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1
Rahmawati, Tiara, and Erma Setiawati. "PENGARUH LABA, ARUS KAS, LEVERAGE DAN FIRM GROWTH TERHADAP KONDISI FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2018-2020." Jurnal Akuntansi STIE Muhammadiyah Palopo 8, no. 2 (2022): 34. http://dx.doi.org/10.35906/jurakun.v8i2.1024.
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ABSTRAK Financial distress ialah ketika kondisi penurunan keuangan dan kerugian menimpa perusahaan, sehingga tidak mungkin untuk bersaing kembali dengan perusahaan lain. Perusahaan diharuskan berinovasi agar dapat bersaing, jika tidak maka perusahaan akan bangkrut. Bisnis yang mengalami kesulitan keuangan sering kali ditandai dengan kualitas produk yang buruk, pembayaran rekening bank yang terlambat, dan laba operasionali yang negatife selamai beberapai tahun berturut-turut.i Tujuan dilakukannya penelitiani inii adalahi untuki mengetahuii pengaruhi laba, arus kas, i leveragei dani firmi growthi terhadapi financiali distressi perusahaani manufaktur yangi terdaftari di Bursai Efeki Indonesiai periode 2018-2020. Penggunaan data sekunder dan pendekatan kuantitatif fipilih oleh peneliti dalam penelitian ini. Datanya yaitu laporani keuangani perusahaan periode 2018-2020. Perusahaan sampell yangl termasuk dalaml penelitianl ditentukani dengan purposivel samplingldanl diambil 225 sampel. Hasill penelitianl mendapatkan hanya variabell labal yang berpengaruhl terhadapl financiall distress. l. Sementara variabell arus kas, leveragel danl firm growth tidakl mempengaruhi fiancial distress, penelitian berikutnya dapat menambahkan variabel prediktif lain yang mungkin dapat mempengaruhi financiall ldistress. lKata kuncil: Laba, arus kas,l leverage,l firm growth, financiall distressl ABSTRACTttFinanciall distressl isl when al company experiences al financial decline and suffers losses, making it impossible to compete with other companies. Companies must innovate in order to compete, otherwise the company will go bankrupt. Businesses experiencing financial difficulties are often characterized by poor product quality, late bank account payments, and negative operating profit for two consecutive years. The purpose of thisl studyl was tol determinel thel effectl ofl income, cashflow, leverage andl firm growth onl the financial distress ofl manufacturingl companiesl listedl onl thel Indonesial Stockl Exchangel forl thel 2018-2020 periodt. Thisl study usesl a quantitative approach, using secondary data in the form of company financiall statements. Thel sample companies included inl thel studyl were determined by purposivel samplingl withl certain criteria and 225 samples were taken. The resultsl showedl only thel profit variablel hadl an effectl onl financial distress. While cash flow, leverage, and firm growth variables do not affect financial distress, further research can add other predictive variables that can affect financiall distress.L... Keyword: Profit,l Cash Flow,l Leverage,l Firm growth, Financiall distressl
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Yanti, Intan Junaedy,. "Uji Beda Karakteristik Terhadap Perusahaan Financial Distress Dan Non-Financial Distress." Jurnal Paradigma Akuntansi 1, no. 3 (2019): 927. http://dx.doi.org/10.24912/jpa.v1i3.5597.
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This research aims to find out the difference in cash flow, board size, and leverage characteristic between financial distress company and non-financial distress company that proxied by Altman Z-Score. This research used samples of manufacturing companies that listed in Indonesia Stock Exchange (Bursa Efek Indonesia) in 2015-2017. Based on purposive sampling method, this research has 42 samples which is categorized as financial distress, and 42 samples which is categorized as non-financial distress. This research uses the independent samples t-test and Mann Whitney (U-test).The result of this research showed that there is a significant difference of cash flow and leverage between financially distressed company and non-financially distressed company. As for the board size, there is no significant difference between financially distressed company and non-financially distressed company
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Sandika, Eugenius Flaviano, Ratih Kusumawardhani, and Risal Rinofah. "PENGARU ARUS KAS PENDANAAN DAN LEVERAGE TERHADAP FINANCIAL DISTRESS DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN PROPERTI DAN REAL ESTATE PERIODE 2019-2022 YANG TERDAFTAR DI BURSA EFEK INDONESIA." Jurnal Orientasi Bisnis dan Entrepreneurship (JOBS) 4, no. 2 (2023): 177–87. http://dx.doi.org/10.33476/jobs.v4i2.4159.
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Tujuan penelitian ini adalah untuk mengetahui pengaruh arus kas pendanaan dan levergae terhadap financial distress,serta untuk mengetahui apakah profitabilitas mampu memoderasi pengaruh arus kas pendanaan dan leverage terhadap financial distress.Sampel pada penelitian ini menggunakan teknik purposive sampling pada perusahaan properti dan real estate yaang terdaftar di Bursa Efek Indonesia periode 2019-2022.Ada 13 perusahaaan yang dijadikan sampel pada penelitian ini.Penelitian ini menggunakan pendekatan kuantitatif.Metode analisis data menggunakan uji koefesien determinasi (R2),analisis Moderated Regression Analysis ,dan uji t (uji parsial).Adapun hasil yang didapat dalam penelitian ini menunjukan bahwa arus kas pendanaan tidak berpengaruh terhadap financial distress,leverage berpengaruh terhadap financial distress,profitabilitas sebagai variabel moderasi tidak mampu memoderasi pengaruh arus kas pendanaan terhadap financial distress,dan profitabilitas sebagai variabel moderasi mampu memoderasi pengaruh leverage terhadap financial distress.
 Kata Kunci : Arus Kas Pendanaan,Leverage,Financial Distress,Profitabilitas
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Mulyaningsih, Tri, Tamat Sarmidi, and Malik Cahyadin. "Corporate Debt, Institutional Differences and Firms’ Financial Distress in Emerging Economies under Uncertainty." Jurnal Dinamika Manajemen 14, no. 2 (2023): 300–316. http://dx.doi.org/10.15294/jdm.v14i2.46197.
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Firms with high leverage are more vulnerable, particularly during uncertainty due to the COVID-19 pandemic. This study aims to examine the impact of leverage on firms’ financial distress by capturing two countries, Indonesia and Malaysia, which have different levels of leverage and financial development that affect access to external funding. The Altman Z-score—for a rich dataset comprising quarterly data of publicly traded companies between 2015 and 2020—is calculated to measure firms’ financial distress. Furthermore, the Difference-in-Differences (DiD) technique is employed to test the hypothesis that highly leveraged firms have a higher bankruptcy risk that leads to financial distress during the COVID-19 pandemic. This study finds that firms’ financial distress during the pandemic is higher than prior the pandemic. Indonesian firms’ financial distress was higher than Malaysian firms. Finally, highly leveraged firms are exposed to higher bankruptcy risk than firms with lower debt.
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Fitrianingsih, Dwi, Rhany Khurmala, Sucihati Sucihati, and Jundutami Thoriq Lasub. "PENGARUH FINANCIAL LEVERAGE DAN ARUS KAS TERHADAP FINANCIAL DISTRESS PERUSAHAAN SEKTOR INFRASTRUKTUR." Faletehan Jurnal Ekonomi dan Bisnis 1, no. 1 (2022): 12–21. http://dx.doi.org/10.61252/fjeb.v1i1.10.
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Penelitian ini dilakukan untuk mengetahui pengaruh Financial Leverage dan Arus Kas terhadap Financial Distress pada perusahaan sektor infrastruktur di BEI. Jenis penelitian ini adalah penelitian kuantitatif, dengan teknik pengumpulan data menggunakan data sekunder. Teknik pengambilan sampel menggunakan teknik purposive sampling, jumlah populasi yang diambil sejumlah 31 perusahaan dengan total sampel 155. Metode analisis yang digunakan dalam penelitian ini adalah analisis linear berganda. Hasil analisis yang telah dilakukan menunjukkan bahwa financial leverage memiliki pengaruh terhadap financial distress dengan nilai thitung sebesar -7,159 dengan nilai signifikansi <0,05 sehingga hipotesis pertama diterima. Arus kas tidak berpengaruh terhadap financial distress dengan nilai thitung sebesar 1,663 dan nilai signifikansi >0,05 sehingga hipotesis kedua ditolak. Secara simultan, financial leverage dan arus kas memiliki pengaruh terhadap financial distress dengan nilai uji F sebesar 29,185. Berdasarkan uji R2 yang telah dilakukan, besaran distribusi yang berpengaruh terhadap financial distress adalah 35,1%. Maka penelitian ini menunjukkan bahwa financial leverage berpengaruh negatif terhadap financial distress. Arus kas tidak berpengaruh terhadap financial distress. Financial leverage dan arus kas dapat berpengaruh terhadap financial distress secara simultan.
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Sukarno*, Agus, Aryono Yacobus, and Agung Satmoko. "Financial Ratio Analysis in Predicting Financial Distress at Tourism Companies, Restaurants, and Hotels Listed on the Indonesia Stock Exchange (IDX) 2021." Jurnal Ilmu Keuangan dan Perbankan (JIKA) 12, no. 2 (2023): 191–202. http://dx.doi.org/10.34010/jika.v12i2.8994.
