YULIASTARI, Mega (2020) The Effect of Financial Ratios and Macroeconomic Indicators on Financial Distress (Empirical Study in The Consumer Goods Sector Companies). Skripsi thesis, Universitas Jenderal Soedirman.

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Abstract

This research is an empirical study on consumer goods sector companies listed on the Indonesia Stock Exchange in the 2014-2018 period. This research is titled The Effect of Financial Ratios and Macroeconomic Indicators on Financial Distress (Empirical Study In The Consumer Goods Sector Companies). The purpose of this research is to analyze and find empirical evidence of the effect of financial ratios that are proxied by Current asset turnover, Asset turnover, Days sales in receivables, Cash flow to total debt, Total liabilities to total assets and macroeconomic indicators which are proxied by inflation and BI interest rates on financial distress. The population in this study is the consumer goods sector companies listed on the Indonesia Stock Exchange in the 2014-2018 period. The sample in this study were 36 companies. Determination of the sample using purposive sampling method. The analytical tool used is logistic regression analysis. Based on the results of research and data analysis shows that: (1) Current asset turnover (CAT) has a negative and significant effect on financial distress. (2) Asset turnover (ATO) has a negative and significant effect on financial distress. (3) Days sales in receivables (DSR) has a positive and not significant effect on financial distress. (4) Cash flow to total debt (CFD) has a negative and significant effect on financial distress. (5) Total liabilities to total assets (LTA) has a positive and not significant effect on financial distress. (6) Inflation sensitivity (SOI) has a positive and not significant effect on financial distress. (7) BI interest rate sensitivity (SBI) has a positive and not significant effect on financial distress. The implication of the conclusion above is, company management needs to prioritize policies related to current assets turnover, asset turnover and cash flow to total debt. The way that can be done is to conduct periodic evaluation measures of the company's current assets, total assets, and total debt, so that trends or patterns of increase or decrease can be identified to identify trigger factors that increase current asset turnover, asset turnover, and cash flow to total debt. The management of consumer goods companies listed on the Indonesia Stock Exchange must also be able to use current assets, total assets and total debt proportionately and control operational costs more efficiently in order to increase the company's revenue and net profit and then the company is able to pay installments and interest costs from the debt.

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