v
DAFTAR ISI
Halaman
ABSTRAK
i
ABSTRACT ii
KATA PENGANTAR iii
DAFTAR ISI iv
DAFTAR TABEL vii
DAFTAR GAMBAR viii
BAB I PENDAHULUAN
1.1 Latar Belakang 1
1.2 Rumusan Masalah 6
1.3 Tujuan Penelitian 7
1.4 Manfaat Penelitian 7
BAB II TINJAUAN PUSTAKA
2.1 Landasan Teori 9
2.1.1 Financial Distress Kesulitan Keuangan 9
2.1.2 Faktor-faktor Penyebab Financial Distress 10
2.1.3 Manfaat Informasi Prediksi Kebangkrutan 12
2.1.4 Rasio-rasio yang Digunakan dalam Menganalisis Laporan Keuangan
13 2.1.5 Metode Altman dalam Memprediksi Financian Distress 17
2.1.6 Analisis Diskriminan 23
2.1.7 Penelitian Terdahulu 24
2.2 Kerangka Konseptual 30
2.3 Hipotesis 34
BAB III METODE PENELITIAN
3.1 Jenis Penelitian 35
3.2 Batasan Operasional 35
3.3 Defenisi Operasional 36
3.4 Jenis dan Sumber Data 39
3.5 Populasi dan Sampel Penelitian 39
3.6 Metode Analisis Data 42
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Statistik Deskripftif 49
4.2 Uji Asumsi Diskriminan 52
vi
4.3 Pengujian Hipotesis 56
4.4 Pembahasan 63
BAB V KESIMPULAN DAN SARAN
5.1 Kesimpulan
67 5.2
Saran 67
DAFTAR PUSTAKA LAMPIRAN
vii
DAFTAR TABEL
Halaman Tabel 2.1 Interprestasi Nilai Z-Score
23 Tabel 2.2 Penelitian Terdahulu
28 Tabel 3.1 Defenisi Operasional dan Skala Pengukuran Variabel
38 Tabel 3.2 Perusahaan yang Termasuk dalam Kondisi Financial Distress
41 Tabel 3.3 Perusahaan yang Termasuk dalam
Kondisi Nonfinancial Distress 41
Tabel 4.1 Hasil Uji Statistik Deskriptif 50
Tabel 4.2 One-Sample Kolmogorov-Smirnov Test 52
Tabel 4.3 Hasil Uji Independent Sample T-test 54
Tabel 4.4 Hasil Uji Homogenitas 56
Tabel 4.5 Test of equality of group means 57
Tabel 4.6 Hasil Uji Wilk’s Lambda 58
Tabel 4.7 Eigenvalues 58
Tabel 4.8 Standardized Canonical Discriminan Function Coefficient 59
Tabel 4.9 Canonical Discriminant Fuction Coefficient 60
Tabel 4.10 Function at Group Centroids 61
Tabel 4.11Hasil Ketepatan Perediksi Analisis Diskriminan 62
viii
DAFTAR GAMBAR
Halaman Gambar 2.1 Kerangka Konseptual I
30 Gambar 2.2 Kerangka Konseptual II
31
i
ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh working capital to total assets, retained earning to total assets, earnings before interest and taxes to
total assets, market value equity to book value of debt, sales to total assets dalam membedakan kelompok financial distress dan nonfinancial distress dan untuk
mengetahui rasio keuangan yang paling dominan dalam memprediksi financial distress menggunakan analisis diskriminan dengan metode Altman.
Populasi pada penelitian ini adalah semua perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia pada tahun 2011
sampai 2013 sebanyak 37 perusahaan. Sampel dipilih dengan menggunakan metode purposive sampling yang telah ditentukan sehingga terpilih 8 perusahaan
dalam kondisi financial distress dan 8 perusahaan dalam kondisi nonfinancial distress.
Hasil penelitian menunjukkan bahwa variabel working capital to total assets, earnings before interest and taxes to total assets, market value equity to
book value of debt, sales to total assets berpengaruh positif dan signifikan dalam membedakan kelompok financial distress dan nonfinancial distress. Sedangkan
variabel retained earning to total assets tidak dimasukkan ke dalam pengujian, karena variabel ini tidak berbeda secara signifikan antara perusahaan yang
mengalami financial distress dan nonfinancial distress. Dan variabel working capital to total assets merupakan variabel yang paling dominan dalam
memprediksi financial distress.
Kata kunci : Analisis diskriminan, Financial Distress, Metode Altman
ii
ABSTRACT
This study aims to determine the effect of working capital to total assets, retained earnings to total assets, earnings before interest and taxes to total assets,
market value equity to book value of debt, sales to total assets in distinguishing groups of financial distress and nonfinancial distress and to determine the most
dominant financial ratios to predict financial distress using discriminant analysis method Altman.
The population in this study are all companies manufacturing consumer goods industry sectors listed on the Indonesia Stock Exchange in 2011 through
2013 as many as 37 companies. Samples were selected using purposive sampling method that has been determined so chosen 8 companies in financial distress and
8 companies in the nonfinancial distress condition. The results showed that the variables of working capital to total assets,
earnings before interest and taxes to total assets, market value equity to book value of debt, sales to total assets positive effect significant in distinguishing
groups of financial distress and nonfinancial distress. While the variable retained earnings to total assets not included in the testing because these variables did not
differ significantly among companies experiencing financial distress and nonfinancial distress. And variables working capital to total assets is the most
dominant variable in predicting financial distress.
Keywords: Discriminant analysis, Financial Distress, Method Altman
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BAB I PENDAHULUAN
