Analisis Pengaruh Financial Distress Terhadap Berita Negatif Pada Perusahaan Asuransi di Indonesia
Keywords:
Financial Distress, Perusahaan Asuransi, Berita Negatif
Abstract
Perusahaan asuransi merupakan lembaga jasa keuangan yang berbasis kepercayaan, yang memiliki peran sebagai pelindung keuangan maupun berkontribusi terhadap perekonomian suatu negara. Dalam beberapa tahun terakhir, beberapa perusahaan asuransi di Indonesia menghadapi permasalahan karena gagal membayar klaim asuransi. Berita gagal bayar tersebut telah tersebar di berbagai media massa baik cetak maupun elektronik dan membuat banyak masyarakat memberikan stigma negatif terkait industri asuransi di Indonesia. Penelitian ini bertujuan untuk mengetahui pengaruh financial distress terhadap berita negatif pada perusahaan asuransi di Indonesia. Penelitian ini juga melakukan pengujian terhadap faktor lain yang berpotensi mempengaruhi berita negatif yaitu rasio likuiditas dan ukuran perusahaan. Metode analisis mengunakan uji regresi data panel dengan pendekatan Fix Effect Model. Penelitian menggunakan sample 120 perusahaan asuransi konvensional yang berizin di OJK per 31 Desember 2021. Penelitian menggunakan data selama 5 tahun (2017 – 2021). Variabel berita negatif diperoleh dengan menghitung jumlah berita negatif terkait perusahaan asuransi di 12 media online di Indonesia, sementara variabel financial distress diukur berdasarkan rasio kesehatan keuangan yang telah diatur oleh OJK yaitu solvabilitas (RBC), rasio kecukupan investasi, dan ekuitas. Hasil penelitian menunjukkan bahwa financial distress berpengaruh signifikan terhadap berita negatif. Rasio likuiditas dan ukuran perusahaan tidak berpengaruh signifikan terhadap berita negatif perusahaan asuransi.
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References
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Song, C., Wang, X.-K., Cheng, P., Wang, J., & Li, L. (2020). SACPC: A framework based on probabilistic linguistic terms for short text sentiment analysis. Knowledge-Based Systems, 194, 105572.
Taswin, T., & Suhendra, E. S. (2022). The Influence of the Financial Health Indicators towards the Financial Distress with Risk Level Moderation: Empirical Study on Life Insurance Companies in Indonesia. Expert Journal of Business and Management, 10(2).
Wu, C. C., Yan, Y., Yuan, T., Huang, C. C., & Tsai, Y. J. (2022). A study of network negative news based on behavioral finance analysis of abnormal fluctuation of stock price. Discrete Dynamics in Nature and Society, 2022.
Wu, G. G.-R., Hou, T. C.-T., & Lin, J.-L. (2019). Can economic news predict Taiwan stock market returns? Asia Pacific Management Review, 24(1), 54–59.
Wu, L., & Ow, S. H. (2021). The Impact of news sentiment on the stock market fluctuation: the case of selected energy sector. Jurnal Ekonomi Malaysia, 55(3), 1–21.
Yadav, R., Kumar, A. V., & Kumar, A. (2019). News-based supervised sentiment analysis for prediction of futures buying behaviour. IIMB Management Review, 31(2), 157–166.
Zelie, E. M. (2019). Determinants of financial distress in case of insurance companies in ethiopia. Research Journal of Finance and Accounting, 10(15), 1697–2222.
Aprilia, Z. (2023). Cerita di Balik 3 Kasus Asuransi Besar Yang Gantung. https://www.cnbcindonesia.com/market/20230117103458-17-406027/cerita-di-balik-3-kasus-asuransi-besar-yang-gantung
Aust, C. F. (1985). Judgments of Well-Being after Exposure to Televised Bad and Good News.
BarNiv, R., & Hershbarger, R. A. (1990). Classifying financial distress in the life insurance industry. Journal of Risk and Insurance, 110–136.
