PENGARUH FINANCIAL DISTRESS, PROFITABILITAS DAN LIKUIDITAS TERHADAP REAKSI PASAR

Abstract

This research is aimed to examine the influence of financial distress which is proxy by z-score, profitability is proxy by Earning per Share (EPS) and Net Profit Margin (NPM), and liquidity is proxy by Current Ratio (CR) to the market reaction which is proxy by Stock price (HS) through audited financial statements which have been prepared by metal companies and its kind which are listed in Indonesia Stock Exchange. This research is a quantitative research. The samples have been selected by using purposive sampling method and 11 metal companies and its kind have been selected basb samples so that the total research samples are 55 observations. The analysis method has been done by using multiple linear regressions analysis. The result shows that the F test is feasible to be used in this research i.e. financial distress, earnings per share, net profit margin, and current ratio give any significant influence to the market reaction with its significance level of 0.000. Meanwhile, the result of t test (hypothesis test), indicates that financial distress has not significantly influence to the market reaction. The earning per share give positive and significant influence to the market reaction with its regression coefficient of 0,001 and its significance level of 0.000. Net profit margin give positive and significant influence to the market reaction with its regression coefficient 3,656 and its significance level of 0.030. Meanwhile, current ratio gives negative influence to the market reaction with its regression coefficient of -0,004 and its significance level of 0.045.
Keywords: financial distress, profitabilitas, likuiditas, market reaction.