Pengaruh Likuiditas, Profitabilitas, Financial Leverage, dan Arus Kas Operasi Dalam Memprediksi Kondisi Financial Distress

Abstract

Financial distress occurs before the bankruptcy of a company. Thus the financial distress model needs to be
 developed, because by knowing the company's financial distress from an early age, it is hoped that actions can
 be taken to anticipate conditions that lead to bankruptcy. Financial distress can be measured through financial
 statements by analyzing financial statements. This study aims to determine and analyze the effect of liquidity,
 profitability, financial leverage, and operating cash flow in predicting financial distress conditions for
 manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020. Data from the company's
 official website and completed from the IDX and ICMD websites. There are independent variables, namely
 liquidity, profitability, financial leverage, and operating cash flow, while the dependent variable in this study is
 financial distress. The data analysis method used in this research is logistic regression analysis method which
 aims to determine the role of each independent variable in influencing the dependent variable. The results of
 this study indicate that liquidity has no effect on financial distress, meaning that if the company is able to pay
 its debts well, then it is likely that the company will not experience financial distress. Profitability has no effect
 on financial distress, meaning that the size of the company's profit value has no effect on the company so that
 it avoids financial distress conditions. Financial leverage has a positive effect on financial distress, meaning that
 if the company has higher debt and is not followed by high sales results, it can allow failure to pay debts which
 causes the company to be in financial distress. Cash flow has no effect on financial distress, meaning that if the
 company has a good operating cash flow value, it will not experience financial distress.

Financial Ratio, Distress, and Performance in Indonesian Transportation Companies

“…Thus, H4 cannot be accepted. This result is supported by Maherni et al (2022), Tania and Wijaya (2022), Rissi and Herman (2021), Sianturi et al (2021), and Sri and Margita (2020). Operating cash flow is considered less able to predict conditions of financial distress because, generally, this variable only shows part of the company's information, such as net cash from the company's operations.…”

Pengaruh Profitabilitas, Leverage, Inflasi dan Suku Bunga terhadap Financial Distress dalam Masa Pandemi Covid-19

“…Financial distress mengacu pada tahap atau kondisi awal potensi kebangkrutan organisasi (Manan & Hasnawati, 2022). Berdasarkan metode pengukuran yang digunakan oleh Rissi & Herman (2021) dan Almilia & Kristijadi (2003) perusahaan manufaktur yang terdaftar di BEI dan mengalami kesulitan keuangan antara lain sebagai berikut: Kesulitan keuangan dapat memaksa perusahaan menjadi bangkrut atau likuidasi paksa (Samanta & Johnston, 2019). Perusahaan yang mengalami kesulitan keuangan tidak dapat membayar kewajiban keuangan mereka kepada kreditur.…”

“…Jika tingkat profitabilitas perusahaan semakin tinggi, kecil kemungkinan perusahaan akan mengalami financial distress. Andreini & Safrida (2023) dalam penelitiannya menemukan bahwa profitabilitas berpengaruh negatif terhadap Pengaruh Profitabilitas, Leverage, Inflasi Dan Suku Bunga Terhadap Financial Distress Dalam Masa Pandemi Covid-19 financial distress, namun pada penelitian Rohmadini et al (2018); Rissi & Herman (2021) profitabilitas yang diukur dengan ROA tidak berpengaruh terhadap financial distress.…”

“…Jika suatu perusahaan selama dua tahun berturut-turut mengalami laba bersih operasi (net operating income) negative maka dikategorikan mengalami financial distress, sedangkan perusahaan yang tidak mengalami laba bersih (net operating income) negative selama dua tahun berturut-turut tidak dikategorikan mengalami financial distress. Pengukuran tersebut digunakan dalam penelitian sebelumnya dilakukan oleh Rissi & Herman (2021) dan Almilia & Kristijadi (2003). Dikategorikan 1 apabila mengalami financial distress dan 0 apabila tidak mengalami financial distress.…”