Analisis financial distress dan dampak terhadap kinerja saham pada perusahaan agribisnis di bursa efek indonesia

Nurfajrina, Annisa (2016) Analisis financial distress dan dampak terhadap kinerja saham pada perusahaan agribisnis di bursa efek indonesia. Masters thesis, Institut Pertanian Bogor.

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Abstract

Agribusiness is one of important sector in Indonesia because its generates foreign exchange, contribute to GDP (gross domestic product), and a lot of labor involved in this sector. Global financial crisis and unhealthy economic condition may affect the performance of agribusiness companies. If the company did not handle it well, it could be financially distress. Financial distress is a condition that occured before the company went bankrupt. DSCR (debt service coverage ratio) used as a proxy of financial distress. DSCR describe the company’s ability in generate income to cover its debt payments. Financial ratios were expected to affect financial distress used as independent variables. The method used panel data regression to analyzed the effect of financial ratios to DSCR. The result shows that financial ratios including earning before interest taxes, depretiation, and amortization to total assets (EBITDA/TA), return on equity (ROE), and total assets turn over (TATO) have a significant positive effect to DSCR. However, debt to total asset ratio (DAR) and working capital to total assets (WC/TA) have no significant effect to DSCR This study also mapping agribusiness companies based on process integral financial distress to know their status of financial performance. During the study period, most of them was in good company and deterioration performance. By using Pearson correlation, reveals the evidence that there was a significant positive corellation between good company and DSCR. Whereas, deterioration performance and DSCR has a significant negative corellation. Good companies tend to have high value for DSCR. In the other hand, the companies which have decreasing in profit more than 20% (deterioration performance), have larger possibility into financial distress condition. Stock performance is reflected by the value of abnormal return which is derived from the difference between actual return and expected return. Most of agribusiness companies within last five years have a negative abnormal return because the actual return generated by the company is lower than prediction of expected return by investor. The results indicated that DSCR does not have a significant effect to abnormal return. Therefore, financial distress do not have a significant effect on stock performance in agribusiness companies. Dummy variabel are 19/Permentan/OT.140/3/2011 and 14/Permentan/OT.140/2/2013 does not have a significant effect to abnormal return. It might caused by Indonesia market does not aware about information of financial distress. Moreover, there are many other factors beyond the research model which affected stock performance of agribusiness. The result of this study can be used for agribusiness companies to make strategy in avoiding bankruptcy risk by considering the symptoms and variables that influence financial distress. Beside of that, this research are expected to give some important information for investors before making investments decision in capital market especially in agribusiness sector.

Item Type: Thesis (Masters)
Additional Information: 7(52)Nur a
Uncontrolled Keywords: DSCR, financial distress, kinerja saham, perusahaan agribisnis, regresi data panel,agribusiness companies, DSCR, financial distress, panel data regression, stock performance. agribusiness companies, DSCR, debt service coverage ratio, financial distress, panel data regression, stock performance.
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 27 Mar 2017 06:05
Last Modified: 23 Oct 2019 04:57
URI: http://repository.sb.ipb.ac.id/id/eprint/2878

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