Pengaruh Free Cash Flow terhadap Financial Distress Melalui Profitabilitas dan Leverege
DOI:
https://doi.org/10.61132/jeap.v2i2.954Keywords:
Free Cash Flow, Financial Distress, Profitability, LeverageAbstract
This research aims to analyze the effect of free cash flow on financial distress through return on assets and debt to assets ratio in the pharmaceutical subsector listed on the Indonesia Stock Exchange (BEI) during the period of 2020-2023. The analytical methods employed include descriptive analysis, correlation analysis, classical assumption testing, multiple linear regression analysis, and path analysis. The tool used for analysis is SPSS Version 25. The population consists of 13 companies, and through purposive sampling, a sample of 10 companies was obtained, resulting in a total of 40 firm observations over the 4-year period. The findings indicate that free cash flow has a negative effect on financial distress. Additionally, free cash flow positively influences both return on assets and debt to assets ratio. Return on assets has been proven to mediate the effect of free cash flow on financial distress, while debt to assets ratio does not demonstrate significant mediating capability. The originality of this research builds upon previous studies by introducing return on assets as a moderating variable and also incorporates debt to assets ratio as a moderating variable in the analysis.
Downloads
References
Agustino, Ni Wayan Indah Paramyta, and Sayu Ketut Sutrisna Dewi. 2019. “Pengaruh Ukuran Perusahaan, Profitabilitas, Dan Leverage Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur.” 8(8):4957–82. doi: https://doi.org/10.24843/EJMUNUD.2019.v08.i08.p09.
Altman, Edward I. 1968. “The Prediction of Corporate Bankruptcy: A Discriminant Analysis.” The Journal of Finance 23(1):193. doi: 10.2307/2325319.
Andari, Winda Dwi, Rachma Isna Dhiar Cahya Prasetya, and Demas Akmal Bintoro. 2023. “Pengaruh Likuiditas, Profitabilitas, Leverage Terhadap Financial Distress Dan Opini Audit Going Concern (Studi Empiris Pada Perusahaan Sektor Energi Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2022).” INNOVATIVE: Journal Of Social Science Research 3:10210–25.
Bachtiar, Arfan, and Nur Handayani. 2022. “Pengaruh Profitabilitas, Leverage, Capital Intensity, Dan Arus Kas Operasi Terhadap Financial Distress.” Jurnal Ilmu Dan Riset Akuntansi 11(1):1–19.
Dirman, Angela. 2020. “Financial Distress: The Impacts of Profitability, Liquidity, Leverage, Firm Size, and Free Cash Flow.” International Journal of Business, Economics and Law 22(1):1.
Evita & Mildawati. 2019. “Pengaruh Profitabilitas, Aktivitas, Likuiditas, Leverage Dan Arus Kas Terhadap Financial Distress Pada Perusahaan Telekomunikasi.” Jurnal Ilmu Dan Riset Akuntansi 8(4):1–21.
Haryoko, Ugeng Budi, and Elisa Melvianti. 2019. “Pengaruh Return On Asset Dan Free Cash Flow Terhadap Tingkat Leverage Perusahaan Pada PT . Wijaya Karya Tbk Tahun 2013-2017.” Jurnal Sekuritas 3(1):112–21.
Hendra, Afrizal, and Enggar Diah. 2018. “FAKTOR-FAKTOR YANG MEMPENGARUHI FINANCIAL DISTRESS (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2016).” (14):64–74. doi: 10.15900/j.cnki.zylf1995.2018.02.001.
Junior, Richard, and Nurainun Bangun. 2024. “Pengaruh Profitability, Working Capiral, Dan Free Cash Flow Terhadap Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2020.” Jurnal Paradigma Akuntansi 6(1):46–52. doi: 10.24912/jpa.v6i1.28536.
Kasmir. 2016. Pengantar Manajemen Keuangan. Jakarta: Prenada media group.
Kasmir. 2021. Analisis Laporan Keuangan. PT Raja Grafindo Persada.
Khushi, and Sulaiman. 2020. “Effects of Profitability Measures on Free Cash Flow; Evidence from Pakistan Stock Exchange.” International Journal of Scientific and Technology Research 9(2):3882–89.
Kusuma, Marhaendra. 2020. “Penghasilan Komprehensif Lain Dan Prediksi Arus Kas Masa Depan : Bukti Dari Indonesia.” Seminar Nasional SENIMA Ke 5 Universitas Negeri Surabaya, Senima 5 815–832.
Kusuma, Marhaendra. 2021a. “Measurement of Return on Asset (ROA) Based on Comprehensive Income and Its Ability to Predict Investment Returns: An Empirical Evidence on Go Public Companies in Indonesia before and during the Covid-19 Pandemic.” Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi 16(1):94. doi: 10.24269/ekuilibrium.v16i1.3238.
Kusuma, Marhaendra. 2021b. “Modification of Profitability Measures with Comprehensive Income and Reclassification of Other Comprehensive Income as a Mediation of Effects Asset Utilization on Firm Value.” Jurnal Keuangan Dan Perbankan 25(4):855–79. doi: 10.26905/jkdp.v25i4.6132.
Kusuma, Marhaendra. 2024. “Untuk Memprediksi Financial Distress?” 25(1):47–61.
Lubis, Andriani, and Rethy Aprilia Nugroho. 2023. “Pengaruh Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Sektor Manufaktur Yang Terdaftar Di Bursa Efek Indonesia.” Jurnal Akuntansi Dan Keuangan Entitas 3(1):90–123. doi: 10.31539/costing.v7i3.8835.
