STRUCTURAL EQUATION MODELING : GOING CONCERN
DETERMINANT OF COMPANIES WITH FINANCIAL
PERFORMANCE AS INTERVENING VARIABLES
DENNY KURNIA AND DEVIYANTORO
Abstract: Going concern is a big problem facing a business entity related to the
survival of the company. In recent years, many national and local firms have
experienced a tendency of doubt for going concerns, which has resulted in
bankruptcy and closure of the company. This study aims to analyze the factors
that affect the going concern of the company. These factors are proxie into the
characteristics of the management accounting system, the application of internal
audit norms of corporate growth and financial performance. The sample used in
this study is the accounting manager of manufacturing companies in Indonesia
Banten Province as many as 175 samples. In this study the data used is primary
data by distributing questionnaires, data analysis method used is a quantitative
approach using structure equation modeling (SEM) with the help of Lisrel software.
The results showed that the characteristics of management accounting system,
the application of internal audit norms and corporate growth together affect the
financial performance with R square value of 0.672 which means that the financial
performance variable can be explained by the characteristics of management
accounting system, the application of internal audit norms and growth companies
amounted to 67.2%, and the remaining 32.8% contribution of other factors not
examined in the model. And the characteristics of the management accounting
system, the application of internal audit norms, corporate growth and financial
performance jointly affect the going concern of the company with R square value
of 0.678 which means that the variable going concern can be explained by the
characteristics of management accounting system, the application of internal audit
norms, company growth and financial performance of 67.8%, and the remaining
32.2% influenced by other factors not examined in the model.
Introduction
Decrease in the number of manufacturing companies in Indonesia along with the
decline in quantity of manufacturing companies in various regions, one of them
Banten Province. The decline in the number of companies also indicates that the
company is not able to maintain its viability (going concern). Going concern is the
survival of a business entity which is an assumption of the financial reporting of an
entity, so that if an entity is experiencing a reverse condition then that entity
becomes problematic (Petronela, 2004).
In order for the company to run its business smoothly and the development so
that it can live forever or going concern, then in need of a strong management with
good financial performance. To achieve a good financial performance and the
Keywords: Characteristic of management accounting system, application of internal audit norm,
company growth, financial performance, going concern of company.
232 DENNY KURNIA AND DEVIYANTORO
company is able to go to concern it needs characteristics of management accounting
system (KSAM), the application of internal audit norms and good corporate
growth.
A number of researchers have confirmed the effect of the characteristics of the
management accounting system on managerial performance. Gozali (2012) states
that broad scope, timeliness, aggregation, and integration of information will have
greater impact on managerial performance. Partially, Nainggolan (2015) confirms
that every character of KSAM that is broad scope, timeliness, aggregation, and
integration has a significant effect. Simultaneously, KSAM has an effect on managerial
performance confirmed by Sulasni & Dedi (2013) and Handayani & Hariyati 2014).
Other researchers, interested in testing the effect of information technology on the
managerial performance mediated by KSAM. The results confirm the alleged role
of KSAM mediation. (Meiranto, Widiastuti, & Puspitasari, 2013).
According to research conducted by Tanjung (2012: 96) the application of
internal inspection has a direct influence on financial performance. The results of
the study, Bhutta and Hasan (2013) suggest that better growth can increase
profitability. If there is an increase in total assets mean the growth of the company
has a high will be more profitable. Kuntluru et.al. (2008) states that in his research
found the results of a positive influence over growth and profitability of the company.
The results of research Chen (2003) state that there is a positive influence over
growth and financial performance in China. MacMillan and Day (1987) consider
that rapid growth can lead to higher profitability based on evidence that fast-
growing firms are becoming more profitable when companies enter the market on a
large scale.
Management Accounting Information System (SIAM) is a formal system
designed to provide information about managers. SIAM planning that is part of
the organizations control system needs attention, so it can be expected to give
positive contribution to supporting the success of management control system.
