Analisis Faktor – Faktor Yang Mempengaruhi Keberhasilan Turnaround Pada Perusahaan Yang Mengalami Financial Distress

ABSTRAK

Tujuan penelitian ini adalah untuk menganalisis faktor–faktor yang
mempengaruhi kemampuan perusahaan yang mengalami financial distress dalam
mencapai keberhasilan turnaround. Faktor-faktor yang diuji dalam penelitian ini
adalah Ukuran perusahaan(Firm Size), Profitabilitas (profitability), kecenderungan
tingkat kesehatan perusahaan (∆Severity), Free Assets, Assets Retrenchment dan
Expenses Retrenchment. Populasi dalam penelitian ini adalah 145 perusahaan
manufaktur yang terdaftar di Bursa Efek Indonesia selama tahun 2009 sampai
2013 dan berdasarkan kriteria 84 perusahaan dipilih melalui metode purposive
sampling sebagai sampel dalam penelitian ini. Data yang diperoleh diuji dengan
menggunakan analisis regresi logistik. Hasil pengujian regresi logistik
menunjukkan bahwa data yang digunakan dalam penelitian ini cocok dengan
model dan hasil dari uji kecocokan model regresi menunjukkan model yang
digunakan dalam penelitian ini mampu menganalisis masalah dalam penelitian.
Secara parsial, hasil uji wald menunjukkan bahwa profitabilitas, kecenderungan
tingkat kesehatan perusahaan (∆Severity) dan Free Assets mempengaruhi
kemampuan perusahaan dalam mencapai keberhasilan turnaround. Sedangkan
Firm Size, Assets Retrenchment dan Expenses Retrenchment tidak mempengaruhi
kemampuan perusahaan yang mengalami financial distress dalam mencapai
keberhasilan turnaround. Secara simultan, hasil uji G menunjukkan bahwa

seluruh variabel yang diuji dalam penelitian ini mampu mempengaruhi
kemampuan perusahaan yang mengalami financial distress dalam mencapai
keberhasilan turnaround.
Kata Kunci : Financial Distress, Turnaround, ∆Severity, Free Assets, Assets
Retrenchment, Expenses Retrenchment dan Logistic.

ABSTRACT

The objective of research was to analyze the factors that influenced the abilities of
companies in coping with financial distress to achieve their successful
turnaround. The factors tested in the research were Firm Size, Profitability,
A.Severity, Free Assets, Assets Retrenchment, and Expenses Retrenchment. The
population was 145 manufaturing companies listed in the Indonesia Stock
Exchange in the period of 2009-2013. Based on the creteria, 84 companies were
selected as the samples, using purposive sampling method. The data were
analyzed by using logistic regression test. The result of logistic regression test
showed that the data used were suitable for the model. The result of suitability test
of regression model showed that the model used in the research was able to
analyze the research problems. Partially, the result of wald test showed that
profitability, ∆Severity, and Free Assets influenced the abilities of companies to

achieve their successful turnaround. Firm Size, Assets Retrenchment, and
Expenses Retrenchment did not influence the abilities of companies with financial
distress to achieve their successful turnaround. Simultaneously, the result of G
test showed that all variables tested were able to influence the abilities of
companies with financial distress to achieve their successful turnaround.
Keywords: Financial Distress, Turnaround, ∆severity, Free Assets, Assets
Retrenchment, Expenses Retrenchment, and Logistic.