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This study aims to determine and analyze liquidity, profitability, leverage, and operational cash flow on financial distress in tourism companies, restaurants, and hotels listed on the Indonesia Stock Exchange in 2021. By measuring the effect of liquidity, profitability, leverage, and operational cash flow on financial distress. Financial distress is measured using the X-Score. The method of analysis of this research uses the logistic regression analysis method. The results of this study indicate that liquidity harms financial distress, profitability harms financial distress, leverage has a positive effect on financial distress, and the operational cash flow ratio does not affect financial distress.
 Keywords: Financial ratios; Financial Distress; Leverage; Oprational Cash Flow X-Score; Profitability
 
 Abstrak
 Penelitian ini bertujuan mengetahui dan menganalisis liquidity, profitability, leverage dan operational cash flow terhadap financial distress pada perusahaan pariwisata, restoran dan hotel yang terdaftar di Bursa Efek Indonesia tahun 2021. Dengan mengukur pengaruh liquidity, profitability, leverage dan operational cash flow terhadap financial distress. Financial distress diukur menggunakan X-Score. Metode analisis penelitian ini menggunakan metode analisis regresi logistik. Hasil penelitian ini menunjukkan bahwa liquidity berpengaruh negatif terhadap financial distress, profitability berpengaruh negatif terhadap financial distress, leverage berpengaruh positif terhadap financial distress, operational cash flow ratio tidak berpengaruh terhadap financial distress.
 Kata Kunci: Rasio Keuangan; Rasio Arus Kas Operasional; Kesulitan Keuangan; Profitabilitas; Manfaat X-Score
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Fitri, Rahmadona Amelia, and Syamwil Syamwil. "Pengaruh Likuiditas, Aktivitas, Profitabilitas dan Leverage Terhadap Financial Distress (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018)." Jurnal Ecogen 3, no. 1 (2020): 134. http://dx.doi.org/10.24036/jmpe.v3i1.8532.
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The research aims to determine the effect of liquidity, activity, profitability and leverage on the financial distress of manufacturing companies listed on the Indonesia Stock Exchange in the 2014-2018 period. The population is 161 companies with 805 data. The sample technique uses purposive sampling and simple random sampling to get a sample of 64 companies with 320 data, the number of samples used is 256 valid data and in accordance with the required criteria. Data analysis technique used logistic regression analysis. Based on the results of logistic regression analysis with a significance level of 5% the results of the study concluded: 1) Liquidity, activity, profitability and leverage affect the financial distress with a significance value of 0,000 < 0.05 and independent variables can hear iden the occurrence of the dependent variable of 83,8% . 2) Liquidity does not affect the financial distress with a significance value of 0.199 > 0.05. 3) Activities affect the financial distress with a significance value of 0.041 < 0.05. 4) Profitability affects the financial distress with a significance value of 0,000 < 0.05. 5) Leverage affects the financial distres with a significance value of 0,000 < 0.05.Keywords: liquidity, activity, profitability, leverage, financial distress.
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Aribah B, Dewanita Nurul, Haliah Haliah, and Nirwana NIrwana. "Determinasi Kesulitan Keuangan Untuk Perusahaan Manufaktur di Bursa Efek Indonesia." Jurnal Riset Multidisiplin dan Inovasi Teknologi 2, no. 02 (2024): 482–99. http://dx.doi.org/10.59653/jimat.v2i02.734.
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Penelitian ini bertujuan untuk mengetahui pengaruh rasio, profitabilitas, kepemilikan instutisional dan komite audit terhadap financial distress pada perusahaan manufaktur di Bursa Efek Indonesia. Penelitian ini menggunakan data sekunder yang diperoleh secara tidak langsung melalui media perantara dari situs resmi (www.idx.co.id) selama periode tahun 2020 dan diperoleh 140 perusahaan yang terdaftar dan memenuhi kriteria dalam penelitian ini. Metode analisis yang digunakan dalam penelitian adalah analisis regresi logistik. Hasil penelitian ini menunjukkan bahwa secara parsial variabel rasio leverage, rasio profitabilitas, kepemilikan institusional berpengaruh dan signifikan terhadap financial distress dan komite audit tidak berpengaruh signifikan terhadap financial distresss. Semakin tinggi tinggi leverage kemungkinan terjadinya financial distress semakin besar. Sebaliknya, semakin besar profitabilitas kemungkinan terjadinya financial distress semakin kecil. Semakin tinggi Kepemilikan institusional kemungkinan terjadinya financial distress semakin kecil. Semakin tinggi komite audit kemungkinan terjadinya financial distress semakin kecil.
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Soraya, Rima, Ashari Sofyaun, and Matyani Matyani. "Financial Distress In Monitoring Company Financial Performance With Mediation Profitability." Riwayat: Educational Journal of History and Humanities 8, no. 1 (2025): 269–80. https://doi.org/10.24815/jr.v8i1.43707.
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Profitability mediates the company's financial performance in influencing financial distress to be the research objective. The data used are in the form of financial reports of companies in the Property and Real Estate sub-sector. on the Indonesia Stock Exchange for the 2020-2023 period . The research findings show that liquidity has a positive effect on financial distress, and partially profitability is not affected by liquidity and leverage. Financial distress is partially not affected by leverage and profitability. In the review of the indirect effects of liquidity and leverage, profitability cannot be mediated by financial distress.
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Sari, Fitri Indah, R. A. Damayanti, and Andi Kusumawati. "The Effect of Cash Conversion Cycle and Chief Executive Officer Power on Financial Distress and Leverage an Intervening Variable." International Journal of Research and Review 8, no. 7 (2021): 337–43. http://dx.doi.org/10.52403/ijrr.20210747.
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This study aims to determine and analyze (1) the effect of the cash conversion cycle on financial distress, (2) the effect of chief executive officer power on financial distress, (3) the effect of the cash conversion cycle on leverage, (4) the effect of chief executive officer power on leverage (5) Effect of cash conversion cycle on leverage (6) Effect of cash conversion cycle on financial distress through leverage (7) Effect of chief executive officer power on financial distress through leverage. This research is a type of quantitative research. In this study using agency theory and stakeholder theory. The population in this study were all manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2016-2020. The sample determination in this study used purposive sampling with a sample size of 80. The research data is secondary data accessed through www.idx.co.id. The results showed that the cash conversion cycle had a positive and significant effect on financial distress. Chief executive officer power has a positive and significant effect on financial distress. Cash conversion cycle has a positive and significant effect on leverage. Cash conversion cycle has a negative effect on leverage. Cash conversion cycle has a positive effect on financial distress through leverage. Chief executive officer power has a negative effect on financial distress through leverage. Keywords: Cash Conversion Cycle, Chief Executive Officer Power, Financial Distress, Leverage.
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Kalda, Ankit. "Peer Financial Distress and Individual Leverage." Review of Financial Studies 33, no. 7 (2019): 3348–90. http://dx.doi.org/10.1093/rfs/hhz077.
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Abstract Using health shocks to identify financial distress situations, I document that peer distress leads to a decline in individual leverage and debt on average. Individual leverage declines by 5.7% and remains deflated for at least five years following peer distress. This decline occurs as individuals borrow less on the intensive margin, pay higher fractions of their debt and save more while their income remains unchanged. As a result, individuals are less likely to default during the period following peer distress. The heterogeneity in responses highlight the role of changes in beliefs and preferences as the underlying mechanism. (JEL D10, D12, D14, D84, H31, R20) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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Inge, Andhitya Rahmawati, Khusniyah Indrawati Nur, and Andarwati. "The Impact of Liquidity and Leverage on Financial Distress: Profitability as an Intervening." Journal of Economics, Finance and Management Studies 06, no. 07 (2023): 3453–59. https://doi.org/10.5281/zenodo.8188582.
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Financial distress is a condition where a company experiences financial difficulties that can go bankruptcy. Financial distress is an early warning system used to identify and improve the condition of a company before it reaches a crisis or bankruptcy. By predicting and understanding financial distress conditions from the beginning, it is expected to help management take preventive actions that can keep the company away from bankruptcy. This study aims to examine how liquidity and leverage affect financial distress mediated by profitability. This research specifically focuses on property and real estate companies listed on the Indonesia Stock Exchange for the period 2019 to 2021. This research applies a quantitative approach with a total population of 47 companies. The sampling technique used is saturated sampling. The data is analyzed using path analysis. The result shows that liquidity has an influence on profitability, but leverage does not affect profitability. Leverage and profitability influence on financial distress, but liquidity has no effect on financial distress. Furthermore, profitability is able to mediate the relationship of liquidity to financial distress, but profitability is unable to mediate the relationship of leverage to financial distress.
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Malau, Yois Nelsari, Rodasnita Purba, Jessica Maranatha Br Saragih, and Dewi Sartika Br Sinambela. "Pengaruh Penggunaan Laba, Arus Kas, Likuiditas Dan Leverage Untuk Memprediksi Kondisi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2017-2019." Journal of Economic, Bussines and Accounting (COSTING) 5, no. 2 (2022): 1041–50. http://dx.doi.org/10.31539/costing.v5i2.3370.
