Pengaruh Profitabilitas, Leverage, Likuiditas dan Arus Kas terhadap Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2024
DOI:
https://doi.org/10.31849/jurkim.v6i1.32361Keywords:
Cash flow, financial distress, leverage, liquidity, profitabilityAbstract
The increase in global economic dynamics and the post-COVID-19 pandemic impacts have heightened the risk of financial stress on companies, including the food and beverages subsector, which is one of the pillars of the manufacturing industry in Indonesia. This research analyze the effect of profitability, leverage, liquidity, and cash flow on financial distress in manufacturing companies in the fnb subsector listed on the Indonesia Stock Exchange for the year 2020–2024. This research employs a quantitative approach with secondary data in the form of annual financial reports. The research sample consists of 48 companies with a total of 240 observations and using purposive sampling. Data analysis was conducted using logistic regression with the aid of SPSS v25. The research conclude that profitability and liquidity have a negative and significant impact on financial distress, while leverage has a positive and significant effect. Meanwhile, cash flow does not have a significant impact on financial distress. These findings indicate that financial structure and the ability to generate profits as well as meet short-term loan play an important role in minimizing the risk of corporate financial distress. This study provides the latest empirical contribution in the post-pandemic period and serves as a consideration for management and investors in detecting potential financial distress at an earlier stage.
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