Analysis of The Effect of Profitability, Liquidity, Operating Cash Flow, And Capital Structure on Financial Distress With The Altman Z-Score Approach

Reta Pramudita, Lita Yulita Fitriyani

Abstract


Financial distress is a company's financial condition that is not healthy or is in the stage before bankruptcy. Therefore, identifying early signs of financial distress is important as a basis for evaluation. This study aims to empirically examine the effect of profitability, liquidity, operating cash flow, and capital structure on financial distress in food and beverage companies listed on the IDX in 2018-2022 because the results of a survey conducted by the Central Statistics Agency (BPS) in 2020 showed that as many as 82.85% of business actors experienced a decrease in income where the highest was experienced by the food and beverage sector, namely 92.47%. This study uses the Altman Z-Score model last 1995 as a tool to predict financial distress. The sample of this study was obtained using purposive sampling method so that 26 company samples were obtained from 27 food and beverage sector companies listed on the IDX in 2018-2022. The data analysis technique in this study used multiple linear regression analysis. The results stated that profitability has a negative effect on financial distress, while liquidity and operating cash flow have a positive effect on financial distress, while capital structure has no effect on financial distress.

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