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The purpose of this study is to determine the effect of Profit, Cash Flow, Liquidity, Leverage on financial distress. The sample is 48 companies, multiplied by 3 years so that the number of observations is 144, the data is taken with documentation and purpose sampling techniques with the results of the 2017-2019 BEI financial statements. And simultaneously it was concluded that Profit, Cash Flow, Liquidity, Leverage had a significant effect on financial distress conditions in manufacturing companies listed on the IDX for the period 2017-2019.
 
 Keywords: Profit, Cash Flow, Liquidity, Leverage, and Financial Distres.
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Pratiwi, Devi, Listya Sugiyarti, Nur Asmilia, Siti Hanah, and Sutandijo Sutandijo. "Pengaruh Financial Leverage dan Struktur Modal Terhadap Potensi Terjadinya Financial Distress." Jurnal Ilmiah PERKUSI 3, no. 2 (2023): 359. http://dx.doi.org/10.32493/j.perkusi.v3i2.29587.
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Penelitian ini bertujuan untuk mengetahui pengaruh financial leverage dan struktur modal terhadap potensi terjadinya financial distress pada perusahaan keuangan yang terdafar di Bursa Efek Indonesia periode 2016-2020. Jumlah sampel penelitian ini sebanyak 11 perusahaan dan total 55 data laporan keuangan, dengan metode penarikan sampel menggunakan metode Purposive Sampling. Metode penelitian ini menggunakan analisis deskriptif kuantitatif. Hasil penelitian menunjukkan bahwa variabel financial leverage berpengaruh negatif dan signifikan terhadap potensi terjadinya financial distress. Variabel Struktur Modal berpengaruh positif dan tidak signifikan terhadap potensi terjadinya financial distress. Varibel independen dapat menjelaskan bahwa pengaruh potensi terjadinya financial distress sebesar 11,4% sedangkan sisanya 88,6% dipengaruhi oleh faktor lain yang tidak dimasukan dalam model regresi ini. Sedangkan secara simultan menunjukan bahwa financial leverage dan struktur modal berpengaruh positif dan signifikan terhadap potensi terjadinya financial distress.
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Nurwanti, Siti Ratih, Lia Uzliawaty, and Tri Lestari. "Independent Commissioners, Company Size, and Financial Distress on Accounting Conservatism with Leverage as a Mediating Variable (Empirical Study on Financial Companies in the Insurance and Financing Sub-Sector Listed on the IDX 2019-2021)." Jurnal Akuntansi 15, no. 2 (2023): 294–306. http://dx.doi.org/10.28932/jam.v15i2.6370.
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This research is a descriptive quantitative research which is based on the condition of applying the principles of accounting conservatism in financial reports in Indonesia which still reaps pros and cons. As well as the results of previous studies regarding the influence of independent commissioners, company size and financial distress on accounting conservatism with leverage as a mediating variable, they are still inconsistent. In this study, samples were used in the form of secondary data from 25 financial companies in the insurance sub-sector and financing institutions listed on the IDX 2019 – 2021, which were obtained through the website www.idx.co.id. This study aims to determine: 1) The effect of independent commissioners on accounting conservatism. 2) The effect of firm size on accounting conservatism. 3) The effect of financial distress on accounting conservatism. 4) The effect of leverage on accounting conservatism. 5) The effect of independent commissioners on leverage. 6) The effect of firm size on leverage. 7) The effect of financial distress on leverage. 8) the influence of independent commissioners on accounting conservatism through leverage. 9) theeffect of firm size on accounting conservatism through leverage. 10) the effect of financial distress on accounting conservatism through leverage. Keywords: Accounting Conservatism, Independent Commissioner, Financial Distress, Leverage, and Company Size
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Pranita, Komang Ridha, and Farida Titik Kristanti. "ANALISIS FINANCIAL DISTRESS MENGGUNAKAN ANALISIS SURVIVAL." Nominal: Barometer Riset Akuntansi dan Manajemen 9, no. 2 (2020): 62–79. http://dx.doi.org/10.21831/nominal.v9i2.30917.
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Abstrak: Analisis Financial Distress Menggunakan Analisis Survival. Penelitian ini memiliki tujuan untuk mengetahui pengaruh rasio likuiditas, leverage, salesgrowth, ukuran perusahaan, kepemilikan manajerial, dan kepemilikan institusional terhadap financial distress. Populasi penelitian di sektor industri dasar dan kimia dan sektor indutri barang konsumsi yang terdaftar di Bursa Efek Indonesia Periode 2009-2018. Teknik pengambilan sampel dengan teknik purposive sampling dan diperoleh 63 perusahaan atau sampel. Teknik analisis yang digunakan ialah teknik analisis survival. Hasil penelitian: likuiditas, leverage, salesgrowth, ukuran perusahaan, kepemilikan manajerial, dan kepemilikan institusional berpengaruh secara simultan terhadap financial distress. Likuiditas, leverage, dan kepemilikan manajerial tidak berpengaruh terhadap financial distress. Salesgrowth dan ukuran perusahaan berpengaruh negatif signifikan terhadap financial distress, dan kepemilikan institusional berpegaruh positif signifikan terhadap financial distress.Kata kunci. Likuiditas; Leverage; Salesgrowth; Ukuran Perusahaan; Kepemilikan Manajerial; Kepemilikan Institusional; Financial Distress
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Faniko, Vio Dawa, and Dibyo Iskandar. "Pengaruh Likuiditas, Profitabilitas, Leverage Dan Aktivitas.Terhadap Financial Distress." Excellent 9, no. 2 (2022): 199–208. http://dx.doi.org/10.36587/exc.v9i2.1381.
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Industri sektor makanan dan minuman merupakan salah satu industri yang menjadi penopang perekonomian. Tujuan penelitian ini diantaranya untukk mengetahui dampak likuiditas, profitabilitas, leverage serta aktivitas terhadap financial distress di perusahaan manufaktur sub sektor makanan & minuman yg tercatat di Bursa efek Indonesia periode 2019 – 2021. Metode penelitiann ini menggunakan kuantitatif. Teknik pengambilan sampel yang digunakan yaitu purposive sampling dan dihasilkan sampel sebanyak 22 perusahaan serta 66 laporan keuangan. penelitian ini memakai teknik analisis regresi linier berganda. Hasillpenelitian mengambarkan bahwa secara parsial current ratio berpengaruh negatif signifikan terhadap financialdistress menggunakan nilai signifikansi 0,000. Return on asset berpengaruh positif signifikan terhadap financial distress dengn nilai signifikansi 0,000. Debt to total asset ratio berpengaruh negatif signifikan terhadap financial distress menggunakan nilai signifikansi 0,000. Total asset turnover berpengaruh positif tidak signifikan terhadap financail distress menggunakan nilai signifikansi 0,186. Kemampuan variabel current ratio, return on asset, debt to total asset ratio ,serta total asset turnover terhadap financial distress mengungkapkan sebesar 100% seperti yang ditunjukan dengan adjusted R square sebesar 1,000 yang artinya bisa dijelaskan secara keseluruhan
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Rosalika, Dina Nilam, Nurul Fauziah, and Martdian Ratna Sari. "Financial Ratios on Reducing Financial Distress Moderated by ESG Disclosure." Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit 11, no. 2 (2024): 122–38. http://dx.doi.org/10.12928/jreksa.v11i2.10739.
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This study investigates the impact of financial ratios—including leverage, liquidity, operational capacity, and operating cash flow—on financial distress while assessing the moderating influence of ESG disclosure. It focuses on 26 energy sector companies listed on the IDX from 2018 to 2022, employing a quantitative approach and purposive sampling method. Nine hypotheses were formulated and tested using multiple and moderated regression analysis. The study found that leverage has a significant negative effect on reducing financial distress. In contrast, liquidity, operating capacity, and operating cash flow ratios were found to impact reducing financial distress positively. This study also confirmed that ESG disclosure could weaken the relationship between liquidity and potential financial distress reduction. However, ESG disclosure does not mediate the relationship between leverage, operating capacity, and operating cash flow to financial distress reduction. This findings lend credence to the applicability of stakeholders theory in explaining the relationship between financial ratios, ESG disclosure and financial distress. It also provides insight for companies on how to prevent and mitigate financial distress. Companies, especially in the Energy Sector, could reduce the potential financial distress by optimizing both financial and non-financial aspects in their annual and sustainability reports.
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Setiorini, Kusumaningdiah Retno, Fitri Fidayanti, Nawang Kalbuana, and Pandu Adi Cakranegara. "Pengaruh Leverage sebagai Pemoderasi Hubungan GCG, CSR dan Agresivitas Pajak terhadap Financial Disstress pada Perusahaan Perbankan Syariah di Indonesia." Journal of Business and Economics Research (JBE) 3, no. 2 (2022): 194–202. http://dx.doi.org/10.47065/jbe.v3i2.1750.
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This study aims to see the effect of GCG, CSR and Tax Aggressiveness on Financial Distress with Leverage as Moderation in Islamic Banking Companies in Indonesia listed on the IDX from 2015-2019. The sampling technique used in this research is purposive sampling technique and for data analysis using multiple linear analysis techniques. This study reveals that GCG has no significant effect on Financial Distress, CSR has a positive and significant effect on Financial Distress, Tax Aggressiveness has no significant effect on Financial Distress, Leverage has no significant effect on the effect of GCG on Financial Distress, Leverage has a positive effect on the effect of CSR on Financial Distress, Leverage has no effect on the effect of tax aggressiveness on financial distress
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Sudaryo, Yoyo, Nunung Ayu Sofiaty, Ita Kumaratih, Astrin Kusumawardani, and Ana Hadiana. "DAMPAK PROFITABILITAS, RASIO LIKUIDITAS DAN RASIO LEVERAGE TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN JASA SUB SEKTOR PROPERTY DAN REAL ESTATE DI INDONESIA." Ekonam: Jurnal Ekonomi, Akuntansi & Manajemen 4, no. 1 (2022): 25–32. http://dx.doi.org/10.37577/ekonam.v4i1.489.
