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All Journal Jurnal Akuntansi, Perpajakan dan Auditing
Sabrina Nurhaliza
Universitas Negeri Jakarta
Economics, Econometrics & Finance Education Other

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Pengaruh Leverage, Arus Kas Operasi, dan Capital Intensity terhadap Financial Distress Sabrina Nurhaliza; Etty Gurendrawati; Diah Armeliza
Jurnal Akuntansi, Perpajakan dan Auditing Vol. 7 No. 1 (2026): Jurnal Akuntansi, Perpajakan dan Auditing
Publisher : LPPM Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/japa.0701.09

Abstract

This research examines the effects of leverage, operating cash flow, and capital intensity on financial distress in property and real estate companies listed on the Indonesia Stock Exchange during 2022–2024. Financial distress is measured using the modified Altman Z-Score for emerging markets. The sample was selected through purposive sampling, and the data were analyzed using panel regression with the random effect model. The results indicate that leverage and capital intensity positively influence financial distress, whereas operating cash flow negatively influences financial distress. These findings support the trade-off theory, suggesting that effective debt management, strong operating cash flow, and appropriate investment in fixed assets are important for maintaining a company’s financial stability and reducing the risk of financial distress.
Co-Authors Diah Armeliza Etty Gurendrawati