Financial Ratio, Distress, and Performance in Indonesian Transportation Companies
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Dec 28, 2023
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Abstract
A company with a large amount of debt certainly increases the possibility of financial distress and affects its financial performance. Transportation and logistics are the top three industries with the highest average debt-to-assets ratio. Therefore, this study aims to determine whether financial ratios affect financial distress and whether financial distress mediates the influence between these two variables through a panel analysis method, with a sample of 21 IDX-listed companies from 2017-2021. This analysis shows that CR and DAR significantly negatively impact financial distress, while DER, OCF, and TATO do not considerably affect financial distress. In addition, financial distress does not significantly affect financial performance, nor does not mediate the effect of financial ratios on financial performance.
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References
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Azmi, S.N., & Takarini, N. (2022). Analisis kinerja keuangan perbankan yang terdaftar di Bursa Efek Indonesia. J. Ilmu Manaj. 11, 149. https://doi.org/10.32502/jimn.v11i2.3527
Azzahra, D., Harjito, Y., & Endrianto Suseno, A. (2020). Financial distress in the mining industry in Southeast Asia: revealing potential occurrence through financial ratios. Dev. Res. Manag. J. 50, 1–13.
Budiyasa, I.G.P.E., & Widnyana, I.W. (2022). Assessing the condition of financial distress with analysis of liquidity, solvency and profit of companies in Indonesia. Am. J. Humanit. Soc. Sci. Res. 279–284.
Ceylan, I.E. (2021). The impact of firm-specific and macroeconomic factors on financial distress risk: a case study from Turkey. Univers. J. Account. Financ. 9, 506–517. https://doi.org/10.13189/ujaf.2021.090325
Chandrarin, G. (2018). Metode riset akuntansi pendekatan kuantitatif, Kedua. ed. Jakarta: Salemba Empat.
Christian, N., & Haryono, E. (2021). Analisis pengaruh keefektifan komite audit dan struktur modal terhadap kesulitan keuangan pada perusahaan yang terdaftar di Bursa Efek Indonesia. Comb. - Conf. Manag. Business, Innov. Educ. Soc. Sci. 1, 1174–1186.
Curry, K. (2020). The influence of leverage, cash flow, tax, r & d, economic growth and inflation on the financial distress in the sub-sector of property and real estate companies. Adv. Econ. Bus. Manag. Res. 151, 397–400. https://doi.org/10.2991/aebmr.k.200915.091
Diyanto, V. (2020). The effect of liquidity, leverage and profitability on financial distress. Indones. J. Econ. Soc. Humanit. 2, 127–133. https://doi.org/10.31258/ijesh.2.2.127-133
Fau, S.H. (2021). Analisis kebangkrutan menggunakan model altman z-Score pt. garuda indonesia (persero) tbk. Balanc. J. Ris. Akunt. dan Bisnis 4, 5–24.
Giarto, R.V.D., & Fachrurrozie. (2020). The effect of leverage, sales growth, cash flow on financial distress with corporate governance as a moderating variable. Account. Anal. J. 9, 15–21. https://doi.org/10.15294/aaj.v9i1.31022
Hadi, A. (2022). Pengaruh rasio-rasio keuangan terhadap financial distres pada perusahaan sektor perdagangan, jasa, dan investasi. J. Ilmu Manaj. 10, 1–10. https://doi.org/10.26740/jim.v10n1.p1-10
Hanafi, A.H.A., Md-Rus, R., & Mohd, K.N.T. (2021). Predicting financial distress in the Malaysian market: hazard model versus the logit model. Adv. Int. J. Banking, Account. Financ. 3, 01–19. https://doi.org/10.35631/aijbaf.37001
Hendi, Kellys. (2021). Prediksi Financial Distress Menggunakan Model Z-Score Pada Bank yang Terdaftar di Bursa Efek Indonesia. Comb. - Conf. Manag. Business, Innov. Educ. Soc. Sci. 1, 987–998.
Hidayat, I., Sari, P.A., Hakim, M.Z., & Abbas, D.S. (2021). Pengaruh total asset turnover, leverage dan profitabilitas terhadap financial distress. Compet. J. Akunt. dan Keuang, 5, 8.
Hillary, O.K., Nyang’au, A., & Ngacho, C. (2019). Effects of financial distress on financial performance of manufacturing firms listed in Nairobi securities exchange. Int. Journals Acad. Res. 1, 130–137.
