Research Article
BibTex RIS Cite

Financial distress determinants factors of retail companies with profitability as moderating (Indonesia cases 2016-2021)

Year 2024, Volume: 7 Issue: 1, 29 - 47, 31.03.2024
https://doi.org/10.58308/bemarej.1324931

Abstract

The existence of a business entity has a vital role in a country's economy, so the bankruptcy of a business entity is a concern for all stakeholders. Therefore, this research aims to determine the factors that contribute to financial distress in retail businesses in Indonesia in the 2016-2021 period. In addition, return on assets serves as a moderating variable. This study's independent variables are the current and debt-to-asset ratios. This study uses quantitative methods, statistical techniques, and moderated regression analysis (MRA) with 37 secondary data observations. The results of this study are: (i) Current ratio has a significant and positive effect on financial distress. (ii) Debt to asset ratio significantly and negatively affects financial distress. (iii) ROA as a moderating variable weakens the effect of the current ratio (CR) on financial distress. (iv) ROA as a moderating variable weakens the effect of debt-to-asset ratio (DAR) on financial distress. This research aims to provide information and references for stakeholders, academics, and practitioners interested in analyzing financial distress to support decision-making and further research. The originality of this research is related to the research period, namely 2016 to 2021, and the industrial sector, namely the retail sector, which has an essential role in a country's economy.

