Analisis Determinan Financial Distress Perusahaan (Studi pada Perusahaan Subsektor Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2021-2024)

Authors

  • Eveline Joychristy Universitas Katolik Parahyangan, Indonesia
  • Muliawati Universitas Katolik Parahyangan, Indonesia

DOI:

https://doi.org/10.57235/jambuair.v5i2.8722

Keywords:

Financial Distress, Sales Growth, Operating Capacity, Profitability, Cash Flow, Subsektor Farmasi

Abstract

Penelitian ini menganalisis determinan financial distress pada perusahaan subsektor farmasi yang terdaftar di Bursa Efek Indonesia periode 2021-2024. Kinerja perusahaan dievaluasi melalui empat variabel utama yang mencerminkan efektivitas dan efisiensi manajemen yaitu sales growth,  operating capacity,  profitability, dan cash flow. Pengelolaan yang optimal terhadap keempat variabel tersebut berperan krusial dalam menjaga stabilitas keuangan, memenuhi kewajiban perusahaan, serta memberikan sinyal positif bagi investor di tengah tekanan ekonomi pasca pandemi COVID-19. Fenomena financial distress yang dialami perusahaan farmasi menegaskan bahwa ketidakmampuan manajerial dalam mengintegrasikan sumber daya secara efisien dapat menghambat keberlangsungan usaha dan berdampak negatif terhadap reputasi perusahaan di pasar. Hasil penelitian menunjukkan bahwa sales growth dan operating capacity tidak dapat dibuktikan pengaruhnya terhadap financial distress, sedangkan profitability dan cash flow berpengaruh signifikan terhadap financial distress. Secara simultan, variabel sales growth, operating capacity, profitability, dan cash flow terbukti secara bersama-sama mampu memprediksi potensi terjadinya financial distress.

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Published

2026-07-25

Issue

Vol. 5 No. 2 (2026): October 2026

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