Effect of Leverage, Profitability and Operating Capacity on Financial Distress in Manufacturing Companies Listed on The Indonesia Stock Exchange

Yolanda Effendy; Awaluddin Awaluddin; Loso Judijanto; Luckhy Natalia Anastasye Lotte; Al-Amin; Hadi Subeno

doi:10.56444/icbeuntagsmg.v2i1.1592

Authors

Yolanda Effendy Universitas Islam Negeri Sjech M.Djamil Djambek Bukittinggi
Awaluddin Awaluddin Universitas Islam Negeri Sjech M.Djamil Djambek Bukittinggi
Loso Judijanto IPOSS Jakarta, Indonesia
Luckhy Natalia Anastasye Lotte Universitas Papua
Al-Amin Universitas Airlangga, Surabaya
Hadi Subeno Universitas Islam Negeri Sjech M.Djamil Djambek Bukittinggi

DOI:

https://doi.org/10.56444/icbeuntagsmg.v2i1.1592

Keywords:

Leverage, Profitability, operating capacity, financial distress

Abstract

This study aims to examine whether leverage, profitability and operating capacity affect financial distress in food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2019-2023. The data used is secondary data obtained from www.idx.co.id website. Determination of samples in research using porpusive sampling methods with special criteria. The results of the analysis are known to be a significant value of leverage of 0.000 < 0.05 with a calculation of -4.862 < table 1.992, so the variable leverage has a significant negative effect on financial distress conditions. The significant value on profitability is 0.000 < 0.05 with a count of 9,196 > table 1,992. So the probability variable has a significant positive effect on financial distress conditions. Significant value in Operating Capacity of 0.000 < 0.05 with a calculation of 8.422 > table 1.992, So operating capacity has a significant positive effect on financial distress.

References

Al-Amin, A.-A., Alfia, N., Subeno, H., Andespa, W., & Sabri, S. (2023). The Effect of Claim Service Quality on the Decision to Buy Sharia Insurance Products (Case study on Sharia Insurance in Indonesia). GIC Proceeding, 1, 396–407.

Al-Amin, A.-A., & Andespa, W. (2022). Income and Cost Analysis of Profitability in the Baitul Maal Wa Tamwil Sidogiri Savings and Loans Cooperative, Mempawah Branch. JOVISHE: Journal of Visionary Sharia Economy, 1(1), 75–87.

Amin, A.-A., & Taufiq, M. M. (2023). Analisis Pengaruh Hifdz Al Maal Terhadap Pengelolaan Harta Pada Pedagang Muslim Pasar Aur Kuning Kota Bukittinggi. JESI (Jurnal Ekonomi Syariah Indonesia), 12(2), 163–169.

Astuti, T. Y., Anggreni, M., Khairani, Z., Nasriandani, E., Alfiona, F., Putri, A., Asyari, A., & others. (2022). the Review literature: The effect of prices and income on consumer choice and consumption in Islam: substitusi effect and income consumption in Islam. Adpebi Science Series, Proceedings of Adpebi International Conference on Management, Education, Social Science, Economics and Technology (AICMEST), 1(2).

Asyari, A. (2016). Religiosity, Cultural Belief and Economic Behavior in Contemporary Moslim Minangkabau West Sumatera. International Journal Applied Business and Economic Reseacrh (IJABER), 14(13), 8813.

Asyari, A. (2022). Strengthen the resilience of small and Medium enterprises (SMEs) in covid-19 pandemic through the strengthening entrepreneurial orientation and religiosity (A conceptual framework).

Asyari, A. (2023). literature Review: The effect of prices and income on consumer choice and consumption in Islam.

Asyari, A., Hoque, M. E., Susanto, P., Begum, H., Awaluddin, A., Marwan, M., & Mamun, A. Al. (2024). Online cash waqf behavioral intention: the role of knowledge of cash waqf and trust. Journal of Islamic Marketing.

Asyari, Hoque, M. E., Hassan, M. K., Susanto, P., Jannat, T., & Mamun, A. Al. (2022). Millennial Generation’s Islamic Banking Behavioral Intention: The Moderating Role of Profit-Loss Sharing, Perceived Financial Risk, Knowledge of Riba, and Marketing Relationship. Journal of Risk and Financial Management, 15(12), 590.

Dewi, N. L. P. A., Endiana, I. D. M., & Arizona, I. P. E. (2019). Pengaruh Rasio Likuiditas, Rasio Leverage dan Rasio Profitabilitas Terhadap Financial Distress Pada Perusahaan Manufaktur. Journal of Chemical Information and Modeling, 53(November), 1689–1699.

Endiana, I. D. M., & Suryandari, N. N. A. (2021). Opini Going Concern: Ditinjau Dari Agensi Teori Dan Pemicunya. EKUITAS (Jurnal Ekonomi Dan Keuangan), 5(2), 224–242. https://doi.org/10.24034/j25485024.y2021.v5.i2.4490

Ginanjar, Y. (2018). Financial distress pada perspektif operating capacity, profitabilitas dan leverage (Studi pada perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di bursa efek indonesia periode 2013-2015). MAKSI : Jurnal Ilmiah Manajemen & Akuntansi, 5(2), 91–100.

Hadijah, S. (2010). Analisis Potensi Kebangkrutan Perusahaan Manufaktur Sub Sektor Food And Beverages Yang Terdaftar Di Bursa Efek Indonesia (BEI). 302–310.