Supporting Institution

Universitas Mercu Buana

Thanks

Thanks to Mercu Buana research center

References

  • Al-Manaseer, S., & Al-Oshaibat, S. (2018). Validity of Altman Z-Score Model to Predict Financial Failure: Evidence From Jordan. International Journal of Economics and Finance, 10(8), 181. https://doi.org/10.5539/ijef.v10n8p181
  • Almamy, J., Aston, J., & Ngwa, L. N. (2016). An evaluation of Altman’s Z-score using cash flow ratio to predict corporate failure amid the recent financial crisis: Evidence from the UK. Journal of Corporate Finance, 36, 278–285. https://doi.org/10.1016/j.jcorpfin.2015.12.009
  • Andhani, D. (2019). Pengaruh Debt To Total Asset Ratio (DAR) dan Debt To Equity Ratio (DER) Terhadap Net Profit Margin (NPM) Serta dampaknya terhadap Harga Saham pada Perusahaan Elektronik di Bursa Efek Tokyo tahun 2007-2016. Jurnal SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 3(1), 45. https://doi.org/10.32493/skt.v3i1.3262
  • Anistasya, V., & Setyawan, I. R. (2022). The Effect of Profitability, Liquidity, and Leverage on Financial Distress. Jurnal Manajerial Dan Kewirausahaan, 04(03), 786–795.
  • Artazcoz, L., Borrell, C., Benach, J., Cortès, I., & Rohlfs, I. (2004). Women, family demands and health: the importance of employment status and socio-economic position. Social Science & Medicine, 59(2), 263–274. https://doi.org/10.1016/j.socscimed.2003.10.029
  • Ayoush, M. D., Toumeh, A. A., & Shabaneh, K. I. (2021). Liquidity, leverage, and solvency: what affects profitability of industrial enterprises the most? Investment Management and Financial Innovations, 18(3), 249–259. https://doi.org/10.21511/imfi.18(3).2021.22
  • Badawi, A., Nugroho, L., & Hidayah, N. (2023). Determinant Factors of Islamic Bank Financial Performance and Competitive Advantage as Moderating Variables in Islamic Banks in Indonesia. International Journal of Environmental, Sustainability and Social Science, 4(1), 37–44.
  • Cheng, L., Zou, W., & Duan, K. (2021). The influence of new agricultural business entities on the economic welfare of farmer’s families. Agriculture (Switzerland), 11(9), 1–15. https://doi.org/10.3390/agriculture11090880
  • Cuevas-Rodríguez, G., Gomez-Mejia, L. R., & Wiseman, R. M. (2012). Has Agency Theory Run its Course?: Making the Theory more Flexible to Inform the Management of Reward Systems. Corporate Governance: An International Review, 20(6), 526–546. https://doi.org/10.1111/corg.12004
  • Fan, W., & White, M. J. (2003). Personal Bankruptcy and the Level of Entrepreneurial Activity. Journal of Law and Economics, 46(2). https://doi.org/10.2139/ssrn.221948
  • Fayezi, S., O’Loughlin, A., & Zutshi, A. (2012). Agency theory and supply chain management: A structured literature review. Supply Chain Management, 17(5), 556–570. https://doi.org/10.1108/13598541211258618
  • Gul, F. A., & Goodwin, J. (2010). Short-Term debt maturity structures, credit ratings, and the pricing of audit services. Accounting Review, 85(3), 877–909. https://doi.org/10.2308/accr.2010.85.3.877
  • Hanifah Martini, & Setyawasih, R. (2022). Prediksi Financial Distress Pada Perusahaan Sektor Property dan Real Estate Yang Terdaftar di Bursa Efek Indonesia Periode 2017-2020. Formosa Journal of Sustainable Research, 1(3), 357–374. https://doi.org/10.55927/fjsr.v1i3.959
  • Hidayah, N., Nugroho, L., Suharman, H., & Ali, A. J. (2022). Exploring the Benefit of Introducing Accounting and Finance Knowledge for Micro and Small Entrepreneurs During the COVID-19 Pandemic. ASEAN Journal of Community, 6(2), 335–346.
  • Hillier, D., Marshall, A., McColgan, P., & Werema, S. (2007). Employee layoffs, shareholder wealth and firm performance: Evidence from the UK. Journal of Business Finance and Accounting, 34(3–4), 467–494. https://doi.org/10.1111/j.1468-5957.2007.02042.x
  • Ihwanudin, N., Wicaksono, G., Kembauw, E., Suciati, R., Reza, M., Manggabarani, A. S., Sugiri, D., Puspa Indah Arum, L., Rustandi Kartawinata, B., Amien Mastur, A., Nugroho, L., Eprianti, N., & Nugraheni, S. (2020). Dasar-Dasar Analisa Laporan Keuangan. Widina Bhakti Persada Bandung. www.penerbitwidina.com
  • Juniarti, J. (2013). Good Corporate Governance and Predicting Financial Distress Using Logistic and Probit Regression Model. Jurnal Akuntansi Dan Keuangan, 15(1), 43–50. https://doi.org/10.9744/jak.15.1.43-50
  • Kazemian, S., Shauri, N. A. A., Sanusi, Z. M., Kamaluddin, A., & Shuhidan, S. M. (2017). Monitoring mechanisms and financial distress of public listed companies in Malaysia. Journal of International Studies, 10(1), 92–109. https://doi.org/10.14254/2071-8330.2017/10-1/6
  • Kiranti, D. E., & Nugroho, L. (2022). Dampak Pandemi Covid-19 Terhadap Pengangguran serta Jabatan Kerja Kritis. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(3), 335–341. https://doi.org/10.47065/ekuitas.v3i3.1145