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The purpose of this study was to determine the effect of profitability ratios, activity ratios and leverage ratios on financial distress in property and real estate sub-sector service companies listed on the Indonesia Stock Exchange (BEI).The research method used is a quantitative method with descriptive and verification approaches, quantitative research..The results showed the average value of each variable as follows: Financial Distress 4.52, Profitability Ratio 0.07, and Activity Ratio 17.13, Leverage Ratio 52.76. The results of the t test of the Profitability Ratio have an effect on Financial Distress, and the Activity Ratio has no effect on Financial Distress, the Leverage Ratio has an effect on Financial Distress. Based on the results of the f test, it shows that the profitability ratio, activity ratio and leverage ratio have an effect on financial distress. 
 Tujuan penelitian ini adalah untuk mengetahui pengaruh rasio profitabilitas, rasio aktivitas dan rasio leverage terhadap financial distress pada perusahaan jasa subsektor properti dan real estate yang terdaftar di Bursa Efek Indonesia (BEI). Metode penelitian yang digunakan adalah metode kuantitatif dengan pendekatan deskriptif dan verifikatif, penelitian kuantitatif. Hasil penelitian menunjukkan nilai rata-rata masing-masing variabel sebagai berikut: Financial Distress 4,52, Profitability Ratio 0,07, dan Activity Ratio 17,13, Leverage Ratio 52,76. Hasil uji t Rasio Profitabilitas berpengaruh terhadap Kesulitan Keuangan, dan Rasio Aktivitas tidak berpengaruh terhadap Kesulitan Keuangan, Rasio Leverage berpengaruh terhadap Kesulitan Keuangan. Berdasarkan hasil uji f menunjukkan bahwa rasio profitabilitas, rasio aktivitas dan rasio leverage berpengaruh terhadap financial distress.
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Jundan Mahasin, Muhammad Daffa, Hardiyanto Wibowo, Edi Joko Setyadi, and Novi Dirgantari. "PENGARUH LEVERAGE, OPERATING CAPACITY DAN LIKUIDITAS TERHADAP FINANCIAL DISTRESS DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI." Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) 9, no. 1 (2025): 976–1004. https://doi.org/10.31955/mea.v9i1.5068.
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Financial distress adalah kondisi di mana perusahaan menghadapi kesulitan keuangan sebelum mengalami kebangkrutan. kondisi ini dapat dianalisis melalui laporan keuangan perusahaan dengan menggunakan indikator seperti leverage,operating capacity, dan likuiditas. Penelitian ini bertujuan menganalisis pengaruh leverage, operating capacity, dan likuiditas terhadap financial distress yang dimoderasi oleh profitabilitas pada perusahaan sektor infrastruktur yang terdaftar di Bursa Efek Indonesia (BEI). Periode waktu penelitian yang diambil adalah 3 tahun yaitu 2021 – 2023. Sampel sebanyak 68 data laporan keuangan dipilih menggunakan teknik purposive sampling. Data dianalisis menggunakan Analisis Regresi Berganda dan Moderated Regression Analysis (MRA) dengan software SPSS 26. Hasil penelitian ini menunjukkan jika leverage berpengaruh negatif terhadap financal distress (p < 0,05), sementara operating capacity dan likuiditas berpengaruh positif. Profitabilitas tidak dapat memoderasi hubungan variabel indpenden terhadap financial distress. Hasil ini diharapkan menjadi panduan manajemen dalam mencegah financial distress di perusahaan.
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Loman, Raissa Karina, and Mariana Ing Male. "DETERMINAN TERHADAP PREDIKSI FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA." Jurnal Riset Ekonomi dan Manajemen 15, no. 2 (2015): 371. http://dx.doi.org/10.17970/jrem.15.1502013.id.
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ABSTRACT This study aims to look at the effect of insider ownership, institutional ownership, firm size, sales growth, stock volatility and financial leverage to prediction of financial distress on manufactur companies listed in Indonesia Stock Exchange. Financial distress is a condition where a company having a financial difficulties. Data sample studied were enrolled in manufactur companies listed in Indonesia Stock Exchange during the period 2008-2013 selected by purposive sampling method. The method of data analysis is done by using binary logistic regression. The results show that institutional ownership, firm size, sales growth, stock volatility and financial leverage partially have significant effect on financial distress, while insider ownership partially have no significant effect on financial distress. Insider ownership, institutional ownership, firm size, sales growth, stock volatility and financial leverage together have significant effect on financial distress. ABSTRAKSIPenelitian ini bertujuan untuk melihat pengaruh insider ownership, institutional ownership, firm size, sales growth, stock volatility dan financial leverage terhadap prediksi financial distress pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Financial distress adalah keadaan dimana suatu perusahaan mengalami kesulitan keuangan. Sampel data yang diteliti adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2008-2013 yang diseleksi menggunakan purposive sampling. Metode analisis data dilakukan dengan menggunakan regresi logistik biner.Hasil penelitian ini menunjukkan bahwa institutional ownership, firm size, sales growth, stock volatility dan financial leverage secara parsial berpengaruh signifikan terhadap financial distress sedangkan insider ownership secara parsial tidak berpengaruh signifikan terhadap financial distress. Insider ownership, institutional ownership, firm size, sales growth, stock volatility dan financial leverage secara bersama-sama berpengaruh signifikan terhadap financial distress.
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Purwanti, Purwanti, and Juwita Larasati Puspita Dewi. "Pengaruh Profitabilitas, Likuiditas Dan Leverage Dalam Memprediksi Financial Distress Di Masa Mendatang." Journal of Economic, Bussines and Accounting (COSTING) 7, no. 3 (2024): 4523–35. http://dx.doi.org/10.31539/costing.v7i3.9219.
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Financial distress has an impact on the financial performance of a company, which can cause bankruptcy for the company, so efforts are needed for the company to prevent this from happening. This study raises the topic of financial distress with the aim of finding out whether the selected independent variables have an influence on financial distress, namely profitability on financial distress, liquidity on financial distress, and leverage on financial distress, and also whether together profitability, liquidity, and leverage affect financial distress. In this research, the proportional sampling method was used in selecting the sample with secondary data as the sample data. The findings obtained from this research are that a high liquidity ratio causes an increase in the company's financial distress.
 Keywords: Profitability; Liquidity; Leverage; Financial Distress
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Purba, Saskhia Irving Maest. "PENGARUH KEPEMILIKAN INSTITUSIONAL, INTELLECTUAL CAPITAL, DAN LEVERAGE TERHADAP FINANCIAL DISTRESS." JAF- Journal of Accounting and Finance 2, no. 2 (2019): 27. http://dx.doi.org/10.25124/jaf.v2i2.2125.
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The purpose of this study is to determine the influence of institutional ownership (KI), intellectual capital (IC) and Leverage (DER) to financial distress (Springate) financial distress condition. Independent variables in this study are institutional ownership (KI), intellectual capital (IC) and Leverage (DER) and financial distress (Springate) partially or simultaneously.
 Population in this study is Manufacture companies’s sector listed on Indonesia Stock Exchange in 2014-2017. The sampling technique was using purposive sampling, obtained 128 sample data and use Panel data regression analysis using software Eviews 10.
 Random effect model was chosen after 3 regression panel test. Simultaneously, all the independet variables have significant effect to dependent variable (financial distress). Partially intellectual capital (IC) have negative significant effect with to financial distress. Leverage (DER) have positive significant effect to financial distress. But institutional ownership (KI) have no significant effect to financial distress.
 Keyword: Financial distress, Institutional Ownership, Intellectual Capital, Leverage
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Permana, Ngadi, and Maidah Maidah. "Analisis Pengaruh Financial Distress, Leverage Dan Ukuran Perusahaan Terhadap Agresivitas Pajak." Studia Ekonomika 18, no. 2 (2022): 46–64. http://dx.doi.org/10.70142/studiaekonomika.v18i2.112.
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Penelitian dilakukan untuk menganalisis pengaruh financial distress, leverage dan firm size terhadap agresivitas pajak perusahaan. Variabel independen diwakili oleh financial distress, leverage dan ukuran perusahaan. Altman z zcore digunakan untuk mengukur financial distress. Rasio ekuitas utang digunakan untuk mengukur leverage. Terakhir, ukuran perusahaan digunakan oleh total aset. Populasi penelitian ini adalah seluruh perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia (BEI) periode 2015-2017. Jumlah observasi sebanyak 33 orang ditentukan secara purposive sampling. Book Tax Difference digunakan untuk mengukur agresivitas pajak perusahaan. Penelitian ini menggunakan analisis regresi berganda. Hasil penelitian menunjukkan bahwa financial distress dan firm size tidak berpengaruh terhadap agresivitas pajak perusahaan. Dan leverage berpengaruh negatif signifikan terhadap agresivitas pajak perusahaan. Implikasi dari penelitian ini menunjukkan bahwa leverage dapat mendorong perusahaan untuk mengambil tindakan agresif terhadap pajak untuk memberikan tambahan arus kas. Sedangkan financial distress dan firm size tidak berpengaruh terhadap agresivitas pajak perusahaan. Kata kunci: Financial distress, Leverage, Ukuran Perusahaan, Agresivitas Pajak Perusahaan.
