Pengaruh female director dan dividen payout ratio serta firm age terhadap financial distress pada perusahaan sektor industri barang konsumsi yang terdaftar di bursa efek Indonesia
DOI:
https://doi.org/10.30872/jimm.v8i2.9342Keywords:
Sektor industri barang konsumsi, financial distress, female director, dividen payout ratio, firm ageAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh female director dan dividen payout ratio serta firm age terhadap financial distress. Penelitian ini dilakukan pada perusahaan sektor industri barang konsumsi yang terdaftar pada Bursa Efek Indonesia periode 2014-2017. Penelitian ini menggunakan purposive sampling dengan jumlah sampel sebanyak 33 perusahaan. Jenis data yang digunakan adalah data kuantitatif dan sumber data berupa laporan keuangan tahunan perusahaan. Alat analisis data yang digunakan adalah statistik deskriptif dan regresi data panel. Hasil penelitian menunjukan: (1) female director berpengaruh positif tidak signifikan terhadap financial distress, (2) dividen payout ratio berpengaruh positif signifikan terhadap financial distess, (3) firm age berpengaruh positif signifikan terhadap financial distress.
References
Abdullah, Nur Adiana Hiau, Muhammad M. Ma’aji, and Karren Lee Hwei Khaw. 2016. “The Value of Governance Variables in Predicting Financial Distress among Small and Medium-Sized Enterprises in Malaysia.†Asian Academy of Management Journal of Accounting and Finance 12(December):77–91.
Agrawal, Khushbu and Yogesh Maheshwari. 2016. “Predicting Financial Distress: Revisiting the Option-Based Model.†South Asian Journal of Global Business Research 5(2):268–84.
Altman, Edward I. 1968. “Financial Ratio, Discriminant Analysis and the Prediction of Corporate Bankruptcy.†The Journal of Finance 23(4):589–609.
Back, Peter. 2005. “Explaining Financial Difficulties Based on Previous Payment Behavior, Management Background Variables and Financial Ratios.†European Accounting Review 14(4):839–68.
Baltagi, Badi H. 2002. “Econometric Analysis of Panel Data.†314.
Bates, Timothy. 2008. “Entrepreneur Human Capital Inputs and Small Business Longevity.†Review Literature And Arts Of The Americas 72(4):551–59.
Beaver, William H. 2010. “Of Failure Financial Ratios as Predictors.†Journal of Accounting Research 4(1966):71–111.
Bonn, Ingrid, Toru Yoshikawa, and Phillip H. Phan. 2004. “Effects of Board Structure on Firm Performance: A Comparison Between Japan and Australia.†Asian Business & Management 3(1):105–25.
Campbell, K. and A. MÃnguez Vera. 2007. “The Influence of Gender on Spanish Boards of Directors: An Empirical Analysis.†Unpublished Working Paper.
Chamboko, Richard, Gerald Kadira, Lisho Mundia, and Rumbidzai K. .. Chamboko. 2017. “Mapping Patterns of Financial Distress among Consumers in Zimbabwe.†International Journal of Social Economics 44(12):1654–68.
CNN Indonesia. 2018. “Terancam Pailit, Bursa Efek Panggil Tiga Pilar.â€
Coffinet, Jérôme, Adrian Pop, and Muriel Tiesset. 2013. “Monitoring Financial Distress in a High-Stress Financial World: The Role of Option Prices as Bank Risk Metrics.†Journal of Financial Services Research 44(3):229–57.
Cohen, Gil and Joseph Yagil. 2009. “Why Do Financially Distressed Firms Pay Dividends?†Applied Economics Letters 16(12):1201–4.
Daily, Catherine M. and Dan R. Dalton. 1994. “Bankruptcy and Corporate Governance: The Impact of Board Composition and Structure.†Academy of Management Journal 37(6):1603–17.
DeAngelo, Harry and Linda DeAngelo. 1990. “Dividend Policy and Financial Distress : An Empirical Investigation of Troubled NYSE Firms.†45(5):1415–31.
Donker, Han, Bernard Santen, and Saif Zahir. 2009. “Ownership Structure and the Likelihood of Financial Distress in the Netherlands.†Applied Financial Economics 19(21):1687–96.
Eije, Henk Von, Abhinav Goyal, and Cal Muckley. 2011. “How Do Dividend Policies Influence Firm Risks ?†34.
Goddard, John, David G. McMillan, and John O. S. Wilson. 2006. “Dividend Smoothing vs Dividend Signalling: Evidence from UK Firms.†Managerial Finance 32(6):493–504.
Gulzar, M. A., Jacob Cherian, Jinsoo Hwang, Yushi Jiang, and Muhammad Safdar Sial. 2019. “The Impact of Board Gender Diversity and Foreign Institutional Investors on the Corporate Social Responsibility ( CSR ) Engagement of Chinese Listed Companies.†Sustainability (Switzerland) 11(307).
Harjoto, Maretno Agus and Fabrizio Rossi. 2018. “Religiosity, Female Directors, and Corporate Social Responsibility for Italian Listed Companies.†Journal of Business Research 95(August):338–46.
Ikpesu, Fredrick and Osazemen C. Eboiyehi. 2018. “Capital Structure and Corporate Financial Distress of Manufacturing Firms in Nigeria.†Journal of Accounting and Taxation 10(7):78–84.
Jabbouri, Imad. 2016. “Determinants of Corporate Dividend Policy in Emerging Markets: Evidence from MENA Stock Markets.†Research in International Business and Finance 37:283–98.
