Assessing variables affecting the financial distress of state-owned enterprises in Indonesia (empirical study in non-financial sector)
Abstract
The financial distress of state-owned enterprises (SOEs) has become the main focus of numerous researchers due to the ongoing financial burden on the state and their inability to secure independent funding. The purpose of this study is to investigate the variables that affect the financial distress of SOEs in Indonesia that have received government subsidies. This research is a quantitative study conducted using secondary data collected from the Indonesian Stock Exchange, from a total of 19 SOEs from 2014 to 2017. The analysis found that investment (X2INV), leverage (X3LEV), cash flow from operating (X4CFO), and firm size (X5SIZE) have a significant negative effect on financial distress in SOEs. It means that increases in these variables will reduce the potential for corporate financial distress. While the independent working capital (X1WC) variable has no significant effect on financial distress, because it is temporary and has a dynamic change, so it is unable to show its influence on financial distress. SOE’s management that receives government subsidies can increase the amount of profitable investment to increase marginal revenue, thereby reducing financial distress. Higher leverage can reduce the level of financial distress, indicating that management uses debt to finance projects that generate higher marginal revenue than marginal costs. This condition has an impact on increasing operating cash flow. The higher the operating cash flow will reduce financial distress.
Keyword : financial distress, subsidy, investment, leverage, cash flow from operation
How to Cite
Sayidah, N., & Assagaf, A. (2020). Assessing variables affecting the financial distress of state-owned enterprises in Indonesia (empirical study in non-financial sector). Business: Theory and Practice, 21(2), 545-554. https://doi.org/10.3846/btp.2020.11947
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Andre, O. (2013). Pengaruh Profitabilitas, Likuiditas Dan Leverage Dalam Memprediksi Financial Distress (Studi Empiris Pada Perusahaan Aneka Industri yang Terdaftar di BEI) (Thesis). State University of Padang.
APBN, T. (2019). Informasi APBN 2019. Jakarta.
Ardiyanto, F. (2011). Prediksi Rasio Keuangan Terhadap Kondisi Financial Distress Perusahaan Manufaktur Yang Terdaftar Di BEI Periode 2005–2009 (Thesis). University of Diponegoro.
Assagaf, A. (2013). Financial performance analysis of PT PLN Java-Bali Power 2 (PJB2) In order execution go public. IOSR Journal of Business and Management (IOSR-JBM), 13(5), 1–12. https://doi.org/10.9790/487X-1350112
Assagaf, A. (2014a). Influence policy and fitness state electricity company (PLN) investment business generation. International Journal of Empirical Finance, 3(5), 234–242.
Assagaf, A. (2014b). The financial management PLN – today and the future. International Journal of Business and Management Invention, 3(7), 16–22.
Assagaf, A. (2017a). Subsidy government tax effect and management of financial distress state owned enterprises – case study sector of energy, mines and transportation. International Journal of Economic Research, 14(7), 331–346.
Assagaf, A. (2017b). Subsidy government tax effect and management of financial distress state owned enterprises – case study sector of energy, mines and transportation. International Journal of Economics Research, 14(7), 331–346.
Assagaf, A., & Ali, H. (2017). Determinants of financial performance of state-owned enterprises with government subsidy as moderator. International Journal of Economics and Financial, 7(4), 330–342.
Assagaf, A., Murwaningsari, E., Gunawan, J., & Mayangsari, S. (2019). Estimates model of factors affecting financial distress: evidence from indonesian state-owned enterprises. Asian Journal of Economics, Business and Accounting, 11(3), 1–19. https://doi.org/10.9734/ajeba/2019/v11i330131
Assagaf, A., & Yunus, E. (2016). Effect of Investment Opportunity Set (Ios), level of leverage and return to return stock market company in Indonesia Stock Exchange. International Journal of Applied Business and Economic Research, 14(3), 1625–1644.
Assagaf, A., Yusoff, Y. M., & Hassan, R. (2017). Government subsidy, strategic profitability and its impact on financial performance: Empirical evidence from Indonesia. Investment Management and Financial Innovations, (October). https://doi.org/10.21511/imfi.14(3).2017.13
Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
Bassetto, C. F., & Kalatzis, A. E. G. (2011). Financial distress, financial constraint and investment decision: Evidence from Brazil. Economic Modelling, 28(1–2), 264–271. https://doi.org/10.1016/j.econmod.2010.09.003
Cinantya, G., & Merkusiwati, K. (2015). Pengaruh corporate governance, financial indicators, Dan Ukuran Perusahaan Pada Financial Distress. E-Journal Akuntansi Universitas Udayana, 3, 897–915.
