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All Journal Escalate : Economics and Business Journal
Riani Zulfah Pujiyanti
Pamulang University
Economics, Econometrics & Finance

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The Effect of Sales Growth and Cash Flow Operating Activities on Financial Distress at PT Garuda Indonesia Tbk for the Period 2015–2024 Riani Zulfah Pujiyanti
Escalate : Economics and Business Journal Vol. 4 No. 02 (2026): Escalate: Economics and Business Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/escalate.v4i02.723

Abstract

This study aims to examine and analyze the effect of sales growth and cash flow operating activities on financial distress at PT Garuda Indonesia Tbk for the period 2015–2024. This study uses a descriptive quantitative approach with secondary data sourced from the company's annual financial statements. The financial distress variable is measured using the Interest Coverage Ratio (ICR). Data analysis techniques include descriptive statistics, classical assumption tests, multiple linear regression, t-test (partial), F-test (simultaneous), and the coefficient of determination (R²) processed using the SPSS program. The results of the partial test (t-test) indicate that sales growth has a positive and significant effect on financial distress with a significance value of 0.028 (<0.05) and a regression coefficient of 9.126. Meanwhile, cash flow partially does not have a significant effect on financial distress with a significance value of 0.540 (>0.05) and a regression coefficient of 17.407. The results of the simultaneous test (F test) show a calculated F value of 4.715 with a significance of 0.050, which means that both variables together have a significant effect on Financial Distress. The coefficient of determination (R²) value of 0.574 indicates that Sales Growth and Cash Flow are able to explain 57.4% of the variation in Financial Distress, while the remaining 42.6% is influenced by other variables outside this research model.
The Effect of Sales Growth and Cash Flow Operating Activities on Financial Distress at PT Garuda Indonesia Tbk for the Period 2015–2024 Riani Zulfah Pujiyanti; Ria Rosalia Simangunsong
Escalate : Economics and Business Journal Vol. 4 No. 4 (2026): Escalate : Economics and Business Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/escalate.v4i4.724

Abstract

This study examines the association of sales growth and operating cash flow with financial distress at PT Garuda Indonesia Tbk during 2015–2024. A quantitative approach was employed using secondary data from the company's annual financial statements. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, t-tests, an F-test, and the coefficient of determination (R²) in SPSS. After logarithmic transformation, the final analysis included only seven observations, which limits the reliability and generalizability of the findings. The partial test showed that sales growth had a positive and statistically significant association with the Interest Coverage Ratio (ICR) (coefficient = 9.126; p = 0.028), while operating cash flow was not statistically significant (coefficient = 17.407; p = 0.540). Because the ICR reflects the relationship between operating profit and interest expense, the positive coefficient indicates an increase in the measured ICR, not necessarily an increase in financial distress. The simultaneous test produced an F-statistic of 4.715 and a reported significance value of 0.050. This result requires verification using the unrounded SPSS output before statistical significance can be concluded. The R² value of 0.574 indicates that the model explains 57.4% of the variation in ICR within the analyzed sample. These findings should be interpreted cautiously given the small sample and the limitations of the measurement and statistical analysis.
Co-Authors Ria Rosalia Simangunsong