PERAN FINANCIAL DISTRESS SEBAGAI MEDIASI GOOD CORPORATE GOVERNANCE TERHADAP RETURN SAHAM
Authors: B2041171019 TEDDY MULYAWAN 
Published: December 2020

Penelitian ini bertujuan untuk mengetahui pengaruh Financial Distress memediasi Good Corporate Governance dan Return saham. Penilaian financial distress menggunakan proksi Altman Z-Score untuk EMS (Emerging Market) yang dirasakan sesuai dengan kondisi pasar modal di Indonesia. Model analisis yang digunakan adalah regresi berganda dan hasil yang ditemukan adanya pengaruh financial distress memediasi kedua variabel penelitian GCG dan return saham. Dari keseluruhan emiten yang tercatat dalam SWA (per 1 November 2018), ditemukan sejumlah 12 emiten yang dapat dijadikan sampel dalam penelitian karena konsistensi keikutsertaan dalam penilaian GCG oleh IICG. Financial Distress ditemukan memediasi Good Corporate Governance terhadap return saham, dimana hal ini sesuai dengan penelitian terdahulu seperti penelitian Jannah & Khoiruddin (2017) yang meneliti mengenai peran financial distress memediasi kepemilikan institusional, kepemilikan manajerial terhadap return saham Keputusan investor untuk berinvestasi perlu mempertimbangkan bahwa ketika investor melakukan investasi perlu menghindari gejala financial distress dan mempertimbangkan keputusan manajerial (GCG) tersebut.Kata Kunci : Financial Distress, Corporate Governance, Altman EMS Z-Score, Return SahamDAFTAR PUSTAKA Ajiwanto, A.W. dan Herawati, J., (2014), Pengaruh Good Corporate Governance Terhadap Return Saham Perusahaan yang Terdaftar di Corporate Governane Perception Index dan Bursa Efek Indonesia Periode 2010 – 2012, Jurnal Ilmiah Mahasiswa FEB, Vol. 2 No. 2.Alexander,J. 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