Analysis of the Influence of Profitability, Agency Costs, and the Composition of the Independent Commissioners on Financial Distress

M Yusril Hasani; Siti Atikah; Indria Puspitasari Lenap

doi:10.55927/ijabm.v3i6.13072

Authors

M Yusril Hasani University of Mataram
Siti Atikah University of Mataram
Indria Puspitasari Lenap University of Mataram

DOI:

https://doi.org/10.55927/ijabm.v3i6.13072

Keywords:

Return on Asset, Agency Costs, Independent Commissioners, Financial Distress, Altman Z-Score, Energy Companies

Abstract

This study aims to explain the influence of profitability, agency costs, and independent commissioners on financial distress in energy companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The analysis method in this research begins with collecting secondary data from the financial reports of energy companies sampled using purposive sampling techniques, with a total of 61 companies. Hypothesis testing was conducted using panel data regression methods with the EViews 13 software. The results of the study show that profitability proxied by ROA does not have a significant effect on financial distress, while agency costs have a positive and significant effect on financial distress. On the other hand, independent commissioners do not have a significant influence on financial distress. The implication of this research is that an increase in agency costs can be an indicator of financial distress risk in companies, so companies and investors are expected to pay more attention to the management of agency costs to reduce the potential for bankruptcy

Downloads

Download data is not yet available.

References

Aisyah, N., Pratiwi, R. R., & Saputra, W. E. (2017). Pengaruh Profitabilitas terhadap Financial Distress. Jurnal Ekonomi dan Bisnis, 15(2), 25-35.

Altman, E. I. (1968). Financial Ratios, Discriminant Analysis, and the Prediction of Corporate Bankruptcy. Journal of Finance, 23(4), 589–609.

Apriani, L. (2022). Hubungan Agency Cost dengan Financial Distress pada Perusahaan Publik. Jurnal Akuntansi dan Keuangan Indonesia, 19(1), 45-56.

Ayuningtyas, R. (2013). Pengaruh Agency Cost terhadap Kinerja Keuangan Perusahaan. Jurnal Akuntansi dan Bisnis Indonesia, 12(1), 78-89.

Dwiantari, N. I., & Artini, L. G. S. (2021). Profitabilitas dan Pengaruhnya pada Financial Distress. Jurnal Manajemen Bisnis, 19(3), 214-222.

Endiana, I. D. K., et al. (2015). Analisis Faktor-Faktor yang Mempengaruhi Financial Distress pada Perusahaan. Jurnal Ekonomi dan Keuangan, 10(2), 102-115.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.

Marfungatun, F. (2015). Analisis Pengaruh Profitabilitas terhadap Financial Distress. Jurnal Akuntansi Universitas Negeri Yogyakarta, 14(1), 65-74.

Masdupi, E., et al. (2018). Pengaruh Kinerja Keuangan terhadap Financial Distress pada Perusahaan Manufaktur. Jurnal Akuntansi dan Keuangan Indonesia, 20(2), 130-145.

Otoritas Jasa Keuangan (OJK). (2014). Peraturan OJK No. 33/POJK.04/2014 tentang Dewan Komisaris Emiten atau Perusahaan Publik.

Petriella, Y. (2020). Harga Komoditas Energi di Tengah Pandemi COVID-19. Bisnis Indonesia. Diakses dari www.bisnis.com.

Prastiwi, I. B., & Dewi, G. A. M. (2019). Hubungan Agency Cost dengan Financial Distress. Jurnal Manajemen dan Kewirausahaan, 11(3), 135-150.

Putra, D. S., & Muslih, M. (2019). Peran Dewan Komisaris Independen dalam Mencegah Financial Distress. Jurnal Manajemen Strategi, 7(2), 185-196.

Rahma, A. (2020). Laporan Keuangan PTBA dan PGAS Tahun 2020. Kontan.co.id. Diakses dari www.kontan.co.id.

Rahmawati, T. (2016). Pengaruh Dewan Komisaris Independen terhadap Risiko Financial Distress. Jurnal Akuntansi dan Auditing Indonesia, 20(1), 55-70.

Ramadani, I. (2022). Kinerja Perusahaan Energi di Bursa Efek Indonesia. Investor Daily. Diakses dari www.investor.id.

Triwahyuningtias, E. (2012). Efektivitas Komisaris Independen terhadap Kinerja Perusahaan. Jurnal Akuntansi Indonesia, 8(1), 50-62.

Widhiadnyana, I. G. N. A., et al. (2019). Peran Dewan Komisaris Independen dalam Perusahaan. Jurnal Manajemen Indonesia, 15(3), 97-110.

Yovanda, C., & Arifin, D. (2020). Dampak Pandemi COVID-19 terhadap Konsumsi Energi di Indonesia. Media Indonesia. Diakses dari www.mediaindonesia.com.

Yustika, N. K., et al. (2015). Agency Costs dan Pengaruhnya terhadap Financial Distress. Jurnal Keuangan dan Perbankan, 19(4), 578-589.