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Journal : Madani: Multidisciplinary Scientific Journal

Pengaruh Likuiditas, Leverage, dan Profitabilitas Terhadap Financial Distress: Peran Moderasi Ukuran Perusahaan Hafizi, Mohamad; Azazi, Anwar; Rosnani, Titik; Mustika, Uray Ndaru
Madani: Jurnal Ilmiah Multidisiplin Vol 3, No 6 (2025): July 2025
Publisher : Penerbit Yayasan Daarul Huda Kruengmane

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.15812690

Abstract

This study aims to examine the effect of liquidity, leverage, and profitability on financial distress, with firm size as a moderating variable. The sample consists of 30 consumer goods sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, selected through purposive sampling. Data were analyzed using Moderated Regression Analysis (MRA) based on the Fixed Effect Model (FEM) with the assistance of EViews 12 software. The findings indicate that leverage has a significant positive effect on financial distress (p < 0.01), while liquidity and profitability do not show significant effects (p > 0.05). Firm size negatively moderates the relationship between liquidity and financial distress (β = –0.626; p < 0.05) and positively moderates the effect of profitability (β = –3.422; p < 0.05), but does not moderate the influence of leverage. These results emphasize the importance of internal company characteristics—particularly firm size—in shaping the financial impact of key financial ratios. Theoretically, this research contributes to the development of a more comprehensive financial distress prediction model, while practically, it provides strategic insights for companies in formulating more adaptive financial risk mitigation efforts.
Co-Authors Agfar, Defran Sutan Ahmad Shalahuddin Ahmad Shalahuddin, Ahmad Alessandro, Muhammad Jerry Ana Fitriana Ananda, Fitri Abhellia Ananda, Putri Anggraini Anggraini Anwar Azazi Apriandika, Muhammad Nahruddin Aprilyandini, Kanti Aqsa, Daffa Fernanda Ardia, Rifana Uthri Arman Jaya Aspasya, Delvia Putri Asria, Khujjah Ayu Audina, Riska Barkah, Barkah Bernadus Roky Saputra Daniel Happy Putra Daud, Ilzar Denny, Valentinus Desy Septiani Dody Pratama Marumpe Eduardus Gery Palawakng Endah Mayasari Erna Listiana Fahri Fahri Fahruna, Yulyanti Fasya Halwa Humairah Fauzan, Rizky Firdaus, Angelika Fitri, Ranti Madona Hafidloh, Hafidloh Hafizi, Mohamad Harry Setiawan Hasanudin Hasanudin Hendri, M. Irfan Hendri, Markus Heriyadi Heriyadi, Heriyadi Herlina, Desi Hidayat Hidayat Hondro, Adrianus Ignatia, Juliana Ikram Yakin Irdhayanti, Efa Istikarani, Miranda Juniwati Juniwati Kalis, Maria Christiana Iman Karsim, Karsim Kholifah, Putri Listiana , Erna M. Irfani Hendri Maria Christiana Iman Kalis, Maria Christiana Maryadi, Romi Meliani, Azzalia Miranda, Fina Monika, Utin Vera Muhammad Afif Mustika, Uray Ndaru Nafisiyanda, Nafisiyanda natanael, Kevin Novelia Novelia, Novelia Nurhadi Olvi, Monika Pramana Saputra Purmono, Bintoro Bagus Putri, Haliza Nabila Putri, Rizki Wahyuni Ramadania Ramadania Ramadania, Ramadania Ramadhan, Ashriansyah Ramadhan, Rizani Sari, Vriska Monia Saskia Sigit Ardi Saputra Sigit Wicaksono, Angga Sri Langgeng Ratnasari Sulastri, Ria SULISTIOWATI Sulistiowati Sulistiowati Suryana, Ahmad Iqbal Syahbandi Syahbandi Syal, Adrian Tatia, Tatia Theresa, Erica Theresa, Revilia Titinawati, Titinawati Wenny Pebrianti