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All Journal JBMP (Jurnal Bisnis, Manajemen dan Perbankan)
Indra Kurniawan
Institut Teknologi dan Bisnis PGRI Dewantara
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Risks of Financial Distress: Investigating the Effects of Liquidity, Leverage, and Profitability on the Transportation and Logistics Industry in Indonesia : Risiko Kesulitan Keuangan: Meneliti Dampak Likuiditas, Rasio Utang, dan Profitabilitas terhadap Industri Transportasi dan Logistik di Indonesia Helmi Muhammad; Indra Kurniawan; Kartika Hendra Titisari; Umu Khouroh; Ida Nuryana
JBMP (Jurnal Bisnis, Manajemen dan Perbankan) Vol. 12 No. 2 (2026): September
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/jbmp.v12i2.2351

Abstract

This study aims to analyze the impact of liquidity and leverage on profitability and the risk of financial distress, specifically evaluating profitability as a mediating variable within Indonesian transportation and logistics (T&L) companies. Using data from 28 T&L companies listed on the Indonesia Stock Exchange, the research employed pooled panel regression with clustered standard errors, robustness testing, and Sobel mediation tests. The results reveal that while liquidity positively impacts profitability and reduces the risk of financial distress, leverage increases the risk of financial distress without significantly affecting profitability. Furthermore, profitability successfully mediates the relationship between liquidity and financial distress, but fails to mediate the impact of leverage on financial distress. By identifying two distinct pathways for financial risk formation the liquidity-profitability pathway and the leverage-financial distress pathway these findings theoretically clarify how internal financial conditions dictate corporate health. Practically, the study implies that to avoid financial distress, T&L companies must proactively manage their liquidity, enhance asset efficiency, and strictly control their debt structures rather than relying on profitability to offset high leverage.
Co-Authors Helmi Muhammad Ida Nuryana Kartika Hendra Titisari Umu Khouroh