Pengaruh NPM, DAR, dan QR terhadap Financial Distress Dimoderasi Kepemilikan Institusional pada Perusahaan Transportasi dan Logistik di IDX Tahun 2021-2025

Eva Dwi Riyanti; Daniel Kartika Adhi; Patricia Dhiana Paramita

doi:10.61132/jeap.v3i2.2585

Authors

Eva Dwi Riyanti Universitas Pandanaran
Daniel Kartika Adhi Universitas Pandanaran
Patricia Dhiana Paramita Universitas Pandanaran

DOI:

https://doi.org/10.61132/jeap.v3i2.2585

Keywords:

Financial Distress, Financial Performance, Institutional Ownership, Net Profit Margin, Quick Ratio

Abstract

The transportation and logistics sector experienced significant pressure due to the COVID-19 pandemic and entered a recovery process during the 2021-2025 period, although pressure on financial performance has continued. This study aims to analyze the effect of Net profit margin (NPM),Debt to assets ratio (DAR), and Quick ratio (QR) on financial distress, as well as to examine institutional ownership as a moderating variable. This study employs a quantitative approach using secondary data from the financial statements of transportation and logistics sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2025 period. Out of a population of 41 companies, 14 companies were selected as the sample through purposive sampling. Financial distress is measured using the modified Altman Z-Score model, with data analyzed through Multiple Linear Regression and Moderated Regression Analysis (MRA). The results indicate that NPM and QR have a significant positive effect on financial distress, suggesting that an increase in profitability and liquidity plays an important role in raising the Altman Z-Score value, while DAR has a significant negative effect, indicating that a higher leverage level leads to a greater decline in the Altman Z-Score. Institutional ownership is proven to strengthen the effect of NPM and QR, while weakening the effect of DAR on financial distress. The findings of this study are expected to provide insights for companies in mitigating the risk of financial distress through optimizing financial performance, as well as serve as a consideration for investors in making investment decisions.

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