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Rahman, Abdul, Deliana Deliana, Riswanto Riswanto, and Raya Puspita Sari Hasibuan. "Prediction of Financial Distress With Financial Ratio Analysis." Kajian Akuntansi 23, no. 2 (2022): 162–74. http://dx.doi.org/10.29313/ka.v23i2.9317.
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This study aims to prove the effect of liquidity, profitability and leverage on financial distress. The study was conducted in mining companies listed on the Indonesia Stock Exchange. The population of this study was the financial statements of mining companies listed on the Indonesia Stock Exchange in 2014-2019. The sample was determined using purposive sampling using certain criteria. The test was carried out using multiple regression analysis with SPSS software assistance. The results of this study indicate that the liquidity variable has no effect on financial distress, while profitability and leverage have an effect on financial distress.
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Mahesha, Aginio Bimantio, and Ichsanuddin Nur Dhani. "Financial Distress with Firm Size as a Moderating Variable in the Construction Sub Sector on the Indonesian Stock Exchange." Journal of Economics, Finance and Management Studies 06, no. 11 (2023): 5689–96. https://doi.org/10.5281/zenodo.10300860.
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Financial distress is a stage where the company's financial condition has decreased significantly. The occurrence of financial distress starts from a decrease in the company's financial condition starting from the company's inability to meet shortterm obligations, including liquidity obligations and obligations in the leverage category before bankruptcy. Financial distress can be calculated with various calculation models, one of which is the Zmijewski model. The purpose of this study is to give empirical data on the effect of profitability, liquidity, and leverage on financial distress with firm size as a moderating variable in construction sector companies on the Indonesian stock exchange for the 2019-2022 period. The sample obtained was 14 companies with a total of 56 company financial report data. The sampling technique used purposive sampling technique. The analysis method in this studyuses moderation regression analysis using the SPSS tool. The study's conclusions state that the profitability ratio does not contributeto financial distress, liquidity can contribute to financial distress, leverage can contribute to financial distress, firm size moderates the leverage relationship to financial distress, firm size does not moderate the profitability relationship to financial distress, firm size is unable to moderate the liquidity relationship to financial distress
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Anistasya, Veren, and Ignatius Roni Setyawan. "Pengaruh Profitabilitas, Likuiditas dan Leverage terhadap Financial Distress." Jurnal Manajerial Dan Kewirausahaan 4, no. 3 (2022): 786–95. http://dx.doi.org/10.24912/jmk.v4i3.19773.
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Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas, likuiditas dan leverage dalam memprediksi kondisi financial distress pada perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2016-2020. Teknik pengambilan sampel yang digunakan adalah purposive sampling dengan jumlah sampel terpilih 8 perusahaan dengan kategori mengalami financial distress. Pengolahan data dilakukan dengan menggunakan Eviews 9. Hasil penelitian dengan menggunakan analisis regresi data panel menunjukkan bahwa profitabilitas (ROA), likuiditas (CR) dan leverage (DAR) berpengaruh signifikan terhadap financial distress secara simultan. Sedangkan secara parsial hanya likuiditas (CR) yang tidak berpengaruh signifikan terhadap financial distress.
 
 This study aims to determine the effect of profitability, liquidity and leverage in predicting financial distress conditions in manufacturing company sector consumer goods listed on Indonesian Stock Exchange (IDX) for the period 2016-2020. The sampling technique used was purposive sampling with a number of selected samples of 8 companies in the category of experiencing financial distress. Data processing is done using Eviews 9. The result of the study using panel data regression analysis show that profitability (ROA), liquidity (CR) and leverage (DAR) have a significant effect on financial distress simultaneously. Meanwhile, partially only liquidity (CR) has no significant effect on financial distress.
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Fuji Fiolin Gultom and Diana Hasyim. "Pengaruh Likuiditas dan Leverage Terhadap Financial Distress dengan Profitabilitas sebagai Variabel Intervening pada Perusahaan Pertambangan di Bursa Efek Indonesia Periode 2017-2023." GEMILANG: Jurnal Manajemen dan Akuntansi 5, no. 2 (2025): 52–75. https://doi.org/10.56910/gemilang.v5i2.1958.
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Financial Distress can be caused by a problematic economy in a company and cause economic instability in a company that can even lead to bankruptcy. This study aims to (1) determine the effect of liquidity, leverage, and profitability on financial distress (2) determine how profitability mediates the relationship between liquidity and leverage on financial distress. Research on all mining sector companies listed on the IDX for the 2017-2023 period. A population of 63 companies with a sample of 30 companies. The method used is purposive sampling. And the data analysis used is path analysis with SmartPLS 4.0 software. Based on the final results of this study, liquidity has a positive effect on financial distress, leverage does not affect financial distress, profitability has a positive effect on financial distress, liquidity does not affect profitability, leverage has a negative effect on profitability, then profitability is unable to mediate the effect of liquidity on financial distress, and profitability is able to mediate the effect of leverage on financial distress. The importance of financial distress analysis is to help management make decisions to improve the company's financial situation faster before it gets worse, and so that external parties can invest in the company.
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Kibe, Peter, Lucy Wamugo, and Gerald Atheru. "Profitability, Leverage, Efficiency and Financial Distress in Commercial and Manufacturing State Corporations in Kenya." International Journal of Finance and Accounting 8, no. 2 (2023): 1–23. http://dx.doi.org/10.47604/ijfa.2026.
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Purpose: The major goal was to investigate effect of profitability, leverage, and efficiency on financial distress in Kenya's State Corporations in the commercial and manufacturing sector. The study also attempted to determine moderating effect of size on relationship between profitability, leverage, efficiency, and financial distress in Kenyan Commercial and Manufacturing Corporations.
 Methodology: Positivist philosophy and explanatory non-experimental research approach were used in this investigation. The study's population consisted of 25 State Corporations in Kenya in Commercial and manufacturing category. For the purposes of this study, a census of all 25 Commercial and Manufacturing Corporations was employed in study. Secondary data from audited accounts of state corporations for period 2015-2020 was used in analysis. Binary logistic regression was used in analysis. Diagnostics tests included multicollinearity, heteroscedasticity, likelihood ratio and autocorrelation tests. STATA statistical software was used to analyse data. Findings were presented using tables.
 Findings: The research outcomes indicated that profitability had significant effect on financial distress of commercial and manufacturing state corporations. Results also indicated that leverage had insignificant effect on financial distress. Efficiency also had significant effect on financial distress. The study adopted the product term interaction model approach in testing moderating effect of firm size on relationship between profitability, leverage and efficiency on financial distress. There was evidence showing that firm size significantly moderated the relationship between efficiency and financial distress in commercial and manufacturing state corporations in Kenya.
 Unique Contribution to Theory, Practice and Policy: This study relied on Agency, Stewardship, Efficiency, Pecking-order and Trade-off theories.The results indicated that profitability and efficiency variables are useful to management, those charged with governance and users of financial statement information in detection and mitigation of financial distress. The management and users of financial statements information should pay attention particularly to profitability and efficiency ratios. Findings are also useful to the government by providing an insight of distressed firms so that the exchequer can know and make prudence decision on the distressed state corporations that require financial bailouts. Lastly, this study adds a contribution to the limited literatures on financial distress in commercial and manufacturing state corporations in Kenya.
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Wahyuningtyas, Endah Tri, and Siti Fatmawati. "DAMPAK RASIO KEUANGAN DAN PERTUMBUHAN PERUSAHAAN TERHADAP FINANCIAL DISTRESS MELALUI ANALISA SPRINGATE, ZMIJEWSKI, GROVER DAN ALTMAN Z-SCORE." Accounting and Management Journal 5, no. 2 (2021): 56–66. http://dx.doi.org/10.33086/amj.v5i2.2489.
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Financial distress merupakan perusahaan berada dalam kondisi kesulitan keuangan untuk melunasi semua kewajibannya. Salah satu faktor yang mempengaruhi kondisi financial distress adalah kegagalan dalam mengelola keuangan perusahaan. Penelitian ini bertujuan menemukan bukti empiris adanya pengaruh rasio leverage, pertumbuhan perusahaan, profitabilitas dan likuiditas terhadap financial distress serta memprediksi financial distress menggunakan 4 analisis yaitu Altman Z-score, Springate, Zmijewski dan Grover. Objek penelitian ini adalah perusahaan infastruktur, utilitas dan transportasi pada tahun 2015-2019. Penelitian ini menggunakan teknik purposive sampling dengan sampel 19 perusahaan dan 95 data perusahaan. Hasil penelitian secara bersama-sama leverage, pertumbuhan perusahaan, profitabilitas, dan likuiditas dengan menggunakan 4 analisis berpengaruh terhadap financial distress. Secara parsial Rasio leverage berpengaruh negatif terhadap financial distress menggunakan model Altman Z-score. Model Grover, Springate dan Zmijewski menghasilkan bahwa rasio leverage berpengaruh positif terhadap financial distress. Rasio pertumbuhan perusahaan tidak berpengaruh terhadap financial distress menggunakan pengukuran financial distress model Altman Z-Score, Springate, Zmijewski dan Grover. Rasio profitabilitas tidak berpengaruh terhadap financial distress menggunakan model Altman Z-Score. Model Springate menunjukan bahwa rasio profitabilitas berpengaruh positif terhadap financial distress namun berpengaruh negatif melalui model Zmijewski dan Grover. Rasio likuiditas berpengaruh positif terhadap financial distress menggunakan model Altman Z-score dan Grover namun berpengaruh negatif jika melalui analisa Springate dan Zmijewski.
