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All Journal Jurnal Ekonomi, Bisnis dan Manajemen
Rika Salsa Mayantika
Universitas Swadaya Gunung Jati
Economics, Econometrics & Finance

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Pengaruh Leverage dan Profitabilitas terhadap Financial Distress pada Perusahaan Manufaktur Bursa Efek Indonesia (BEI) Periode 2022-2024 Rika Salsa Mayantika; Tika Septiani
Jurnal Ekonomi, Bisnis dan Manajemen Vol. 5 No. 3 (2026): Jurnal Ekonomi, Bisnis dan Manajemen (EBISMEN)
Publisher : FEB Universitas Maritim Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58192/ebismen.v5i3.4575

Abstract

Financial distress refers to a company’s inability to meet its financial obligations and serves as an early warning indicator of potential bankruptcy. This study aims to examine the effects of leverage and profitability on financial distress among manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024. Using a quantitative approach,data were analyzed through multiple linear regression. Secondary data from annual financial reports were utilized with a sample of 95 companies selected via purposive sampling. Financial distress was measured using the Altman Z-Score, leverage was proxied by the Debt to Equity Ratio (DER), and profitability was measured by Return on Assets (ROA). The results indicate that leverage has a significant negative effect on financial distress, whereas profitability exhibits a negative but statistically insignificant effect. Simultaneously, both variables do not exert a significant joint influence on financial distress. The low coefficient of determination suggests that financial distress is largely driven by other factors beyond leverage and profitability. These findings imply that while capital structure affects a firm’s financial health, internal financial ratios alone are insufficient to fully explain the occurrence of financial distress. Consequently, future analyses should incorporate non-financial and external macroeconomic factors to achieve a more comprehensive understanding.
Co-Authors Tika Septiani