Analisis Pengaruh Cash Flow Dalam Memprediksi Kondisi Financial Distress Dengan Likuiditas Dan Profitabilitas Sebagai Intervening (Studi Pada Perusahaan Daerah Air Minum Di NTT)

SERAN, Marius Robert (2019) Analisis Pengaruh Cash Flow Dalam Memprediksi Kondisi Financial Distress Dengan Likuiditas Dan Profitabilitas Sebagai Intervening (Studi Pada Perusahaan Daerah Air Minum Di NTT). Undergraduate thesis, Unika Widya Mandira.

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Abstract

Financial distress is the decline phase of the company’s financial condition and will lead to bankruptcy. This study aimed to analyze the influence of cash flow to predict financial distress conditions directly or indirectly through intervening variables. The study used four variables, cash flow, liquidity, profitability and financial distress. Cash Flow was called an exogenous variable and the financial distress as endogenous variable while liquidity and profitability as intervening variables. This research sample was financial statements of the last five years from 2013 to 2017 at each Regional Water Utility Company in NTT Province.The financial statements consisted of balance sheet statement, income statement and cash flow statement. The total sample in this research amounted to seventy five financial statements. The results of this analysis showed that 80% of Water Utility Company in NTT Province had the cash operation ratio less than 1 in 2017, it means that company has financial difficulties in financing operations if they only use cash flow from operation activity; the liquidity ratio was more than 2 in 2017, that means the Water Utility Company in NTT Province had a lot of settling current assets. Beside that 80% of Water Utility Company in NTT Province had negative earnings in 2017. ZScore Altman analysis showed that two companies of Water Utility Company in NTT Province had no financial difficulties with the value of Z-Score more than 2.60; three companies were in the gray area with the value of Z-Score between 1,1 to 2.60, which means they had more probability to get in financial difficulties. Ten companies had the value of Z-Score less than 1.1, which means that they probably had financial difficulties. The result of influence variable of cash flow to financial distress showed that cash flow had a significant impact on financial Distress conditions directly or indirectly, but directly the impact of cash flow on financial distress was stronger compared to indirect impact through the intervening variables, liquidity and profitability. The partial impact of each variable, cash flow, liquidity and profitability on financial distress showed that profitability had a bigger impact on company’s financial distress than other variables.

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