<![CDATA[Penelitian ini bertujuan untuk mengetahui pengaruh praktik corporate governance (kualitas audit, proporsi komisaris independen, keberadaan komite-komite dan aktivitas dewan komisaris) dan struktur kepemilikian (kepemilikan manajerial dan kepemilikan institusional) terhadap kemungkinan kondisi financial distress perusahaan. Penelitian ini menggunakan dua variabel kontrol yaitu ukuran perusahaan dan tingkat leverage (debt-to-equity ratio). Sampel penelitian terdiri dari 150 firm-year sample pada Bursa Efek Indonesia (BEI) dengan periode penelitian 2008-2010 yang berbentuk balanced panel. Analisis data menggunakan regresi biner logistik pada 25 perusahaan financially distressed yang dipasangkan dengan 25 perusahaan non-financially distressed.Hasil analisis regresi biner logistik menunjukkan beberapa variasi pada hasil penelitian. Sesuai dengan hipotesis, kualitas audit, proporsi dewan komisaris independen, keberadaan komite-komite serta aktivitas komisaris memiliki hubungan negatif terhadap kemungkinan terjadinya financial distress. Hubungan tersebut sekali lagi membuktikan bahwa corporate governance memiliki peranan yang kuat dalam mencegah kemungkinan kondisi financial distress perusahaan. Sementara kepemilikan manajerial tidak berpengaruh terhadap kemungkinan terjadinya financial distress, kepemilikan institusional berpengaruh positif terhadap kondisi financial distress. Selain itu, ukuran perusahaan sebagai variabel kontrol menunjukkan anomali yang berbeda dengan beberapa penelitian sebelumnya yang justru memberikan hubungan positif terhadap kemungkinan terjadinya financial distress karena penelitian memasukkan periode krisis keuangan dunia tahun 2008.Katakunci: corporate governance, struktur kepemilikan, dan financial distress. This study empirically analyzes the effect of corporate governance application (audit quality, percentage of independent commissioner, existence of106the commitees and commissioner activities) and ownership structure (managerial ownership and institutional ownership) toward the probability of financial distress of the firms. Moreover, this study also consists size and leverage (debt-to-equity ratio) as the controlling variables. Samples used in the study is constructed by a balanced panel of 150 firm-year sample that listed in the Indonesian Stock Exchange during the period of 2008-2010. After that, data analysis using binary logistic regression on 25 financially distressed firms and their 25 paired non-financially distressed firms is done.As a result, the computation of binary logistic regression shows several result on the research. Audit quality, percentage of independent commissioner, existence of commitees and commisioner activities have negative direction toward the probability of financial distress and statistically significant as predicted in hypothesis. This relationship has a strong negative direction that proves the dominance of corporate governance towards the probability of financial distress.In contrast to the hypothesis, managerial ownership has no effect towards financial distress while institutional ownership does have positive impact. Otherwise, size as a controlling variable shows different anomaly which yields positive direction on the probability of financial distress that different from former studies because the observation consists sample taken from global crisis period of 2008.Key words: corporate governance, ownership structure, and financial distress.]]>
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