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Ayem, Sri, Enggar Kartika Cahyaning, Putri Rahma Sari, Anastasia Hayoina Asni Sogen, Ayu Puspita, and Dimas Priambodo. "Faktor-Faktor yang Mempengaruhi Terjadinya Financial Distress:." Reslaj : Religion Education Social Laa Roiba Journal 5, no. 6 (2023): 3057–76. http://dx.doi.org/10.47467/reslaj.v5i6.2971.
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 Financial distress shows the condition of a company that is experiencing economic and financial difficulties that may cause bankruptcy. The purpose of this study is to determine and analyze the effect of leverage, liquidity, profitability, and company size on financial distress. This research was conducted using a systematic literature review method, or reviewing previous studies, to identify whether the effect of leverage, liquidity, profitability, and company size on financial distress. The data used is secondary data in the form of journey articles from the period of 2020–2022 obtained using Google Scholar. The results of this study indicate that leverage, liquidity, profitability, and company size have an effect on financial distress. The results of this study are expected to be used as a reference and source of information related to factors that can affect financial distress.. 
 Keywords: Financial distress; leverage; liquidity; profitability; company size.
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Bernardin, Deden Edward Yokeu, and Tifani Tifani. "FINANCIAL DISTRESS PREDICTED BY CASH FLOW AND LEVERAGE WITH CAPITAL INTENSITY AS MODERATING." Jurnal Apresiasi Ekonomi 7, no. 1 (2019): 18–29. http://dx.doi.org/10.31846/jae.v7i1.188.
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The level of financial distress is a condition where the company's finances are in an unhealthy state or crisis. This study aims to examine the effect of cash flow and leverage in predicting the level of financial distress which is moderated by capital intensity at PT. Indah Karya (Persero). The research method used is descriptive verification with a quantitative approach. To assess this research, the 2013-2017 Quarterly Financial Report is used. The results showed that cash flows has a negative and significant influence in predicting the level of financial distress, leverage (debt to asset ratio) has a positive and insignificant influence in predicting the level of financial distress, capital intensity has a negative and insignificant effect in moderating the effect of cash flows on the level of financial difficulty and capital intensity has a positive and insignificant influence in moderating the influence of leverage in predicting the level of financial distress. Simultaneously cash flow and leverage in predicting the level of financial distress which is moderated by capital intensity together - have a significant effect on the condition of the level of financial distress of PT. Indah Karya (Persero). Another result found in this study is that the capital intensity variable in moderating leverage has the strongest influence in predicting the level of corporate financial distress which is seen by using an assessment of total assets to sales and debt to asset ratio. With these results, the company can use it as an early detection in the face of financial distress.
 Keywords: CashFlow, Leverage, Capital Intensity, Financial distress
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Fatimah, Aila, and Sutanti Sutanti. "The The Effect of Financial Ratios on Financial Distress Before and After the Covid-19 Pandemic in the Retail Subsector." Equity: Jurnal Ekonomi 13, no. 1 (2025): 34–45. https://doi.org/10.33019/equity.v13i1.433.
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The purpose of this study is to analyze the effect of liquidity ratio, leverage and profitability on financial distress before and after the Covid-19 pandemic, as well as to analyze the difference in liquidity, leverage and profitability on financial distress before and after Covid-19. This study uses data from retail companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2023 period, where 2016-2019 is the pre-pandemic period and 2020-2023 is the post-pandemic period. Financial distress is measured using the springate method (s-score), for liquidity using the current ratio, leverage using the debt to equity ratio and profitability using return on assets. The results of the study show that liquidity has a significant effect on financial distress before the Covid-19 pandemic, but does not have a significant effect on financial distress after the Covid-19 pandemic. Leverage did not have a significant effect on financial distress before and after the Covid-19 pandemic. Profitability has a significant effect on the financial distress before and after the Covid-19 pandemic in the retail subsector listed on the IDX. Liquidity, leverage, and profitability simultaneously had a significant effect on financial distress before and after the Covid-19 pandemic in the retail subsector listed on the IDX. There was a significant difference between leverage against financial distress before and after the Covid-19 pandemic, but there was no significant difference between liquidity and profitability against financial distress before and after the Covid-19 pandemic in the retail subsector listed on the IDX.
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Giarto, Rizka Vidya Dwi, and Fachrurrozie Fachrurrozie. "The Effect of Leverage, Sales Growth, Cash Flow on Financial Distress with Corporate Governance as a Moderating Variable." Accounting Analysis Journal 9, no. 1 (2020): 15–21. http://dx.doi.org/10.15294/aaj.v9i1.31022.
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The aim of this study is to detect the effect of leverage, sales growth, and cash flow on financial distress with corporate governance as moderating variable. This research used all of basic and chemical sector manufacturing companies listed on the Indonesian Stock Exchange (IDX 2013-2017 period, there were 69 companies. Sampling used with purposive sampling technique and selected 31 companies with 152 analysis units. The data was analysed by descriptive statistical analysis and logistic regression for inferential statistical. The Results show that leverage has significant positive effect to financial distress. Sales growth has no significant effect to financial distress. Cash flow has a significant negative effect to financial distress. Corporate governance measured by managerial ownership is be able to weaken the positive effect of leverage and strengthen the negative effect of sales growth to financial distress, but not be able to strengthen the negative effect of cash flow to financial distress. The conclusions in this research are just leverage and cash flow have significantly effect to financial distress, as well as corporate governance only able to moderate the effect of leverage and sales growth to financial distress.
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Sudaryo, Yoyo, Nunung Ayu Sofiat, Ita Kumaratih, Astrin Kusumawardani, and Ana Hadiana. "Dampak Profitabilitas, Rasio Likuiditas Dan Rasio Leverage Terhadap Financial Distress Pada Perusahaan Jasa Sub Sektor Property Dan Real Estate Di Indonesia." Jurnal Teknologi dan Bisnis 3, no. 2 (2021): 119–36. http://dx.doi.org/10.37087/jtb.v3i2.41.
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Abstract
 Financial distress starts from the company's inability to fulfill its obligations. Companies that have consecutively decreased, the company was in financial distress before the bankruptcy occurred.The purpose of this study was to determine the effect of profitability ratios, activity ratios and leverage ratios on financial distress in property and real estate sub-sector service companies listed on the Indonesia Stock Exchange (BEI).The research method used is a quantitative method with descriptive and verification approaches, quantitative research methods are research methods used to examine a particular population or sample. Descriptive research method is used to determine the value of the independent variable, while verification is used to determine the effect of two or more variables.The results showed the average value of each variable as follows: Financial Distress 4.52, Profitability Ratio 0.07, and Activity Ratio 17.13, Leverage Ratio 52.76. The results of the t test of the Profitability Ratio have an effect on Financial Distress, and the Activity Ratio has no effect on Financial Distress, the Leverage Ratio has an effect on Financial Distress. Based on the results of the f test, it shows that the profitability ratio, activity ratio and leverage ratio simultaneously (together) have a significant effect on financial distress.
 Keywords: Profitability Ratio, Activity Ratio, Leverage Ratio, Financial Distress.
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Aditya Kusuma Wardhana, Wiwi Idawati,. "Analysis of Financial Distress with Profitability as Moderation Variable." Jurnal Akuntansi 25, no. 2 (2021): 222. http://dx.doi.org/10.24912/ja.v25i2.807.
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The purpose of this research is to know and analyze the performance of profitability to measure its ability to strengthen or weaken about impact liquidity, leverage, and also operating capacity for financial distress. Furthermore, there are 39 of Indonesia Stock Exchange infrastructure companies as long as 2016-2020 as samples in this study. The results of the data analysis show that liquidity variables do not signiifkan to financial distress, and leverage is significantly positive to financial distress and operating capacity is significantly negative to financial distress. Profitability strengthens liquidity relationships to financial distress. As for the relationship of leverage and also operating capacity to financial distress can not be moderated profitability.
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Safa, Azira Vella, and Cahyani Nuswandari. "IDENTIFIKASI POTENSI FINANCIAL DISTRESS MENGGUNAKAN RASIO KEUANGAN PADA PERUSAHAAN SEKTOR INDUSTRI MANUFAKTUR." Jurnal Ilmiah Akuntansi Peradaban 8, no. 2 (2022): 399–415. http://dx.doi.org/10.24252/jiap.v8i2.30619.
