ANALISIS PREDIKSI FINANCIAL DISTRESS SERTA PENGARUHNYA TERHADAP HARGA SAHAM DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING (Studi pada Perusahaan Jasa yang Terdaftar di Bursa Efek Indonesia Tahun 2009–2013)

Mohamad Bastomi, Meldona Meldona

Abstract


All of investors value that financial distress conditions and the proportion of financial capital
structure have effect to become fluctuation of stocks price. Therefore, the aim of this research is to know the
effects of financial distress to the stocks’ price either direct or indirect through financial capital structure. This
research uses descriptive quantitative approach by using sector of service listed in BEI year 2009–2013 as the
object. The sampling method used is purposive sampling. There are 23 companies that have categorized as
sample. The method that used to predict financial distress is z-score Altman method, whereas to analyst the
hypothesis is used path analysis through SPSS TEST by consideration of test classic assumption. Based on
the result the research shows that financial distress gives negative impact to the stocks’ price. Financial
distress caused by capital loss so decrease work of money that effect to the decrease stocks price. It might be
caused of using financial structure proportion doesn’t cause business risk that will emerge financial Distress
until it doesn’t moving stocks price. From Altman z-score prediction shows from 23 companies 10 of it (APOL,
BIPP BLTA, BTEL, FMII, HITS, IATA, LIMAS, RIMO, and TKGA) include on financial distress category.
Meanwhile, 5 companies (BHIT, BKDP BMSR, OKAS, and ZBRA) include on gray area. Furthermore 8 companies
(ASIA, BNBR, CENT, ELTY, LCGP, META, TRIL, and TRUB) include in save condition.

Keywords


financial distress; capital structure; stocks price; path analysis



DOI: http://dx.doi.org/10.18860/iq.v11i2.3706



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