Lupita, Irma Wahyu, and Wahyu Meiranto. 2018. “Pengaruh Surplus Arus Kas Bebas, Ukuran Perusahaan, Leverage, Dan Kualitas Audit Terhadap Manajemen Laba.” Diponegoro Journal of Accounting 7(4):1–11.
Pebrianti, Grestika, Edy Suryadi, and Heni Safitri. 2023. “Profitabilitas Memoderasi Pengaruh Likuiditas, Leverage Dan Operating Capacity Terhadap Financial Distress (Profitability Moderates the Effect of Liquidity, Leverage and Operating Capacity on Financial Distress).” Akuntansi Bisnis & Manajemen ( ABM ) 30(1). doi: 10.35606/jabm.v30i1.1181.
Pratama, Akhdi Martin. 2020. “Pandemi Covid-19, Industri Farmasi Mengaku PHK Sekitar 3.000 Karyawan.” Kompas.Com. Retrieved (https://money.kompas.com/read/2020/09/28/211000426/pandemi-covid-19-industri-farmasi-mengaku-phk-sekitar-3.000-karyawan).
Rahayu, Sri Islami, Acep Suherman, and Andri Indrawan. 2021. “Pengaruh Laba Dan Arus Kas Terhadap Financial Distress (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia).” Jurnal Akuntansi Unihaz 4(1):78–93.
Robiansyah, Anton, Yusmaniarti Yusmaniarti, Iwi Karmita Sari, Herry Novrianda, and Tito Irwanto. 2022. “Analisis Perbandingan Model Altman, Springate, Zmijewski, Dan Grover Dalam Memprediksi Kebangkrutan Perusahaan Di Bursa Efek Indonesia (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2012-2017).” EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis 10(S1):25–36. doi: 10.37676/ekombis.v10is1.1957.
Saad, Bani, and Aisyah Farascahya Abdillah. 2019. “Analisis Pengaruh Ukuran Perusahaan, Leverage, Audit Tenure, Dan Financial Distress Terhadap Integritas Laporan Keuangan.” Oikonomia: Jurnal Manajemen 15(1):70–85. doi: 10.47313/oikonomia.v15i1.645.
Septiani, Ni Made Inten, and I. Made Dana. 2019. “Pengaruh Likuiditas, Leverage, Dan Kepemilikan Institusional Terhadap Financial Distress Pada Perusahaan Property Dan Real Estate.” E-Jurnal Manajemen Universitas Udayana 8(5):3110. doi: 10.24843/ejmunud.2019.v08.i05.p19.
Suci, Rizky Indra Wulan. 2016. “Pengaruh Arus Kas Bebas, Kebijakan Pendanaan, Profitabilitas, Collateral Assets Terhadap Kebijakan Dividen.” Jurnal Ilmu Dan Riset Akuntansi 5(2):1–17.
Susilawati, Endang, and Albert Kurniawan Purnomo. 2023. “Pengaruh Leverage Dan Pertumbuhan Perusahaan Terhadap Profitabilitas.” Owner 7(2):955–64. doi: 10.33395/owner.v7i2.1417.
Suwarno, J. P., & Putri, W. 2022. “Pengaruh Sales Growth Dan Free Cash Flow Terhadap Financial Distress.” Jurnal Informasi Akuntansi (JIA) 1(2):91–106.
Veronisa, Firyal Inko, Harry Budiantoro, Perdana Wahyu Santosa, and Kanaya Lapae. 2023. “Pengaruh Struktur Aset, Free Cash Flow Dan Pertumbuhan Perusahaan Terhadap Kebijakan Hutang Dengan Profitabilitas Sebagai Variabel Intervening.” Journal of Business and Economics Research (JBE) 4(2):164–73. doi: 10.47065/jbe.v4i2.3636.
Wahyuni, Ika, Moh. Aris Pasigai, and Faidhul Adzim. 2019. “Analisis Rasio Profitabilitas Sebagai Alat Untuk Mengukur Kinerja Keuangan Pada Pt.Biringkassi Raya Semen Tonasa Groupjl. Poros Tonasa 2 Bontoa Minasate’Ne Pangkep.” Jurnal Profitability Fakultas Ekonomi Dan Bisnis 3(1):22–35.
Wulandhari, Retno. 2020. “Industri Farmasi Indonesia Tumbuh Negatif Di Tengah Pandemi Republika.” Republika. Retrieved (https://ekonomi.republika.co.id/berita/qe8aee383/industri-farmasi-indonesia-tumbuh-negatif-di-tengah-pandemi).
Yuliani, Rahma, and Adisti Rahmatiasari. 2021. “Pengaruh Corporate Governance Terhadap Financial Distress Dengan Kinerja Keuangan Sebagai Variabel Moderating (Perusahaan Manufaktur Di BEI).” Reviu Akuntansi Dan Bisnis Indonesia 5(1):38–54. doi: 10.18196/rabin.v5i1.11333.
Yuniar, Eka, Isni Andriana, and Taufik. 2024. “Pengaruh Arus Kas Terhadap Financial Distress Pada Sektor Infrastruktur Yang Terdaftar Di BEI.” Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah 6(4):4013–32. doi: 10.47467/alkharaj.v6i4.854.
Zanetty, Viola, and David Efendi. 2022. “Pengaruh Free Cash Flow, Likuiditas, Dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan Perusahaan (Studi Perusahaan Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia).” Jurnal Ilmu Dan Riset Akuntansi 11(2):1–17.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Ekonomi, Akuntansi, dan Perpajakan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
