Pengaruh Likuiditas, Profitabilitas, Leverage, dan Total Arus Kas terhadap Financial Distress pada Perusahaan di JII Periode 2021-2024

Agustin, Tika Ayu
Widiawati, Hestin Sri
Faisol, Faisol

Balance : Jurnal Akuntansi dan Manajemen
Vol. 4 No. 2 (2025): Agustus 2025

distress pada perusahaan yang terdaftar di Jakarta Islamic Index (JII) periode 2021–2024. Latar belakang penelitian didasari fenomena penurunan kinerja keuangan, di mana 33,33% perusahaan JII menunjukkan indikasi financial distress seperti Altman Z-Score <1,8, penurunan arus kas operasional, dan kerugian bersih. Penelitian ini menggunakan pendekatan kuantitatif dengan purposive sampling, menghasilkan 52 data perusahaan. Data sekunder berupa laporan tahunan diakses dari Bursa Efek Indonesia dan dianalisis menggunakan regresi data panel dengan STATA 14. Hasil penelitian menunjukkan secara parsial, profitabilitas dan leverage berpengaruh signifikan terhadap financial distress, sedangkan likuiditas dan total arus kas tidak berpengaruh signifikan. Secara simultan, keempat variabel independen berpengaruh signifikan. Temuan ini menegaskan bahwa kemampuan perusahaan menghasilkan laba dan struktur pembiayaan memiliki peran lebih dominan dalam menentukan potensi financial distress dibandingkan ketersediaan aset lancar maupun arus kas operasional.   This study analyzes the financial factors influencing financial distress in companies listed on the Jakarta Islamic Index (JII) during the 2021–2024 period. The research is motivated by the declining financial performance, where 33.33% of JII companies exhibit signs of financial distress, such as Altman Z-Score <1.8, declining operating cash flows, and net losses. A quantitative approach was employed using purposive sampling, resulting in 52 company data observations. Secondary data were obtained from annual reports accessed via the Indonesia Stock Exchange and analyzed using panel data regression with STATA 14. The results reveal that, partially, profitability and leverage have a significant effect on financial distress, while liquidity and total cash flows show no significant impact. Simultaneously, all independent variables significantly influence financial distress. These findings highlight that a company’s ability to generate profits and its financing structure play a more dominant role in determining the likelihood of financial distress compared to the availability of current assets or operating cash flows.