  • Kusnandar, V. B. (2023). Pertumbuhan Konsumsi Masyarakat (2013-2022). Databoks.Katadata.Co.Id. https://databoks.katadata.co.id/datapublish/2023/02/09/meskipun-tumbuh-konsumsi-masyarakat-2022-belum-pulih-dari-pandemi-covid-19
  • Liashenko, R. V., Karpiuk, K. I., & Buzovich, A. I. (2019). Influence of system management on strategic development of the enterprise under uncertainty and risk. Academic Journal of Interdisciplinary Studies, 8(3), 16–30. https://doi.org/10.36941/ajis-2019-0002
  • Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
  • Marota, R., Alipudin, A., & Maiyarash, A. (2018). Pengaruh Debt to Assets Ratio (DAR), Current Ratio (CR) dan Corporate Governance dalam Memprediksi Financial Distress pada Perusahaan BUMN Sektor Non Keuangan yang Terdaftar di Bursa Efek Indonesia. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 4(2), 249–266. http://journals.sagepub.com/doi/10.1177/1120700020921110%0Ahttps://doi.org/10.1016/j.reuma.2018.06.001%0Ahttps://doi.org/10.1016/j.arth.2018.03.044%0Ahttps://reader.elsevier.com/reader/sd/pii/S1063458420300078?token=C039B8B13922A2079230DC9AF11A333E295FCD8
  • Marshall, A., Mccolgan, P., & Mcleish, S. (2012). Why do stock prices decline in response to employee layoffs? Uk evidence from the 2008 global financial crisis. Journal of Financial Research, 35(3), 375–396. https://doi.org/10.1111/j.1475-6803.2012.01321.x
  • Mightyn, A., Nugroho, L., & Hidayah, N. (2022). Kajian Usaha Pemerintah dalam Mempertahankan Keberlangsungan UMKM di Masa Pandemi Covid-19. Jurnal Cakrawala Ilmiah, 2(4), 1553–1564.
  • Murni, M. (2018). Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2010-2014. JURNAL AKUNTANSI DAN BISNIS : Jurnal Program Studi Akuntansi, 4(1). https://doi.org/10.31289/jab.v4i1.1530
  • Napitupulu, D., Nugroho, L., & Nisa, B. (2020). Mudah Membuat Skripsi/Tesis (Pertama). CV. Penerbit Qiara Media.
  • Nasfi, N., Ganika, G., Putro, S. E., Muttaqien, Z., Ayuanti, R. N., Kusumawardani, M. R., Anwar, K., Umiyati, H., Theodora, P., Hendratmoko, S., Wardana, G. K., Rimayanti, R., Nugroho, L., & Mulatsih, L. S. (2022). Dasar Manajemen dan Bisnis (Sebuah Tinjauan Teori dan Praktis). In Widina Media Utama (First). Widina Media Utama.
  • Nechaev, A., & Antipina, O. (2016). Analysis of the impact of taxation of business entities on the innovative development of the country. European Research Studies Journal, 19(1), 71–83. https://doi.org/10.35808/ersj/507
  • Nguyen, V. C., Nguyen, T. N., Le, T. T. O., & Nguyen, T. T. (2019). Determining the impact of financial performance factors on bankruptcy risk: An empirical study of listed real estate companies in Vietnam. Investment Management and Financial Innovations, 16(3), 307–318. https://doi.org/10.21511/imfi.16(3).2019.27
  • Nugroho, L. (2021). Konsep Pembangunan dan Pengembangan Desa Digital. In Pengantar Manajemen Potensi Desa (Issue 1, pp. 132–142).
  • Nugroho, L., & Ali, A. J. (2020). E-Commerce to Improve Homemaker Productivity (Women Entrepreneur Empowerment at Meruya Utara, Kembangan District, West Jakarta, Indonesia). Amalee: Indonesian Journal of Community Research & Engagement, 1(01), 13–24.
  • Nugroho, L., Badawi, A., & Hidayah, N. (2021). The Phenomenon of Saving Glut in the Banking Industry during the Covid-19 Pandemic. Profita: Komunikasi Ilmiah Akuntansi Dan Perpajakan, 14(1), 1–15.
  • Nugroho, L., Fajarsari, I. M., Solikin, A., Yusdita, E. E., Fatriansyah, A. I. A., Irwanto, I., Atiningsih, S., Susilawati, N., Gainau, P. C., Hippy, M. Z., Rahmadi, H., Januarsi, Y., & Faisol, I. A. (2023). Metodologi Penelitian Akuntansi dan Praktik Penulisan Artikel Bidang Akuntansi. In N. Rismawati (Ed.), CV WIDINA MEDIA UTAMA. CV WIDINA MEDIA UTAMA.
  • Nugroho, L., Miglietta, F., & Nugraha, E. (2022). Islamic Bank Profitability: Financing Micro and Small Segment, Promotion, Financing Quality, Labor Aspects (Indonesia Cases). European Journal of Islamic Finance, 9(3), 38-46. https://doi.org/10.13135/2421-2172/6714
  • Nugroho, L., Nugraha, E., & Badawi, A. (2022). Intermediary strategy impact to return on asset in Covid-19 pandemics: Islamic bank vs conventional bank (Indonesia empirical cases). Business, Economics and Management Research Journal - BEMAREJ, 5(3), 157-168.
  • Nugroho, L., Nurrohmah, S., Anasta, L., Ekonomi, F., Bisnis, D., & Akuntansi, J. (2018). Faktor-Faktor Yang Mempengaruhi Opini Audit Going Concern. SIKAP, 2(2), 96–111.
  • Nugroho, L., Utami, W., Harnovinsah, & Doktorlina, C. M. (2020). Covid-19 and The Potency of Disruption on The Islamic Banking Performance (Indonesia Cases). International Journal of Economic and Business Applied, 1(1), 11–25.
  • Öhman, D. Y. P. (2015). Debt financing and performance: an empirical study based on Swedish data. The Journal of Risk Finance, 16(1), 1–18.
