Determinan Financial Distress pada Perusahaan Tekstil dan Garmen yang Terdaftar di BEI Periode 2020–2024
DOI:
https://doi.org/10.63822/671gve74Keywords:
financial distress, pengeluaran r&d, leverage, rasio aktivitas, arus kas operasi, profitabilitasAbstract
Pasca pandemi COVID-19, industri tekstil dan garmen masih dihadapkan pada fenomena penurunan yang berpotensi memicu financial distress. Penelitian dilakukan dengan latar belakang rendahnya adopsi teknologi dan kesenjangan literatur. Pengaruh pengeluaran research & development (R&D), leverage, rasio aktivitas, arus kas operasi, dan profitabilitas terhadap financial distress pada perusahaan tekstil dan garmen yang terdaftar di Bursa Efek Indonesia periode 2020–2024 dianalisis dengan teknik analisis regresi data panel menggunakan EViews 13. Penelitian menggunakan sebanyak 97 data laporan keuangan dari 20 perusahaan terpilih dengan purposive sampling setelah pemangkasan outlier. Pengeluaran R&D ditemukan tidak berpengaruh terhadap financial distress. Sementara itu, leverage berpengaruh positif dengan signifikan. Rasio aktivitas, arus kas operasi, dan profitabilitas terbukti berpengaruh negatif dengan signifikan terhadap financial distress. Temuan ini diharapkan memberikan implikasi teoritis dan praktis mengenai faktor-faktor penyebab meningkatnya financial distress, sehingga perusahaan dapat melakukan pengelolaan leverage yang diimbangi dengan pengelolaan aset yang produktif, sehingga investor dan kreditor dapat mengambil keputusan yang lebih strategis.
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