Hutauruk, M.R., Mansyur, M., Rinaldi, M., & Situru, Y.R. (2021). Financial distress pada perusahaan yang terdaftar di bursa efek Indonesia. J. Perbank. Syariah 2, 237–246. https://doi.org/10.46367/jps.v2i2.381
Isayas, Y.N. (2021). Financial distress and its determinants: evidence from insurance companies in Ethiopia. Cogent Bus. Manag. 8. https://doi.org/10.1080/23311975.2021.1951110
Kemenkeu RI. (1989). Keputusan menteri keuangan Republik Indonesia no 70/kmk.00/1989. Jakarta.
Khairunnisa, I., Mismiwati, M., & Shalihah, B.M. (2020). Pengaruh debt to equity ratio dan firm size terhadap nilai perusahaan dengan return on equity sebagai variabel intervening pada perusahaan yang terdaftar di Jakarta islamic index (jii) periode 2016-2018. I-Finance a Res. J. Islam. Financ. 6, 15–29. https://doi.org/10.19109/ifinance.v6i1.6069
Maherni, N.P.O., Trisnadewi, A.A.A.E., & Kartana, I.W. (2022). Analisis pengaruh cash flow untuk memprediksi kondisi financial distress pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia. J. Ris. Akunt. Warmadewa, 3, 2022–2023.
Myllariza, V. (2021). Pengaruh rasio keuangan dan makroekonomi terhadap financial distress perusahaan sektor industri barang konsumsi yang terdaftar di BEI periode 2015-2019. J. Ilmu Manaj, 9, 1293–1307. https://doi.org/10.26740/jim.v9n3.p1293-1307
Niroula, A. (2021). Determinants of financial distress of Nepalese commercial banks. Researchgate.
Nugrahanti, Y.W., Sutrisno, T., Rahman, A.F., & Mardiati, E. (2020). Do firm characteristics, political connection and corporate governance mechanism affect financial distress? (evidence from Indonesia). Int. J. Trade Glob. Mark. 13, 220–250. https://doi.org/10.1504/IJTGM.2020.106753
Nurdiwaty, D., & Zaman, B. (2021). Menguji pengaruh rasio keuangan perusahaan terhadap financial distress. J. Penelit. Teor. Terap. Akunt. 6, 150–167. https://doi.org/10.51289/peta.v6i2.523
Nurhab, B., (2020). Interaksi kinerja keuangan dalam meningkatkan nilai perusahaan (studi pada subsektor makanan dan minuman yang tercatat di BEI periode 2019-2021). J. Bingkai Ekon. 5, 16–26.
Nurhayati, D., Dewi, R.R., & Fajri, R.N. (2021). Pengaruh rasio keuangan terhadap financial distress pada industri food and beverage di bursa efek Indonesia periode 2017-2019. Ekon. J. Econ. Bus, 5, 59. https://doi.org/10.33087/ekonomis.v5i1.197
Ogachi, D., Ndege, R., Gaturu, P., & Zoltan, Z. (2020). Corporate bankruptcy prediction model, a special focus on listed companies in Kenya. J. Risk Financ. Manag, 13, 47. https://doi.org/10.3390/jrfm13030047
Phan, T.D., Hoang, T.T., & Tran, N.M. (2022). Cash flow and financial distress of private listed enterprises on the Vietnam stock market: a quantile regression approach. Cogent Bus. Manag, 9. https://doi.org/10.1080/23311975.2022.2121237
Pringgabayu, D., Rahadi, R.A., Afgani, K.F., & Okdinawati, L. (2022). Analysis of current ratio and net profit margin to predict company’s financial distress conditions. Himal. Econ. Bus. Manag, 3, 217–228. https://doi.org/10.47310/Hjebm.2022.v03i02.022
Puspa, A.W. (2020). Terlilit utang Rp225 triliun, airasia x tempuh restrukturisasi. ekonomi.bisnis.com.
Rangga, Y.D.P., Herdi, H., & Mitan, W. (2020). Metode altman z-skor dalam memprediksi kepailitan di semua koperasi kredit di Kabupaten Maumere. J. Akunt. dan Pajak 21, 59–70. https://doi.org/10.29040/jap.v21i1.1097
Rissi, D.M., & Herman, L.A. (2021). Pengaruh likuiditas , profitabilitas , financial leverage , dan arus kas operasi dalam memprediksi kondisi financial distress. Akunt. dan Manaj. 16, 68–86.
Rubab, S.T., Hanif, N., Bukhari, S.A.F., Munir, U., & Kamran, M.M. (2022). The impact of financial distress on financial performance of manufacturing firms listed at pakistan stock exchange. Bull. Bus. Econ, 11, 382–391.
