Sucipto, Adi (2025) PENGARUH LIKUIDITAS, SOLVABILITAS, LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP FINANCIAL DISTRESS DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI (Studi Pada Perusahaan Sektor Pariwisata Yang Terdaftar Di BEI Periode 2022-2024). Thesis thesis, Universitas BPD.
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Abstract
This study aims to analyze the effect of liquidity, solvency, leverage, and firm size on financial distress, with profitability as a moderating variable, in tourism sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022– 2024 period. The tourism sector was chosen due to its strategic role in Indonesia’s economy and its vulnerability to external shocks that may trigger financial distress. The independent variables include the Current Ratio (CR) to measure liquidity, the Debt to Equity Ratio (DER) for solvency, the Debt to Asset Ratio (DAR) for leverage, and firm size measured by the natural logarithm of total assets. The dependent variable is financial distress, measured using the modified Altman Z-Score, while profitability is measured by Return on Equity (ROE) as the moderating variable. The research population consists of 51 tourism sector companies, with 34 companies selected as the final sample through purposive sampling. Secondary data were obtained from annual reports and financial statements published on the IDX. Data analysis was conducted using multiple regression and Moderated Regression Analysis (MRA). The findings indicate that liquidity and firm size have a significant negative effect on financial distress, while leverage has a significant positive effect. In contrast, solvency does not significantly affect financial distress. Furthermore, profitability is found to moderate the relationship between leverage and financial distress, as well as between firm size and financial distress, but does not moderate the influence of liquidity and solvency. These results highlight the importance of managing liquidity, leverage, and profitability, along with strategies to expand firm size, in order to minimize financial distress risks in the tourism sector.
| Item Type: | Thesis (Thesis) |
|---|---|
| Additional Information: | Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas, solvabilitas, leverage, dan ukuran perusahaan terhadap financial distress dengan profitabilitas sebagai variabel moderasi pada perusahaan sektor pariwisata yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2024. Sektor pariwisata dipilih karena memiliki peran strategis dalam perekonomian Indonesia, namun rentan terhadap guncangan eksternal yang dapat memicu financial distress. Variabel independen yang digunakan meliputi Current Ratio (CR) untuk likuiditas, Debt to Equity Ratio (DER) untuk solvabilitas, Debt to Asset Ratio (DAR) untuk leverage, serta ukuran perusahaan dengan indikator logaritma natural total aset. Variabel dependen adalah financial distress yang diukur dengan Z-Score Altman modifikasi, sedangkan profitabilitas diukur dengan Return on Equity (ROE) sebagai variabel moderasi. Populasi penelitian mencakup 51 perusahaan sektor pariwisata, dengan sampel akhir 34 perusahaan yang memenuhi kriteria purposive sampling. Data sekunder diperoleh dari laporan tahunan dan laporan keuangan yang dipublikasikan di BEI. Teknik analisis yang digunakan adalah regresi berganda dengan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa likuiditas dan ukuran perusahaan berpengaruh negatif signifikan terhadap financial distress, sedangkan leverage berpengaruh positif signifikan. Sebaliknya, solvabilitas tidak berpengaruh signifikan terhadap financial distress. Profitabilitas terbukti memoderasi hubungan antara leverage dan ukuran perusahaan terhadap financial distress, namun tidak memoderasi pengaruh likuiditas maupun solvabilitas. Temuan ini menegaskan pentingnya pengelolaan likuiditas, leverage, dan profitabilitas serta strategi peningkatan skala usaha untuk meminimalkan risiko financial distress di sektor pariwisata. |
| Uncontrolled Keywords: | Keywords: liquidity, solvency, leverage, firm size, profitability, financial distress, tourism. |
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | Wisudawan S2 |
| Date Deposited: | 18 Oct 2025 06:43 |
| Last Modified: | 18 Oct 2025 06:43 |
| URI: | http://eprints.stiebankbpdjateng.ac.id/id/eprint/2887 |
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