ANALISIS PENGARUH INDIKATOR MAKRO DAN MIKRO TERHADAP PREDIKSI KEBANGKRUTAN (Studi Kasus pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2007-2009)

DESIYANI, NINDIA (2011) ANALISIS PENGARUH INDIKATOR MAKRO DAN MIKRO TERHADAP PREDIKSI KEBANGKRUTAN (Studi Kasus pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2007-2009). Other thesis, UNIVERSITAS SEBELAS MARET.

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    Abstract

    This study aims to determine the simultaneous effect of independent variables consist of the currency, interest rate, Return On Assets (ROA), Debt to Total Assets (DTA) and Free Cash Flow (FCF), on financial and non financial distress variable reperesented by Z-score as the dependent variable. It is also meant to identify which independent variables that have partial effect on financial distress and non-financial distress variable reperesented by Z-score. The study based on a hypothesis that refers to the research that was conducted by Arnab Bhattacharjee and Jie Han (2010), where they used micro-economic variables (company's size / profitability, financial structure and cash flow) and macro- economic variables (business cycle, interest rates and exchange rates) as independent variables. The object of this study is manufacturing companies listed on the Indonesia Stock Exchange during 2007-2009 period. The study itself is an explanatory research which try to explains if there any relationship between the variables studied through a hypothesis testing performed. The purposive sampling method was used to generate 375 sample firms during the observation period. Then, the sample analyzed using multiple linear regression through SPSS 17 as the analysis tool (F-test and T-test). Before the analysis, the data obtained were also tested for normality, multicolliniearity, autocorrelation and heteroscedasticity to ensure their validity and reliability. F-test results showed that the independent variables Currency, Interest Rate, Return On Assets (ROA), Debt to Total Assets (DTA) and Free Cash Flow (FCF), simultaneously affect the non-financial distress and financial distress variable represented by the Z-Score. While for the distress category, t-test results indicate that only Currency, Return On Assets (ROA) and Debt to Total Assets (DTA) variables affect the financial distress variable represented by the Z-Score. For the non-distress category, t-test result showed that only rate Return On Assets (ROA), Debt to Total Assets (DTA) and Free Cash Flow (FCF) variables that affect non- financial distress variables represented by the Z-Score. Keywords: Currency, Interest Rate, Return On Assets (ROA), Debt to Total Assets (DTA) and Free Cash Flow (FCF)

    Item Type: Thesis (Other)
    Subjects: H Social Sciences > H Social Sciences (General)
    Divisions: Fakultas Ekonomi > Manajemen
    Depositing User: Ayu Purnama Sari
    Date Deposited: 16 Jul 2013 22:50
    Last Modified: 16 Jul 2013 22:50
    URI: https://eprints.uns.ac.id/id/eprint/5487

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