HUBUNGAN STRUKTUR KEPEMILIKAN, UKURAN DEWAN, DEWAN KOMISARIS INDEPENDEN, UKURAN PERUSAHAAN, LEVERAGE, DAN LIKUIDITAS DENGAN KONDISI FINANCUL DISTRESS (Studi pada Perusahaan Manufaktur Periode 2004- 2007)

Abstract

Financial distress believed to have strong relationship to the bankruptcy of a company. Many research developed to know the influential factors of probability of experiencing financial distress. Besides information in financial statement, there are others information that needed to predict the financial distress, such as corporate governance mechanisms in thefirm. This research seeks to know relationship between ownership structure, board size, independent board ofcommissioners,firm size, leverage, and liquidity withfinancial distress. This research used a sample of 14financial distress firms and a matchedpair sample of14 non-financial distressfirms. Data was gathered by using purposive sampling of manufacturing companies listed in Indonesian Stock Exchange (ID.I9 during 2004-2007. For analyzing data, this research used logistic regression method The results showed that director size, firm size, and liquidity are negatively associated with probability of experiencing financial distress, while commissioner size and leverage are positively associated This researchfailed to prove the relationship of blockholders' ownership, directors' ownership, commissioners' ownership, and independent board with probability of experiencingfinancial distress. Keywords: Ownership Structure, Board Size, Independent Board of Commissioners, Firm Size, Leverage, Liquidity, and Financial Distress