The Effect of Solvency, Profitability, Liquidity, and Sales Growth Ratio on Financial Distress (Case Study of a Transportation Company Listed on the Indonesian Stock Exchange)
DOI:
https://doi.org/10.22441/indikator.v9i1.30052Keywords:
Financial Ratios, Financial Distress, DAR, ROE, CR, Sales Growth,Abstract
This study aims to analyse the effect of financial ratios on Financial Distress, namely the effect of debt to asset ratio (DAR), return on equity (ROE), current ratio (CR), and sales growth. The population in this study are transportation companies listed on the Indonesia Stock Exchange in 2018-2022. The samples used were 15 companies with indications of Financial Distress from the calculation of negative earnings per share. The sampling method in this study used purposive sampling. The data collection method uses the library method, by taking financial reports on the IDX.co.id website or the official website of a transportation company listed on the Indonesia Stock Exchange. Methods of data analysis using descriptive and panel data regression. The results showed that the variable (1) debt to asset ratio (DAR) has negative and significant influence on financial distress of transportation companies, (2) current ratio (CR) and (3) sales growth has positive and significant significant influence on financial distress of transportation companies, and (4) return on equity (ROE) do not influence on financial distress of transportation companies listing on Indonesia Stock Exchange period 2018-2022.References
Agustini, N. W., & Wirawati, N. G. P. (2019). Pengaruh Rasio Keuangan Pada Financial Distress Perusahaan Ritel yang Terdaftar di Bursa Efek Indonesia (BEI). E-Jurnal Akuntansi, 26(1), 251–280. https://doi.org/10.24843/eja.2019.v26.i01.p10
Altman, E. I. (2013). Predicting Financial Distress of Companies: Revisiting The Z-Score and Zeta® Models. Cheltenham: Edward Elgar Publishing. https://doi.org/10.4337/9780857936080.00027
Amalia, S., Fadjriah, N. E., & Nugraha, N. M. (2020). The influence of the financial ratio to the prevention of bankruptcy in cigarette manufacturing companies sub sector. Solid State Technology, 63(3), 4173-4182.
Antoniawati, A., & Purwohandoko, P. (2022). Analisis Pengaruh Profitabilitas, Likuiditas, dan Leverage terhadap Financial Distress pada Perusahaan Transportasi yang Terdaftar di BEI Tahun 2018-2020. Jurnal Ilmu Manajemen, 10(1), 28-38.
Azalia, V., & Rahayu, Y. (2019). Pengaruh leverage, likuiditas, profitabilitas, dan ukuran perusahaan terhadap Financial Distress. Jurnal Ilmu dan Riset Akuntansi (JIRA), 8(6).
Bachtiar, A., & Handayani, N. (2022). Pengaruh Profitabilitas, Leverage, Capital Intensity, Dan Arus Kas Operasi Terhadap Financial Distress. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 11(1).
Brigham, E.F & Houston, J.F. (2019). Dasar Dasar Manajemen Keuangan Buku 1 (14 Ed). (Terjemahan Novietha Indra Sallama, Febriany Kusumastuti), Jakarta: Salemba Empat
Caronge, E., Raznilawati, R., & Mursida, M. (2022). Pengaruh Return On Asset Dan Return On Equity Terhadap Financial Distress Pada Perusahaan Manufaktur Sub. Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2017. Humano: Jurnal Penelitian, 13(1), 15-26.
Chrissentia, T dan Syarief J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age, dan Kepemilikan Institusional terhadap Financial Distress. SIMAK Vol. 16 No. 1, April 2018, hal. 45 – 62.
Christine, D., Wijaya, J., Chandra, K., Pratiwi, M., Lubis, M. S., & Nasution, I. A. (2019). Pengaruh Profitabilitas, Leverage, Total Arus Kas dan Ukuran Perusahaan terhadap Financial Distress pada Perusahaan Property dan Real Estate yang Terdapat di Bursa Efek Indonesia Tahun 2014-2017. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 2(2), 340–350. https://doi.org/10.36778/JESYA.V2I2.102
Damajanti, A., Wulandari, H., & Rosyati, R. (2021). Pengaruh Rasio Keuangan Terhadap Financial Distress Pada Perusahaan Sektor Perdagangan Eceran Di Bursa Efek Indonesia Tahun 2015-2018. Solusi, 19(1).
Desiyanti, O. S., Soedarmono, W., & Chandra, K. (2019). The Effect of Financial Ratios to Financial Distress Using Altman Z-score Method in Real Estate Companies Listed in Indonesia Stock Exchange Period. Business and Enterpreneurial Review, 19(2), 119-136.