Jianakoplos, Nancy Ammon and Alexandra Bernasek. 1998. “Are Women More Risk Averse?†Economic Inquiry 36(4):620–30.
Joshi, Aparna, Hui Liao, and Susan E. Jackson. 2006. “Cross-Level Effects of Workplace Diversity on Sales Performance and Pay.†Academy of Management Journal 49(3):459–81.
Jovanovic, Boyan. 1982. “Selection and the Evolution of Industry.†The Econometric Society 50(3):649–70.
Jovanovic, Boyan and Glenn M. Macdonald. 1994. “The Life Cycle of a Competitive Industry.†Journal of Political Economy 102(2):322–47.
Kazemian, Soheil, Noor Azura Ahmad Shauri, Zuraidah Mohd Sanusi, Amrizah Kamaluddin, and Shuhaida Mohamed Shuhidan. 2017. “Monitoring Mechanisms and Financial Distress of Public Listed Companies in Malaysia.†Journal of International Studies 10(1):92–109.
Kücher, Alexander, Stefan Mayr, Christine Mitter, Christine Duller, and Birgit Feldbauer-Durstmüller. 2018. “Firm Age Dynamics and Causes of Corporate Bankruptcy: Age Dependent Explanations for Business Failure.†Review of Managerial Science 14(3):633–61.
Lee, Tsun Siou and Yin Hua Yeh. 2004. “Corporate Governance and Financial Distress: Evidence from Taiwan.†Corporate Governance: An International Review 12(3):378–88.
Miller, Merton H. and Franco Modigliani. 1961. “Dividend Policy, Growth, and the Valuation of Share.†The Journal of Business 34(4):411–33.
Mittal, Sangeeta and Lavina. 2018. “Females’ Representation in the Boardroom and Their Impact on Financial Distress: An Evidence from Family Businesses in India.†Indian Journal of Corporate Governance 11(1):35–44.
Ohlson, James A. 1980. “Financial Ratios and the Probabilistic Prediction of Bankruptcy.†Journal of Accounting Research 18(1):109.
Okezone.com. 2019. “Produsen Taro Terancam Pailit, BEI Tunggu Pengembangan Bisnis Usai Putusan PKPU.†Retrieved (https://economy.okezone.com/read/2019/06/11/278/2065272/produsen-taro-terancam-pailit-bei-tunggu-pengembangan-bisnis-usai-putusan-pkpu).
Rajverma, Abhinav Kumar, Arun Kumar Misra, Sabyasachi Mohapatra, and Abhijeet Chandra. 2019. “Impact of Ownership Structure and Dividend on Firm Performance and Firm Risk.†Managerial Finance 45(8):1041–61.
Reddy, C. Viswanatha. 2012. “Analysis of Liquidity , Profitability , Risk and Financial Distress : A Case Study of Dr . Reddy ‟ s Laboratories Ltd .†Indian Journal of Finance.
Richard, Orlando C., Tim Barnett, Sean Dwyer, and Ken Chadwick. 2004. “Cultural Diversity in Management, Firm Performance, and the Moderating Role of Entrepreneurial Orientation Dimensions.†Academy of Management Journal 47(2):255–66.
Salloum, Charbel C. and Nehme M. Azoury. 2011. “Board of Directors ’ Effects on Financial Distress Evidence of Family Owned Businesses in Lebanon.†International Entreprenuer Management (2013):59–75.
Santen, Bernard and Han Donker. 2009. “Board Diversity In The Perspective Of Financial Distress : Empirical Evidence From The Netherlands.†5(2):23–35.
Sayari, Naz, F. N. Can, and Simga Mugan. 2013. “Cash Flow Statement as an Evidence for Financial Distress.†Universal Journal of Accounting and Finance 1(3):95–103.
Shehu, Muse, Assoc. Prof. Dr. Hasnah Kamardin, and Haruna Shehu. 2015. “The Relationshio Between Dividend Payout Ratio And Outside Directors Among Malaysian Public Lited Companies.†European Journal of Accounting, Auditing and Finance Research 3(10):67–75.
Situm, Mario. 2014. “The Age and Size of the Firm as Relevant Predictors for Bankruptcy.†Journal of Applied Economics and Business 2(1):5–30.
Stellingwerf, Nick. 2016. “The Influence of Board Gender Diversity on Corporate Risk Taking in US Non-Financial Firms.†2026090:1–44.
Triana and Marwan Asri. 2017. “The Impact Of Female Directors On Firm Performance: Evidence From Indonesia.†Journal of Indonesian Economy and Business 31(1):19–32.
Udin, Shahab, Muhammad Arshad Khan, and Attiya Yasmin Javid. 2017. “The Effects of Ownership Structure on Likelihood of Financial Distress : An Empirical Evidence Article Information : About Emerald Www.Emeraldinsight.Com.†International Journal of Business Society 1–36.
Whitaker, Richard B. 1999. “The Early Stages of Financial Distress.†Journal of Economics and Finance 23(2):123–33.
Yegon, Josephat Cheboi and Naomi C. Koske. 2018. “Effect of Trading Activity on Financial Leverage and Financial Distress Likelihood of Listed Firms in Kenya.†IOSR Journal of Economics and Finance 9(5):1–11.
Yudaruddin, Rizky. 2014. Statistik Ekonomi: Aplikasi Dengan Program SPSS Versi 20. Yogyakarta: Interpena Yogyakarta.
Zhou, Guanping. 2019. “Financial Distress Prevention in China : Does Gender of Board of Directors Matter ?†Journal of Applied Finance & Bangking 9(6):127–53.