THE EFFECT OF LEVERAGE, LIQUIDITY, AND GOOD CORPORATE GOVERNANCE ON FINANCIAL DISTRESS IN THE TEXTILE INDUSTRY 2018 - 2023

Shinta Budi Handayani, Ahmad Nur Aziz

Abstract


This study aims to determine the effect of leverage, liquidity, and good corporate governance on financial distress. This study uses textile industry companies listed on the Indonesia Stock Exchange (IDX) during 2018–2023. The population in this study is all textile companies listed on the IDX. The sampling technique used purposive sampling with a sample size of 20 companies. Data analysis techniques used are multiple linear regression with SPSS software version 26. The results of the study indicate that leverage has a significant negative effect on financial distress, while liquidity and good corporate governance have a significant positive effect on financial distress.

Full Text:

PDF

References


Affiah, A., & Muslih, M. (2018). Pengaruh leverage, profitabilitas, dan good corporate governance terhadap financial distress (studi kasus pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia tahun 2012-2016). Ekspansi 10 (2), 252-253.

Alexandra, C., Margaretha., Jennefer, S., William., & Meiden, C. (2022). Studi literatur: Pengaruh faktor good corporate governance terhadap financial distress. Owner: Riset & Jurnal Akuntansi. https://doi.org/10.33395/owner.v6il.536.

Ambarsari, D., Triyono, & Bawono, A. D. (2022). Analysis of factors affecting financial distress with intellectual capital as moderation (case analysis of retail companies in 2017-2020). Asian Journal of Management Entrepreneurship and Social Science 2 (4).

Andini, A. P., Ananto, R. P., & Eliyanora. (2024). Pengaruh intellectual capital, kinerja keuangan, sales growth, dan arus kas operasi terhadap financial distress pada perusahaan sektor property & real estate yang terdaftar di BEI periode 2020-2023. Journal of Social Science Research 5 (1).

Astuti, Sembiring, L. D., Supitriyani, Azwar, K., & Susanti, E. (2021). Analisis laporan keuangan. Bandung: CV Media Sains Indonesia

Ateljević, J., Kulović, D., Đoković, F., & Bavčić, M. (2023). Business strategy and competitive advamtage a reinterpretation of michael porter's work. New York: Routledge

Baumassepe, A. N. (2024). Robohnya industry tekstil kita. https://www.kompasiana.com/maspepeng/674850c934777c65b52b74d2/robohnyaindustri-tekstil-kita

Blanchard, O. (2017). Macroeconomic (seventh edition). Harlow, England: Pearson Higher Education & Professional Group

Dharma, D. A., Puspita, D. A., & Baihaqi (2023). Pengaruh penerapan corporate governance terhadap financial distress. Jurnal Akuntansi dan Bisnis Indonesia 4 (2). https://doi.org/10.55122/jabisi.v4i2.1029

Fadhilah, S. H. (2024). faktor-faktor yang mempengaruhi financial distress dengan intellectual capital sebagai variabel moderasi (Studi pada perusahaan sektor consumer cyclicals yang terdaftar di Bursa Efek Indonesia tahun 2018-2022) (Doctoral dissertation, Nusa Putra University)

Febrianti, L., & Tumirin. (2024). Analisis pengaruh rasio keuangan terhadap financial distress. Sustainable Jurnal Akuntansi 4 (1), 8-9. http://doi.org/10.30651/stb.v3i2.22121

Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26. Semarang: Universitas Diponegoro.

Gultom, F. F., & Hasyim. (2025). Pengaruh likuiditas dan leverage terhadap financial distress dengan profitabilitas sebagai variabel intervening pada perusahaan pertambangan di Bursa Efek Indonesia periode 2017-2023. Jurnal Manajemen dan Akuntansi 5 (2), 68-70.

Hendriani, M., Saleh, D. S., & Kartika, R. (2021). Memprediksi financial distress pada perusahaan sektor tekstil dan garmen yang terdaftar di BEI. Jurnal Ekonomi dan Bisnis.