Dirman, A. (2020). Financial Distress: the impacts of profitability, liquidity, leverage, firm size, and free cash flow. International Journal of Business, Economics and Law, 22(1), 17-25.
Eloumi and Gueyie. (2001). Financial Ditress and Corporate Governance: An Empirical Analysis. Journal Corporate Governance, 1, 15–23
Evrilianingsih, A., & Amalia, A. S. (2022). Pengaruh Faktor Keuangan terhadap Financial Distress dengan dimoderasi oleh Komite Audit. Owner: Riset dan Jurnal Akuntansi, 6(3), 2740-2750.
Faldiansyah, A. K., Arrokhman, D. B. K., & Shobri, N. (2020). Analisis Pengaruh Leverage, Ukuran Perusahaan, Dan Arus Kas Terhadap Financial Distress. Bisnis-Net Jurnal Ekonomi Dan Bisnis, 3(2), 90-102.
Fatimah, S. (2019). Pengantar transportasi. Myria Publisher.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
Hadi, A. (2022). Pengaruh Rasio-Rasio Keuangan Terhadap Financial Distres Pada Perusahaan Sektor Perdagangan, Jasa, Dan Investasi. Jurnal Ilmu Manajemen, 10(1), 1-10.
Hadi. (2014). Mekanisme Corporate Governance dan Kinerja Keuangan Pada Perusahaan yang Mengalami Financial Distress. Jurnal Akuntansi Vol 3 (5): 1-17.
Hanifah, H. (2020). PENGARUH RETURN ON ASSETS, RETURN ON EQUITY, DAN DEBT RATIO TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN TEKSTIL DAN GARMEN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI). Jurnal Studia Akuntansi dan Bisnis (The Indonesian Journal of Management & Accounting), 8(1).
Hantono. (2019). “Memprediksi Financial Distress Dengan Menggunakan Model Altman Score, Grover Score, Zmijewski Score (Studi Kasus Pada Sub Sektor Perusahaan Perdagangan Besar).” 9(April): 1–12.
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.
Hariansyah, M. S., & Soekotjo, H. (2020). Pengaruh rasio likuiditas, profitabilitas, dan aktivitas terhadap prediksi Financial Distress perusahaan tekstil dan garmen. Jurnal Ilmu dan Riset Manajemen (JIRM), 9(10).
Hery. (2017). Riset Akutansi. Jakarta: Gramedia Widiasarana.
Hidayat, W. W. (2018). Dasar-dasar analisa laporan keuangan. Uwais Inspirasi Indonesia.
Kasmir, Analisis Laporan Keuangan. Jakarta: PT. Raja Grafindo Persada, 2018, vol. Edisi 1. Cetakan ke-11.
Kisman, Z., & Krisandi, D. (2019). How to predict Financial Distress in the wholesale sector: Lesson from Indonesian Stock Exchange. Journal of Economics and Business, 2(3).
Kompas.com. 1 November 2022. Berapa Luas Negara Indonesia?. Diakses pada 8 Mei 2023, dari https://www.kompas.com/global/read/2022/11/01/170000370/berapa-luas-negara-indonesia-
Kompas.com. 24 Agustus 2021. Program Pemerintah dalam Bidang Transportasi. Diakses pada 14 Juni 2023, dari https://www.kompas.com/skola/read/2021/08/24/140342969/program-pemerintah-dalam-bidang-transportasi
Kompas.com. 6 September 2022. 5 Manfaat Alat Transportasi dalam Kehidupan Masyarakat Indonesia. Diakses pada 8 Mei 2023, dari https://www.kompas.com/skola/read/2022/09/06/110000069/5-manfaat-alat-transportasi-dalam-kehidupan-ekonomi-masyarakat-indonesia
Mahaningrum, A. A. I. A., & Merkusiwati, N. K. L. A. (2020). Pengaruh rasio keuangan pada Financial Distress. E-Jurnal Akuntansi, 30(8), 1969.
Mahfullah, I. 2022. Pengaruh Profitabilitas, Solvabilitas, Likuiditas dan ukuran perusahaan terhadap Financial Distress. Jurnal Ilmu dan Riset Akuntansi 11(4).
Mardiatmoko, G. (2020). Pentingnya uji asumsi klasik pada analisis regresi linier berganda (studi kasus penyusunan persamaan allometrik kenari muda [canarium indicum l.]). BAREKENG: Jurnal Ilmu Matematika Dan Terapan, 14(3), 333-342.
Masita, A., & Purwohandoko, P. (2020). Analisis Pengaruh Rasio Keuangan, Kepemilikan Manajerial, dan Kepemilikan Institusional terhadap Financial Distress pada Perusahaan Sektor Perdagangan, Jasa, dan Investasi yang Terdaftar di BEI Tahun 2015-2018. Jurnal Ilmu Manajemen, 8(3), 894-908.
