DOI : 10.36418/jrssem.v1i7.117
JRSSEM 2022, Vol. 01, No. 7, 954 – 968
E-ISSN: 2807 - 6311, P-ISSN: 2807 - 6494
THE EFFECT OF DAR, CR, ROA AND CORPORATE
GOVERNANCE MECHANISM ON FINANCIAL DISTRESS IN
BUMN COMPANIES GO PUBLIC ON BEI YEAR 2016-2020
Mesrawati
1
Selly
2
Stefanie Sherlytan
3
Meliana Natalia Sinaga
4
Rosella Apryani Saragih
5
1,2,3,4,5
Universitas Prima Indonesia, Belanga Street No. 1, Medan
e-mail: mesrawati@unprimdn.ac.id
1
, sellyang13@gmail.com
2
, stefaniesherlytan19@gmail.com
3
,
nataliameliana18@gmail.com
4
,rosellasaragih02@gmail.com
5
*Correspondence: sellyang[email protected]
Submitted: 28 January 2022, Revised: 8 February 2022, Accepted: 15 February 2022
Abstract. Financial distress is a condition of financial difficulties experienced by the company in
dealing with its finances. Problems Financial conditions that are not immediately resolved will lead
to bankruptcy. Financial difficulties can start from liquidity difficulties (short term), as the lightest
sign of financial distress, the worst is bankruptcy. Usually, when examining possible financial
difficulties, a financial indicator model is used. These financial indicators are obtained through
analysis of financial ratios contained in the company's financial statement information. So This
study aims to find out whether there is an effect of Debt To Asset Ratio, Current Ratio, Return On
Asset and audit committee on financial distress in BUMN companies that go public on the IDX in
2016-2020 with multiple linear regression data analysis techniques. The population of state-owned
companies is 20, selected using purposive sampling so that a sample of 13 companies is obtained
with a total of 65 data. Statistic analysis used on this study are classic asumption test, normality
test, heteroscedasticity test, multiple linear regression, Hypothesis testing using T-test, F-test and
determinant coefficient analysis. The test results show that partially Debt To Asset Ratio and the
audit committee have a significant negative effect on financial distress, partially Return On Asset
has a positive effect on financial distress while the Current Ratio has no effect on financial distress.
Simultaneous test results show that Debt To Asset Ratio, Current Ratio, Return on asset and the
audit committee affect financial distress. We provide input suggestions to State-owned companies
are expected to pay attention to their financial performance by taking into account the suitability
of the level of debt used, the level of liquidity, the return on investment on their assets and the
need for the number of members of the audit committee.
Keywords: DAR; current ratio; ROA; audit committee; financial distress.
Mesrawati, Selly, Stefanie Sherlytan, Meliana Natalia Sinaga, Rosella Apryani Saragih
| 955
DOI : 10.36418/jrssem.v1i7.117
INTRODUCTION
Financial distress is a condition of
financial difficulties experienced by the
company in dealing with its finances.
Problems Financial conditions that are not
immediately resolved will lead to
bankruptcy. Financial difficulties can start
from liquidity difficulties (short term), as the
lightest sign of financial distress, the worst
is bankruptcy. Usually, when examining
possible financial difficulties, a financial
indicator model is used. These financial
indicators are obtained through analysis of
financial ratios contained in the company's
financial statement information.
From these financial reports, we can see
the company's financial status and
development. Financial statements can be
used to describe a company's financial
health which is disclosed through ratios,
and will reflect its ability to run the
business, asset allocation, asset user
effectiveness, operating results achieved,
costs to be paid for liabilities, and possible
bankruptcy. In this study the financial ratios
that will be used are Debt to Asset Ratio,
Current Ratio and Return on Assets.
The corporate governance mechanism
is a system used to control and supervise
the activities within the company.
Corporate governance consists of several
elements, including the size of the board of
directors, share ownership structure, the
proportion of independent commissioners,
the number of financial experts on the audit
committee and the number of audit
committee meetings. The elements of
corporate governance that will be
examined in this study are the number of
audit committees.
The selection of research objects for
BUMN companies was motivated by the
DPR news where according to Fadli, BUMN
(State Owned Enterprises) are now facing
the risk of serious default due to the
government's mistakes in the last five years.
