Rasio Aktivitas dan Leverage terhadap Financial Distress Perusahaan subsektor Food and Beverage
DOI:
https://doi.org/10.51903/kompak.v19i1.3547Keywords:
Altman Z-score , Debt to Asset Ratio , Financial distress , Perputaran persediaan , Robust HC3Abstract
This study aims to examine the effect of inventory turnover (activity ratio) and Debt to Asset Ratio (leverage ratio) on financial distress conditions, measured using the Altman Z-score model. The research focuses on food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was determined using a purposive sampling method based on specific criteria to obtain consistent data throughout the observation period. A total of 25 observations were analyzed using the multiple linear regression method. To address the violation of the residual normality assumption in a small sample size, the model's parameter estimates were adjusted using the HC3-type Robust Standard Error approach, while the presence of autocorrelation was acknowledged as a limitation of the pooled OLS model. The partial test results indicate that inventory turnover does not have a significant effect on financial distress , whereas the Debt to Asset Ratio has a significant negative effect (p < 0.001). Together, these two variables contribute 80.3% to explaining the variation in companies' financial conditions. This research confirms that a high proportion of debt serves as a primary determinant increasing the risk of corporate financial distress. Consequently, management is advised to optimize capital structure efficiency and mitigate solvency risks.
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