SIAM can assist managers in controlling activities so that it is expected to assist
companies in achieving goals (Setyarno, 2006). According to Chenhall & Morris,
1986, four characteristics of SIAM are useful for decision-making: broad scopes,
timeliness, aggregation and integration. Assuming that the companys management
has competent and well-performing capacities and competencies, which underlie
whether or not the KSAM achievement and the companys going concern condition
is acceptable, it is also acceptable that the KSAM may directly affect going concern
without having to go through financial performance. If KSAM is a good company
then logically this will affect the goodness of the companys survival. Because well
the characteristics of management accounting system (KSAM) in the company,
managerial tasks that require valid input of valid information (scope, timeliness,
aggregation, and integration) can be fulfilled. This in turn will help the management
to realize a going concern company.
According Hiro (2002) that the quality of internal audit services will affect the
effect on the improvement in company performance. From the results of this study
can be concluded that the internal audit conducted in an organization it will be
able to give a positive influence on the progress of the company.
STRUCTURAL EQUATION MODELING: GOING CONCERN... 233
Literature Review
Characteristics of a useful management accounting system based on managerial
perceptions as decision makers include: broad scope, timeliness, aggregation and
integration (Chenhall and Morris, 1986). One of the characteristics of the
management accounting system is as an important source of information to help
managers control their activities, and to reduce the uncertainty of the environment
in an effort to achieve organizational goals successfully (Nazaruddin, 1998).
Characteristics of management accounting system conceptually can be defined,
as a system that provides operational and financial data information that has
characteristics of broad scope, timeliness, aggregated, and then integrated into
the analysis as a consideration in decision making used in planning, controlling,
evaluating and continuous improvement. Dimensions and indicators of the
characteristics of the management accounting system are as follows; 1) Broad
scope: Internal information, external information. 2) Timeliness: Frequency
of rep orting, Spee d re porti ng. 3) Aggregat: functional i nformation,
temporal information. 4) Integrate: coordination of sub-organizations, impact
decisions.
Internal audit professional practices norms The IIA standard for internal audit
professional practice is divided into five broad categories: independence, professional
ability, scope of work, audit work, and internal audit department management.
(Institute of Internal Auditors, 2004). The application of internal audit norms
conceptually can be defined as an independent appraisal function of an organization
to examine and evaluate the organizations activities undertaken, determine the
efficiency and effectiveness of organizational activity procedures, and determine
the reliability of information generated by different parts of the organization, by
applying the norms of professional practice with indicators that are: 1) Independence,
2) Professional competence, 3) Scope of work, 4) Audit program, 5) Implementation
of audit work, 6) Audit report and 7) Follow up.
Corporate growth of this context is firm-size growth, with indicators that can
have different types of measurement indexes in technical calculations. Company
growth can be measured using a variety of approaches (proxies), such as: (1)
increase from capital, (2) increase from labor force, (3) increase to value added, (4)
net (net profit), and (5) increase production output. In its use there is no single
best proxy index than others. Each of these indexes has advantages and
234 DENNY KURNIA AND DEVIYANTORO
Figure 1: Framework
Methods
This study uses a quantitative approach from explanatory or causal of design,
aiming to explain how one variable affects or is responsible for the change of other
variables (Cooper and Schindler, 2001: 141). In this study, the population is the
accounting manager of a manufacturing company. Sampling was determined by
175 respondents with purposive sampling technique.
Based on the purpose of this research is to measure the influence of independent
variables (characteristics of management accounting system, internal audit and
corporate growth) to the dependent variable (tendency of going concern audit
opinion), involving intervening variable (financial performance), approach in modeling
and solution technique used as tool of analysis in this research is by using structural
equation model (SEM). The reason for choosing this method is its ability to measure
the constructs indirectly, ie through its indicators and simultaneously analyze the
variables of indicator and variance latent, significance test is done by doing t test
for partial influence and F test for influence together.
This research is a survey research by giving questionnaires directly to accounting
managers that work in manufacturing industry company in the form of Limited
Liability Company (PT) in Banten region. This research uses structural equation
model (SEM) to test the research hypothesis, with the following equation:
The structural sub models equation 1 is: �1= �11 �1 ± �12 �2 ± �13 �3 ± �1
Information
�1 = Characteristics of Management Accounting System (SAM)
�2 = Implementation of Internal Audit Norm (AI)
�3 = Company Growth (PP)
�1 = Financial performance (KK)
�2 = Going concern Company (GC)
�11 = The coefficient of path (standardized coefficient) of the characteristics
of the management accounting system on financial performance
236 DENNY KURNIA AND DEVIYANTORO
�12 = The coefficient of the path (standardized coefficient) of the application
of internal audit norms on financial performance
�13 = The coefficient of path (standardized coefficient) of the companys growth
of financial performance
�21 = The coefficient of the path (standardized coefficient) of the characteristics
of the management accounting system on going concern companies
The structural sub models equation 2 is: �2= �21�1 ± �21 �1 ± �22 �2 ± �23 �3 ± �2
�22 = The coefficient of the path (standardized coefficient) of the application
of internal audit norms on going concern companies
�23 = The coefficient of the path (standardized coefficient) of the companys
growth of the companys going concern
�21 = The coefficient of the path (standardized coefficient) of the companys
growth of the companys going concern...