  • Oktris, L., Tarmidi, D., Nugroho, L., Anasta, L., & Fadjareni, A. (2022). Tips & Trik Cara Praktis Menyusun Skripsi dan Tesis (Pertama). Pustaka Pranala.
  • Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 74–95. https://doi.org/10.1177/0974686217701467
  • Pasaribu, T. M., & Nugroho, L. (2023). THE EFFECT OF COMPANY FINANCIAL FUNDAMENTAL FACTORS ON STOCK RETURN WITH COMPANY SIZE AS A MODERATION VARIABLE. International Journal of Management Studies and Social Science Research, 5(2), 164–173. https://doi.org/10.61167/mnk.v1i2.46
  • Platt, H. D., & B.Platt, M. (2006). Understanding Differences Between Financial Distress and Bankruptcy. Review of Applied Economics, 2(2), 131–157.
  • Purba, R., Nugroho, L., Santoso, A., Hasibuan, R., Munir, A., Suyati, S., Azmi, Z., & Supriadi, Y. (2023). Analisa Laporan Keuangan (Diana Purnama Sari (ed.); Pertama). Global Eksekutif Teknologi. https://books.google.co.id/books?hl=id&lr=&id=U_GoEAAAQBAJ&oi=fnd&pg=PA1&ots=44wIgKzQZe&sig=Ct8VMIUftsRycAvbJ5lLgOUkaqQ&redir_esc=y#v=onepage&q&f=false
  • Putri, T. H., & Nugroho, L. (2023). Pengaruh Profitabilitas, Leverage, Likuiditas, dan Ukuran Perusahaan Terhadap Ketepatan Waktu Pelaporan Keuangan. ARBITRASE: Journal of Economics and Accounting, 3(3), 562–572. https://doi.org/10.46806/ja.v7i1.455
  • Salehi, M., & Davoudi Pour, M. (2016). Bankruptcy prediction of listed companies on the Tehran Stock Exchange. International Journal of Law and Management, 58(5), 545–561. https://doi.org/10.1108/IJLMA-05-2015-0023
  • Sari, Dian Permata, Suryani, W., & Sabrina, H. (2021). Pengaruh Debt To Asset Ratio dan Debt To Equity Ratio terhadap Kinerja Keuangan pada Perusahaan Otomotif yang Terdaftar di BEI Periode 2015-2018. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 2(1), 72–80. https://doi.org/10.31289/jimbi.v2i1.484
  • Septyanto, D., Welandasari, N. F., & Sayidah, N. (2022). An Empirical Test of The Financial Ratio Effect on Financial Distress in Indonesia (Study in Garment and Textile Industry). Journal of Economics and Business, 5(2), 222–230. https://doi.org/10.31014/aior.1992.05.02.428
  • Setyowati, D. (2022). GoTo, Shoppe, Grab PHK, Berikut Daftar Startup RI Bangkrut dan Tutup. Katadata.Co.Id. https://katadata.co.id/desysetyowati/digital/63774b42742e9/goto-shoppe-grab-phk-berikut-daftar-startup-ri-bangkrut-dan-tutup?page=2
  • Setyowati, D. (2023). Grab PHK 1.000 Lebih Pegawai, Berikut Daftar Pesangonnya. Katadata.Co.Id. https://katadata.co.id/desysetyowati/digital/6492a23295822/grab-phk-1000-lebih-pegawai-berikut-daftar-pesangonnya
  • Shabrina, W., & Hadian, N. (2021). The influence of current ratio, debt to equity ratio, and return on assets on dividend payout ratio. International Journal of Financial, Accounting, and Management, 3(3), 193–204. https://doi.org/10.35912/ijfam.v3i3.221
  • Silvia, D., & Yulistina, Y. (2022). Pengaruh Current Ratio, Return On Asset, Debt To Asset terhadap Financial Distress Selama Masa Pandemi. Global Financial Accounting Journal, 6(1), 89. https://doi.org/10.37253/gfa.v6i1.6528
  • Stepani, P. N., & Nugroho, L. (2023). Pengaruh Profitabilitas , Likuiditas , Leverage , dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Journal of Trends Economics and Accounting Research, 3(3), 194–205. https://doi.org/10.47065/jtear.v3i3.551
  • Sudaryo, Y., Devi, W. S. G. R., Purnamasari, D., Kusumawardani, A., & Hadiana, A. (2021). Pengaruh Current Ratio (CR) Debt to Equity Ratio (DER) Dan Net Profit Margin (NPM) Terhadap Financial Distress. EKONAM: Jurnal Ekonomi, 3(1), 12–22. http://ejournal.uicm-unbar.ac.id/index.php/ekonam
  • Sukarmi, Kasmo, A. B. P., Safitri, Y., & Nugroho, L. (2022). Analisa Perbandingan Laba Pada Masa Pandemi Covid-19 dan Sebelum Pandemi Covid-19 Pada Aspek Biaya Pengobatan, Biaya Perlengkapan dan Biaya Kesejahteraan Karyawan. Jurnal Economina, 1(4), 713–724.
  • Sunardi, N., Husain, T., & Kadim, A. (2020). Determinants of Debt Policy and Company’s Performance. International Journal of Economics and Business Administration, VIII(Issue 4), 204–213. https://doi.org/10.35808/ijeba/580
  • Triliana, S. P., & Sutrisno. (2023). Company Performance and Financial Distress in Automotive and Component Companies Listed on the Indonesia Stock Exchange. International Journal of Multidisciplinary Research and Analysis, 06(02), 699–708. https://doi.org/10.47191/ijmra/v6-i2-28
  • Van Auken, H., Kaufmann, J., & Herrmann, P. (2009). An Empirical Analysis of the Relationship Between Capital Acquisition and Bankruptcy Laws. Journal of Small Business Management, 47(1), 23–37. http://dx.doi.org/10.1016/j.jaci.2012.05.050
  • Yusufa, A. S., Muchlis, M., & Nugroho, L. (2022). Analisa Perbandingan Kinerja Penyaluran Kredit Perbankan pada Masa Pandemi Covid-19 dan Sebelum Masa Pandemi Covid-19. Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan), 7(1), 50–65. https://doi.org/10.36418/jcs.v1i3.66