Based on data from Bank Indonesia (BI), in
the last five years the total foreign debt of
all SOEs has continued to increase. As of
April 2020, the value of SOE's foreign debt
reached 55.3 billion US dollars, or the
equivalent of Rp. 775 trillion (exchange rate
of Rp. 14 thousand). The amount accounts
for more than a quarter of the total private
foreign debt which reached 207.8 billion US
dollars. In fact, in 2014, the total debt of
SOEs still stood at US$30.7 billion. The
Covid-19 pandemic has also exacerbated
the situation, where the income of almost
all SOEs is drained while the amount of
debt continues to soar. For example, in
Adhi Karya, in 2019, its debt growth
reached 20 percent, while its profit only
rose 3.1 percent. This means that the
increase in debt is not balanced with the
company's profit growth. No wonder then
SOEs are forced to sell assets to cover
debts. According to a member of
Commission I of the DPR RI, this condition
was caused by the government's debt
management mistakes in the last five years.
A. Debt to Asset Ratio
This ratio can measure the
company's ability to guarantee its debts
with a number of assets it has, where
the formula to calculate this ratio is
(Wardiyah, 2017):
DAR = Total Debt/Total Assets
956 | The Effect of DAR, CR, ROA and Corporate Governance Mechanism on Financial Distress
in BUMN Companies Go Public on Bei Year 2016-2020
more debt, can have a high risk of
payment difficulties in the future. Debt
borrowed by the company is also
charged with interest so that the
company is at risk of experiencing
financial difficulties. Companies that
cannot pay their debts when they fall
due indicate that the company is in bad
E. Financial Distress
Financial distress as a stage of
declining financial conditions that
occurred before the occurrence of
bankruptcy or liquidity .
Z Score = 1,2 WC/TA + 1,4 RE/TA + 3,3
B. Current Ratio
This ratio can show the company's
ability to pay its short-term obligations
from its current assets, where the
formula for calculating this ratio is [2]:
Current Ratio = Current Asset / Current
Liabilities
C. Return on Asset
This ratio includes a profit ratio that
can measure the ability of capital
invested in overall assets to generate
net income, as for the formula to get
this ratio, namely (Wardiyah, 2017):
ROA = Net Profit / Total Asset
D. Corporate Governence Mechanism
Corporate Governance is a group
that is independent or has no interest in
management and is specially appointed
and has views on accounting and other
matters related to the company's
internal control system (Lozano,
Martínez, & Pindado, 2016).
The indicators of the Corporate
Governance mechanism that will be
used in this study are the number of
members of the audit committee as
seen from the 2016-2020 financial
statements.
EBIT/TA + 0,6 MVE/BVD + 1,0 S/TA
Dimana :
WC/TA = working capital / total
aset
RE/TA = retained earning / total
asset
EBIT/TA = earning before income tax
/ total asset
MVE/BVD = market value of equity /
book value of debt
S/TA = sales / total asset
F. Effect of DAR on Financial Distress
When in debt, the company is
required to pay interest and principal
on the loan. In very difficult conditions,
where the company's profits continue
to decline or even suffer continuous
losses, the company may not be able to
pay its debts. When the company
cannot fulfill its obligations, it will
increase the possibility of financial
distress (Rahma, 2020).
If a finance company uses more
debt, this is at risk of difficulty in
payment in the future due to debt that
is greater than the results owned. If this
situation cannot be handled properly,
the potential for financial distress will
be even greater (Septiani & Dana,
2019).
Companies whose financing uses
| 957
financial condition (Putri & Mulyani,
2019).
G. Effect of Current Ratio on Financial
Distress
If the company is able to finance
and pay off its short-term obligations
properly, the potential for the company
to experience financial distress will be
smaller. Thus, the lower the level of
liquidity, the higher the possibility of
the company experiencing financial
distress (Erayanti, 2019).
The current ratio is a liquidity
indicator that is widely used, with the
reason that the excess of current assets
over current liabilities is a guarantee
against possible losses arising from
business by converting non-cash
current assets into cash. The greater the
amount of collateral available to cover
possible losses, the more financial
difficulties will be avoided (Pulungan,
Lie, Jubi, & Astuti, 2017).