�1 = Other factors that affect financial performance other than the
characteristics of the management accounting system, the application
of internal audit norms, and company growth.
�2 = Other factors that affect the going concern of the company besides the
characteristics of the management accounting system, the application
of internal audit norms, company growth and financial performance.
Result and Discussion
Analisis Full Model (Model Hybrid)
After analyzing the level of uni-dimensionality of the dimensions as well as indicators
for the formation of latent variables or exogenous or endogenous constructs that
have been tested with Confirmatory Factor analysis. Next is to analyze with
Structural Equation Modeling (SEM) in full model. In this model in the conformity
test model and statistical test, the following is the result of testing the structural
model in the form of Full Structural model.
Figure 1: Structural Full Model
STRUCTURAL EQUATION MODELING: GOING CONCERN... 237
Figure 2: Structural Full Model (Standardize Solution)
Based on the output of lisrel can be seen that the dimensions and indicators of
the full model are entirely significant because the value of t arithmetic> 1.96 or p
value <0.005, whereas from the full model images can be seen that the dimensions
and indicators are entirely valid because it has a loading factor value> 0.05. Then
tested the feasibility of the model of the path diagram on this full model has
Goodnes of fit is good enough. Comparison of model feasibility testing as shown in
table 1.
Tabel 1
Goodness of Fit index (GOFI) Full Model
No Goodness of FitIndex Cut off Value Hasil Kriteria
(Nilai Batas)
1 GFI � 0.90 0.894 Good Fit
2 AGFI � 0.90 0.841 Marginal
3 CFI � 0.90 0.963 Good Fit
4 IFI � 0.90 0.963 Good Fit
5 RMSEA <0.08 0.080 Good Fit
Source: Primary data was processed by researchers with Lisrel 9.1
it can be known which independent variables that have significant and dominant
influence affect the dependent variable
Based on the output of lisrel version 9.1 of Structural Equations on standardized
solution, structural equation models on characteristics of management accounting
system, application of internal audit norm, and company growth to financial
performance are as follows.
KK = 0.20*KSAM + 0.15*PNAI + 0.64*PP, Errovar. = 0.0956, R2 = 0.672
(0.0877) (0.0697) (0.0131) (0.0243)
2.28 .15 6.89 3.931
Based on the output obtained R square value of 0.672 which means that value
is the amount of contribution to management accounting system characteristics,
the application of internal audit norms and growth of the company to financial
performance, and from the value of R square it also contains meaning that variation
of financial performance can be explained by system characteristics management
accounting, internal audit norm implementation and company growth of 67.2%,
and the remaining 32.8% contribution to other factors not examined in the model.
Then tested at the level of significance simultaneously in this case because the
estimation of structural models using multiple regression analysis approaches is
done by using the F test obtained value of F arithmetic of 116.78, then determine
the value of F table using Fisher F á distribution table (k ) F numerator = F0,05
(3) (175-3-1), then F 0.05 (3) (175) = 2.66, compare the value of F arithmetic with
the value of F the result table is 116, 78> 2.6568 then simultaneous model for this
4th hypothesis is accepted meaning there is significant influence simultaneously
characteristic of management accounting system, application of internal audit norm
and company growth to financial performance.
Based on the output of lisrel version 9.1 of Structural Equations on standardized
solution model structural equation characteristics of management accounting system,
application of internal audit norm, company growth and financial performance to
going concern of company are as follows.