Coase, R. H. (1972). Durability and monopoly. Journal of Law and Economics, 15(1), 143–149. https://doi.org/10.1086/466731
Deangelo, H., Deangelo, L., & Wruck, K. H. (2002). Asset liquidity, debt covenants, and managerial discretion in financial distress: the collapse of L. A. Gear $. Journal of Financial Economics, 64, 3–34. https://doi.org/10.1016/S0304-405X(02)00069-7
Delavar, A., Kangarluei, S. J., & Motavassel, M. (2015). Working capital, firms performance and financial distress in firms listed In Tehran Stock Exchange (TSE). Indian Journal of Fundamental and Applied Life Sciences, 5, 2086–2093.
Etikan, I. (2017). Comparison of convenience sampling and purposive sampling comparison of convenience sampling and purposive sampling. American Journal of Theoretical and Applied Statistics, 5(1), 1–4. https://doi.org/10.11648/j.ajtas.20160501.11
Fajaria, A. (2015). Pengaruh Keputusan Investasi, Keputusan Pendanaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Skripsi. Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya.
Ferrouhi, E. M. (2014). Bank liquidity and financial performance: evidence from Moroccan banking industry. Business: Theory and Practice, 15(4), 351–361. https://doi.org/10.3846/btp.2014.443
Florackis, C., & Ozkan, A. (2012). Financial flexibility, corporate investment and performance: evidence from financial crises. Review of Quantitave Finance and Accounting, 42, 211–250. https://doi.org/10.1007/s11156-012-0340-x
Garškaitė, K. (2008). Application of models for forecasting of enterprise bankruptcy. Business: Theory and Practice, 9(4), 281–294. https://doi.org/10.3846/1648-0627.2008.9.281-294
Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: evidence from The United States. Business and Economics Journal, 2010, 1–10.
Gottardo, P., & Moisello, M. A. (2019). Capital structure, earnings management, and risk of financial distress. Springer. https://doi.org/10.1007/978-3-030-00344-9
Hall, R. E. (1986). The relation between price and marginal cost in U.S. industry. Nber Working Paper Series, (1785). https://doi.org/10.3386/w1785
Hanifah, O. (2013). Pengaruh Struktur Corporate Governance Dan Financial Indicators Terhadap Kondisi Financial Distress. University of Diponegoro Indonesia.
Hapsari, E. (2012). Jurnal Dinamika Manajemen, 3(2), 101–109.
Indrayani, Jh. (2015). Optimalisasi Produksi dan Maksimalisasi Keuntungan Usaha Ternak Sapi Potong dengan Sistem Integrasi Sapi-Sawit di Kabupaten Dharmasraya. Jurnal Peternakan Indonesia, 17(3), 187–194. https://doi.org/10.25077/jpi.17.3.187-194.2015
Indriantoro, N., & Supomo, B. (2002). Metodologi Penelitian Bisnis Untuk Akuntansi & Manajemen. BPFE. Yogyakarta.
