Analisis financial distress dan pengaruhnya terhadap harga saham perusahaan sektor pertanian terdaftar di bursa efek indonesia

Azizah, Nurul (2019) Analisis financial distress dan pengaruhnya terhadap harga saham perusahaan sektor pertanian terdaftar di bursa efek indonesia. Masters thesis, Institut Pertanian Bogor.

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Abstract

The agricultural sector company recorded negative stock price index growth throughout 2017 with a negative growth rate reaching 13.30% and in July 2018 (Ytd) sectoral stock price index growth of agriculture sector was the lowest among other eight sectoral stock price index on Indonesia Stock Exchange (IDX). The decline in the growth of sectoral stock price index could raise questions by investors and prospective investors in the agricultural sector towards the going concern of the business. It is very important for stakeholders to be concerned when company has poor performance of efficiency, profitability, liquidity and solvency. This is related to the potential of financial distress where companies have difficulty meeting their obligations and other contractual obligations. This study aims to analyze the condition of the company based on the stages of the financial distress process, the effect of financial ratios on financial distress conditions, and the effect of financial distress on the company's stock price in the agricultural sector company. Analysis conducted to find out whether there is a decreasing financial performance as symptoms of financial distress. This analysis condeucted by identifying occurrence of early impairment, deteriorating of performance, and cash flow problems. This study uses a debt to service coverage ratio as a proxy for financial distress that describes the company's ability to generate funds to fulfill its obligations. Financial ratios that are predicted to be adequate against financial distress are used as independent variables and panel data regression analysis is performed to determine the magnitude of each variable to DSCR. In addition, related to the decline in the growth of the sectoral agricultural stock price index, an analysis of the effect of financial distress and stock prices was carried out through panel data regression. The dependent variable in this research sub-category is added by economic factors which are assumed to also influence stock prices. Based on the analysis of the mapping of the decline in financial performance conditions, the increase in the decline in performance occurred significantly in 2015 where the external risk factors of agricultural companies namely drought, decreased export demand, and the low Rupiah exchange rate occurred simultaneously, which significantly affected the performance of agricultural sector companies company plantation sub-sector. Based on the research conducted, it was concluded that the efficiency, profitability, liquidity and solvency ratios, each represented by net operating income to total assets (NOI / TA), retained earnings to total assets (RE / TA), working capital to total assets (WC / TA) and book value of equity to total liabilities (BE / TL) have a significant influence on financial distress. However, financial distress does not describe the condition of stock performance because it does not have a significant effect on stock prices. Based on this, it is important for management and other decision makers to look at the financial ratios intended to quickly and precisely overcome financial distress conditions. Although empirically it has been concluded that in general there is a downward trend in financial performance and financial distress conditions in agricultural sector companies, these are not the factors that reflects a decline in the growth of the stock price index. Based on the panel regression results on factors that affect stock prices, stock prices are more influenced by macroeconomic factors. With the results of this study, it can be concluded that identification of the factors that trigger the emergence of financial distress is important to determine appropriate managerial follow-up in order to improve company performance and assess business prospects as a source of investment decisions. In addition, further research is needed regarding the measurement of financial distress through other indicators or proxies so that knowledge of financial distress measurements can become more comprehensive.

Item Type: Thesis (Masters)
Uncontrolled Keywords: financial distress, harga saham, rasio keuangan, sektor pertanian, Analisis mapping, financial distress, stock price, financial ratio, agriculture sector.
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 08 Feb 2020 02:40
Last Modified: 08 Feb 2020 02:40
URI: http://repository.sb.ipb.ac.id/id/eprint/3560

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