Berdasarkan data pengamatan Bursa Efek Indonesia (BEI) pada laporan keuangan 2014 – 2016 secara khusus untuk perusahaan – perusahaan BUMN Non-keuangan terdapat sejumlah perusahaan yang memiliki skor good corporate governance yang baik namun earning per share yang dihasilkan tetap minim bahkan minus. Penelitian ini bertujuan untuk menganalisis pengaruh good corporate governance secara parsial dan simultan terhadap financial distress. Jenis penelitian ini adalah penelitian kuantitatif, data yang digunakan adalah data laporan keuangan perusahaan BUMN Non-Keuangan sejumlah 13 perusahaan yang terdaftar di Bursa Efek Indonesia periode 2014-2016. Variabel independen yang diteliti adalah kepemilikan manajerial kepemilikan institusional proporsi komisaris independen, dan ukuran komite audit. Variabel dependen pada penelitian ini adalah financial distress. Teknik analisis data menggunakan uji regresi linier berganda ditaksir dengan metode OLS menggunakan pengujian SPSS 22. Hasil penelitian ini menunjukkan bahwa variabel kepemilikan manajerial dan proporsi komisaris independen berpengaruh negatif dan signifikan terhadap financial distress, kepemilikan institusional berpengaruh positif dan signifikan terhadap financial distress. Penelitian ini tidak berhasil membuktikan pengaruh dari variabel ukuran komite audit terhadap financial distress. Kata kunci: Good Corporate Governance, Financial Distress, Perusahaan BUMN Non-Keuangan Go Publik, Regresi Berganda Linier Metode OLS.

Based on observation data of Indonesia Stock Exchange (BEI) in 2014 - 2016 financial statements specifically for non-financial BUMN companies there are a number of companies that have good score in good corporate governance but the number of earning per share is still low even minus. This study aims to analyze the influence of good corporate governance partially and simultaneously to financial distress. The type of this research is quantitative research, the data used is the financial statements of 13 Non-Financial BUMN Companies that listed on the Indonesia Stock Exchange in 2014-2016. The independent variables studied are managerial ownership institutional ownership, proportion of independent commissioner, and the size of the audit committee. The dependent variable studied is financial distress. Data analysis technique using multiple linier regression estimated by OLS method using SPSS 22 test. The results of this research indicate that the variable of managerial ownership and the proportion of independent commissioners has a negative and significant effect on financial distress, institutional ownership has a positive and significant effect on financial distress. This research did not manage to prove the influence of size of the audit committee variable to financial distress. Keywords: Good Corporate Governance, Financial Distress, Non-Financial BUMN Companies Go Public, Multiple Linier Regression by OLS Method.

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