Husna, V. A., & Puteri, H. E. (2023). Pengaruh good corporate governance dan leverage terhadap kinerja keuangan perusahaan-perusahaan di jakarta islamic index periode 2016-2020. Jurnal Ekonomi Dan Manajemen, 20(2), 2.

Imam Hidayat, D. (2021). Pengaruh Total Asset Turnover, Leverage dan Profitabilitas terhadap Financial Distress. Akuntansi Dan Keuangan, 5 No 2, 1–12.

Khasanah, Siti Noviati Uswatun, E. a. (2021). Capacity, Pengaruh Operating Growth, Sales Dan, Arus K A S Terhadap, Leverage Distress, Financial. Um-Surabaya.Ac.Id, 01(November), 357–371.

Kusanti, O. (2015). Pengaruh Good Corporate Governance Dan Rasio Keuangan Terhadap Financial Distress. Jurnal Ilmu & Riset Akuntansi, 4(10), 1–22.

Kusuma, H. A., Dewi, M. W., & Ningsih, S. (2022). Pengaruh Likuiditas. Leverage, Profitabilitas, Dan Sales Growth Terhadap Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar di Beli Periode 2018-2020. Jurnal Akuntansi Dan Pajak, 22(22), 1–13.

Maronrong, R., Suriawinata, I. S., & Septiliana, S. (2022). Pengaruh Profitabilitas, Leverage, Operating Capacity dan Corporate Governance terhadap Financial Distress Perusahaan Ritel di BEI Tahun 2011-2017. Jurnal Akuntansi Dan Manajemen, 19(02), 91–103. https://doi.org/10.36406/jam.v19i02.743

Masruri, M. T., & Sakti, R. K. (2020). Analisis Pengaruh ROA, FDR, BOPO Terhadap Financial Distress (Studi Kasus pada Bank Muamalat Indonesia periode 2001-2019). Ilmiah, 9(1), 9.

Moleong, L. C. (2018). Effect of real interest rate and leverage on financial distress. Open Journal Systems, 30(1), 71–86.

Ningsih, R., Asyari, A., & Izmuddin, I. (2020). Pengaruh Islamic Human Capital Dan Pengembangan Karir Terhadap Kinerja Karyawan Bank Syariah. EKONOMIKA SYARIAH: Journal of Economic Studies, 4(2), 163–178.

Novia Pertiwi, R., Hartono, A., & Ulfah, I. F. (2022). Pengaruh Rasio Likuiditas, Leverage, Operating Capacity Terhadap Financial Distress Pada Perusahaan Cosmetics and Household. Jurnal Ekonomi Syariah Darussalam, 3(I), 2745–8407.

Purwaningsih, E., & Safitri, I. (2022). Pengaruh Profitabilitas, Likuiditas, Leverage, Rasio Arus Kas, dan Ukuran Perusahaan terhadap Financial Distress. Ilmu Dan Riset Akuntansi, 7(2), 147–156. https://doi.org/10.29407/jae.v7i2.17707

Puteri, D. A., & Asyari, A. (2023). The Effect of Digital Transformation On The Revitalization of Msmes In Pandemi Time With Digital Literacy As An Intervening Variable (Case Study of Micro Enterprises in the City of Bukittinggi). Islamic Banking: Jurnal Pemikiran Dan Pengembangan Perbankan Syariah, 8(2), 217–238.

Ramadhani, A. L., & Nisa, K. (2019). Pengaruh Operating Capacity, Sales Growth Dan Arus Kas Operasi Terhadap Financial Distress. Jurnal Riset Keuangan Dan Akuntansi, 5(1), 75–82. https://doi.org/10.25134/jrka.v5i1.1883

Ratuela, G. ., Lintje Kalangi, & Warongan, J. . (2022). Pengaruh Profitabilitas, Sales Growth, Likuiditas, Dan Leverage. Jurnal Riset Akuntansi Dan Auditing “GOODWILL,” 13(1), 113–125.

Saleh, D. S. (2018). Pengaruh Operating Capacity, Arus Kas Operasi dan Biaya Variabel Terhadap Financial Distress. Eqien: Jurnal Ekonomi Dan Bisnis, 8(1), 34–49.

Saputri, N. M. N., & Padnyawati, K. D. (2021). Pengaruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Financial Distress (Studi Kasus Pada Perusahaan Sektor Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2017 – 2019). Hita Akuntansi Dan Keuangan Universitas Hindu Indonesia, April, 699–730.

Sutra, F. M., & Mais, R. G. (2019). Faktor-Faktor yang Mempengaruhi Financial Distress dengan Pendekatan Altman Z-Score pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Jurnal Akuntansi Dan Manajemen, 16(01), 34–72. https://doi.org/10.36406/jam.v16i01.267

Wibowo, A., & Susetyo, A. (2020). Analisis Pengaruh Profitabilitas, Likuiditas, Operating Capacity, Sales Growth Terhadap Kondisi Financial Distress pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2018. JIMMBA Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi, 2(6), 927–947.

Yulia, I., Rochman, A., & Andayani, S. (2023). Teori Sinyal Dalam Anomali Window Dressing 2022 Dan Penurunan Risiko Kredit Macet Pada Subsektor Perbankan : Studi Kasus Isu Resesi. 2(3).