Saleem, R., Hussain, A., & Ibraheem, R. (2020). Banking industry specific determinants of financial distress: empirical evidence from Asean countries. iRASD J. Econ. 2, 113–123. https://doi.org/10.52131/joe.2020.0202.0020
Septarini, D.F., & Bulan, S.H.P. (2022). Prediction of financial distress on properties and real estate in Indonesia. Int. J. Curr. Sci. Res. Rev, 05, 2765–2774. https://doi.org/10.47191/ijcsrr/v5-i7-62
Septyanto, D., Welandasari, N.F., & Sayidah, N. (2022). An empirical test of the financial ratio effect on financial distress in Indonesia (study in garment and textile industry). J. Econ. Bus, 5. https://doi.org/10.31014/aior.1992.05.02.428
Sianturi, L., Nopiyanti, A., & Setiawan, A. (2021). Pengaruh likuiditas, cash flow, dan operating capacity terhadap financial distress. Bus. Manag. Econ. Account. Natl. Semin. 2, 531–549.
Sri, N., & Margita, S. (2020). Penggunaan laba, arus kas dan leverage dalam memprediksi financial distress. J. Ris. Akutansi dan Keuang. Dewantara 3, 141–152.
Susilowati, W.T. (2021). Pengaruh financial distress terhadap kinerja keuangan (studi empiris pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia tahun 2014-2019). J. Ilm. Akunt. dan Finans. Indones. 5, 31–38. https://doi.org/10.31629/jiafi.v5i1.3863
Tania, M., & Wijaya, H. (2022). Faktor - faktor yang mempengaruhi financial distress dengan firm size sebagai variabel pemoderasi. J. Paradig. Akunt. 4, 218. https://doi.org/10.24912/jpa.v4i1.17285
Uddin, S., Khan, M.Y., Javeed, A., & Pham, H. (2020). Board structure and likelihood of financial distress: an emerging Asian market perspective. J. Asian Financ. Econ. Bus. 7, 241–250. https://doi.org/10.13106/jafeb.2020.vol7.no11.241
Wahyuni, S.F., Farisi, S., & Jufrizen, J. (2020). Determinants of financial distress in manufacturing sector companies registered on the Indonesia stock exchange. J. Ekon. Keuang. dan Manaj. 16, 286–298.
Wareza, M. (2020). Bos taksi express buka-bukaan, utang hingga ancaman pailit. cnbcindonesia.com.
Azky, S., Suryani, E., Tara, N.A.A. (2021). Pengaruh rasio keuangan terhadap financial distress pada perusahaan jasa sub sektor restoran, hotel & pariwisata yang terdaftar di Bursa Efek Indonesia. Jmm Unram - Master Manag. J. 10, 273–283. https://doi.org/10.29303/jmm.v10i4.691
Azmi, S.N., & Takarini, N. (2022). Analisis kinerja keuangan perbankan yang terdaftar di Bursa Efek Indonesia. J. Ilmu Manaj. 11, 149. https://doi.org/10.32502/jimn.v11i2.3527
Azzahra, D., Harjito, Y., & Endrianto Suseno, A. (2020). Financial distress in the mining industry in Southeast Asia: revealing potential occurrence through financial ratios. Dev. Res. Manag. J. 50, 1–13.
Budiyasa, I.G.P.E., & Widnyana, I.W. (2022). Assessing the condition of financial distress with analysis of liquidity, solvency and profit of companies in Indonesia. Am. J. Humanit. Soc. Sci. Res. 279–284.
Ceylan, I.E. (2021). The impact of firm-specific and macroeconomic factors on financial distress risk: a case study from Turkey. Univers. J. Account. Financ. 9, 506–517. https://doi.org/10.13189/ujaf.2021.090325
Chandrarin, G. (2018). Metode riset akuntansi pendekatan kuantitatif, Kedua. ed. Jakarta: Salemba Empat.
Christian, N., & Haryono, E. (2021). Analisis pengaruh keefektifan komite audit dan struktur modal terhadap kesulitan keuangan pada perusahaan yang terdaftar di Bursa Efek Indonesia. Comb. - Conf. Manag. Business, Innov. Educ. Soc. Sci. 1, 1174–1186.