GC = 0.32*KK + 0.38*KSAM + 0.16*PNAI + 0.17*PP, Errovar. = 0.0623, R2 = 0.678
(0.1592) (0.1357) (0.0747) (0.0762) (0.0165)
2.01 2.80 2.14 2.23 3.763
Based on the output is obtained R square value of 0.678 which means there is
a positive influence of the characteristics of management accounting system, the
application of internal audit norms, corporate growth and financial performance
on the going concern manufacturing companies in Banten Province, and from the
R square value also contains the meaning that the variation of going concern can
be explained by the characteristics of management accounting system,
Implementation of internal audit norms, corporate growth and financial performance
of 67.8%, and the remaining 32.2% influenced other factors not examined in the
model. Then tested at the level of significance simultaneously in this case because
STRUCTURAL EQUATION MODELING: GOING CONCERN... 239
the estimation of structural model using multiple regression analysis approaches is
done by using F test obtained F value counted 178.96 then determine the value of
F table using Fisher F á distribution table (k) The numerator (n - k-1) denominator
= F 0.05 (4) (175-4-1), then F 0.05 (4) (170) = 2.424815, compare the value of F
arithmetic with the value of F the result table is 89.48 > 2.428 5maka simultaneous
model Ha for the second hypothesis is accepted means there is a significant influence
simultaneously the characteristics of management accounting system, the application
of internal audit norms, corporate growth and financial performance to the going
concern of manufacturing industry companies in Banten Province.
Based on standardized estimate model output and t value full model can be
interpretation of direct or indirect influence between latent variables. Analysis of
influence is shown to see how strong the influence of a variable with other variables
either directly or indirectly.
Table 2
Direct and Indirect Influence
FEATURE KSAM �KK KK�GC KSAM �GC TOTAL
Indirect Influence 0.20 0.32 - 0.064
Direct Influence - - 0.38 0.144
Description: Characteristics of management accounting system has a direct influence on Going concern
FEATURE PNAI �KK KK�GC PNAI �GC TOTAL
Indirect Influence 0.15 0.32 - 0.048
Direct Influence - - 0.16 0.025
Description: The application of internal audit norms has an indirect effect on Going concern, moderated
first by the variable Financial performance.
FEATURE PP�KK KK�GC PP�GC TOTAL
Indirect Influence 0.64 0.32 - 0.205
Direct Influence - - 0.17 0.029
Description: The growth of the company has an indirect influence on Going concern, moderated first
by the variable Financial performance.
Source: Primary data was processed by researchers with Lisrel 9.1
Conclusion
Based on the results of hypothesis analysis and testing of exogenous and endogenous
variables can be summarized as follows:
1. Effect of Management Accounting System Characteristics on Financial
Performance.
Based on the structural model that the characteristics of management accounting
system shows a positive and significant impact on financial performance at
manufacturing companies in Banten Province, this means that if the company
has the characteristics of the management accounting system well then, the
financial performance of the manufacturing company will also be good. While
the most dominant dimension affecting financial performance is dimension
240 DENNY KURNIA AND DEVIYANTORO
(X3) aggregation, while the most dominant dimension in financial performance
is dimension (Y1) liquidity performance.
2. Effect of Implementation of Internal Audit Norm to Financial Performance
Based on the structural model that the implementation of internal audit norms
shows a positive and significant impact on financial performance at
manufacturing companies in Banten Province, this means that if the company
apply the internal audit norms well then, the financial performance of the
manufacturing company will also be good. While the dimensions of the most
dominant internal audit norm implementation affect the financial performance
is the dimension (X7) of the audit scope internal, which is related to the
reliability of information used by the internal audit and the implementation of
internal audit in accordance with the plan, procedure, and legislation, while
the most dominant dimension on financial performance is the dimension (Y1)
liquidity performance associated with the current ratio value and quick ratio
that is the ability of the company to settle short-term liabilities with current
assets.
3. The Influence of Corporate Growth on Financial Performance
Based on the structural model that the companys growth shows a positive and
significant impact on financial performance at manufacturing companies in
Banten Province, this means that if the company grows well then, the financial
performance of manufacturing companies will also increase. While the dimension
of the most dominant corporate growth affecting financial performance is the
dimension (X9) of finance, which is related to capital growth, profit growth
and asset value growth. The most dominant dimension in financial performance
is the dimension (Y1) liquidity performance associated with the current ratio
value and quick ratio is the ability of the company to settle short-term liabilities
with current assets.