Perakende şirketlerinde finansal sıkıntıyı belirleyen faktörler ve karlılığın moderatör rolü (Endonezya örneği 2016-2021)

Year 2024, Volume: 7 Issue: 1, 29 - 47, 31.03.2024
https://doi.org/10.58308/bemarej.1324931

Abstract

The purpose of this study is to identify variables that impact the financial distress of retail businesses in Indonesia. Moreover, the return on assets also serves as a moderator variable. The independent variables in the present study include the current ratio, the debt-to-asset ratio and the return on assets. The results of this study (i) Current ratio has no significant effect on financial distress, (ii) Debt to asset ratio has a significant and negative effect on financial ratio, (iii) Return on assets has no significant effect on financial distress, (iv) ROA moderates the effect of current ratio on financial distress, (v) ROA moderates the effect of debt to asset ratio on financial distress. The implication of this research is to provide information and references for stakeholders, academics and practitioners who have an interest in analyzing financial distress so that it can be used in supporting decision making and further research. The originality of this research is related to the research period, namely 2016 to 2021 and the industrial sector, namely the retail sector, which has an important role in a country's economy.

References

  • Al-Manaseer, S., & Al-Oshaibat, S. (2018). Validity of Altman Z-Score Model to Predict Financial Failure: Evidence From Jordan. International Journal of Economics and Finance, 10(8), 181. https://doi.org/10.5539/ijef.v10n8p181
  • Almamy, J., Aston, J., & Ngwa, L. N. (2016). An evaluation of Altman’s Z-score using cash flow ratio to predict corporate failure amid the recent financial crisis: Evidence from the UK. Journal of Corporate Finance, 36, 278–285. https://doi.org/10.1016/j.jcorpfin.2015.12.009
  • Andhani, D. (2019). Pengaruh Debt To Total Asset Ratio (DAR) dan Debt To Equity Ratio (DER) Terhadap Net Profit Margin (NPM) Serta dampaknya terhadap Harga Saham pada Perusahaan Elektronik di Bursa Efek Tokyo tahun 2007-2016. Jurnal SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 3(1), 45. https://doi.org/10.32493/skt.v3i1.3262
  • Anistasya, V., & Setyawan, I. R. (2022). The Effect of Profitability, Liquidity, and Leverage on Financial Distress. Jurnal Manajerial Dan Kewirausahaan, 04(03), 786–795.
  • Artazcoz, L., Borrell, C., Benach, J., Cortès, I., & Rohlfs, I. (2004). Women, family demands and health: the importance of employment status and socio-economic position. Social Science & Medicine, 59(2), 263–274. https://doi.org/10.1016/j.socscimed.2003.10.029
  • Ayoush, M. D., Toumeh, A. A., & Shabaneh, K. I. (2021). Liquidity, leverage, and solvency: what affects profitability of industrial enterprises the most? Investment Management and Financial Innovations, 18(3), 249–259. https://doi.org/10.21511/imfi.18(3).2021.22
  • Badawi, A., Nugroho, L., & Hidayah, N. (2023). Determinant Factors of Islamic Bank Financial Performance and Competitive Advantage as Moderating Variables in Islamic Banks in Indonesia. International Journal of Environmental, Sustainability and Social Science, 4(1), 37–44.
  • Cheng, L., Zou, W., & Duan, K. (2021). The influence of new agricultural business entities on the economic welfare of farmer’s families. Agriculture (Switzerland), 11(9), 1–15. https://doi.org/10.3390/agriculture11090880
  • Cuevas-Rodríguez, G., Gomez-Mejia, L. R., & Wiseman, R. M. (2012). Has Agency Theory Run its Course?: Making the Theory more Flexible to Inform the Management of Reward Systems. Corporate Governance: An International Review, 20(6), 526–546. https://doi.org/10.1111/corg.12004
  • Fan, W., & White, M. J. (2003). Personal Bankruptcy and the Level of Entrepreneurial Activity. Journal of Law and Economics, 46(2). https://doi.org/10.2139/ssrn.221948
  • Fayezi, S., O’Loughlin, A., & Zutshi, A. (2012). Agency theory and supply chain management: A structured literature review. Supply Chain Management, 17(5), 556–570. https://doi.org/10.1108/13598541211258618