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Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh dari rasio likuiditas, rasio profitabilitas, rasio aktivitas, dan rasio leverage terhadap financial distress. Objek penelitian yang digunakan perusahaan sektor industri manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017-2020. Penelitian ini menggunakan metode analisis regresi logistik. Teknik dalam pemilihan sampel yaitu nonprobability sampling dengan pendekatan purposive sampling yang menghasilkan sejumlah 649 data. Hasil penelitian menunjukkan bahwa rasio likuiditas tidak berpengaruh terhadap financial distress, rasio profitabilitas berpengaruh negatif terhadap financial distress, rasio aktivitas berpengaruh negatif terhadap financial distress, dan rasio leverage berpengaruh positif terhadap financial distress.
 Kata Kunci: Rasio Likuiditas, Rasio Profitabilitas, Rasio Aktivitas, Rasio Leverage, Financial Distress
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Safa, Azira Vella, and Cahyani Nuswandari. "IDENTIFIKASI POTENSI FINANCIAL DISTRESS MENGGUNAKAN RASIO KEUANGAN PADA PERUSAHAAN SEKTOR INDUSTRI MANUFAKTUR." Jurnal Ilmiah Akuntansi Peradaban 8, no. 2 (2022): 399–415. http://dx.doi.org/10.24252/jiap.v8i2.30619.
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Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh dari rasio likuiditas, rasio profitabilitas, rasio aktivitas, dan rasio leverage terhadap financial distress. Objek penelitian yang digunakan perusahaan sektor industri manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017-2020. Penelitian ini menggunakan metode analisis regresi logistik. Teknik dalam pemilihan sampel yaitu nonprobability sampling dengan pendekatan purposive sampling yang menghasilkan sejumlah 649 data. Hasil penelitian menunjukkan bahwa rasio likuiditas tidak berpengaruh terhadap financial distress, rasio profitabilitas berpengaruh negatif terhadap financial distress, rasio aktivitas berpengaruh negatif terhadap financial distress, dan rasio leverage berpengaruh positif terhadap financial distress.
 Kata Kunci: Rasio Likuiditas, Rasio Profitabilitas, Rasio Aktivitas, Rasio Leverage, Financial Distress
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Febiyana, Febiyana, and Siti Alliyah. "Dampak Faktor Keuangan dan Ukuran Perusahaan terhadap Financial Distress Perusahaan Food and Beverage yang Tercatat di BEI Tahun 2020-2022." Jurnal Simki Economic 8, no. 1 (2025): 81–90. https://doi.org/10.29407/jse.v8i1.977.
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Tujuan penelitian ini untuk menganalisis seberapa besar dampak leverage, likuiditas, ukuran perusahaan, profitabilitas pada financial distress perusahaan food and beverage yang tercatat di BEI tahun 2020-2022. Purposive sampling menjadi metode pemilihan sampel, analisis data regresi yaitu linier berganda dan jenis datanya kuantitatif. Penelitian ini mengungkapkan ukuran perusahaan dan leverage memberikan dampak negatif signifikan, sedangkan likuiditas positif dan tidak signifikan. Profitabilitas memberikan dampak positif dan signifikan terhadap financial distress. Studi ini memberi hasil bahwa leverage berdampak negatif yang signifikan pada financial distress. Likuiditas berdampak positif tidak signifikan pada financial distress. Profitabilitas berdampak positif signifikan pada financial distress. Ukuran perusahaan berdampak negatif signifikan pada financial distress.
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Susdaryo, Yoyo, Nunung Ayu Sofiati, Ita Kumaratih, et al. "FACTORS THAT AFFECT FINANCIAL DISTRESS IN INDONESIA." International Journal of Research -GRANTHAALAYAH 9, no. 9 (2021): 306–15. http://dx.doi.org/10.29121/granthaalayah.v9.i9.2021.4269.
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The results show that, it is proven that the variable liquidity and interest rates have a negative effect on financial distress. Meanwhile, the variables of Profitability, Leverage and Company Size have a positive effect on financial distress. While the Economic Stimulus variable is known to be the relationship between all variables of Liquidity, Profitability, Leverage, Company Size and Interest Rate on variables to Financial Distress. This means that company leaders must take into account liquidity, profitability, leverage, company size and interest rates to avoid financial distress.
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Ardiansyah, Putra. "Pengaruh Likuditas dan Leverage Terhadap Financial Disress Pada Perusahaan Sektor Consumer non-cyclicals Yang Terdaftar pada Indeks Saham Syariah Indonesia di Bursa Efek Indonesia pada tahun 2018-2022 Dengan Profitabilitas Sebagai Variabel Intervening." Jurnal Ilmiah Ekonomi Islam 10, no. 1 (2024): 679. http://dx.doi.org/10.29040/jiei.v10i1.11737.
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Financial distress is carried out to get an early warning of bankruptcy. The earlier warning indicators of bankruptcy appear, the greater the opportunity for management to prevent it. This research aims to: (1) identify and analyze the influence of liquidity (current ratio) and Leverage (debt to asset ratio) and profitability (return on assets) on Financial distress; and (2) identify and analyze the influence of liquidity (current ratio) and Leverage (debt to asset ratio) on Financial distress and profitability (return on assets) to mediate their respective influences. Research on non-cyclical consumer sector companies listed on the IDX in 2018-2022. The research population was 119 companies with a sample of 23 companies. The model for determining Financial distress used is the Zmjiweski model. Statistical analysis in this research was assisted by SmartPls Partial Least Square (PLS).Based on the results of the research and discussions that have been carried out, the research results can be concluded that liquidity has a significant and influential effect on Financial distress. Leverage has a significant and influential effect on Financial distress. Profitability has a significant influence on Financial distress and profitability is unable to mediate the influence of liquidity on Financial distress. Meanwhile, profitability is unable to mediate the effect of Leverage on Financial distress.
 
 Keywords liquidity, Leverage, Financial distress, profitability
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Sulastri, Susi, and Yane Devi Anna. "Pengaruh Financial Distress Dan Leverage Terhadap Konservatisme Akuntansi." Akuisisi: Jurnal Akuntansi 14, no. 1 (2018): 59–69. http://dx.doi.org/10.24127/akuisisi.v14i1.251.
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The financial statements are a description of a company's performance. Management is given the flexibility in choosing accounting methods that will be used one of them by applying accounting conservatism. The purpose of this study is to determine the effect of financial distress and leverage on accounting conservatism. The methods used in this study are descriptive and verification methods. The population of this study is mining companies listed on the Indonesia Stock Exchange in 2012-2016.The results of this study indicate that partially financial distress have a significant on accounting conservatism and the leverage have a significant on accounting conservatism. Simultaneously shows that financial distress and the leverage have a significant on accounting conservatism.Keywords: financial distress, leverage , accounting conservatism
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Mas’ud, Imam, and Reva Maymi Srengga. "ANALISIS RASIO KEUANGAN UNTUK MEMPREDIKSI KONDISI FINANCIAL DISTRESS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA." JURNAL AKUNTANSI UNIVERSITAS JEMBER 10, no. 2 (2015): 139. http://dx.doi.org/10.19184/jauj.v10i2.1255.
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Tujuan penelitian ini antara lain (1) untuk menganalisis pengaruh likuiditas terhadap kondisi financial distress perusahaan manufaktur yang terdaftar di BEI; (2) untuk menganalisis pengaruh profitabilitas terhadap kondisi financial distress perusahaan manufaktur yang terdaftar di BEI; (3) untuk menganalisis pengaruh financial leverage terhadap kondisi financial distress perusahaan manufaktur yang terdaftar di BEI; (4) untuk menganalisis pengaruh arus kas operasi terhadap kondisi financial distress perusahaan manufaktur yang terdaftar di BEI. Populasi penelitian ini adalah seluruh perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2006-2010. Teknik pengambilan sampel yang digunakan dalam penelitian adalah metode purposive sampling. Sampel penelitian sebanyak 62 perusahaan dengan jumlah observasi 310. Metode analisis data yang digunakan regresi logistik. Hasil penelitian menunjukkan bahwa likuiditas tidak berpengaruh terhadap kondisi financial distress. Profitabilitas berpengaruh terhadap kondisi financial distress. Financial leverage tidak berpengaruh terhadap kondisi financial distress. Arus kas dari aktivitas operasi berpengaruh terhadap kondisi financial distress perusahaan manufaktur yang terdaftar di BEI.
 
 Kata Kunci: Likuiditas, profitabilitas, financial distress, financial leverage dan arus kas operasi
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Prasetya, Arifin, and Lela Hindasah. "Pengaruh Rasio Keuangan dan Mekanisme Good Corporate Governance Terhadap Financial Distress." Journal of Business Economics and Agribusiness 1, no. 2 (2023): 1–16. http://dx.doi.org/10.47134/jbea.v1i2.97.
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Tujuan penelitian ini adalah untuk menguji dan menganalisis pengaruh Profitabilitas, Likuiditas, Leverage, Komisaris Independen, Dewan Direksi, dan Keberagaman Gender terhadap Financial Distress dengan studi kasus pada Perusahaan Non Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2020 . Metode analisis data yang digunakan adalah analisis regresi logistik dengan bantuan software pengolahan data SPSS (Statistical Package For Social Science) versi 25. penelitian ini menunjukkan bahwa profitabilitas berpengaruh negatif signifikan terhadap Financial Distress, likuiditas tidak berpengaruh terhadap Financial Distress, leverage tidak berpengaruh terhadap Financial Distress, proporsi dewan komisaris independen tidak berpengaruh terhadap Financial Distress, dewan direksi berpengaruh negatif signifikan terhadap Financial Distress, dan keberagaman gender tidak berpengaruh terhadap Financial Distress.
