Pengaruh Likuiditas, Leverage, dan Sales Growth terhadap Financial Distress pada Perusahaan Sektor Ritel yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2022-2025

Abstract

Retail sector companies face various pressures that can affect financial conditions and increase the risk of financial distress, so it is necessary to identify factors related to the company's financial difficulties. This study aims to analyze the influence of liquidity, leverage, and sales growth on financial distress in retail sector companies listed on the Indonesia Stock Exchange for the 2022–2025 period, both partially and simultaneously. The research uses a quantitative approach with secondary data obtained from the company's financial statements. The sample was determined using purposive sampling techniques  and resulted in 23 companies with 92 final observations. Financial distress is measured using the Altman Z"-Score, liquidity using the Current Ratio, and leverage using the Debt to Equity Ratio. The analysis was carried out using panel data regression with Random Effect Model and Cross-section SUR (PCSE). The results of the study show that liquidity and leverage do not have a significant effect on financial distress, while sales growth has a negative and significant effect on the value of the Altman Z"-Score. Simultaneously, all three variables had a significant effect on financial distress, with the model's ability to explain the variation of 8.13%. These findings imply that retail companies need to manage sales growth carefully by paying attention to working capital, liquidity, debt structure, and funding sources so that business growth does not increase financial pressures.