PENGARUH STRUKTUR KEPEMILIKAN DAN ARUS KAS TERHADAP FINANCIAL DISTRESS (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014)

Abstract

This study aims to examine the effect of the ownership structures and cash flows on the financial distress. Indicators used to measure ownership structures are ownership concentration, government ownership, and managerial ownership. The cash flows used are cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities. The population are manufacturing companies listed in Indonesia Stock Exchange for period of 2010-2014. Based on the purposive sampling method, there are 162 companies observed that consist of 81 financial distress and 81 non financial distress companies. The criteria used to categorize a financial distress companies was based on Altman Z-score statistical model 1968. Logistic regression by SPSS 21 used to analysis data. The result showed that the ownership concentration, managerial ownership, cash flow operating activities, and cash flow from financing activities have significant effect on financial distress. While government ownership and cash flow from investing activities have no effect on financial distress.