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All Journal Jurnal Ilmiah Ekonomi dan Manajemen Indonesia
Khafifah Dia Elisa
Universitas Islam Majapahit
Economics, Econometrics & Finance

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Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Financial Distress pada Perusahaan Subsektor Consumer Service yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2023-2024 Khafifah Dia Elisa; Hartono Hartono; Yuliasnita Verlandes
Jurnal Ilmiah Ekonomi dan Manajemen Indonesia Vol. 2 No. 2 (2026): JULI-DESEMBER
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/958ys024

Abstract

Uncertain developments in the global economy have heightened the risk of companies experiencing financial distress. This study aims to analyze the impact of profitability, liquidity, and leverage on financial distress among consumer service sub-sector companies listed on the Indonesia Stock Exchange during the 2023–2024 period. Profitability is proxied by Return on Assets (ROA), liquidity by the Current Ratio (CR), and leverage by the Debt to Asset Ratio (DAR), while financial distress is measured using the Modified Altman Z-Score. Employing a quantitative research method and purposive sampling, the study selected a sample of 22 companies, resulting in 44 observations. Secondary data obtained from the companies' annual financial reports were used for the analysis. The results indicate that ROA has a positive and significant effect on financial distress (significance value of 0.001), and CR has a positive and significant effect (significance value of 0.000), whereas DAR has a negative and significant effect (significance value of 0.003). Collectively, profitability, liquidity, and leverage significantly influence financial distress (significance value of 0.000). Thus, higher profitability and liquidity levels raise the Altman Z-Score, leading to a healthier financial position, while high leverage lowers the Altman Z-Score, thereby increasing the risk of financial distress.
Co-Authors Hartono Hartono Yuliasnita Verlandes Verlandes