The greater the company's ability to
meet its short-term obligations, the less
likely it is that financial distress will
occur (Marota, Alipudin, & Maiyarash,
2019).
H. Effect of ROA on Financial Distress
The higher the profitability, the
more efficient the company in using its
assets so that the company's
performance will increase and the
company is less likely to experience
financial distress (Sukawati &
Wahidahwati, 2020).
The possibility of financial distress
will be lower if the return on assets is
greater which indicates better financial
performance. On the other hand, the
possibility of financial distress occurs if
the return on assets is lower, which
indicates poor financial performance
where the company is not able to
optimize its assets to generate profits
so that profitability decreases (Muhtar,
2017).
The higher the profitability of a
company, the higher its ability to
generate profits, so the lower the
possibility of financial distress in the
company because the profits it
generates can be used to cover various
costs and obligations imposed on it, so
that the company can avoid the risk of
default (Kartika & Hasanudin, 2019).
I. Effect of Corporate Governance
Mechanism on Financial Distress
With a larger audit committee size,
the audit committee's resources will
increase and the quality of supervision
will also increase. An audit committee
that has larger members will have more
resources to deal with problems faced
by the company such as financial
distress (Damayanti, Yuniarta, AK, &
Sinarwati, 2017).
A fairly good audit committee
competence will assist the board of
commissioners in analyzing financial
statements so that the audit
committee's ability to predict financial
distress conditions is unquestionable
(Putra & Serly, 2020).
The effectiveness of the audit
committee can be seen from the
characteristics of the audit committee
which are expected to reduce the
958 | The Effect of DAR, CR, ROA and Corporate Governance Mechanism on Financial Distress
in BUMN Companies Go Public on Bei Year 2016-2020
occurrence of financial distress (Purba
& Laksito, 2016).
The hypotheses to be proposed
consist of:
H1 : DAR has an effect on Financial
Distress in BUMN companies that
go public on the IDX in 2016-2020
H2 : CR has an effect on Financial
Distress in BUMN companies that
go public on the IDX in 2016-2020
H3 : ROA has an effect on Financial
Distress in BUMN companies that
go public on the IDX in 2016-2020
H4 : Corporate Governance
Mechanisms have an effect on
Financial Distress in BUMN
companies that go public on the
IDX in 2016-2020
H5 : DAR, CR, ROA and corporate
governance mechanisms have an
effect on Financial Distress in BUMN
companies that go public on the
IDX in 2016-2020
METHODS
This approach uses a deductive
approach that presents the general to the
specific, while this type of research is a
descriptive quantitative one.
The number of state-owned companies
that have gone public is 20 companies. The
sampling technique in this study was based
on the considerations and criteria set by the
researcher. The criteria for selecting this
sample are as follows:
1. State-owned companies listed on the
IDX.
2. State-owned companies that have
gone public listed on the IDX
3. State-owned companies that earn
profits every year
4. State-owned companies that publish
complete financial reports in a row from
2016-2020.
Of the 20 state-owned companies,
there are 6 companies that experience
losses and there is 1 company that does not
publish financial statements so that the
sample is 13 companies.
To collect the data needed in this study,
a documentation study was carried out,
namely collecting the financial statements
of state-owned companies which were
downloaded from the IDX website. This
research is secondary data taken from the
website www.idx.co.id in the form of
registered financial statements (BUMN).
This study uses multiple linear
regression analysis techniques. The
equations used are:
Y = a + b
1
X
1
+ b
2
X
2
+ b
3
X
3
+ b
4
X
4
+ e
Keterangan:
Y = Financial Distress
a = Constant
X
1-
X
4
= DAR, CR, ROA, dan Audit
Comittee
b
1
-b
4
= Coeffisien Variable
e = Standard error (5%)
| 959
RESULTS AND DISCUSSION
Results
Table 1. Descriptive statistics
N
Minimu
m
Maximu
m
Mean
Std.
Deviation
DAR
65 .286
.911
.62032
.200700
CR
65 .673
2.868
1.34632
.492784
ROA
65 .001
.212
.04260
.050955
Audit Committee
65 2.000
10.000
4.41538
1.628768
Financial_Distress
65 .140
4.721
1.57898
1.167784
Valid N (listwise)
65
The large number of observation data is
65 data, where this data is collected from
13 samples of companies with a 5 year
research period.
