DAMPAK FAKTOR EKSTERNAL DAN INTERNAL TERHADAP FINANCIAL DISTRESS PERUSAHAAN MANUFAKTUR GO PUBLIC SUBSEKTOR MAKANAN DAN MINUMAN TAHUN 2008-2017

EXTERNAL AND INTERNAL FACTORS IMPACT ON FINANCIAL DISTRESS OF PUBLIC COMPANIES IN THE FOOD AND BEVERAGE SUBSECTOR FOR YEAR 2008-2017

Abstract

The food and beverage sub-sector is a manufacturing sub-sector with the largest contribution and growth rate in Indonesia. This industry is important for the national economy. However, the business actors in this industry face difficulties due to a weak macroeconomic condition. Hence, public companies in the food and beverage sub-sector are vulnerable to financial distress. The research objective was to analyze external and internal factors impact on financial distress of public companies in the food and beverage subsector. The financial distress model used the form of a recursive equation system to evaluate the food and beverage sub-sector. We observed five companies that experienced financial difficulties such as AISA, CEKA, INDF, PSDN, and STTP. The results showed that a good external factor as a proxy for financial distress was not able to increase the debt service coverage ratio. We recommended that companies efficiency on the cost of goods sold, reduce operating expenses, increasing assets, and reduce external funding as the primary countermeasure to face difficulties. We concluded that paying attention to external factors and the ability to pay debts were the key to protect the external factor impact.

Keywords: debt service coverage ratio, external and internal factors, financial distress, food and beverage firms, two stage least squares (2SLS)

Abstrak: Sub-sektor makanan dan minuman adalah sub-sektor di sektor manufaktur dengan kontribusi dan tingkat pertumbuhan terbesar. Industri makanan dan minuman adalah salah satu sektor penting bagi perekonomian nasional. Pelaku usaha makanan dan minuman di Indonesia menghadapi tantangan bisnis ketika kondisi ekonomi makro melemah. Sehingga perusahaan sub sektor makanan dan minuman sangat rentan mengalami financial distress. Tujuan penelitian Menganalisis dampak perubahan faktor eksternal dan internal terhadap financial distress perusahaan manufaktur subsektor makanan dan minuman. Model financial distress Keuangan Perusahan Sub-sektor Makanan dan Minuman yang menggunakan metode sistem persamaan recursive. Terdapat lima perusahaan yang mengalami kesulitan keuangan dari PT Tiga Pilar Sejahtera Food Tbk (AISA), PT Wilmar Cahaya Indonesia Tbk (CEKA), Indofood Sukses Makmur Tbk (INDF), PT Prashida Aneka Niaga Tbk (PSDN) dan PT Siantar Top Tbk (STTP). Hasil menunjukan kondisi faktor eksternal yang baik tidak cukup untuk meningkat kan rasio debt service coverage sebagai proxy financial distress disarankan perusahan untuk melakukan efisiensi terhadap harga pokok penjualan, menurunkan beban operasi, meningkat kan aset lancar serta menurunkan pendanaan eksternal. Berdasarkan hasil tersebut disimpulkan bahwa perusahaan perlu memperhatikan faktor eksternal dan kemampuan perusahaan untuk membayar hutang.

Kata kunci: debt service coverage ratio, faktor eksternal dan internal, financial distress, perusahaan makanan dan minuman, two stage least squares (2SLS)