Jensen, C., & Meckling, H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jensen, M. C., & Smith, C. W. (2000). Stockholder, manager, and creditor interests: applications of agency theory stockholder, manager, and creditor interests: applications of agency theory. In A Theory of the Firm: Governance, Residual Claims and Organizational Forms (Harvard). https://www.researchgate.net/profile/Clifford_Smith3/publication/228138310_Stock-holder_Manager_and_Creditor_Interests_Applications_of_Agency_Theory/links/5b507c66a6fdcc8dae2cf9e9/Stockholder-Manager-and-Creditor-Interests-Applications-of-Agency-Theory.pdf
John, T. A. (1993). Accounting measures of corporate liquidity, leverage, and costs of financial distress. Financial Management, 22(3), 91–100. https://doi.org/10.2307/3665930
Kordestani, G., Biglari, V., & Bakhtiari, M. (2011). Ability of combinations of cash flow components to predict financial distress. Business: Theory and Practice, 12(3), 277–285. https://doi.org/10.3846/btp.2011.28
Kurniawan, S. (2019). Ini dia daftar BUMN yang rentan bangkrut. Kontan (pp. 1–7). https://nasional.kontan.co.id/news/ini-dia-daftar-bumn-yang-rentan-bangkrut?page=all
Lee, S., Koh, Y., & Kang, K. H. (2011). Moderating effect of capital intensity on the relationship between leverage and financial distress in the U. S. restaurant industry. International Journal of Hospitality Management, 30(2), 429–438. https://doi.org/10.1016/j.ijhm.2010.11.002
López-Gutiérrez, C., & Sanfilippo-Azofra, S. (2014). Investment decisions of companies in financial distress. BRQ Business Research Quarterly, 18(3), 174–187. https://doi.org/10.1016/j.brq.2014.09.001
Mackevičius, J., & Silvanavičiūtė, S. (2006). Evaluation of suitability of bankruptcy prediction models. Business: Theory and Practice,VII(4), 193–202. https://doi.org/10.3846/btp.2006.24
Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621–632. https://doi.org/10.1016/j.jbankfin.2009.08.023
Namvar, F., Makrani, K. F., & Karami, A. (2013). A study on effect of cash flow pattern and auditor’s opinions in predicting financial distress. Management Science Letters, 3, 1863–1868. https://doi.org/10.5267/j.msl.2013.06.046
Nastiti, P., Atahau, A., & Supramono, S. (2019). Working capital management and its influence on profitability and sustainable growth. Business: Theory and Practice, 20, 61–68. https://doi.org/10.3846/btp.2019.06
Ogawa, K. (2003). Financial distress and corporate investment: The Japanese case in the 90s. ISER Discussion Paper, No. 584. https://doi.org/10.2139/ssrn.414980
Patriadi, H. R. dan. (2005). Evaluasi Kebijakan Subsidi Non-BBM. Kajian Ekonomi Dan Keuangan, 9(4), 42–64.
Putri, W., & Merkusiwati, L. (2014). Pengaruh Mekanisme Corporate Governance, Likuiditas, Leverage, Dan Ukuran Perusahaan Pada Financial Distress. E-Jurnal Akuntansi Universitas Udayana, 7(1), 93–106.
Salehi, M., Lotfi, A., & Farhangdoust, S. (2017). The effect of financial distress costs on ownership structure and debt policy: An application of simultaneous equation in Iran. Journal Management Development, 36(10), 1216–1229. https://doi.org/10.1108/JMD-01-2017-0029
Savitri, E. (2018). Relationship between family ownership, agency costs towards financial performance and business strategy as mediation. Business: Theory and Practice, (1999), 49–58. https://doi.org/10.3846/btp.2018.06
Sayidah, N., Ady, S. U., Mulyaningtyas, A., Winedar, M., Supriyati, J., Sutarmin, S., & Assagaf, A. (2019). Quality and university governance in Indonesia. International Journal of Higher Education, 8(4), 10–17. https://doi.org/10.5430/ijhe.v8n4p10
Sayidah, N., & Assagaf, A. (2019). Tax amnesty from the perspective of tax official. Cogent Business & Management, 6(1), 1–12. https://doi.org/10.1080/23311975.2019.1659909
Sayidah, N., Assagaf, A., & Possumah, B. T. (2019). Determinant of state-owned enterprises financial health: Indonesia empirical evidence. Cogent Business & Management, 6(1), 1–15. https://doi.org/10.1080/23311975.2019.1600207
Sayidah, N., & Handayani, A. E. (2016). Corporate governance. Jurnal Akuntansi Multipradigma, (84), 491–503. https://doi.org/10.18202/jamal.2016.12.7034
Sayidah, N., Hartati, S. J., & Muhajir, M. (2020). Academic cheating and characteristics of accounting students. International Journal of Financial Research, 11(1). https://doi.org/10.5430/ijfr.v11n1p189
Sekaran, Uma. (2006). Metodologi Penelitian Bisnis, Buku 2, Salemba Empat, Jakarta.
Tewari, M. (2018). Event risk covenants, design parameters and agency issues: a comparative study of high yield versus investment. Business: Theory and Practice, (1991), 331–341. https://doi.org/10.3846/btp.2018.33
Urionabarrenetxea, S., San-Jose, L., & Retolaza, J. (2016). Negative equity companies in Europe: theory and evidence. Business: Theory and Practice, 17(4), 307–316. https://doi.org/10.3846/btp.17.11125
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