Maysaroh, W., Suhendro, S., & Dewi, F.G. (2022). Pengaruh Kinerja Keuangan Terhadap Financial Distress Perusahaan Asuransi di Indonesia Sebelum dan Saat Pandemi Covid-19. Jurnal Akuntansi, 32(2)
Megasanti, L. C., & Riwayati, H. E. (2023). The Effect Of Liquidity, Profitability, And Solvency On Financial Distress With Good Corporate Governance As A Moderation. International Journal of Economic Studies and Management (IJESM), 3(1), 398-408.
Moch, R., Prihatni, R., & Buchdadi, A. D. (2019). The effect of liquidity, profitability and solvability to the Financial Distress of manucatured companies listed on the Indonesia stock exchange (IDX) period of year 2015-2017. Academy of Accounting and Financial Studies Journal, 23(6), 1-16.
Musthafa. (2017). Manajemen Keuangan. Andi Yogyakarta.
Muzharoatiningsih, M., & Hartono, U. (2022). Pengaruh Rasio Keuangan, Sales Growth dan Ukuran Perusahaan terhadap Financial Distress pada Sektor Industri Barang Konsumsi yang Terdaftar di BEI 2017-2020. Jurnal Ilmu Manajemen, 747-758.
Nikmah, W., & Riesmiyantiningtias, N. (2022). ANALISIS PREDIKSI FINANCIAL DISTREESS PADA PT SARANA MEDITAMA METROPOLITAN Tbk SEBELUM DAN SAAT PANDEMI COVID-19. Akrab Juara: Jurnal Ilmu-ilmu Sosial, 7(4), 246-258.
Octavera, S., & Syafel, A. (2022). Analisis Keakuratan Prediksi Financial Distress. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 24(1), 194-204.
Oktariza, M., & Isynuwardhana, D. (2020). PENGARUH RASIO LIKUIDITAS, LEVERAGE, PROFITABILITAS DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS (Studi Kasus Pada Perusahaan Sub Sektor Logam dan Sejenisnya yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018). eProceedings of Management, 7(2).
Otomotif.kompas.com. 6 Agustus 2021. Pentingnya Transportasi Logistik bagi Perkonomian Indonesia. Diakses pada 8 Mei 2023, dari https://otomotif.kompas.com/read/2021/06/08/192100115/pentingnya-transportasi-logistik-bagi-perekonomian-indonesia
Platt, H., & Platt, M. B. (2002). Predicting Financial Distress. Journal of Financial Service Professionals, 5(6), 12–15
Putri, R., & Sari, Y. (2021). Pengaruh Rasio Keuangan Dalam Memprediksi Financial Distress Pada Bank Umum Syariah. Fidusia: Jurnal Keuangan Dan Perbankan, 4(2).
Rahma, A. R., & Efendi, D. (2023). PENGARUH RASIO LIKUIDITAS, SOLVABILITAS, DAN OPERATING CAPACITY TERHADAP FINANCIAL DISTRESS. Jurnal Ilmu dan Riset Akuntansi (JIRA), 12(6).
Rahma, N. H., & Dillak, V. J. (2021). Pengaruh Struktur Modal, Ukuran Perusahaan, Sales Growth Dan Intangible Asset Terhadap Financial Distress. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 5(3), 378-395.
Ramadhani, A. L. (2019). Pengaruh Operating Capacity, Sales Growth Dan Arus Kas Operasi Terhadap Financial Distress. Jurnal Riset Keuangan Dan Akuntansi, 5(1).
Riyanti, S. D. (2020). Analisis Rasio Keuangan Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur. Jurnal READ (Research of Empowerment and Development), 1(2), 56-65.
Riska, Mila. (2023). Pengaruh Current Ratio, Return On Assets, dan Debt To Equity Ratio Terhadap Financial Distress (Studi Empiris Pada Perusahaan Sub Sektor Perdagangan Eceran yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2021). (Skripsi Sarjana, Universitas Mercu Buana). https://repository.mercubuana.ac.id/74394/
Risman, A., Subhani, M., & Ushakov, D. (2021). Nexus between Financial Fundamentals and Automotive (Car) Industry. ARDL approach. E3S Web of Conferences, 244. https://doi.org/10.1051/e3sconf/202124408015.
Risman, A., Salim, U., Sumiati, S., & Indrawati, N. K. (2017). Commodity prices, exchange rates and investment on firm’s value mediated by business risk: A case from Indonesian stock exchange. European Research Studies Journal, 20(3), 511–524. https://doi.org/10.35808/ersj/725.
