THE EFFECT OF SEVERITY, ASSET RETRENCHMENT, DOWNSIZING AND LEVERAGE ON THE SUCCESS OF CORPORATE TURNAROUND WITH PROFITABILITY AS A MODERATING VARIABLE
Downloads
Objective: This research was conducted with the aim of finding out the influence of severity, asset retrenchment, downsizing, and leverage on the success of corporate turnaround with profitability as a moderating variable in tourism sector companies listed on the Indonesia Stock Exchange for the 2019-2022 period. Method: Testing in this research uses the SmartPLS program using the moderated regression analysis method. Results: Based on the results of the bootstrapping test, it shows that severity and leverage have an effect on the success of the company's turnaround, while downsizing and asset retrenchment have no effect on the success of the company's turnaround. Based on the results of the bootstrapping test, profitability can moderate the influence of leverage on the success of a company's turnaround, while profitability cannot moderate the influence of severity, asset retrenchment, and downsizing. Novelty: The study provides insights into the role of profitability as a moderating variable in the relationship between leverage and corporate turnaround success, highlighting that it does not moderate the influence of severity, asset retrenchment, and downsizing.
N. Darmayanti, Nawari, and E. D. Andini, “Pengaruh Severity, Free Asset Dan Downsizing Terhadap Keberhasilan Turnaround Pada Perusahaan Yang Mengalami Financial Distress (Studi Empiris Pada Perusahaan Sektor Consumer And Goods Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2018),” EKONIKA J. Ekon. Univ. Kadiri, vol. 6, no. 1, p. 31, 2021, doi: 10.30737/ekonika.v6i1.1526.
D. R. R. Saragi, I. Muda, and S. Isfenti, “Factors That Influence Corporate Turnaround Companies That Have Financial Distress With Operational Income As A Moderating Variable (Empirical Study In Manufacturing Companies Listed On BEI In Period Of 2008-2017),” 2020.
M. B. L. Gaol, H. M. G. P. Aruan, C. Hasugian, R. C. Sipayung, and J. F. Hutagalung, “Determinants Of Financial Distress In Property Sector Companies On The Indonesia Stock Exchange,” SULTANIST J. Manaj. dan Keuang., vol. 11, no. 2, pp. 149–160, 2023.
L. N. Rahimah and N. Ahmar, “Expense Retrenchment dan Corporate Turnaround: Sebuah Kajian Literatur,” J. Inf. Syst. Applied, Manag. Account. Res., vol. 6, no. 3, pp. 634–642, 2022.
R. N. Imawan, B. Wijayantini, and A. H. Hafidzi, “Analisis Faktor-faktor yang Mempengaruhi Keberhasilan Free Assets pada Perusahaan yang Mengalami Financial Distress (Studi Kasus pada Perusahaan yang Terdaftar di Jakarta Islamic Index),” J. Ekon. Syariah, Akunt. dan Perbank., vol. 4, no. 2, pp. 229–246, 2020.
N. N. P. Martini, H. E. N. Avif, and A. Izzudin, “Determinan Turnaround Pada Perusahaan Yang Mengalami Financial Distress Sektor Perdagangan, Jasa, Dan Investasi Yang Terdaftar Di Bursa Efek Indonesia,” J. Edueco Univ. Balikpapan, vol. 4, no. 2, pp. 88–100, 2021.
A. Primawan, N. D. Tanzil, P. Y. Sari, and F. Economics, “Corporate in Financial Distress and Determinant Analysis of Successful Financial Turnaround,” vol. 14, no. 1, pp. 9–24, 2024.
F. Febrianti and A. Juliarto, “Pengaruh Ukuran Perusahaan, Severity, dan Assets Retrenchment Terhadap Keberhasilan Corporate Turnaround,” Diponegoro J. Account., vol. Vol 11, No, pp. 1–8, 2022.
R. Chetta and K. Khomsiyah, “Keberhasilan Corporate Turnaround Pada Perusahaan Yang Mengalami Financial Distress di Masa Pandemi COVID-19,” Own. Ris. dan J. Akunt., vol. 6, no. 4, pp. 3379–3388, 2022, doi: 10.33395/owner.v6i4.1131.
Suharti, “Pengaruh Rasio Keuangan terhadap Financial Distress dengan Firm Size sebagai Variabel Moderasi,” J. Akobistek, vol. 12, no. 2, pp. 646–651, 2023, doi: 10.35134/ekobistek.v12i2.599.