Curry, K. (2020). The influence of leverage, cash flow, tax, r & d, economic growth and inflation on the financial distress in the sub-sector of property and real estate companies. Adv. Econ. Bus. Manag. Res. 151, 397–400. https://doi.org/10.2991/aebmr.k.200915.091
Diyanto, V. (2020). The effect of liquidity, leverage and profitability on financial distress. Indones. J. Econ. Soc. Humanit. 2, 127–133. https://doi.org/10.31258/ijesh.2.2.127-133
Fau, S.H. (2021). Analisis kebangkrutan menggunakan model altman z-Score pt. garuda indonesia (persero) tbk. Balanc. J. Ris. Akunt. dan Bisnis 4, 5–24.
Giarto, R.V.D., & Fachrurrozie. (2020). The effect of leverage, sales growth, cash flow on financial distress with corporate governance as a moderating variable. Account. Anal. J. 9, 15–21. https://doi.org/10.15294/aaj.v9i1.31022
Hadi, A. (2022). Pengaruh rasio-rasio keuangan terhadap financial distres pada perusahaan sektor perdagangan, jasa, dan investasi. J. Ilmu Manaj. 10, 1–10. https://doi.org/10.26740/jim.v10n1.p1-10
Hanafi, A.H.A., Md-Rus, R., & Mohd, K.N.T. (2021). Predicting financial distress in the Malaysian market: hazard model versus the logit model. Adv. Int. J. Banking, Account. Financ. 3, 01–19. https://doi.org/10.35631/aijbaf.37001
Hendi, Kellys. (2021). Prediksi Financial Distress Menggunakan Model Z-Score Pada Bank yang Terdaftar di Bursa Efek Indonesia. Comb. - Conf. Manag. Business, Innov. Educ. Soc. Sci. 1, 987–998.
Hidayat, I., Sari, P.A., Hakim, M.Z., & Abbas, D.S. (2021). Pengaruh total asset turnover, leverage dan profitabilitas terhadap financial distress. Compet. J. Akunt. dan Keuang, 5, 8.
Hillary, O.K., Nyang’au, A., & Ngacho, C. (2019). Effects of financial distress on financial performance of manufacturing firms listed in Nairobi securities exchange. Int. Journals Acad. Res. 1, 130–137.
Hutauruk, M.R., Mansyur, M., Rinaldi, M., & Situru, Y.R. (2021). Financial distress pada perusahaan yang terdaftar di bursa efek Indonesia. J. Perbank. Syariah 2, 237–246. https://doi.org/10.46367/jps.v2i2.381
Isayas, Y.N. (2021). Financial distress and its determinants: evidence from insurance companies in Ethiopia. Cogent Bus. Manag. 8. https://doi.org/10.1080/23311975.2021.1951110
Kemenkeu RI. (1989). Keputusan menteri keuangan Republik Indonesia no 70/kmk.00/1989. Jakarta.
Khairunnisa, I., Mismiwati, M., & Shalihah, B.M. (2020). Pengaruh debt to equity ratio dan firm size terhadap nilai perusahaan dengan return on equity sebagai variabel intervening pada perusahaan yang terdaftar di Jakarta islamic index (jii) periode 2016-2018. I-Finance a Res. J. Islam. Financ. 6, 15–29. https://doi.org/10.19109/ifinance.v6i1.6069
Maherni, N.P.O., Trisnadewi, A.A.A.E., & Kartana, I.W. (2022). Analisis pengaruh cash flow untuk memprediksi kondisi financial distress pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia. J. Ris. Akunt. Warmadewa, 3, 2022–2023.
Myllariza, V. (2021). Pengaruh rasio keuangan dan makroekonomi terhadap financial distress perusahaan sektor industri barang konsumsi yang terdaftar di BEI periode 2015-2019. J. Ilmu Manaj, 9, 1293–1307. https://doi.org/10.26740/jim.v9n3.p1293-1307
Niroula, A. (2021). Determinants of financial distress of Nepalese commercial banks. Researchgate.
Nugrahanti, Y.W., Sutrisno, T., Rahman, A.F., & Mardiati, E. (2020). Do firm characteristics, political connection and corporate governance mechanism affect financial distress? (evidence from Indonesia). Int. J. Trade Glob. Mark. 13, 220–250. https://doi.org/10.1504/IJTGM.2020.106753
Nurdiwaty, D., & Zaman, B. (2021). Menguji pengaruh rasio keuangan perusahaan terhadap financial distress. J. Penelit. Teor. Terap. Akunt. 6, 150–167. https://doi.org/10.51289/peta.v6i2.523
Nurhab, B., (2020). Interaksi kinerja keuangan dalam meningkatkan nilai perusahaan (studi pada subsektor makanan dan minuman yang tercatat di BEI periode 2019-2021). J. Bingkai Ekon. 5, 16–26.
