PENGARUH STRUKTUR KEPEMILIKAN MANAJERIAL, ARUS KAS OPERASI, DAN TOTAL ASSET TURNOVER (TATO) TERHADAP NILAI PERUSAHAAN DENGAN FINANCIAL DISTRESS SEBAGAI VARIABEL INTERVENING (Studi Kasus Pada Sub Sektor Pertambangan Batu Bara yang Terdaftar di BEI Periode 2012-2016)

Abstract

This research aims to analyze the effect of Managerial Ownership Structure,
Operating Cash Flow, and Total Asset Turnover (TATO) on Company Value with
Financial Distress as an intervening variable. Case studies in the Coal Mining
Sub-Sector listed on the Indonesia Stock Exchange for the 2012-2016 period.
The population of this study were 22 Coal Companies, with 20 samples
taken based on purposive sampling. Data analysis techniques are Multiple Linear
Regression and Path Analysis.
The results of the t test showed that the Managerial Ownership Structure
and Total Asset Turnover (TATO) did not have a positive and insignificant effect
on Financial Distress. Operating Cash Flow has a significant negative effect on
Financial Distress. Managerial Ownership Structure does not have a positive and
insignificant effect on Company Value. Operating Cash Flows and Financial
Distress have no negative and insignificant effects. Total Asset Turnover (TATO)
has a positive and significant effect on Company Value. Financial Distress is not
able to mediate the Managerial Ownership Structure and Total Asset Turnover
(TATO) against Company Value. Financial Distress is able to mediate Operating
Cash Flows against Company Value.
Based on this research, it is expected that companies can suppress the
lowest possible value of financial distress and increase the value of TATO,
because TATO is very influential on the value of the company.
Keywords: Corporate Value, Managerial Ownership Structure, Operating Cash Flow,
Total Asset Turnover (TATO), and Financial Distress.