S. Noviyana, K. Koranti, S. Sriyanto, and A. N. Wijaya, “Pengaruh Rasio Likuiditas, Leverage, Dan Profitabilitas Terhadap Financial Distress Pada Perusahaan Sub Sektor Transportasi,” Jesya (Jurnal Ekon. dan Ekon. Syariah), vol. 7, no. 1, pp. 853–862, 2024.
L. Maulidia and N. F. Asyik, “Pengaruh profitabilitas, leverage, dan likuiditas terhadap financial distress pada perusahaan food and beverage di Bursa Efek Indonesia,” J. Ilmu Dan Ris. Akunt., vol. 9, no. 2, 2020.
N. Darmayanti, L. A. Africa, A. A. P. A. M. P. Sari, and M. Suhardiyah, “The Influence of Leverage, Firm Size and Financial Distress on Accounting Conservatism,” J. Tour. Econ. Policy, vol. 3, no. 2, pp. 75–83, 2023.
Liawati, “Determinan Keberhasilan Turnaround Pada Perusahaan Yang Mengalami Financial Distress,” 2023.
E. Resfitasari, T. M. Gumelar, A. Ulhaq, and N. Rusmayanti, “Analisis Prediksi Financial Distress Dengan Metode Altman Z-Score Pada PT. Waskita Karya Tbk,” J. Akt. Ris. Akunt. dan Keuang., vol. 3, no. 3, pp. 131–140, 2021.
D. R. R. Saragi, I. Muda, and I. Sadalia, “Factors That Influence Corporate Turnaround Companies That Have Financial Distress with Operational Income as Moderating Variable (Empirical Study Manufacturing Companies Listed on BEI in Period of 2008-2017,” Int. J. Public Budgeting, Accounting, Financ. Publ. by CORE, 2019.
A. B. Normasari, “Pengaruh Debt Restructuring, Severity, Expense Retrenchment dan CEO Turnover Terhadap Corporate Turnaround,” STIE Perbanas Surabaya, 2020.
Y. Yudiyanto and Y. Manggarani, “Asset Retrenchment dan Performa Perusahaan: Efek Pada Berbagai Stage Life Cycle Perusahaan,” Akuntabilitas, vol. 16, no. 2, pp. 195–222, 2022.
I. Indrawati and Rahmawati, “The Effect of Financial Performance on Company Quality Earnings,” AKRUAL J. Akunt., vol. 15, no. 1, pp. 2085–9643, 2023, doi: 10.26740/jaj.v.15n1.p1-13.
M. M. Umam, “Pengaruh Pengungkapan Islamic Social Reporting, Leverage, Capital Intensity Dan Ukuran Perusahaan Terhadap Agresivitas Pajak (Studi Kasus Pada Bank Umum Syariah yang Terdaftar di Otoritas Jasa Keuangan Tahun 2019-2023),” Universitas Islam Sultan Agung Semarang, 2024.
R. Meiliana, R. Ramadhaniyah, N. Y. Siregar, and D. Maria, “Pengaruh Severity, Assets Retrenchment Keberhasilan Corporate Turnaround Pada Perusahaan Perbankan Yang Mengalami Potensi Financial Distress,” J. Akuntansi, Keuangan, Perpajak. dan Tata Kelola Perusah., vol. 1, no. 4, pp. 341–346, 2024.
R. D. Lestari and N. N. A. Triani, “Determinan Keberhasilan Turnaround pada Perusahaan yang Mengalami Financial Distress,” BISMA (Bisnis dan Manajemen), vol. 6, no. 2, pp. 130–138, May 2018, doi: 10.26740/bisma.v6n2.p130-138.
W. Safenida and M. Vestari, “Pengaruh Leverage, Profitabilitas, Arus Kas Operasi, Intellectual Capital, Dan Risiko Bisnis Terhadap Financial Distress,” J. Ilm. EDUNOMIKA, vol. 7, no. 2, 2023, doi: 10.29040/jie.v7i2.10185.
M. S. Saudicha and A. Kautsar, “The Effect of Liquidity, Leverage, Firm Size, Ceo Duality, Political Connection on Financial Distress with Profitability as a Moderating Variable in Property & Real Estate Sector Companies Listed on the Indonesian Stock Exchange for the Period 2018-2022.,” J. Bus. Manag. Rev., vol. 5, no. 3, pp. 215–233, 2024, doi: 10.47153/jbmr53.9312024.
K. Kinasih, “Analisis Keberhasilan Corporate Turnaround Untuk Mengatasi Financial Distress (Studi Empiris Perusahaan Industri Perdagangan di BEI periode 2015-2019),” STIE YKPN, 2021.
Copyright (c) 2025 novi darmayanti, amirah binti jamil
This work is licensed under a Creative Commons Attribution 4.0 International License.
