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Pengaruh Arus Kas Operasi, Pertumbuhan Penjualan, dan Struktur Modal terhadap Financial Distress Amelia Sabila Putri; Tri Budi Subiakto
MENAWAN : Jurnal Riset dan Publikasi Ilmu Ekonomi Vol. 4 No. 5 (2026): September: MENAWAN: Jurnal Riset dan Publikasi Ilmu Ekonomi
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/menawan.v4i5.2561

Abstract

This study aims to analyze the influence of Operating Cash Flow, Sales Growth, and Capital Structure on Financial Distress in non-cyclical consumer sector companies, specifically the food and beverage sub-sector, listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The sampling technique used purposive sampling, resulting in 19 companies as the sample with a total of 95 observations over five years. The data used were secondary data obtained from the official website www.idx.co.id. The data analysis method applied was quantitative through panel data regression using the EViews 13 software, with Financial Distress proxied by the Interest Coverage Ratio (ICR). The results indicate that Operating Cash Flow, Sales Growth, and Capital Structure simultaneously influence Financial Distress. Partially, Sales Growth and Capital Structure have no effect on Financial Distress, whereas Operating Cash Flow partially has a significant effect on Financial Distress. These findings imply that management should monitor operating cash flow as an internal indicator of the company's financial resilience in order to mitigate the risk of financial distress.