In DAR, the minimum is 0.286 at PT.
Semen Baturaja, tbk in 2016, the maximum
is 0.911 at PT. State Savings Bank (Persero),
tbk in 2016. The average DAR of BUMN
companies for the 2016-2020 period is
0.62032.
In CR, the minimum is 0.673 at PT.
Telkom Indonesia (Persero) Tbk, tbk in
2020, the maximum is 2,868 at PT. Semen
Baturaja Tbk, tbk in 2016. The average CR
of BUMN companies for the 2016-2020
period is 1.34632.
In ROA, the minimum is 0.001 at PT.
Kimia Farma, Tbk in 2019, the maximum is
0.212 at PT. Bukit Asam, Tbk in 2018. The
average ROA of SOEs for the 2016-2020
period is 0.04260.
On the audit committee, a minimum of
2 people at PT. Adhi Karya, tbk 2017, PT.
Kimia Farma, tbk in 2019 and 2020 and PT.
State Savings Bank, Tbk in 2019, a
maximum of 10 people at PT. Bank Rakyat
Indonesia (Persero), tbk in 2020. The
average audit committee of state-owned
companies for the 2016-2020 period is 4-
5 people.
In financial distress, the minimum is
0.140 at PT. State Savings Bank (Persero),
tbk in 2020, a maximum of 4,721 at PT.
Aneka Tambang, tbk in 2016. The average
financial distress of state-owned
companies for the 2016-2020 period is
1.57898.
Classic Assumptions:
The results of the classical assumption
test in this study experienced problems in
the normality test where the data were not
normally distributed and heteroscedasticity
occurred. To overcome this problem, the
data of this research will be transformed
into LN form whose processing results can
be seen as follows:
960 | The Effect of DAR, CR, ROA and Corporate Governance Mechanism on Financial Distress
in BUMN Companies Go Public on Bei Year 2016-2020
Normality test
Figure 1. historam
Figure 2. P-P Plot
Based on the histogram graph and P-P
Plot in Figures 4.1 and 4.2, the data in this
study have a normal distribution because
the histogram graph forms a symmetrical
graph and the plot moves around the
diagonal line on the P-P Plot graph.
Table 2. Kolmogorov Smirnov
One-Sample Kolmogorov-Smirnov Test
Unstandardiz
ed Residual
N 65
Mean .0000000
Normal Parameters
a,b
Std.
Deviation
.37432856
Most Extreme
Differences
Absolute .052
Positive .052
| 961
Negative -.051
Kolmogorov-Smirnov Z .421
Asymp. Sig. (2-tailed) .994
a. Test distribution is Normal.
b. Calculated from data.
In addition to the graph, to complete the
normality test, it can also be seen from the
significant value obtained at 0.994, which
means that the research data has met the
normality assumption.
Multicollinearity Test
Table 3. Multicollinearity Test Results
Coefficients
a
Model Collinearity
Statistics
Tolerance
VIF
LN_DAR
.456
2.194
LN_CR
.452
2.213
1
LN_ROA
.680
1.470
LN_Audit
Committee
.668
1.497
a. Dependent Variable: LN_FinancialDistress
The tolerance number that exceeds 0.10
and the VIF that does not exceed the
number 10 shows that the independent
variables used are not correlated with each
other.
Autocorrelation Test
Table 4. Durbin Watson Test Results
Model Summary
b
Mode
l
R
R Square
Adjusted R
Square
Std. Error of
the Estimate
Durbin-
Watson
1
.904
a
.818
.806
.38660
1.573
a. Predictors: (Constant), LN_Audit Committee, LN_DAR, LN_ROA, LN_CR
b. Dependent Variable: LN_FinancialDistress
There is no autocorrelation, if the DW
value is between -2 and +2 or -2 < 1.573
< +2
Heteroscedasticity Test
Mesrawati, Selly, Stefanie Sherlytan, Meliana Natalia Sinaga, Rosella Apryani Saragih | 962
Figure 3. Scatterplot
The scatterplot graph shows that the
research data has been randomly
distributed, which means that it is free
from the problem of heteroscedasticity.