Nurhayati, D., Dewi, R.R., & Fajri, R.N. (2021). Pengaruh rasio keuangan terhadap financial distress pada industri food and beverage di bursa efek Indonesia periode 2017-2019. Ekon. J. Econ. Bus, 5, 59. https://doi.org/10.33087/ekonomis.v5i1.197
Ogachi, D., Ndege, R., Gaturu, P., & Zoltan, Z. (2020). Corporate bankruptcy prediction model, a special focus on listed companies in Kenya. J. Risk Financ. Manag, 13, 47. https://doi.org/10.3390/jrfm13030047
Phan, T.D., Hoang, T.T., & Tran, N.M. (2022). Cash flow and financial distress of private listed enterprises on the Vietnam stock market: a quantile regression approach. Cogent Bus. Manag, 9. https://doi.org/10.1080/23311975.2022.2121237
Pringgabayu, D., Rahadi, R.A., Afgani, K.F., & Okdinawati, L. (2022). Analysis of current ratio and net profit margin to predict company’s financial distress conditions. Himal. Econ. Bus. Manag, 3, 217–228. https://doi.org/10.47310/Hjebm.2022.v03i02.022
Puspa, A.W. (2020). Terlilit utang Rp225 triliun, airasia x tempuh restrukturisasi. ekonomi.bisnis.com.
Rangga, Y.D.P., Herdi, H., & Mitan, W. (2020). Metode altman z-skor dalam memprediksi kepailitan di semua koperasi kredit di Kabupaten Maumere. J. Akunt. dan Pajak 21, 59–70. https://doi.org/10.29040/jap.v21i1.1097
Rissi, D.M., & Herman, L.A. (2021). Pengaruh likuiditas , profitabilitas , financial leverage , dan arus kas operasi dalam memprediksi kondisi financial distress. Akunt. dan Manaj. 16, 68–86.
Rubab, S.T., Hanif, N., Bukhari, S.A.F., Munir, U., & Kamran, M.M. (2022). The impact of financial distress on financial performance of manufacturing firms listed at pakistan stock exchange. Bull. Bus. Econ, 11, 382–391.
Saleem, R., Hussain, A., & Ibraheem, R. (2020). Banking industry specific determinants of financial distress: empirical evidence from Asean countries. iRASD J. Econ. 2, 113–123. https://doi.org/10.52131/joe.2020.0202.0020
Septarini, D.F., & Bulan, S.H.P. (2022). Prediction of financial distress on properties and real estate in Indonesia. Int. J. Curr. Sci. Res. Rev, 05, 2765–2774. https://doi.org/10.47191/ijcsrr/v5-i7-62
Septyanto, D., Welandasari, N.F., & Sayidah, N. (2022). An empirical test of the financial ratio effect on financial distress in Indonesia (study in garment and textile industry). J. Econ. Bus, 5. https://doi.org/10.31014/aior.1992.05.02.428
Sianturi, L., Nopiyanti, A., & Setiawan, A. (2021). Pengaruh likuiditas, cash flow, dan operating capacity terhadap financial distress. Bus. Manag. Econ. Account. Natl. Semin. 2, 531–549.
Sri, N., & Margita, S. (2020). Penggunaan laba, arus kas dan leverage dalam memprediksi financial distress. J. Ris. Akutansi dan Keuang. Dewantara 3, 141–152.
Susilowati, W.T. (2021). Pengaruh financial distress terhadap kinerja keuangan (studi empiris pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia tahun 2014-2019). J. Ilm. Akunt. dan Finans. Indones. 5, 31–38. https://doi.org/10.31629/jiafi.v5i1.3863
Tania, M., & Wijaya, H. (2022). Faktor - faktor yang mempengaruhi financial distress dengan firm size sebagai variabel pemoderasi. J. Paradig. Akunt. 4, 218. https://doi.org/10.24912/jpa.v4i1.17285
Uddin, S., Khan, M.Y., Javeed, A., & Pham, H. (2020). Board structure and likelihood of financial distress: an emerging Asian market perspective. J. Asian Financ. Econ. Bus. 7, 241–250. https://doi.org/10.13106/jafeb.2020.vol7.no11.241
Wahyuni, S.F., Farisi, S., & Jufrizen, J. (2020). Determinants of financial distress in manufacturing sector companies registered on the Indonesia stock exchange. J. Ekon. Keuang. dan Manaj. 16, 286–298.
Wareza, M. (2020). Bos taksi express buka-bukaan, utang hingga ancaman pailit. cnbcindonesia.com.