PENGARUH KEBIJAKAN UTANG DAN TATA KELOLA TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN INDUSTRI FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2019–2023

    Khairunisa Asti Intani, - (2025) PENGARUH KEBIJAKAN UTANG DAN TATA KELOLA TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN INDUSTRI FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2019–2023. S1 thesis, Universitas Pendidikan Indonesia.

    Abstract

    Penelitian ini bertujuan untuk mengetahui pengaruh kebijakan utang dan tata kelola terhadap financial distress pada perusahaan industri farmasi yang terdaftar di Bursa Efek Indonesia selama periode 2019-2023. Variabel independen yang digunakan pada penelitian ini adalah likuiditas yang diukur dengan current ratio, leverage yang diukur dengan debt to equity ratio, dan ukuran dewan komisaris, sedangkan variabel dependen yang digunakan adalah financial distress dengan model Altman Z-Score dan Springate. Populasi dalam penelitian ini mencakup seluruh perusahaan industri farmasi yang terdaftar di BEI selama periode tersebut, dengan total 11 perusahaan sebagai sampel yang dipilih menggunakan metode purposive sampling. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan, laporan tahunan, dan sumber relevan lainnya. Analisis data dilakukan menggunakan regresi linier berganda yang diolah melalui software SPSS. Hasil penelitian menunjukkan bahwa: (1) likuiditas berpengaruh negatif terhadap financial distress yang diukur dengan model Altman Z-Score; (2) leverage berpengaruh positif terhadap financial distress yang diukur dengan model Altman Z-Score; (3) ukuran dewan komisaris tidak berpengaruh terhadap financial distress yang diukur dengan model Altman Z-Score; (4) likuiditas berpengaruh negatif terhadap financial distress yang diukur dengan model Springate; (5) leverage berpengaruh positif terhadap financial distress yang diukur dengan model Springate; (6) ukuran dewan komisaris tidak berpengaruh terhadap financial distress yang diukur dengan model Springate; (7) secara simultan, likuiditas, leverage, dan ukuran dewan komisaris berpengaruh terhadap financial distress baik yang diukur dengan model Altman Z-Score; (8) secara simultan, likuiditas, leverage, dan ukuran dewan komisaris berpengaruh terhadap financial distress baik yang diukur dengan model Springate. This study aims to determine the effect of debt policy and corporate governance on financial distress in pharmaceutical companies listed on the Indonesia Stock Exchange during the period 2019-2023. The independent variables used in this study are liquidity, measured by the current ratio; leverage, measured by the debt-to-equity ratio; and board of commissioner’s size. The dependent variable is financial distress, measured using the Altman Z-Score and Springate models. The population in this study includes all pharmaceutical companies listed on the IDX during the period, with a total of 11 companies selected as samples using purposive sampling. This study uses a quantitative approach with secondary data obtained from financial statements, annual reports, and other relevant sources. Data analysis was performed using multiple linear regression processed through SPSS software. The results of the study indicate that: (1) liquidity has a negative effect on financial distress as measured by the Altman Z-Score model; (2) leverage has a positive effect on financial distress as measured by the Altman Z-Score model; (3) the size of the board of commissioners has no effect on financial distress as measured by the Altman Z-Score model; (4) liquidity has a negative effect on financial distress as measured by the Springate model; (5) Leverage has a positive effect on financial distress as measured by the Springate model; (6) Board size has no effect on financial distress as measured by the Springate model; (7) Simultaneously, liquidity, leverage, and board size affect financial distress as measured by the Altman Z-Score model; (8) Simultaneously, liquidity, leverage, and board size affect financial distress as measured by the Springate model.

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    Official URL: https://repository.upi.edu/
    Item Type: Thesis (S1)
    Additional Information: https://scholar.google.com/citations?view_op=new_articles&hl=en&imq=Khairunisa+Asti+Intani# ID SINTA Dosen Pembimbing: Indah Fitriani: 6682524 Mimin Widaningsih: 6140348
    Uncontrolled Keywords: Financial Distress, Altman Z-Score, Springate, Likuiditas, Leverage, Ukuran Dewan Komisaris. Financial Distress, Altman Z-Score, Springate, Liquidity, Leverage, Board of Commissioner’s Size.
    Subjects: H Social Sciences > HB Economic Theory
    H Social Sciences > HF Commerce > HF5601 Accounting
    H Social Sciences > HG Finance
    Divisions: Fakultas Pendidikan Ekonomi dan Bisnis > Akuntansi (non kependidikan)
    Depositing User: Khairunisa Asti Intani
    Date Deposited: 07 Aug 2025 02:25
    Last Modified: 07 Aug 2025 02:25
    URI: http://repository.upi.edu/id/eprint/135080

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