Table 5. Glejser Test Results
Coefficients
a
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
B Std. Error Beta
(Constant)
-.084
.231
-.363
.718
LN_DAR
-.031
.117
-.049
-.264
.793
1
LN_CR
.080
.126
.120
.640
.525
LN_ROA
-.039
.026
-.230
-1.505
.138
LN_Audit
Committee
.137
.097
.218
1.412
.163
a. Dependent Variable: absut
In addition to looking at the scatterplot
graph, this test is also seen from the
significant values of the four independent
variables which are already above the
significance limit (0.05) so that the
observation data can be stated to be free
from heteroscedasticity symptoms.
Multiple linear regression
Table 6. Multiple Linear Regression Equation Test Results
Coefficients
a
Model Unstandardized
Coefficients
Standardized
Coefficients
B Std. Error Beta
1 (Constant) .438 .394
DOI : 10.36418/jrssem.v1i7.117
| 963
LN_DAR
-1.513
.199 -.621
LN_CR
.395
.214 .151
LN_ROA
.165
.044 .251
LN_Audit
-.406
.166 -.165
Committee
a. Dependent Variable: LN_FinancialDistress
Then the equation can be made as
follows:
Financial Distress = 0.438 - 1.513 DAR +
0.395 CR + 0.165 ROA – 0.406 Audit
Committee
The equation gives meaning:
1. Financial distress will increase by 0.438
units provided that the variables X1, X2,
X3 and X4 are constant (0).
2. Financial distress will decrease by 1.513 if
DAR increases by 1 unit
3. Financial distress will increase by 0.395 if
CR increases by 1 unit
4. Financial distress will increase by 0.165 if
ROA increases by 1 unit.
5. Financial distress will decrease by 0.406 if
the audit committee increases by 1 unit.
t test
Table 7. Partial Test Results
Coefficients
a
Model t Sig.
(Constant)
1.113
.270
LN_DAR
-7.606
.000
1
LN_CR
1.845
.070
LN_ROA
3.764
.000
LN_Audit
Committee
-2.453
.017
a. Dependent Variable: LN_FinancialDistress
The t-table value for df = 60 and the
probability of 0.05 for the 2-way test is
2,00030.
1. H1 is accepted because t count -7.606
< -t table 2.00030 which means that
there is a partial influence between DAR
on financial distress.
2. H2 is rejected because t count 1.845 <
t table 2,00030 which means that there
is no partial influence between the
Current Ratio on financial distress.
3. H3 is accepted because t count 3,764 >
t table 2,00030, which means that there
is a partial influence between ROA on
financial distress.
4. H4 is accepted because – t count (-
2.453) < - t table (-2.00030) which
means that the audit committee has a
964 | The Effect of DAR, CR, ROA and Corporate Governance Mechanism on Financial Distress
in BUMN Companies Go Public on Bei Year 2016-2020
significant negative effect on financial
distress.
F Uji test
Table 8. Simultaneous Test Results
ANOVA
a
Model
Sum of
Squares
df
Mean
Square
F
Sig.
Regression
40.247
4
10.062
67.320
.000
b
1
Residual
8.968
60
.149
Total
49.215
64
a. Dependent Variable: LN_FinancialDistress
b. Predictors: (Constant), LN_Audit Committee, LN_DAR, LN_ROA, LN_CR
F table seen from df 4 and df 60 is 2.53.
Thus H5 is accepted because F
arithmetic 67.320 > F table 2.53 and
significant 0.000 <0.05 which means that
simultaneously DAR, Current Ratio, ROA
and audit committee have a significant
effect on financial distress.
Coefficient of Determination
Table 9. Coefficient of Determination Test Results
Model Summary
Model
R
R Square
Adjusted R
Square
Std. Error of the
Estimate
1
.904
a
.818
.806
.38660
a. Predictors: (Constant), LN_Audit Committee, LN_DAR, LN_ROA,
LN_CR
From the results of this test, it can be
seen that the magnitude of the influence
of the four variables used is 80.6% seen
from the Adjusted R Square value of 0.806
and the remaining 19.4% is influenced by
other factors such as institutional
ownership, activity ratio, company size and
other variables.