  • Gul, F. A., & Goodwin, J. (2010). Short-Term debt maturity structures, credit ratings, and the pricing of audit services. Accounting Review, 85(3), 877–909. https://doi.org/10.2308/accr.2010.85.3.877
  • Hanifah Martini, & Setyawasih, R. (2022). Prediksi Financial Distress Pada Perusahaan Sektor Property dan Real Estate Yang Terdaftar di Bursa Efek Indonesia Periode 2017-2020. Formosa Journal of Sustainable Research, 1(3), 357–374. https://doi.org/10.55927/fjsr.v1i3.959
  • Hidayah, N., Nugroho, L., Suharman, H., & Ali, A. J. (2022). Exploring the Benefit of Introducing Accounting and Finance Knowledge for Micro and Small Entrepreneurs During the COVID-19 Pandemic. ASEAN Journal of Community, 6(2), 335–346.
  • Hillier, D., Marshall, A., McColgan, P., & Werema, S. (2007). Employee layoffs, shareholder wealth and firm performance: Evidence from the UK. Journal of Business Finance and Accounting, 34(3–4), 467–494. https://doi.org/10.1111/j.1468-5957.2007.02042.x
  • Ihwanudin, N., Wicaksono, G., Kembauw, E., Suciati, R., Reza, M., Manggabarani, A. S., Sugiri, D., Puspa Indah Arum, L., Rustandi Kartawinata, B., Amien Mastur, A., Nugroho, L., Eprianti, N., & Nugraheni, S. (2020). Dasar-Dasar Analisa Laporan Keuangan. Widina Bhakti Persada Bandung. www.penerbitwidina.com
  • Juniarti, J. (2013). Good Corporate Governance and Predicting Financial Distress Using Logistic and Probit Regression Model. Jurnal Akuntansi Dan Keuangan, 15(1), 43–50. https://doi.org/10.9744/jak.15.1.43-50
  • Kazemian, S., Shauri, N. A. A., Sanusi, Z. M., Kamaluddin, A., & Shuhidan, S. M. (2017). Monitoring mechanisms and financial distress of public listed companies in Malaysia. Journal of International Studies, 10(1), 92–109. https://doi.org/10.14254/2071-8330.2017/10-1/6
  • Kiranti, D. E., & Nugroho, L. (2022). Dampak Pandemi Covid-19 Terhadap Pengangguran serta Jabatan Kerja Kritis. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(3), 335–341. https://doi.org/10.47065/ekuitas.v3i3.1145
  • Kusnandar, V. B. (2023). Pertumbuhan Konsumsi Masyarakat (2013-2022). Databoks.Katadata.Co.Id. https://databoks.katadata.co.id/datapublish/2023/02/09/meskipun-tumbuh-konsumsi-masyarakat-2022-belum-pulih-dari-pandemi-covid-19
  • Liashenko, R. V., Karpiuk, K. I., & Buzovich, A. I. (2019). Influence of system management on strategic development of the enterprise under uncertainty and risk. Academic Journal of Interdisciplinary Studies, 8(3), 16–30. https://doi.org/10.36941/ajis-2019-0002
  • Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
  • Marota, R., Alipudin, A., & Maiyarash, A. (2018). Pengaruh Debt to Assets Ratio (DAR), Current Ratio (CR) dan Corporate Governance dalam Memprediksi Financial Distress pada Perusahaan BUMN Sektor Non Keuangan yang Terdaftar di Bursa Efek Indonesia. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 4(2), 249–266. http://journals.sagepub.com/doi/10.1177/1120700020921110%0Ahttps://doi.org/10.1016/j.reuma.2018.06.001%0Ahttps://doi.org/10.1016/j.arth.2018.03.044%0Ahttps://reader.elsevier.com/reader/sd/pii/S1063458420300078?token=C039B8B13922A2079230DC9AF11A333E295FCD8
  • Marshall, A., Mccolgan, P., & Mcleish, S. (2012). Why do stock prices decline in response to employee layoffs? Uk evidence from the 2008 global financial crisis. Journal of Financial Research, 35(3), 375–396. https://doi.org/10.1111/j.1475-6803.2012.01321.x
  • Mightyn, A., Nugroho, L., & Hidayah, N. (2022). Kajian Usaha Pemerintah dalam Mempertahankan Keberlangsungan UMKM di Masa Pandemi Covid-19. Jurnal Cakrawala Ilmiah, 2(4), 1553–1564.
  • Murni, M. (2018). Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2010-2014. JURNAL AKUNTANSI DAN BISNIS : Jurnal Program Studi Akuntansi, 4(1). https://doi.org/10.31289/jab.v4i1.1530
  • Napitupulu, D., Nugroho, L., & Nisa, B. (2020). Mudah Membuat Skripsi/Tesis (Pertama). CV. Penerbit Qiara Media.
  • Nasfi, N., Ganika, G., Putro, S. E., Muttaqien, Z., Ayuanti, R. N., Kusumawardani, M. R., Anwar, K., Umiyati, H., Theodora, P., Hendratmoko, S., Wardana, G. K., Rimayanti, R., Nugroho, L., & Mulatsih, L. S. (2022). Dasar Manajemen dan Bisnis (Sebuah Tinjauan Teori dan Praktis). In Widina Media Utama (First). Widina Media Utama.
