimbangkan bahwa ketika investor melakukan investasi perlu menghindari gejala financial distress dan mempertimbangkan keputusan manajerial (GCG) tersebut.Kata Kunci : Financial Distress, Corporate Governance, Altman EMS Z-Score, Return SahamDAFTAR PUSTAKA Ajiwanto, A.W. dan Herawati, J., (2014), Pengaruh Good Corporate Governance Terhadap Return Saham Perusahaan yang Terdaftar di Corporate Governane Perception Index dan Bursa Efek Indonesia Periode 2010 – 2012, Jurnal Ilmiah Mahasiswa FEB, Vol. 2 No. 2.Alexander,J. G., Baptista, A.M., and Shu, Y., (2016), Portfolio selection with mental accounts and estimation risk, Journal of Empirical Finance.Almamy, Jeehan, Aston, John, Leonard Ngwa, N., An Evaluation of Altman’s Z score using Cash flow ratio to Predict Corporate Failure Amid the recent Financial Crisis: Evidence from the UK, Journal of Corporate Finance (2015), doi: 10.1016/j.jcorpfin.2015.12.009Almilia, L.S., (2004), Analisis Faktor-faktor yang Mempengaruhi Kondisi Finansial Distress suatu Perusahaan yang Terdaftar di Bursa Efek Jakarta, Jurnal Riset Akuntansi Indonesia, Vol. 7 No. 1 pp. 1-22.Al-Tamimi, H.A.H., (2012), The effects of corporate governance on performance and financial distress; The experience of UAE national banks, Journal of Financial Regulation and Compliance, Vol. 20 No. 2 pp. 169-181.Altman, E.I., (1968), Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankruptcy, The Journal of Finance, Vol. XXIII No. 4 pp. 589-609.Altman, E.I., (2000), Predicting Financial Distress of Companies: Revisiting The Z-Score and Zeta ® Models, Stern School of Business, New York University, pp. 9-12.Altman, E.I., Iwanicz-Drozdowska, M., and Laitinen, E.K., (2016), Financial Distress Prediction in an International Context: A Review and Empirical Analysis of Altman’s Z-Score Model, Journal of International Financial Management & Accounting, 28 (2), 131-171. http://dx.doi.org/10.1111/jifm.12053Ben-Nasr, Hamdi, State and foreign ownership and the value of working capital management, Journal of Corporate Finance (2016), https://doi:10.1016/j.jcorpfin.2016.09.002Bhattacharya, H., (2007), Total Management by Ratios: An Analytic Approach to Management Control and Stock Market Valuations Second Edition, Sage Publications India Pvt Ltd, New Delhi.Brigham & Houston, (2001), Manajemen Keuangan Buku 2 Edisi 2, Penerbit Erlangga, Jakarta.Budiharjo, R., (2016), Pengaruh Good Corporate Governance Terhadap Return Saham dengan Profitabilitas sebagai Variabel Intervening dan Moderating, Jurnal TEKUN, Vol. VII No. 01, pp. 80 – 98.Caesario, E.B., (2018), Kiwoom Sekuritas: Perang Dagang Jadi Sentimen Negatif IHSG, diakses dari http://market.bisnis.com/read/20180824/189/831066/kiwoom-sekuritas-perang-dagang-jadi-sentimen-negatif-ihsg.Campbell, John Y., Jens Dietrich Hilscher, and Jan Szilagyi. 2011. Predicting financial distress and the performance of distressed stocks. Journal of Investment Management 9(2): 14-34.Chiang, I.E., (2015), Modern portfolio management with conditioning information, Journal of Empirical Finance, Vol. 33 pp. 114-134.Cooper, D.R. & Schindler, P.S., (2008), Business Research Methods, McGraw-Hill International Edition, Singapore.Dastgir, M. & Honarmand, M., (2014), The Effect of ownership structure on efficiency of working capital management, Journal of Management Accounting, Vol. 7 No. 22 pp. 69-88.Fahmi, I., (2014), Manajemen Keuangan Perusahaan dan Pasar Modal, Penerbit Mitra Wacana Media, Jakarta.Fathonah, A.N., (2016), Pengaruh Penerapan Good Corporate Governance terhadap Financial Distress, Jurnal Ilmiah Akuntansi, Vol. 1 No. 2, pp. 133-150.Ferdinan, A., (2007), Metode Penelitian Manajemen: Pedoman Penelitin Untuk Penulisan Skripsi, Tesis, dan Disertasi Ilmu Manajemen, Badan Penerbit Universitas Diponegoro, Semarang.Filbeck, G., Ricciardi, V., Evensky, H.R., Fan, S.Z., Holzhauer, H.M., dan Spieler, A., (2017), “Behavioral