Discussion
Effect of DAR on Financial Distress
Based on the test results, it shows that
DAR has a negative effect on financial
distress, so H1 is accepted.The results of
this study are also in line with [17] which
shows that DAR has a significant negative
effect on financial distress.In line with the
opinion of [5] which states that when in
debt, the company is required to pay
| 965
interest and principal on the loan. In very
difficult conditions, where the company's
profits continue to decline or even suffer
continuous losses, the company may not
be able to pay its debts. When the company
is unable to fulfill its obligations, it will
increase the possibility of financial distress.
The use of debt is not always bad,
as long as the company can take advantage
of the use of debt properly, financial
difficulties will also be minimized as small
as possible.
Effect of Current Ratio on Financial
Distress
Based on the research results, Current
Ratio has no effect on financial distress, so
H2 is rejected. The results of this study are
also in line with (Nugraha & Nursito, 2021),
namely the Current Ratio does not affect
financial distress. This result differs from
(Pulungan et al., 2017) which states that if
the company is able to finance and pay off
its short-term obligations properly, the
potential for the company to experience
financial distress will be smaller. Thus, the
lower the level of liquidity, the higher the
possibility of the company experiencing
financial distress.
The Current Ratio cannot be used as an
indicator as a determinant of financial
distress, this is because a high current ratio
level does not necessarily reflect the
company has a good level of liquidity
because the high current assets may not
reflect the actual situation, for example the
high cash value indicates the company
have a problem with excessive idle cash
funds, high receivables due to a large
number of unhealthy receivables,
accumulated inventory indicating
ineffective sales.
Effect of ROA on Financial Distress
The results showed that ROA had a
positive effect on financial distress so that
H3 was accepted. The results of this study
are also in line with (Oktavianti, Hizazi, &
Mirdah, 2020) which shows that ROA also
has a positive effect on financial distress.
This result agrees with (Sukawati &
Wahidahwati, 2020) if the higher the
profitability, the more efficient the
company in using its assets so that the
company's performance will increase and
the company is less likely to experience
financial distress.
The higher the ROA indicates the more
effective the return on assets obtained by
the company, but a high ROA does not
mean that the company is not likely to
experience financial distress, this is because
the company is less careful in managing its
company, which means that a high level of
ROA may also have the risk of financial
distress.
Influence of the Audit Committee on
Financial Distress
Based on the test results, the audit
committee has a significant negative effect
on financial distress, so H4 is accepted. The
results of this study are also in line with
(Sastriana & Fuad, 2013) which showed that
the audit committee had a negative effect
on financial distress. In accordance with the
opinion of (Putra & Serly, 2020), a fairly
good audit committee competence will
assist the board of commissioners in
analyzing financial statements so that the
audit committee's ability to predict
966 | The Effect of DAR, CR, ROA and Corporate Governance Mechanism on Financial Distress
in BUMN Companies Go Public on Bei Year 2016-2020
financial distress conditions is
unquestionable.
The existence of an audit committee is
expected to minimize financial difficulties,
this is due to the existence of an audit
committee that acts as a supervisor for
financial statements and oversees the role
of the board of commissioners.
CONCLUSIONS
The results of this study can be
concluded as follows:
1. Partially, DAR has a negative and
significant effect on financial distress in
BUMN companies that go public on the
IDX in 2016-2020
2. Partially Current Ratio has no effect on
financial distress in BUMN companies
that go public on the IDX in 2016-2020
3. Partially ROA has a positive and
significant effect on financial distress in
BUMN companies that go public on the
IDX in 2016-2020.
4. Partially, the audit committee has a
negative and significant effect on
financial distress in BUMN companies
that go public on the IDX in 2016-2020
5. Simultaneously DAR, Current Ratio,
ROA and the audit committee have an
effect on financial distress.
Based on the results of this study, we
provide input suggestions to:
1. State-owned companies are expected
to pay attention to their financial
performance by taking into account the
suitability of the level of debt used, the
level of liquidity, the return on
investment on their assets and the need
for the number of members of the audit
committee.
2. Investors should consider the level of
DAR, ROA and the number of audit
committees before making a decision
on companies that are likely to
experience financial distress.
3. Future researchers are expected to be
able to add other variables to the
factors that affect audit delay and
change the sector used in order to
obtain various results.
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