ABSTRAK
Penelitian ini bertujuan untuk meneliti kemampuan kombinasi dari komponen arus kas (CFC) dalam memprediksi kondisi financial distress di masa depan. Penelitian ini juga menguji pengaruh beberapa variabel kontrol, yaitu cash flow from operation to current liabilities (CFFOCL), cash flow from operation to total assets (CFFOTA), cash flow from operation to total sales (CFFOTS), dan cash flow from operation to total liabilities (CFFOTL). Prosedur pengambilan sampel menggunakan metode purposive sampling yang menghasilkan 57 perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2009-2013. Perusahaan tersebut terdiri dari 23 perusahaan financial distress dan 34 perusahaan non-financial distress sebagai kontrol. Metode penelitian ini adalah analisis binary logistic regression. Hasil penelitian menunjukkan bahwa kombinasi arus kas tidak signifikan dalam memprediksi financial distress. Rasio CFFOCL dan CFFOTL juga tidak signifikan dalam memprediksi financial distress perusahaan. Di sisi lain, rasio CFFOTA dan CFFOTS secara signifikan dapat memprediksi financial distress perusahaan di masa depan.
Kata Kunci : financial distress, kombinasi arus kas, rasio arus kas.
ABSTRACK
The purpose of this study is to examine the ability of combination of cash flow components to predict financial distress in the future. This study also examines the effect of several control variables such as cash flow from operation to current liabilities (CFFOCL), cash flow from operation to total assets (CFFOTA), cash flow from operation to total sales (CFFOTS), and cash flow from operation to total liabilities (CFFOTL).
Sampling procedure in this study is purposive sampling resulting sample of 57 non-financial companies listed on Stock Exchange in the year 2009 to 2013. The sample consist of 23 financial distress companies and 34 non-financial distress companies as a control.
The method of data analysis of this study is binary logistic regression analysis. The result indicates that combination of cash flow components are insignificant to predict financial distress. Similarly, CFFOCL and CFFOTL ratios are insignificant to predict financial distress. On the other hand, CFFOTA and CFFOCL ratio significant influence to predict financial condition in the future.
Keywords : financial distress, combination of cash flow components, cash flow ratio.