Saputra, A. J., & Salim, S. (2020). Pengaruh profitabilitas, leverage, firm size, dan sales growth terhadap Financial Distress. Jurnal Paradigma Akuntansi, 2(1), 262-269.
Sarina, S., Lubis, A., & Linda, L. (2020). Pengaruh Ukuran Perusahaan, Debt To Equity Ratio, Return On Equity Dan Current Ratio Untuk Mengidentifikasi Financial Distress Pada Perusahaan Properti Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2017. Owner: Riset dan Jurnal Akuntansi, 4(2), 527-539.
Setyowati, W. (2019). Pengaruh Likuiditas, Operating Capacity, Ukuran Perusahaan dan Pertumbuhan Penjualan terhadap Financial Distress (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2016-2017). Magisma: Jurnal Ilmiah Ekonomi Dan Bisnis, 7(2), 135–146. https://doi.org/10.35829/MAGISMA.V7I2.58
Sihombing, Pordomuan Robinson (2021). Badan Pusat Statistik. ANALISIS REGRESI DATA PANEL. STATISTIK MULTIVARIAT DALAM RISET, 69.
Simorangkir, V. D. T., Hidayat, A., Parameswari, R., & Yana, D. (2021). Pengaruh Return On Asset (ROA), Return On Equity (ROE), Current Ratio (CR), Debt To Equity Ratio (DER), Dan Total Asset Turnover (TATO) Terhadap Kondisi Financial Distress. GOODWILL, 3(2 Desember), 380-391.
Sugiyono. 2019. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta, CV.
Suryani, S. (2020). Pengaruh Profitabilitas, Leverage, Sales Growth dan Ukuran Perusahaan terhadap Financial Distress. Jurnal Online Insan Akuntan, 5(2), 229–244. https://doi.org/10.51211/JOIA.V5I2.1440
Susilowati, P. I., & Fadlillah, M. R. (2019). FaktorFaktor Yang Mempengaruhi Financial Distress Pada Perusahaan Manufaktur Di Indonesia. Jurnal AKSI (Akuntansi dan Sistem Informasi), 4(1), 19-28.
Tirto.id 19 Maret 2019. Industri Transportasi diprediski Tumbuh 11 Persen pada 2019. Diakses pada 8 Mei 2023, dari https://tirto.id/industri-transportasi-diprediksi-tumbuh-11-persen-pada-2019-djSc
Wahyuni, S. F. (2019). Analisis Laporan Keuangan dalam Memprediksi Kebangkrutan pada Perusahaan Manufaktur. Journal of Chemical Information and Modeling, 53(9), 1689–1699.
Yendrawati, R., & Adiwafi, N. (2020). Comparative analysis of Z-score, Springate, and Zmijewski models in predicting Financial Distress conditions. Journal of Contemporary Accounting, 72-80.
Downloads
Published
How to Cite
Issue
Section
License
The copyright to this article is transferred to Universitas Mercu Buana (UMB) if and when the article is accepted for publication. The undersigned hereby transfers any and all rights in and to the paper including without limitation all copyrights to UMB. The undersigned hereby represents and warrants that the paper is original and that he/she is the author of the paper, except for material that is clearly identified as to its original source, with permission notices from the copyright owners where required. The undersigned represents that he/she has the power and authority to make and execute this assignment.
We declare that:
1. This paper has not been published in the same form elsewhere.
2. It will not be submitted anywhere else for publication prior to acceptance/rejection by this Journal.
3. A copyright permission is obtained for materials published elsewhere and which require this permission for reproduction.
Furthermore, I/We hereby transfer the unlimited rights of publication of the above mentioned paper in whole to UMB. The copyright transfer covers the exclusive right to reproduce and distribute the article, including reprints, translations, photographic reproductions, microform, electronic form (offline, online) or any other reproductions of similar nature.
The corresponding author signs for and accepts responsibility for releasing this material on behalf of any and all co-authors. This agreement is to be signed by at least one of the authors who have obtained the assent of the co-author(s) where applicable. After submission of this agreement signed by the corresponding author, changes of authorship or in the order of the authors listed will not be accepted.
Retained Rights/Terms and Conditions
1. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in the Work.
2. Authors may reproduce or authorize others to reproduce the Work or derivative works for the authors personal use or for company use, provided that the source and the UMB copyright notice are indicated, the copies are not used in any way that implies UMB endorsement of a product or service of any employer, and the copies themselves are not offered for sale.
3. Although authors are permitted to re-use all or portions of the Work in other works, this does not include granting third-party requests for reprinting, republishing, or other types of re-use.
This work is also licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
