Pengaruh Sales Growth, Likuiditas, Leverage, dan Operating Capacity terhadap Financial Distress (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2018–2024)

Kondisi keuangan perusahaan merupakan faktor fundamental dalam menilai keberlangsungan usaha, khususnya pada sektor manufaktur sebagai kontributor utama terhadap Produk Domestik Bruto (PDB) Indonesia. Tekanan ekonomi global akibat pandemi COVID-19 dan resesi tahun 2020 meningkatkan risiko financial distress pada perusahaan manufaktur. Penelitian ini bertujuan menganalisis pengaruh sales growth, likuiditas, leverage, dan operating capacity terhadap financial distress pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI). Metode penelitian yang digunakan yaitu analisis linear berganda dengan pengambilan sampel menggunakan purposive sample. Pengolahan data pada penelitian ini menggunkan software SPSS Versi 25 dengan sumber data sekunder. Hasil penelitian ini menunjukkan bahwa secara simultan Sales Growth, Likuiditas, Leverage dan Operating Capacity Berpengaruh signifikan terhadap financial distress dengan nilai sig 0,000. Haisl Uji t menunjukkan secara parsial Sales Growth dan Likuiditas berpengaruh positif dan signifikan terhadap financial distress, leverage berpengaruh negatif dan signifikan terhadap financial distress, sedangkan operating capacity tidak signifikan berpengaruh secara parsial terhadap financial distress. Hasil keofisien determinasi yang dimasukkan dalam model mampu mempengaruhi financial distress sebesar 37,5%, sisanya dijelaskan oleh variabel lain.

================================================================================================

The financial condition of a company is a fundamental factor in assessing business sustainability, particularly in the manufacturing sector as the main contributor to Indonesia's Gross Domestic Product (GDP). Global economic pressures due to the COVID-19 pandemic and the 2020 recession have increased the risk of financial distress for manufacturing companies. This study aims to analyse the effect of sales growth, liquidity, leverage, and operating capacity on financial distress in manufacturing companies listed on the Indonesia Stock Exchange (IDX). The research method used is multiple linear analysis with purposive sampling. Data processing in this study uses SPSS Version 25 software with secondary data sources. The results of this study indicate that simultaneously, sales growth, liquidity, leverage, and operating capacity have a significant effect on financial distress with a sig value of 0.000. The t-test results show that partially, sales growth and liquidity have a positive and significant effect on financial distress, leverage has a negative and significant effect on financial distress, while operating capacity does not have a significant partial effect on financial distress. The coefficient of determination included in the model was able to influence financial distress by 37.5%, with the remainder explained by other variables.