Pengaruh Leverage dan Profitabilitas terhadap Financial Distress pada Perusahaan Manufaktur Bursa Efek Indonesia (BEI) Periode 2022-2024
DOI:
https://doi.org/10.58192/ebismen.v5i3.4575Keywords:
Financial Distress, Leverage, Profitability, Manufacturing CompaniesAbstract
Financial distress refers to a company’s inability to meet its financial obligations and serves as an early warning indicator of potential bankruptcy. This study aims to examine the effects of leverage and profitability on financial distress among manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024. Using a quantitative approach,data were analyzed through multiple linear regression. Secondary data from annual financial reports were utilized with a sample of 95 companies selected via purposive sampling. Financial distress was measured using the Altman Z-Score, leverage was proxied by the Debt to Equity Ratio (DER), and profitability was measured by Return on Assets (ROA). The results indicate that leverage has a significant negative effect on financial distress, whereas profitability exhibits a negative but statistically insignificant effect. Simultaneously, both variables do not exert a significant joint influence on financial distress. The low coefficient of determination suggests that financial distress is largely driven by other factors beyond leverage and profitability. These findings imply that while capital structure affects a firm’s financial health, internal financial ratios alone are insufficient to fully explain the occurrence of financial distress. Consequently, future analyses should incorporate non-financial and external macroeconomic factors to achieve a more comprehensive understanding.
References
Angela, A., Oktavianti, O., & Tanison, N. (2024). Predicting Financial Distress in Indonesia’s Retail Industry. E-Jurnal Akuntansi, 34(8), 2073. https://doi.org/10.24843/eja.2024.v34.i08.p13
Ardi, M. F. S., Desmintari, & Yetty, F. (2020). Analysis of Financial Performance Against Financial Distress in Textile and Garment Companies on the IDX. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 309–318.
Azizah, S., & Lismawati, L. (2024). The Effect of Financial Performance on Financial Distress. Jurnal Ilmiah Akuntansi Kesatuan, 12(1), 167–178. https://doi.org/10.37641/jiakes.v12i1.2470
Fahik, Y., & Retna, S. (2022). Financial Distress: Corporate Governance Structure dan Financial Indicator pada Perusahaan Manufaktur di Indonesia. Jurnal Bisnis Dan Manajemen, 9(2), 212–218. http://jurnal.unmer.ac.id/index.php/jbmdoi:https://doi.org/10.26905/jbm.v9i2.9026
Fildzah, N. C. N., & Rachmawati, A. (2025). The effect of liquidity, leverage, and profitability on financial distress of food and beverage companies. Jurnal Ilmiah Akuntansi Dan Finansial Indonesia, 8(2), 12–27. https://doi.org/10.31629/jiafi.v8i2.6975
Gladys, T., Oke, O. A., & Frank, E. (2025). Effects of liquidity, leverage, and profitability on financial distress among industrial goods firms in Nigeria. Management (Montevideo), 3, 279. https://doi.org/10.62486/agma2025279
Humairoh, F., & Nurulita, S. (2022). the Effect of Corporate Governance on Financial Distress. Jrak, 14(2), 237–242. https://doi.org/10.23969/jrak.v14i2.6156
Isayas, Y. N. (2021). Financial distress and its determinants: Evidence from insurance companies in Ethiopia. Cogent Business & Management, 8, 1951110. https://doi.org/10.1080/23311975.2021.1951110
Isdina, S., & Putri, W. (2021). Pengaruh Laba dan Arus KasTerhadap Kondisi Financial DistressStudi Kasus Pada Perusahaan Sub-Sektor Perdagangan EceranYang Terdaftar Di BEI 2014-2018. Jurnal Ilmiah Akuntansi Kesatuan, 9(1), 147–158. www.idx.co.id
Masripah, & Arieftiara, D. (2025). Financial Performance Analysis on Financial Distress in ASEAN Six. Jurnal Ilmiah Akuntansi Kesatuan, 13(4), 741–750. https://doi.org/10.37641/jiakes.v13i4.3537
Movsesyan, S., & Seissian, L. A. (2025). Analysis of financial distress factors in the mining industry: Empirical study of the developing market. Journal of Governance and Regulation, 14(1), Article 20. https://doi.org/10.22495/jgrv14i1art20
Nurfauziyyah, D. (2024). Literature Review tentang Financial Distress yang Terbit di Jurnal Sinta. Jurnal Akuntansi Dan Keuangan, 09(02), 2503–1635. http://jak.uho.ac.id/index.php/journal
Nurjanah, Y., & Darmawan, A. (2025). Financial Distress Analysis Using Altman Z-Score, Ohlson, And Fulmer Methods. Jurnal Ilmiah Akuntansi Kesatuan, 12(6), 513–528. https://doi.org/10.37641/jiakes.v12i6.3030
Sekaran, U. and R., & Bougie, G. (2016). Research Methods for Business (Seventh Ed). John Wiley & Sons Ltd. https://doi.org/http://lccn.loc.gov/2015051045
Silalahi, H., Sitompul, G. T., Silalahi, D., Siregar, Z. S. P., & Nababan, M. (2025). Key Financial Determinants in Reducing Financial Distress in Indonesia’s Manufacturing Industry. Jurnal Ilmiah Akuntansi Kesatuan, 13(2), 361–372. https://doi.org/10.37641/jiakes.v13i2.3337
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Suryani, S., & Mariani, D. (2022). Memprediksi Financial Distress melalui Faktor Internal pada Perusahaan Jasa Sub Sektor Property dan Real Estate. Jurnal Ilmiah Akuntansi Kesatuan, 10(3), 443–454. https://doi.org/10.37641/jiakes.v10i3.1441
Tullah, D. S., Dewi, K., Mediawati, E., Akmar, F., Salim, A., & Febrian, J. (n.d.). Corporate Financial Dynamics Under the Shadow. 94–112.
Wilujeng, R., & Yulianto, A. (2020). Determinan Financial Distress dengan Profitabilitas Sebagai Variabel Moderating. Jurnal Penelitan Ekonomi Dan Bisnis, 5(1), 90–102. https://doi.org/10.33633/jpeb.v5i1.2746
Yuliandi, Y., & Ramadhan, M. F. (2025). Financial Distress Prediction of Indonesian State-Owned Construction Firms Across the COVID-19 Period Using the Altman Z-Score Method. Jurnal Ilmiah Akuntansi Kesatuan, 13(3), 477–484. https://doi.org/10.37641/jiakes.v13i3.3807
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Jurnal Ekonomi, Bisnis dan Manajemen
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