finance: A panel discussion”, Journal of Behavioral and Experimental Finance, Vol. 15 pp. 52-58.Ghozali, H.I., (2011), Aplikasi Analisis Multivariate dengan IBM SPSS, Badan Penerbit Universitas Diponegoro, Semarang.Gitman, L.J., (2004), Principles of Managerial Finance, Harper and Row Publishers, New York, pp. 601.Griffin, J.M. dan Lemmon, M.L., (2002), Book-to-Market Equity, Distress Risk, and Stock Returns, The Jorunal of Finance, Vol. LVII No. 5 pp. 2317-2336.Harjito, A. & Martono, (2010), Manajemen Keuangan, Ekonosia, Yogyakarta.Husein, F., (2015), Analisis Pengaruh Distress Risk, Firm Size, Book to Market Ration, Return on Assets, Debt to Equity Ratio Terhadap Return Saham (Skripsi yang tidak dipublikasikan), Universitas Diponegoro Semarang, Indonesia.IDX, (2017), IDX Fact Book 2017 Research and Development Division Indonesia Stock Exchange, PT Bursa Efek Indonesia, Jakarta.Issabella, M., (2013), Pengaruh Economic Value Added, Risiko Sistematis, dan Prediksi Kebangkrutan dengan Model Altman Z-Score Terhadap Return Saham, Skripsi, Universitas Negeri Padang.Jannah, I.R. dan Khoiruddin, M., (2017), Peran Financial Distress memediasi Kepemilikan Institusional, Kepemilikan Manajerial terhadap Return Saham, Management Analysis Journal, Vol. 6 No. 3.Jędrzejczak-Gas, J., (2017), Net Working Capital Management Strategies in the Construction Enterprises Listed on the NewConnect Market, Procedia Engineering, Vol. 182 pp. 306 – 313.Jensen M.C. & Meckling W.H., (1976), Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-360.Jogiyanto, H.M., (2003), Teori Portofolio dan Analisis Investasi Edisi Ketiga, BPFE UGM, Yogyakarta.Kartikasari, D. & Amdani, M., (2013), Implementasi Altman Z-Score Untuk Memprediksi Kebangkrutan Perusahaan Privat di Batam, Politeknik Negeri Batam.KNKG, (2006), Pedoman Umum Good Corporate Governance Indonesia, Jakarta.Lukason, O. & Laitinen, E. K., (2016), Failure processes of old manufacturing firms in different European countries, Investment Management and Financial Innovations, Vol. 13 No. 2pp. 310-321.Lukason, O., Journal of Business Research (2018), https://doi.org/10.1016/j.jbusres.2018.06.025Malik, U.S., Aftab, M., dan Noreen, U., (2013), Distress Risk and Stock Return in An Emerging Market, Research Journal of Finance and Accounting, Vol. 4 No. 17 pp. 81-85.Manzaneque, M., Priego, A.M., dan Merino, E., (2015), Corporate governance effect on financial distress likelihood: Evidence from Spain. Revista de Contabilidad – Spanish Accounting Review (2015). http://dx.doi.org/10.1016/j.rcsar.2015.04.001Mason R.D. & Lind D.A. (1996), Teknik Statistika untuk Bisnis & Ekonomi Edisi Kesembilan Jilid 1, Penerbit Erlangga, Jakarta.Maulana, H., (2018), Begini biasanya reaksi IHSG terhadap pengumuman bunga FOMC The Fed, diakses dari https://investasi.kontan.co.id/news/begini-biasanya-reaksi-ihsg-terhadap-pengumuman-bunga-fomc-the-fed.Naniati, (2012), Analisis Prediksi Financial Distress Dan Pengaruhnya Terhadap Return (Imbal Hasil) Saham Pada Perusahaan Real Estate dan Properti Yang Terdaftar Di BEI, Skripsi, Universitas Mercu Buana Jakarta.Nkeki, C.I., (2018), Optimal investment risks debt management with backup security in a financial crisis, Journal of Computational and Applied Mathematics, https://doi.org/10.1016/j.cam.2018.01.03 2Owala, A.C., (2010), Corporate Governance and Stock Returns: Evidence From The S&P 500, Master’s Thesis in Accounting and Finance, University of VAASA Finland.Palepu, K. G., Healy, P.M., Wright, S., Bradbury, M., dan Lee, Philip, (2000), Business Analysis & Valuation Using Financial Statements: Second Edition, South-Western College Publishing, United States of America.Paolone, F. & Rangone, A., (2015), The Application of Emerging Market Score Model in China During the Global Crisis Period: A Countertrend, Chinese Business Review, Vol. 14 No. 10 pp. 484 498 doi: 10.17265/1537-1506/2015.10.003.Paramasivan, C. & Subramanian, T., (2009), Financial