Pengaruh Kinerja Keuangan, Tata Kelola Perusahaan, dan Sensitivitas Makroekonomi terhadap Financial Distress pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi di Bursa Efek Indonesia Tahun 2017-2021

Abstract

This study aims to analyze the effect of financial performance (profitability, liquidity, and leverage), corporate governance (institutional ownership and board of directors), and macroeconomic sensitivity (inflation) on financial distress in manufacturing companies in the consumer goods industry sector on the Indonesia Stock Exchange for the year 2017-2021. The population in this study are manufacturing companies in the consumer goods industry sector on the Indonesia Stock Exchange for the year 2017-2021 with a number of 73 companies. The sampling technique used purposive sampling technique and acquired 34 companies with 170 units of analysis. The type of this research is causal associative research. The type of research data is secondary data. Data were analyzed with descriptive statistics and logistic regression. The results of this research show that simultaneously profitability, liquidity, leverage, institutional ownership, board of directors, and inflation have a significant effect on financial distress in manufacturing companies in the consumer goods industry sector on the Indonesia Stock Exchange for the year 2017-2021. Partially, profitability has a negative and significant effect on financial distress, liquidity has a negative and significant effect on financial distress, leverage has a positive and significant effect on financial distress, institutional ownership has a negative and significant effect on financial distress, the board of directors has a positive effect but not significant on financial distress, and inflation has a positive effect but not significant on financial distress.