Jati, A. W., Kholmi, M., & Jannah, W. (2023). The role of intellectual capital in the the role of intellectual capital in the relationship between good corporate relationship between good corporate governance, financial performance and financial distress. Riset Akuntansi dan Keuangan Indonesia (2), 123.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 308.

Jirwanto, H., Aqsa, M. A., Agusven, T., Herman, H., & Sulfitri, V. (2024). Manajemen keuangan. Sumatera Barat: CV Azka Pustaka.

Kusuma, H., & Fidanti Pramay Sheilla, N. M. (2020). Analisis pengaruh ekspor dan impor terhadap pertumbuhan ekonomi (studi perbandingan Indonesia dan Thailand). Jurnal Optimum, 141-142.

Ludji, R., & Kelen, L. H. (2023). Analisis prediksi kebangkrutan dengan metode altman zscore di masa pandemi covid-19. Transformatif,.

Mankiw, N. G. (2017). Principles of microeconomics (eight edition). Boston: Cengage Learning.

Manossoh, H. (2016). Good corporate governance untuk meningkatkan kualitas laporan keuangan. Bandung: PT. Norlive Kharisma Indonesia.

Nuriasari, S. (2018). Analisa rasio likuiditas dalam mengukur kinerja keuangan pt. mustika ratu, Tbk (tahun 2010-2016). Jurnal Riset Bisnis dan Investasi 4 (2).

Rosdiana, Syofya, H., Primandi, N. R., Utami, E. Y., & Nuralam. (2025). Analisis dampak kebijakan perdagangan internasional terhadap sektor ekspor. Jurnal Kajian Ekonomi & Bisnis Islam 6 (3). https://doi.org/1047467/elmal.v6i3.7488

Setyaningsih, N. D. (2017). Determinan mekanisme internal corporate governance terhadap agency costs: studi pada perusahaan publik di Bursa Efek Indonesia. Jurnal Akuntansi, 8 (1). https://doi.org/10.18860/em.v8i1.4964

Shi, Y., & Li, X. (2021). Determinants of financial distress in the European air transport industry: the moderating effect of being a flag carrier. Plos One Journal, 12.

Shintia, N. (2017). Analisis rasio solvabilitas untuk menilai kinerja keuangan terhadap asset dan equity pada pt bank rakyat Indonesia (persero) tbk periode 2012 - 2015. Jurnal Ilmiah Manajemen, 43.

Spence, M. (1973). Job market signaling. the quarterly journal of economic, 87 (3).

Taj, S. A. (2016). Application of signaling theory in management research: Addressing major gaps in theory. European Management Journal, 1-2

Telaumbanua, J. K., & Budiantara, M. (2020). Pengaruh penerapan good corporate governance terhadap financial distress pada perusahaan jasa sektor infrastruktur, utilitas, dan transportasi yang terdaftar di Bursa Efek Indonesia tahun 2016-2018. Jurnal Riset Akuntansi Mercu Buana. https://doi.org/10.26486/jramb.v6i2.1566

Usman, S. N., Rinofah, R., & Maulida, A. (2022). Pengaruh good corporate governance terhadap financial distress pada perusahaan manufaktur yang terdaftar di BEI. Jurnal Kolaboratif Sains.

Wesa, E. (2018). Determinants of financial distress among listed firms at the Nairobi Securities Exchange, Kenya. The Strategic Journal of Business & Change Management, 1065-1066

Widhiastuti, R., Susilowati, N., & Nurkhin, A. (2019). The role of financial performance in mediating the effect of good corporate governance on financial distress. Jurnal Economia.

Zatira, D., Sunaryo, D., & Dwicandra, N. M. (2022). Pengaruh likuiditas dan implementasi good corporate pengaruh likuiditas dan implementasi good corporate. Balance Vocation Accounting Journal 6 (2).


Refbacks

  • There are currently no refbacks.


 

 

 

 

 

 

 

Editorial Office:

Universitas PGRI Madiun

Kampus 3 Lantai 2

Fakultas Ekonomi dan Bisnis

Jl. Auri no. 14-16 Madiun