Management, New Age International Limited Publishers, New Delhi.Pedoman Umum Good Corporate Governance Indonesia, 2006), On the Efficiency of internal and External Corporate Control Mechanisms, Academy of Management Review, Vol. 15 No. 1.Platt, H.E. & Platt, M.B., (1991), Industry-Relative Ratios Revisited: The Case of Financial Distress, Journal of Business and Accounting, Vol. 17 pp. 31-51.Pratiwi, Susilawati, R.A.E., dan Purwanto, N., (2016), Analisis Mekanisme Good Corporate Governance Terhadap Manajemen Laba pada Perusahaan Manufaktur yang Terdaftar di BEI, Journal Riset Mahasiswa Akuntansi, Vol. xx No. xx pp. 1-5.Putri, L.S.K., (2017), Analisis Pengaruh Good Corporate Governance dan Financial Ratio Terhadap Return Saham pada Perusahaan yang Terdaftar di Jakarta Islamic Index, Undergraduate Thesis, STIE PERBANAS Surabaya.Qayyum, A. & Idrees, S., (2018), The Impact of Financial Distress Risk on Equity Returns: A Case Study of Non-Financial Firms of Pakistan Stock Exchange, Munich Personal RePEc Archive, pp. 1- 22.Safura, A.N., (2015), Implementasi Atlman’s Z-Score Model Untuk Memprediksi Kebangkrutan Perusahaan Multinasional (Studi Pada Perusahaan Multinasional Sub Sektor Tekstil dan Garmen yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014), Jurnal Administrasi Bisnis, Vol. 27 No. 1 pp. 1-10.Santoso, G.A.P., Yulianeu, dan Fathoni, A., (2018), Analysis of Effect of Good Corporate Governance, Financial Performance and Firm Size on Financial Distress in Property and Real Estate Company Listed BEI 2012-2016, Journal of Management Universitas Pandanaran, Vol. 4 No. 4Sari, R.S., (2017), Pengaruh Analisis Kebangkrutan Terhadap Return Saham Pada Perusahaan Textile dan Garment Listing di Bursa Efek Indonesia (Menggunakan Diskriminan Altman dan Springate). Skripsi, Universitas Mercu Buana Yogyakarta.Sarwono, J., (2011), Mengenal Path Analysis: Sejarah, Pengertian dan Aplikasi, Jurnal Ilmiah Manajemen Bisnis, Vol. 11 No.2 pp. 285-296.Setyardiani, D.W. & Fuadati, S.R., (2017), Pengaruh DER, Profitabilitas dan Perputaran Modal Kerja Terhadap Harga Saham, Jurnal Ilmu dan Riset Manajemen, Vol. 6 No. 7 pp. 1 – 17.Sharma, A.K., (2015), Working Capital Management Efficiency: A study on some selected Proprietary Tea Estates in Jorhat District of Assam, XVI Annual Conference Priceedings, pp. 426 – 443.Siegel, J.G. & Shim, J.K., (1999), Kamus Istilah Akuntansi, Elex Media Komputindo, Jakarta.Singh, S. & Kaur, H. V., (2013), Managing Efficiency and Profitability Through Working Capital: an Empirical Analysis of BSE 200 Companies, Asian Journal of Business Management, Vol. 5 No. 2 pp. 197-207.Skousen, R., Stice, E.K., & Stice J.D., (2001), Akuntansi Keuangan Menengah, Salemba Empat, Jakarta.Stifvani, A. & Rahayu, Y., (2017), Pengaruh Tingkat Perputaran Modal Kerja dan Struktur Modal Terhadap Profitabilitas, Jurnal Ilmu dan Riset Akuntansi, Vol. 6 No. 1 pp. 237 – 254.Sudaryono, (2011), Aplikasi Analisis (Path Analysis) Berdasarkan Urutan Penempatan Variabel dalam Penelitian, Jurnal Pendidikan dan Kebudayaan, Vol. 17 No. 4 pp. 391-403.Sugiarto, (2017), Metodologi Penelitian Bisnis, Penerbit ANDI, Yogyakarta.Supatmi, (2007), Corporate Governance dan Kinerja Keuangan, Jurnal Bisnis dan Ekonomi, Vol. 14 pp. 183-191.Wahidahwati, (2002), Pengarh Kepemilikan Manajerial dan Kepemilikan Institusional pada Kebijakan Hutang Perusahaan: Sebuah Perspektif Theory Agency, The Indonesian Journal of Accounting Research, Vol. 5 No. 1Wardhana, R., Tjahjadi, B., & Permatasari, Y., (2017), The mediating role of growth opportunity in good corporate governance-stock return relationship, Investment Management and Financial Innovations, Vol. 14 No. 3 pp. 313 – 321.Wardhani, R., (2007), Mekanisme Corporate Governance dalam Perusahan yang Mengalami Permasalahan Keuangan, Jurnal Akuntansi dan Keuangan Indonesia, Vol. 4 No. 1 pp. 95-114.