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All Journal Jimma : Jurnal Ilmiah Manajemen Muhammadiyah Aceh Martabe : Jurnal Pengabdian Kepada Masyarakat AMALIAH: JURNAL PENGABDIAN KEPADA MASYARAKAT Jurnal Ekonomi Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Jurnal Ilmu Manajemen Dan Kewirausahaan (JIMK) Jurnal Solusi Masyarakat Dikara Jurnal Ekonomi, Manajemen, Akuntansi Jurnal Kendali Akuntansi
Sutoyo Sutoyo
Universitas Islam Kebangsaan Indonesia
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Pengaruh Laba dan Arus Kas terhadap Financial Distress pada Perusahaan Sektor Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia Rima Marzani; Sutoyo Sutoyo; Koko Bustami
Jurnal Kendali Akuntansi Vol. 4 No. 4 (2026): Oktober: Jurnal Kendali Akuntansi
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59581/jka-widyakarya.v4i4.7044

Abstract

This quantitative study was designed to identify and map the magnitude of the partial and simultaneous effects of Return on Assets (ROA) and Operating Cash Flow (ACO) on the potential for financial distress operationalized via the Altman Z-score formula among non-cyclical consumer manufacturing entities listed on the Indonesia Stock Exchange (IDX) during the 2024–2025 period. The study employed a balanced panel data design with purposive sampling, selecting 20 companies (totaling 40 observations), and utilized EViews 12 software to perform econometric estimation based on the Random Effect Model (REM) approach. Partial hypothesis testing confirmed that Return on Assets (ROA) did not exhibit a significant causal relationship with financial distress (t-statistic = 0.311 < t-table = 1.687; p = 0.7578 > 0.05). Conversely, Operating Cash Flow (ACO) was found to exert a significant positive influence on the level of financial distress (t-statistic = 2.988 > t-table = 1.687; p = 0.0050 < 0.05). Simultaneously, the interaction between ROA and Operating Cash Flow contributed significantly to predicting financial distress (F-statistic = 4.826 > F-table = 2.84; p = 0.0137 < 0.05). The coefficient of determination (R² = 0.2069) indicates that 20.69% of the variance in financial distress is accounted for by the two independent predictors, while the majority portion 79.31% is influenced by exogenous factors outside the estimation model.
Co-Authors Agustin Nurhayati Amrullah Amrullah Bayu Eko Broto Chairul Bariah Cut Santika Dina Hendiyani Emalia Ariska Fatimah Zuhra Fauzi Fauzi Harley Agustian Hayanuddin Safri Hayanuddin Safri Junita Lubis Kamaruddin Kamaruddin Karimi Karimi Koko Bustami M Yusuf Muhammad Ferdiananda Chadafi Muhammad Saifrizal Mulyadi Mulyadi Nuriman, Nuriman Rahmati Rahmati Rahmi Rima Marzani Rizkha Maulana Rizki Syahputra Rizky Maulana Sri Mulyani Sri Yanna Syifa Ul Husna Zainuddin Iba Zulfikar Zulfikar Zuriani Ritonga