  • Nechaev, A., & Antipina, O. (2016). Analysis of the impact of taxation of business entities on the innovative development of the country. European Research Studies Journal, 19(1), 71–83. https://doi.org/10.35808/ersj/507
  • Nguyen, V. C., Nguyen, T. N., Le, T. T. O., & Nguyen, T. T. (2019). Determining the impact of financial performance factors on bankruptcy risk: An empirical study of listed real estate companies in Vietnam. Investment Management and Financial Innovations, 16(3), 307–318. https://doi.org/10.21511/imfi.16(3).2019.27
  • Nugroho, L. (2021). Konsep Pembangunan dan Pengembangan Desa Digital. In Pengantar Manajemen Potensi Desa (Issue 1, pp. 132–142).
  • Nugroho, L., & Ali, A. J. (2020). E-Commerce to Improve Homemaker Productivity (Women Entrepreneur Empowerment at Meruya Utara, Kembangan District, West Jakarta, Indonesia). Amalee: Indonesian Journal of Community Research & Engagement, 1(01), 13–24.
  • Nugroho, L., Badawi, A., & Hidayah, N. (2021). The Phenomenon of Saving Glut in the Banking Industry during the Covid-19 Pandemic. Profita: Komunikasi Ilmiah Akuntansi Dan Perpajakan, 14(1), 1–15.
  • Nugroho, L., Fajarsari, I. M., Solikin, A., Yusdita, E. E., Fatriansyah, A. I. A., Irwanto, I., Atiningsih, S., Susilawati, N., Gainau, P. C., Hippy, M. Z., Rahmadi, H., Januarsi, Y., & Faisol, I. A. (2023). Metodologi Penelitian Akuntansi dan Praktik Penulisan Artikel Bidang Akuntansi. In N. Rismawati (Ed.), CV WIDINA MEDIA UTAMA. CV WIDINA MEDIA UTAMA.
  • Nugroho, L., Miglietta, F., & Nugraha, E. (2022). Islamic Bank Profitability: Financing Micro and Small Segment, Promotion, Financing Quality, Labor Aspects (Indonesia Cases). European Journal of Islamic Finance, 9(3), 38-46. https://doi.org/10.13135/2421-2172/6714
  • Nugroho, L., Nugraha, E., & Badawi, A. (2022). Intermediary strategy impact to return on asset in Covid-19 pandemics: Islamic bank vs conventional bank (Indonesia empirical cases). Business, Economics and Management Research Journal - BEMAREJ, 5(3), 157-168.
  • Nugroho, L., Nurrohmah, S., Anasta, L., Ekonomi, F., Bisnis, D., & Akuntansi, J. (2018). Faktor-Faktor Yang Mempengaruhi Opini Audit Going Concern. SIKAP, 2(2), 96–111.
  • Nugroho, L., Utami, W., Harnovinsah, & Doktorlina, C. M. (2020). Covid-19 and The Potency of Disruption on The Islamic Banking Performance (Indonesia Cases). International Journal of Economic and Business Applied, 1(1), 11–25.
  • Öhman, D. Y. P. (2015). Debt financing and performance: an empirical study based on Swedish data. The Journal of Risk Finance, 16(1), 1–18.
  • Oktris, L., Tarmidi, D., Nugroho, L., Anasta, L., & Fadjareni, A. (2022). Tips & Trik Cara Praktis Menyusun Skripsi dan Tesis (Pertama). Pustaka Pranala.
  • Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 74–95. https://doi.org/10.1177/0974686217701467
  • Pasaribu, T. M., & Nugroho, L. (2023). THE EFFECT OF COMPANY FINANCIAL FUNDAMENTAL FACTORS ON STOCK RETURN WITH COMPANY SIZE AS A MODERATION VARIABLE. International Journal of Management Studies and Social Science Research, 5(2), 164–173. https://doi.org/10.61167/mnk.v1i2.46
  • Platt, H. D., & B.Platt, M. (2006). Understanding Differences Between Financial Distress and Bankruptcy. Review of Applied Economics, 2(2), 131–157.
  • Purba, R., Nugroho, L., Santoso, A., Hasibuan, R., Munir, A., Suyati, S., Azmi, Z., & Supriadi, Y. (2023). Analisa Laporan Keuangan (Diana Purnama Sari (ed.); Pertama). Global Eksekutif Teknologi. https://books.google.co.id/books?hl=id&lr=&id=U_GoEAAAQBAJ&oi=fnd&pg=PA1&ots=44wIgKzQZe&sig=Ct8VMIUftsRycAvbJ5lLgOUkaqQ&redir_esc=y#v=onepage&q&f=false
  • Putri, T. H., & Nugroho, L. (2023). Pengaruh Profitabilitas, Leverage, Likuiditas, dan Ukuran Perusahaan Terhadap Ketepatan Waktu Pelaporan Keuangan. ARBITRASE: Journal of Economics and Accounting, 3(3), 562–572. https://doi.org/10.46806/ja.v7i1.455
  • Salehi, M., & Davoudi Pour, M. (2016). Bankruptcy prediction of listed companies on the Tehran Stock Exchange. International Journal of Law and Management, 58(5), 545–561. https://doi.org/10.1108/IJLMA-05-2015-0023
  • Sari, Dian Permata, Suryani, W., & Sabrina, H. (2021). Pengaruh Debt To Asset Ratio dan Debt To Equity Ratio terhadap Kinerja Keuangan pada Perusahaan Otomotif yang Terdaftar di BEI Periode 2015-2018. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 2(1), 72–80. https://doi.org/10.31289/jimbi.v2i1.484