Borch, K. H., Sandmo, A., & Aase, K. K. (2014). Economics of insurance. Elsevier.
Carlini, F., Cucinelli, D., Previtali, D., & Soana, M. G. (2020). Don’t talk too bad! stock market reactions to bank corporate governance news. Journal of Banking & Finance, 121, 105962.
Dewi, T. T. C. (2017). Effect of change in surplus ratio, incurred loss ratio, liquidity ratio, premium growth ratio, size and risk based capital to predict the possibilities of financial distress: The case of Indonesian non-life insurance listed in Indonesia insurance directory. Advanced Science Letters, 23(8), 7285–7288. https://doi.org/10.1166/asl.2017.9352
Diyanto, V. (2020). The effect of liquidity, leverage and profitability on financial distress. Indonesian Journal of Economics, Social, and Humanities, 2(2), 127–133.
Donnelly, S. (2007). The international accounting standards board. New Political Economy, 12(1), 117–125.
Eisdorfer, A. (2007). The importance of cashâ€flow news for financially distressed firms. Financial Management, 36(3), 33–48.
Emery, D. R., Finnerty, J. D., & Stowe, J. D. (2004). Corporate financial management. Prentice Hall.
Fachrudin, K. A. (2021). The effect of financial distress probability, firm size and liquidity on stock return of energy users companies in Indonesia. International Journal of Energy Economics and Policy.
Galician, M.-L., & Vestre, N. D. (1987). Effects of ‘good news’ and ‘bad news’ on newscast image and community image. Journalism Quarterly, 64(2–3), 399–525.
Gandhi, P., Loughran, T., & McDonald, B. (2019). Using annual report sentiment as a proxy for financial distress in US banks. Journal of Behavioral Finance, 20(4), 424–436.
Gieber, W. (1955). Do Newspapers Overplay ‘Negative’News? Journalism Quarterly, 32(3), 311–318.
Harcup, T., & O’neill, D. (2001). What is news? Galtung and Ruge revisited. Journalism Studies, 2(2), 261–280.
Harfoushi, O., Hasan, D., & Obiedat, R. (2018). Sentiment analysis algorithms through azure machine learning: Analysis and comparison. Modern Applied Science, 12(7), 49.
Haryanti, R. (2023). Analisis Kecurangan Laporan Keuangan PT Asuransi Jiwasraya dengan Analisis Fraud Pentagon. Sanskara Akuntansi Dan Keuangan, 1(02), 92–99.
Idawati, W., & Wardhana, A. K. (2021). Analysis of Financial Distress with Profitability as Moderation Variable. Jurnal Akuntansi, 25(2), 222–238.
Isayas, Y. N. (2021). Financial distress and its determinants: Evidence from insurance companies in Ethiopia. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1951110
Jamaluddin, M. (2018). The effect of financial distress and disclosure on going concern opinion of the banking company listing in Indonesian Stock Exchange. International Journal of Scientific Research and Management, 6(01), 64–70.
Khamisah, N., Listya, A., & Saputri, N. D. M. (2021). Does Financial Distress Has an Effects on Audit Report Lag?(Study on Manufacturing Companies Listed in Indonesia Stock Exchange). Akuntabilitas, 15(1), 19–34.
Koppel, M., & Shtrimberg, I. (2006). Good news or bad news? let the market decide. Computing Attitude and Affect in Text: Theory and Applications, 297–301.
Kuncoro, M., Sumiharti, Y., & Kristiaji, W. C. (2003). Metode riset untuk bisnis dan ekonomi.
Liahmad, K. R., Utami, Y. P., & Sitompul, S. (2021). Financial Factors and Non-Financial to Financial Distress Insurance Companies That Listed in Indonesia Stock Exchange. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(1), 1305–1312.
