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All Journal JURNAL ECONOMINA
Novia Safitri
Universitas palangka Raya, Indonesia
Economics, Econometrics & Finance

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Do Working Capital Efficiency and Capital Structure Shape Financial Distress? The Moderating Role of Firm Size in Food and Beverage Firms Listed on the Indonesia Stock Exchange Aditya Rahmadani; Solikah Nurwati; Putri Salasyah Riadin Nengsih; Novia Safitri
JURNAL ECONOMINA Vol. 5 No. 6 (2026): JURNAL ECONOMINA, Juni 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/economina.v5i6.2771

Abstract

This study examines Cash Conversion Cycle (CCC) and Debt to Equity Ratio (DER) as determinants of financial distress, with firm size tested as a moderating variable, among Food and Beverage companies on the IDX during 2021–2025. Financial distress is operationalized through the Altman Emerging Market Score (EMS), estimated via a Fixed Effect Model with clustered standard errors using panel data from 63 companies yielding 315 observations. Rising CCC is found to significantly worsen financial distress, while DER exhibits a similar but statistically weak tendency. Firm size fails to moderate either relationship. Substituting Debt to Asset Ratio as an alternative leverage proxy confirms that asset-based leverage significantly deteriorates financial distress, reinforcing the robustness of the main findings.
Co-Authors Aditya Rahmadani Putri Salasyah Riadin Nengsih Solikah Nurwati