  • Septyanto, D., Welandasari, N. F., & Sayidah, N. (2022). An Empirical Test of The Financial Ratio Effect on Financial Distress in Indonesia (Study in Garment and Textile Industry). Journal of Economics and Business, 5(2), 222–230. https://doi.org/10.31014/aior.1992.05.02.428
  • Setyowati, D. (2022). GoTo, Shoppe, Grab PHK, Berikut Daftar Startup RI Bangkrut dan Tutup. Katadata.Co.Id. https://katadata.co.id/desysetyowati/digital/63774b42742e9/goto-shoppe-grab-phk-berikut-daftar-startup-ri-bangkrut-dan-tutup?page=2
  • Setyowati, D. (2023). Grab PHK 1.000 Lebih Pegawai, Berikut Daftar Pesangonnya. Katadata.Co.Id. https://katadata.co.id/desysetyowati/digital/6492a23295822/grab-phk-1000-lebih-pegawai-berikut-daftar-pesangonnya
  • Shabrina, W., & Hadian, N. (2021). The influence of current ratio, debt to equity ratio, and return on assets on dividend payout ratio. International Journal of Financial, Accounting, and Management, 3(3), 193–204. https://doi.org/10.35912/ijfam.v3i3.221
  • Silvia, D., & Yulistina, Y. (2022). Pengaruh Current Ratio, Return On Asset, Debt To Asset terhadap Financial Distress Selama Masa Pandemi. Global Financial Accounting Journal, 6(1), 89. https://doi.org/10.37253/gfa.v6i1.6528
  • Stepani, P. N., & Nugroho, L. (2023). Pengaruh Profitabilitas , Likuiditas , Leverage , dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Journal of Trends Economics and Accounting Research, 3(3), 194–205. https://doi.org/10.47065/jtear.v3i3.551
  • Sudaryo, Y., Devi, W. S. G. R., Purnamasari, D., Kusumawardani, A., & Hadiana, A. (2021). Pengaruh Current Ratio (CR) Debt to Equity Ratio (DER) Dan Net Profit Margin (NPM) Terhadap Financial Distress. EKONAM: Jurnal Ekonomi, 3(1), 12–22. http://ejournal.uicm-unbar.ac.id/index.php/ekonam
  • Sukarmi, Kasmo, A. B. P., Safitri, Y., & Nugroho, L. (2022). Analisa Perbandingan Laba Pada Masa Pandemi Covid-19 dan Sebelum Pandemi Covid-19 Pada Aspek Biaya Pengobatan, Biaya Perlengkapan dan Biaya Kesejahteraan Karyawan. Jurnal Economina, 1(4), 713–724.
  • Sunardi, N., Husain, T., & Kadim, A. (2020). Determinants of Debt Policy and Company’s Performance. International Journal of Economics and Business Administration, VIII(Issue 4), 204–213. https://doi.org/10.35808/ijeba/580
  • Triliana, S. P., & Sutrisno. (2023). Company Performance and Financial Distress in Automotive and Component Companies Listed on the Indonesia Stock Exchange. International Journal of Multidisciplinary Research and Analysis, 06(02), 699–708. https://doi.org/10.47191/ijmra/v6-i2-28
  • Van Auken, H., Kaufmann, J., & Herrmann, P. (2009). An Empirical Analysis of the Relationship Between Capital Acquisition and Bankruptcy Laws. Journal of Small Business Management, 47(1), 23–37. http://dx.doi.org/10.1016/j.jaci.2012.05.050
  • Yusufa, A. S., Muchlis, M., & Nugroho, L. (2022). Analisa Perbandingan Kinerja Penyaluran Kredit Perbankan pada Masa Pandemi Covid-19 dan Sebelum Masa Pandemi Covid-19. Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan), 7(1), 50–65. https://doi.org/10.36418/jcs.v1i3.66
There are 59 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Research Article
Authors

Minanari Minanari This is me 0009-0004-0062-075X

Nurhasanah Nurhasanah This is me 0000-0002-1211-1563

Saaira Safira This is me 0000-0002-0773-2779

Lucky Nugroho 0000-0002-9613-1667

Erik Nugraha 0000-0002-0576-4662

Publication Date March 31, 2024
Acceptance Date March 28, 2024
Published in Issue Year 2024 Volume: 7 Issue: 1

Cite

APA Minanari, M., Nurhasanah, N., Safira, S., Nugroho, L., et al. (2024). Financial distress determinants factors of retail companies with profitability as moderating (Indonesia cases 2016-2021). Business Economics and Management Research Journal, 7(1), 29-47. https://doi.org/10.58308/bemarej.1324931

The texts to be sent to our journal should be prepared according to the template file linked below. You can also download the template file and make corrections on it. Articles that are not prepared in accordance with the template file are returned to the author by the editor.

Download the Template...