Liedtke, P. M. (2007). What’s insurance to a modern economy? The Geneva Papers on Risk and Insurance-Issues and Practice, 32, 211–221.
Liu, B., Zhang, J., Liu, Q., Li, H., Zhang, M., Qiu, R., & Zhao, J. (2015). Data Acquisition, Hot Issues and System of Microblog Mining. 2015 International Conference on Network and Information Systems for Computers, 116–119.
Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10â€Ks. The Journal of Finance, 66(1), 35–65.
Moreno-Marcos, P. M., Alario-Hoyos, C., Muñoz-Merino, P. J., Estévez-Ayres, I., & Kloos, C. D. (2018). Sentiment analysis in MOOCs: A case study. 2018 IEEE Global Engineering Education Conference (EDUCON), 1489–1496.
OJK. (2021). Statistik Perasuransian. https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/asuransi/Pages/Statistik-Perasuransian-2021.aspx
Pernamasari, R. (2020). Determinants of Voluntary Disclosure: Based on Financial Ratios and Financial Distress. International Journal of Management Studies and Social Science Research, 2(4), 130–141.
Platt, H. D., & Platt, M. B. (1991). A note on the use of industry-relative ratios in bankruptcy prediction. Journal of Banking & Finance, 15(6), 1183–1194.
Qaisi, L. M., & Aljarah, I. (2016). A twitter sentiment analysis for cloud providers: a case study of Azure vs. AWS. 2016 7th International Conference on Computer Science and Information Technology (CSIT), 1–6.
Ross, S. A., Westerfield, R., Jaffe, J. F., Jordan, B. D., Jaffe, J., & Jordan, B. (2019). Corporate finance. McGraw-Hill Education New York.
Rubab, S. T., Hanif, N., Bukhari, S. A. F., Munir, U., & Kamran, M. M. (2022). The Impact of Financial Distress on Financial Performance of Manufacturing Firms Listed at Pakistan Stock Exchange. Bulletin of Business and Economics (BBE), 11(2), 382–391.
Scanner, S. (2023). Adverse Media or Negative News Screening. https://sanctionscanner.com/knowledge-base/adverse-media-144
Sihombing, P. (2020). Financial Distress Analysis of Registered Insurance Companies in Indonesia Stock Exchange 2015-2019. European Journal of Business and Management Research, 5(6).
Song, C., Wang, X.-K., Cheng, P., Wang, J., & Li, L. (2020). SACPC: A framework based on probabilistic linguistic terms for short text sentiment analysis. Knowledge-Based Systems, 194, 105572.
Taswin, T., & Suhendra, E. S. (2022). The Influence of the Financial Health Indicators towards the Financial Distress with Risk Level Moderation: Empirical Study on Life Insurance Companies in Indonesia. Expert Journal of Business and Management, 10(2).
Wu, C. C., Yan, Y., Yuan, T., Huang, C. C., & Tsai, Y. J. (2022). A study of network negative news based on behavioral finance analysis of abnormal fluctuation of stock price. Discrete Dynamics in Nature and Society, 2022.
Wu, G. G.-R., Hou, T. C.-T., & Lin, J.-L. (2019). Can economic news predict Taiwan stock market returns? Asia Pacific Management Review, 24(1), 54–59.
Wu, L., & Ow, S. H. (2021). The Impact of news sentiment on the stock market fluctuation: the case of selected energy sector. Jurnal Ekonomi Malaysia, 55(3), 1–21.
Yadav, R., Kumar, A. V., & Kumar, A. (2019). News-based supervised sentiment analysis for prediction of futures buying behaviour. IIMB Management Review, 31(2), 157–166.
Zelie, E. M. (2019). Determinants of financial distress in case of insurance companies in ethiopia. Research Journal of Finance and Accounting, 10(15), 1697–2222.
Published
2023-11-11
Section
Original Articles
Copyright (c) 2023 Dadang Dwi Panjaya Permadi, Lenny Suardi
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