THE EFFECTS OF EXCHANGE RATE AND INTEREST SENSITIVITY, MANAGERIAL OWNERSHIP, AND INSTITUTIONAL OWNERSHIP ON FINANCIAL DISTRESS

Zumaira Refni, Haryetti Haryetti, A. F. Fathoni
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引用次数: 1

Abstract

Financial distress is a situation where a company is unable to repay debts that are past due, both short-term debt and long-term debt. So that it can cause the company's operational activities to be disrupted and bankrupt. This study examines the effect of exchange rate sensitivity, interest rate sensitivity, managerial ownership, and institutional ownership on financial distress. The population in this study are all manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2018. From this population, this research used 62 manufacturing companies listed on the Indonesia Stock Exchange in the 2016-2018 period as samples. This research uses a logistic regression analysis method. The results showed that the variable of exchange rate sensitivity has a significant negative effect on financial distress. Interest rate sensitivity has a significant positive impact on financial distress, managerial ownership has no significant positive effect on financial distress, and institutional ownership has no significant positive effect on financial distress. This shows that companies need to pay attention to exchange rate sensitivity and interest rate sensitivity because of the higher the sensitivity level, the worse it will have on the company.
汇率和利率敏感性、管理层所有权和机构所有权对财务困境的影响
财务困境是指公司无法偿还逾期债务的情况,包括短期债务和长期债务。从而导致公司的经营活动中断和破产。本研究考察了汇率敏感性、利率敏感性、管理层所有权和机构所有权对财务困境的影响。本研究的人口均为2016年至2018年在印度尼西亚证券交易所上市的制造业公司。从这一人群中,本研究使用了2016-2018年期间在印度尼西亚证券交易所上市的62家制造业公司作为样本。本研究采用逻辑回归分析方法。结果表明,汇率敏感性变量对财务困境具有显著的负向影响。利率敏感性对财务困境有显著的正向影响,管理层持股对财务困境没有显著的正向影响,机构持股对财务困境没有显著的正向影响。这说明企业需要注意汇率敏感性和利率敏感性,因为敏感性水平越高,对企业的影响就越差。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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