Pengaruh Kinerja Keuangan terhadap Financial Distress pada Sektor Transportasi dan Logistik yang Terdaftar di Bursa Efek Indonesia Periode 2022-2025
DOI:
https://doi.org/10.61132/jieap.v3i3.2618Keywords:
Financial Distress, Financial Performance, Liquidity (CR), Modified Altman Z-Score, Profitability (ROA), Solvency (DER)Abstract
The transportation and logistics sector plays a strategic role in supporting national economic growth, yet it still faces the risk of financial distress due to high operational pressures, significant capital requirements, and economic uncertainty. This study aims to examine the influence of profitability proxied by Return on Assets (ROA), liquidity proxied by the Current Ratio (CR), and solvency proxied by the Debt to Equity Ratio (DER) on financial distress, measured using the Modified Altman Z-Score method. The study uses secondary data sourced from the financial statements of transportation and logistics companies listed on the Indonesia Stock Exchange for the period 2022–2025. The results of this study indicate that ROA has a significant positive effect on the Altman Z-Score, with a regression coefficient of 8.250 and a p-value of 0.000 < 0.05. CR also has a significant positive effect on the Altman Z-Score, with a regression coefficient of 1.750 and a p-value of 0.000 < 0.05. Meanwhile, DER has a significant negative effect on the Altman Z-Score, with a regression coefficient of -0.833 and a p-value of 0.000 < 0.05. Collectively, ROA, CR, and DER have a significant effect on the Altman Z-Score, which is proxied as financial distress, with a coefficient of determination of 82.4%, while the remainder is influenced by other factors.
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