Pengaruh Faktor Keuangan terhadap Financial Distress Perusahaan Sektor Transportasi dan Logistik

Abstract

Abstract. Even after Large-Scale Social Restrictions (PSBB) were lifted and the economy began to recover, some transportation and logistics companies listed on the Indonesia Stock Exchange (IDX) continued to experience financial distress, indicating that distress is driven not only by external pressure but also by internal financial factors. This study examines the effect of profitability, liquidity, and leverage on the dynamics of financial distress in transportation and logistics companies listed on the IDX during 2020–2025. Financial distress dynamics are measured through the period-to-period change in the modified Altman Z-Score, while profitability, liquidity, and leverage are proxied by Return on Assets (ROA), Current Ratio (CR), and Debt to Asset Ratio (DAR). Using purposive sampling, seven companies with 42 panel observations were analyzed through panel data regression with the Fixed Effect Model and Generalized Least Squares weighting. The results show that profitability, liquidity, and leverage simultaneously have a significant effect on the dynamics of financial distress. Partially, only profitability shows a significant positive effect, while liquidity and leverage do not.

Abstrak. Setelah Pembatasan Sosial Berskala Besar (PSBB) dicabut dan perekonomian mulai pulih, sebagian perusahaan transportasi dan logistik yang terdaftar di Bursa Efek Indonesia (BEI) ternyata masih terus mengalami financial distress. Kondisi ini mengindikasikan bahwa financial distress tidak hanya dipengaruhi oleh tekanan eksternal, tetapi juga oleh faktor keuangan internal perusahaan. Penelitian ini bertujuan menganalisis pengaruh profitabilitas, likuiditas, dan leverage terhadap dinamika financial distress pada perusahaan sektor transportasi dan logistik yang terdaftar di BEI periode 2020–2025. Dinamika financial distress diukur melalui selisih Altman Z-Score modifikasi antar periode, sedangkan profitabilitas, likuiditas, dan leverage diproksikan dengan Return on Asset (ROA), Current Ratio (CR), dan Debt to Asset Ratio (DAR). Melalui metode purposive sampling diperoleh tujuh perusahaan dengan 42 observasi data panel yang dianalisis menggunakan regresi data panel Fixed Effect Model dengan pembobotan Generalized Least Squares. Hasil penelitian menunjukkan bahwa profitabilitas, likuiditas, dan leverage secara simultan berpengaruh signifikan terhadap dinamika financial distress. Secara parsial, hanya profitabilitas yang berpengaruh signifikan positif, sedangkan likuiditas dan leverage tidak terbukti berpengaruh.