PENGARUH PROFITABILITAS, LIKUIDITAS, OPERATING CAPACITY, CASH FLOW DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN PROPERTY DAN REAL ESTATE DI BEI TAHUN 2019-2024

Authors

  • Baskoro Adi Nugroho Institut Teknologi Bisnis AAS Indonesia
  • Rukmini Rukmini Institut Teknologi Bisnis AAS Indonesia
  • Wikan Budi Utami Institut Teknologi Bisnis AAS Indonesia

DOI:

https://doi.org/10.61722/jrme.v3i5.12260

Keywords:

Cash Flow, Financial Distress, Liquidity, Operating Capacity, Profitability, Sales Growth

Abstract

This study aims to analyze the effect of Profitability (ROA), Liquidity (CR), Operating Capacity (TATO), Cash Flow (OCF), and Sales Growth on Financial Distress measured using the Altman Z-Score model in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during 2019–2024. The research method used is quantitative with an explanatory approach. The population includes 92 companies, and using purposive sampling technique, a sample of 20 companies (120 observations) was obtained. Data analysis was conducted using multiple linear regression in SPSS 23. The results show that profitability, liquidity, and cash flow have a positive and significant effect on financial distress, while operating capacity has a negative and significant effect. Meanwhile, sales growth has no significant effect on financial distress. Simultaneously, all five independent variables significantly affect financial distress with an Adjusted R2 of 84.5%.

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Published

2026-07-28

Issue

Vol. 3 No. 5 (2026): september

Section

Articles

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