ANALISIS FINANCIAL DISTRESS PERUSAHAAN : PENGARUH LIKUIDITAS DAN SOLVABILITAS DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI (KEUANGAN)
Abstract
Penelitian ini bertujuan untuk menganalisis secara empiris pengaruh solvabilitas dan likuiditas terhadap financial distress dengan profitabilitas sebagai variabel mediasi pada PT XYZ untuk periode tahun 2016–2024. Pendekatan kuantitatif dengan metode penelitian kausalitas diterapkan menggunakan data sekunder berupa laporan keuangan tahunan yang telah diaudit. Teknik sampling menggunakan purposive sampling dengan total 9 tahun pengamatan runtut waktu (time series). Metode analisis data menggunakan Structural Equation Modeling berbasis Partial Least Square (SEM-PLS) melalui software SmartPLS. Hasil analisis menunjukkan bahwa solvabilitas (Debt to Asset Ratio) berpengaruh negatif signifikan terhadap profitabilitas (Return on Assets) dan Financial distress (Altman Z-Score). Sebaliknya, likuiditas (Current Ratio) berpengaruh positif signifikan terhadap profitabilitas dan Financial distress. Selain itu, profitabilitas terbukti secara empiris mampu memediasi secara parsial (partial mediation) pengaruh solvabilitas dan likuiditas terhadap Financial distress. Penurunan efisiensi operasional dan beban bunga yang masif menjadi hulu utama yang menggerus laba ditahan dan mempercepat korporasi masuk ke dalam krisis keuangan (Distress Zone).
References
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Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 355-374, Vol. 87 Issue 3.
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Van Horne, J. C., & Wachowicz, J. M. (2016). Fundamentals of financial management. Pearson Education, Edition 13th.
Westerfield, R. W., Ross, S. A., & Jordan, B. D. (2016). Fundamentals of corporate finance. McGraw-Hill Education. Edition 11th.
Widarjo, W. &. (2009). Pengaruh Rasio Keuangan terhadap Financial distress. Jurnal Bisnis dan Akuntansi, 11(2), 107–119.
Zhao, X. L. (2010). Reconsidering Baron and Kenny: Myths and Truths about Mediation Analysis. Journal of Consumer Research, 197-206.
Zmijewski, M. E. (1984). Methodological Issues Related to Financial distress Prediction Models. Journal of Accounting Research, 22,, 59–82.
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.,
Andre, O. &. (2014). Pengaruh Profitabilitas terhadap Financial distress. Jurnal Akuntansi 2(1), 1-15.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management. Cengage Learning, Edition 15th.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling Theory: A review and assessment. Journal of Management, 39-67, Vol. 37 Issue. 1.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 1-33, Vol.15 Issue 1.
Fitriany, F., & Munir, M. (2019). Pengaruh likuiditas terhadap going concern perusahaan dengan risiko kebangkrutan sebagai variabel moderating. Jurnal Akuntansi dan Keuangan, 115-128, Vol. 21 Issue 2.
Gitman, L. J., & Zutter, C. J. (2015). Principles of managerial finance. Pearson.
Hanafi, M. M., & Halim, A. (2016). Analisis laporan keuangan. UPP STIM YKPN, Edisi 5.
Harahap, S. S. (2021). Analisis Kritis atas Laporan Keuangan. Jakarta: PT RajaGrafindo Persada.
Hidayat, M. &. (2014). Prediksi Financial distress Perusahaan Manufaktur di Indonesia. Diponegoro Journal of Accounting, 3(3), 1-11.
Ikatan Akuntan Indonesia. (2022). Standar akuntansi keuangan. IAI.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 305-360, Vol. 3 Issue 4.
Kasmir. (2019). Analisis laporan keuangan. PT RajaGrafindo Persada.
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 911-922, Vol. 28.
Kristanti, F. T. (2016). Pengaruh Likuiditas dan Leverage terhadap Financial distress. Jurnal Bisnis dan Manajemen, 6(2), 123-134.
Majluf, N. S., & Myers, S. C. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 187-221.
Mas’ud, I. &. (2015). Analisis Rasio Keuangan terhadap Financial distress. Jurnal Akuntansi Multiparadigma, 6(1), 142-152.
Merton, R. K. (1968). Social theory and social structure. The Free Press.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 433-443, Vol. 53 Issue 3.
Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 81-102, Vol.15.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 187-221, Vol. 13.
Ohlson, J. A. (1980). Financial Ratios and the Probabilistic Prediction of Bankruptcy. Journal of Accounting Research 18(1), 109–131.
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 184–199, Vol.26 Issue 2.
Pranowo, K. A. (2010). Determinant of Corporate Financial distress in an Emerging Market Economy. International Journal of Economics and Management, 4(2), 324–340.
Puspita, A., & Juliarsa, G. (2020). Pengaruh profitabilitas dan ukuran perusahaan terhadap keberlangsungan usaha (going concern). E-Jurnal Akuntansi, 1200-1215, Vol. 30 Issue 5.
Putri, N. L., & Wirawati, N. G. (2021). Pengaruh solvabilitas, likuiditas, dan ukuran perusahaan terhadap opini audit going concern. E-Jurnal Akuntansi, 950-965, Vol.31 Issue 4.
Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. The Bell Journal of Economics, 23-40, Vol.8 Issue 1.
Saleh, A. &. (2013). Pengaruh Rasio Keuangan terhadap Financial distress pada Perusahaan Manufaktur. Jurnal Dinamika Akuntansi, 5(2), 95–102.
Siregar, R. (2020). Profitabilitas sebagai variabel mediasi dalam hubungan antara solvabilitas dan going concern perusahaan. Jurnal Ilmiah Akuntansi dan Finansia, 45-58, Vol. 4 Issue 1.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 355-374, Vol. 87 Issue 3.
Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Tjahjono. (2017). Pengaruh Likuiditas dan Profitabilitas terhadap Kondisi Keuangan Perusahaan. Jurnal Ilmu dan Riset Akuntansi, 6(4), 1-15.
Van Horne, J. C., & Wachowicz, J. M. (2016). Fundamentals of financial management. Pearson Education, Edition 13th.
Westerfield, R. W., Ross, S. A., & Jordan, B. D. (2016). Fundamentals of corporate finance. McGraw-Hill Education. Edition 11th.
Widarjo, W. &. (2009). Pengaruh Rasio Keuangan terhadap Financial distress. Jurnal Bisnis dan Akuntansi, 11(2), 107–119.
Zhao, X. L. (2010). Reconsidering Baron and Kenny: Myths and Truths about Mediation Analysis. Journal of Consumer Research, 197-206.
Zmijewski, M. E. (1984). Methodological Issues Related to Financial distress Prediction Models. Journal of Accounting Research, 22,, 59–82.
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.,
Published
2026-08-30
How to Cite
Ramdani, D., & Buchory, H. (2026). ANALISIS FINANCIAL DISTRESS PERUSAHAAN : PENGARUH LIKUIDITAS DAN SOLVABILITAS DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI (KEUANGAN). Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(2), 2618-2625. https://doi.org/10.31955/mea.v10i2.7784
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