Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Financial Distress pada Perusahaan Subsektor Consumer Service yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2023-2024
DOI:
https://doi.org/10.63822/958ys024Keywords:
Profitability; Liquidity; Leverage; Financial distress; Modified Altman Z-ScoreAbstract
Uncertain developments in the global economy have heightened the risk of companies experiencing financial distress. This study aims to analyze the impact of profitability, liquidity, and leverage on financial distress among consumer service sub-sector companies listed on the Indonesia Stock Exchange during the 2023–2024 period. Profitability is proxied by Return on Assets (ROA), liquidity by the Current Ratio (CR), and leverage by the Debt to Asset Ratio (DAR), while financial distress is measured using the Modified Altman Z-Score. Employing a quantitative research method and purposive sampling, the study selected a sample of 22 companies, resulting in 44 observations. Secondary data obtained from the companies' annual financial reports were used for the analysis. The results indicate that ROA has a positive and significant effect on financial distress (significance value of 0.001), and CR has a positive and significant effect (significance value of 0.000), whereas DAR has a negative and significant effect (significance value of 0.003). Collectively, profitability, liquidity, and leverage significantly influence financial distress (significance value of 0.000). Thus, higher profitability and liquidity levels raise the Altman Z-Score, leading to a healthier financial position, while high leverage lowers the Altman Z-Score, thereby increasing the risk of financial distress.
References
Anggraini, P., Pratiwi Octasylva, A. R., Puspita, M. E., Tampubolon, E. S., & Vindiana, A. P. (2023). Analisis Rasio Keuangan terhadap Financial Distress Menggunakan Altman Z-Score. Jurnal Ilmu Pengetahuan Dan Teknologi, 8–12. https://doi.org/10.31543/jii.v8i1.307
Anisa, S., Shafitranata, S., Azizah MT, R., & Octavia, R. (2023). Pengaruh Rasio Keuangan terhadap Financial Distress Perusahaan Makanan dan Minuman di Indonesia Sebelum dan Saat Covid-19. Nominal Barometer Riset Akuntansi Dan Manajemen, 12(2), 166–176. https://doi.org/10.21831/nominal.v12i2.58346
Awaliyah, R. N., & Syahzuni, B. A. (2025). Pengaruh Likuiditas , Profitabilitas dan Leverage Terhadap Financial Distress. Jurnal Ekonomi, Manajemen, Bisnis Dan Akuntansi Review, 5(1), 1–15.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management. Cengage Learning.
Dinilhaq, A. (2024). KFC Indonesia closes dozens of outlets and lays off 2,274 workers amid heavy losses and boycott calls. Asia Pacific Solidarity Network. https://www.asia-pacific-solidarity.net/news/2024-11-11/kfc-indonesia-closes-dozens-of-outlets-and-lays-2274-workers-amid-heavy-losses-and-boycott-calls.html
Haras, L., Monoarfa, M. A. S., & Dungga, M. F. (2022). Pengaruh Rasio Likuiditas Dan Rasio Profitabilitas Terhadap Financial Distress Pada Perusahaan Manufaktur Sektor Aneka Industri Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2020. JAMBURA: Jurnal Ilmiah Manajemen Dan Bisnis, 5(1), 44–53. https://doi.org/10.37479/jimb.v5i1.14233
Kristorio, K., Wany, E., & Indahwati. (2025). The Effect of Profitability , Liquidity , and Leverage on Financial Distress with Company Size as a Moderating Variable in Infrastructure , Utility , and Transportation Companies Listed on the Indonesia Stock Exchange from 2019 to 2023. Jurnal Indonesia Sosial Sains, 6(3), 625–639.
López-Santamaría, M., Amaya, N., Grueso Hinestroza, M. P., & Cuero, Y. A. (2021). Sustainability disclosure practices as seen through the lens of the signaling theory: A study of companies listed on the Colombian Stock Exchange. Journal of Cleaner Production, 317(August 2020). https://doi.org/10.1016/j.jclepro.2021.128416
Platt, H. D., & Platt, M. B. (2002). Predicting Corporate Financial Distress: Reflections on Choice-Based Sample Bias. 26(2), 184–199.
Rahayu, N. W., Armin, R., & Verlandes, Y. (2024). Pengaruh Rasio Keuangan Terhadap Kinerja Keuangan Pada PT GoTo Setelah Melakukan Marger Periode 2022-2023. Journal Of Global Humanistic Studies, 2(4), 8–15.
Risalah, D. F. (2024). Dampak Boikot, Pizza Hut Rugi Rp 96 Miliar di Kuartal Ketiga 2024. Republika. https://ekonomi.republika.co.id/berita/sncbhb423/dampak-boikot-pizza-hut-rugi-rp-96-miliar-di-kuartal-ketiga-2024
Rizalda Anjach Syarof, Handayani, A., & Alkusani. (2024). Pengaruh Return On Equity, Current Ratio, dan Debt to Equity Ratio Terhadap Financial Distress Pada Perusahaan Sub Sektor Consumer Service Yang Terdaftar Di BEI Tahun 2018-2022. Jurnal Mahasiswa Manajemen, 5(1), 42–55. https://doi.org/10.35968/v0cs7q94
Sari, A. M., & Anggraeni, D. (2025). Pengaruh Profitabilitas, Leverage, Likuiditas dan Sales Growth Terhadap Financial Distress Pada Perusahaan Food and Beverage Yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2019-2023. Global Accounting: Jurnal Akuntansi, 4(1), 1–6.
Septiani, R. P., Rahmi, A., & Munandar, A. (2025). Pengaruh rasio keuangan terhadap financial distress dalam Altman Z-Score. Jurnal Ekonomi, Akuntansi Dan Manajemen Aset, 7(1), 45–56.
Shidiq, J., & Khairunnisa. (2019). Analisis Rasio Likuiditas, Rasio Leverage, Rasio Aktivitas, Dan Rasio Pertumbuhan Terhadap Financial Distress Menggunakan Metode Altman Z-Score Pada Sub Sektor Tekstil Dan Garmen Di Bei Periode 2013-2017. Jim Upb, 7(2), 209–212.
Sugiyono. (2023). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (Sutopo (ed.)).
Wahyuningsih, A., Hartono, & Armin, R. (2021). Analisis Financial Distress Dengan Menggunakan Bankruptcy Prediction Models Pada Emiten Rokok Periode 2014-2018. Journal of Management and Accounting, 4(1), 16–27.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Khafifah Dia Elisa, Hartono Hartono, Yuliasnita Verlandes (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