4. Influence Characteristics of Management Accounting System, Implementation
of Internal Audit Normal and Corporate Growth on Financial Performance
Based on the structural model that characteristic of management accounting
system, application of internal audit norm and company growth showed a
positive and significant influence to financial performance at manufacturing
company in Banten Province. Company growth is the variable that has the
value of the coefficient of the greatest or most affect the financial performance
compared with the variable characteristics of the management accounting system
and the application of internal audit norms. With the increase in company
growth indicator such as capital growth, profit growth, asset value growth,
production value growth, product quality and product innovation, financial
performance can be improved well.
5. Effect of Management Accounting System Characteristics to The Going Concern
Company
Based on the structural model that characteristic of management accounting
system showed a positive and significant influence to the going concern of the
company at the manufacturing company in Banten Province, this means if the
STRUCTURAL EQUATION MODELING: GOING CONCERN... 241
company has good management accounting system characteristic then going
concern company will also be good. The most dominant dimension in
management accounting system characteristic variables is dimension (X3)
aggregation, with indicator of functional information and structural information,
while the most dominant indicator on characteristic variable of management
accounting system is information integrated into segments of subunit and inter
subunit. The most dominant dimension in going concern is the dimension (Y5)
no financial difficulties, with no indication of difficulties in meeting the debt
obligations of the company, no difficulty in finding new sources of funding and
sales of fixed assets, while the most dominant indicator on the variable going
concern of the company is the sale of assets permanent.
6. The Effect of Implementing Internal Audit Norms Against Corporate Going
Concern
Based on the structural model that the application of internal audit norms
shows a positive and significant impact on going concern on manufacturing
companies in Banten Province, this means that if the company implements
internal audit norms well then going concern company will also be good.
While the dimension of the most dominant internal audit norm implementation
affecting the companys going concern is the dimension (X7) of the audit
scope internal, which is related to the reliability of the information used by
the internal audit and the implementation of internal audit in accordance
with the plan, procedure, and legislation. The most dominant dimension in
going concern is the dimension (Y5) no financial difficulties, with no indication
of difficulties in meeting the debt obligations of the company, no difficulty in
finding new sources of funding and sales of fixed assets, while the most
dominant indicator on the variable going concern of the company is the sale
of assets permanent.
7. The Influence of Corporate Growth to The Going Concern of Companies
Based on the structural model that the companys growth shows a positive and
significant impact on the going concern of the company in the manufacturing
company in Banten Province, this means that if the company grows well then,
the going concern of the company will also increase. The most dominant
dimension of corporate growth is financial dimension (X9), which is related to
capital growth, profit growth and asset value growth, while the most dominant
growth indicator is profit growth. The most dominant dimension in going
concern is the dimension (Y5) no financial difficulties, with no indication of
difficulties in meeting the debt obligations of the company, no difficulty in
finding new sources of funding and sales of fixed assets, while the most dominant
indicator on the variable going concern of the company is the sale of assets
permanent.
8. The Effect of Financial Performance on Corporate Going Concern
Based on the structural model that the financial performance showed a positive
and significant impact on the going concern of the company at the manufacturing
company in Banten Province, this means that if the company has a financially
242 DENNY KURNIA AND DEVIYANTORO
improved performance then the going concern of the company will also increase.
The most dominant dimension in financial performance is the dimension (Y1)
liquidity performance associated with the current ratio value and quick ratio
that is the ability of the company to settle short-term liabilities with current
assets. The most dominant dimension in going concern is the dimension (Y5)
no financial difficulties, with no indication of difficulties in meeting the debt
obligations of the company, no difficulty in finding new sources of funding and
sales of fixed assets, while the most dominant indicator on the variable going
concern of the company is the sale of assets permanent.
9. Influence Characteristics of management accounting system, Implementation
of Internal Audit Norm, Company Growth and Financial Performance to Going
Concern Company
Based on the output of lisrel on the second structural equation shows the
influence of the characteristics of management accounting system, the application
of internal audit norms, corporate growth and financial performance
simultaneously have a positive and significant effect on the going concern of
the company, with the most influencing exogenous variables are the
characteristics of management accounting system (KSAM) and the dominating
dimension is on the aggregation aspect (Y2).
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