 
 The purpose of this research is to examine and analyze the effect of Profitability, Liquidity, Leverage, Independent Commisioners, Board of Directors, and Gender Diversity to Financial Distress with case studies on Non- Financial Companies Listed on the Indonesia Stock Exchange in 2019-2020. The data analysis method used is logistic regression analysis with the help of data processing software SPSS (Statistical Package For Social Science) version 25. this study indicate that profitability has a significant negative effect on Financial Distress, liquidity has no effect on Financial Distress, leverage has no effect on Financial Distress, proportion of independent commisioners has no effect on Financial Distress, board of directors has a significant negative effect on Financial Distress, and Gender Diversity has no effect on Financial Distress.
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Prasetyo, Arief Bagas, and Farida Titik Kristanti. "FAKTOR DETERMINAN FINANCIAL DISTRESS UNTUK PERUSAHAAN PERTAMBANGAN DI INDONESIA DAN MALAYSIA." Nominal: Barometer Riset Akuntansi dan Manajemen 10, no. 2 (2021): 168–87. http://dx.doi.org/10.21831/nominal.v10i2.35763.
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Abstrak: Faktor determinan Financial Distress Untuk Perusahaan Pertambangan Di Indonesia dan Malaysia. Studi ini bermaksud untuk mengetahui dampak likuiditas, leverage, operating capacity, instittutional ownership, managerial ownership, sertakomisaris independen padaFinancial Distress. Penelitian ini memakai penelitian deskriptif. Populasi serta sampel pada studi ialah perseroan sektor pertambangan yang tercatat di BursaEfek Indonesia dan Bursa Malaysia 2014-2018. Studi ini memakai purposive sampling serta diperoleh 12 perseoran di Indonesia dan 22 perseroan di Malaysia. Olah data yang dipakai studi ini memakai logistic regression. Studi menunjukkan pada perseroan pertambangan di Indonesia bahwa operatingcapacity scara parsial mempunyai pengaruh signifikan negatif pada financial distress. Sedangkan liquidity ,leverage, institutional ownership, managerial ownership, dan independent comissioner secara parsial tidak mempunyai pengaruh pada financial distress. Kemudian pada perseroan pertambangan di Malaysia menunjukkan bahwa liquidity, Managerial Ownership, dan Independent Commissioner secara parsial mempunyai pengaruh signifikan negatif pada financial distress. Sedangkan operating capacity,leverage, dan Institutional Ownership secara parsial tidak mempunyai pengaruh pada financial distress.Kata kunci: Liquidity, Leverage, OperatingCapacity, Institutional Ownership, Managerial Ownership, Independent Commissioner, Financial DistressAbstract: Determinants ofFinancial Distressfor Mining Companies in Indonesia and Malaysia. Research intend todetermine the impact ofliquidity, leverage, operatingcapacity, institutional ownership, managerialownership, and independent commissioner onfinancial distress. This research uses descriptive research. Thepopulation and sample are miningsector firm registered onthe IDX and Malaysia Exchange 2014-2018. This study uses purposivesamplingmethod acquired 12 companies in Indonesia and 22 companies in Malaysia. The data processing techniques used logisticregression. Research showed mining companies in Indonesia that their operating capacityhas a negative impact on financial distress. Whereas, liquidity,leverage, institutionalownership, managerialownership, and the independentcommissioner didn’t have affects onfinancial distress. Then the mining companies in Malaysia showed that liquidity, Managerial Ownership, and Independent Commissionerhave a negative impact onfinancial distress. Meanwhile, operating capacity, leverage, and institutional ownership didn’t have affects on financial distress.Keywords: Liquidity, Leverage, OperatingCapacity, Institutional Ownership, Managerial Ownership, Independent Commissioner, Financial Distress
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Angela, Aurora, Oktavianti Oktavianti, and Nindy Tanison. "Predicting Financial Distress in Indonesia's Retail Industry." E-Jurnal Akuntansi 34, no. 8 (2024): 2073. https://doi.org/10.24843/eja.2024.v34.i08.p13.
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The condition of a healthy company is an ideal representation for all parties, both internal and external to the company. However, at times, there are moments when a company does not operate according to plan and may experience financial difficulties (financial distress). The threat of financial distress requires the company to have the appropriate strategy to anticipate conditions that may cause financial problems for the company. To predict financial distress, it can be analyzed from the financial ratios of the company. In this study, the researcher used operating capacity, profitability, leverage, and cash flow as independent variables and examined how they are related in predicting financial distress. The study used the entire population of retail sector companies in Indonesia with an observation period from 2019 to 2022. The retail sector was the focus of this research because in 2021, several retail sectors were in financial distress and even declared bankrupt. The conclusion of this research is that all four variables, namely operating capacity, profitability, leverage, and cash flow, have an effect in predicting financial distress. Operating capacity, profitability, and cash flow show a negative direction in their effect on predicting financial distress, while leverage shows a positive direction in its effect on financial distress. Keywords: financial distress, operating capacity, profitability, leverage, cash flow
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Mellysa Dwi Rahayu, Erna Handayani, Maulida Nurul Innayah, and Restu Frida Utami. "The Effect of Leverage, Operating Capacity, Liquidity, Sales Growth, and Firm Size on Financial Distress of Non-Cyclicals Companies Listed on the Indonesia Stock Exchange for the Period of 2020-2023." International Journal of Integrated Science and Technology 3, no. 1 (2025): 1135–54. https://doi.org/10.59890/ijist.v3i1.171.
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The Covid-19 pandemic not only affects the decrease in leverage of a business entity but also increases the risk of financial distress, potentially leading to bankruptcy. The potential for financial distress caused by declining demand and operational disruptions. However, amidst these conditions, there are sectors that can demonstrate better resilience to financial distress pressures. This study examines the determinants of financial distress in non-cyclical consumer sector companies in Indonesia through the application of leverage, operating capacity, liquidity, sales growth, and firm size variables. The research was conducted on non-cyclical consumer sector companies listed on the IDX from 2020 to 2023, totaling 35 companies. Data processing was carried out using SPSS 26 software. This study reveals that leverage affects financial distress, operating capacity affects financial distress, liquidity does not affect financial distress, sales growth does not affect financial distress, and firm size does not affect financial distress.
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Ramadani, Atika Widyo, and Dwi Ratmono. "FINANCIAL DISTRESS PREDICTION: THE ROLE OF FINANCIAL RATIO AND FIRM SIZE." Jurnal Riset Akuntansi Kontemporer 15, no. 1 (2023): 19–26. http://dx.doi.org/10.23969/jrak.v15i1.6428.
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Financial distress reflects a continuous decline in the company's financial performance that needs to be predicted and minimized. Therefore, this study aims to test financial ratios in predicting financial distress moderated by firm size with a sample of 128 manufacturing companies listed on the Indonesia Stock Exchange in 2018-2020. The data analysis method is Structural Equation Model based on Partial Least Square (SEM-PLS) with SmartPLS 3.0. The results showed that leverage and liquidity negatively affected financial distress, but operating cash flow had the opposite effect. Meanwhile, firm size can moderate the effect of leverage and operating cash flow on financial distress, but on the other hand, firm size weakens the relationship of liquidity to financial distress. Therefore, the implications of this research for manufacturing companies serve as a benchmark for analyzing financial distress.
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Senapan, Ellen Eka Octaviani, and Dyah Ratnawati Senapan. "PENGARUH LEVERAGE, LIKUIDITAS, DAN PROFITABILITAS TERHADAP FINANCIAL DISTRESS DIMODERASI OLEH MANAGERIAL OWNERSHIP." Seminar Nasional Akuntansi dan Call for Paper (SENAPAN) 1, no. 1 (2021): 246–58. http://dx.doi.org/10.33005/senapan.v1i1.244.
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Financial distress merupakan tahapan kesesakan keuangan yang sering berlangsung sebelum perusahaan dikategorikan gulung tikar. Financial distress bisa dicegah dengan melakukan analisis laporan keuangan, yang bisa ditentukan dari besar atau kecilnya rasio leverage, likuiditas dan profitabilitas, serta faktor non keuangan seperti managerial ownership. Penelitian ini bertujuan untuk membuktikan dan menguji secara empiris pengaruh rasio leverage, likuiditas, dan profitabilitas terhadap financial distress dengan managerial ownership sebagai variabel moderasi. Data yang digunakan merupakan data sekunder yang berasal dari laporan keuangan tahunan perusahaan consumer goods yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Sampel ditentukan dengan metode purposive sampling dengan 16 sampel perusahaan dan 80 total amatan. Model yang digunakan dalam penelitian ini adalah regresi logistik. Hasil penelitian menunjukkan bahwa rasio leverage dan profitabilitas dapat memengaruhi financial distress secara signifikan, dan rasio likuiditas tidak dapat memengaruhi financial distress secara signifikan. Sementara itu managerial ownership dapat memoderasi hubungan rasio leverage dan profitabilitas terhadap financial distress secara signifikan, tetapi tidak mampu memoderasi hubungan rasio likuiditas terhadap financial distress secara signifikan.