Pengaruh Profitabilitas, Likuiditas, Leverage, Operating Capacity, Dan Sales Growth Terhadap Financial Distress (Studi Pada Perusahaan Energi Di BEI Periode 2020-2023)

Abstract

Abstract: The COVID-19 pandemic triggered a global economic crisis with widespread impacts on the energy sector in Indonesia. Mobility restrictions and lockdowns reduced exports, imports, and exchange rates, leading to decreased energy production and availability. Consequently, many energy companies experienced financial distress, with some even being delisted from the Indonesia Stock Exchange (IDX). This study aims to analyze the influence of profitability, liquidity, leverage, operating capacity, and sales growth on financial distress in energy companies listed on the IDX during the 2020-2023 period. The research type employed is explanatory research. Financial distress is measured using the Altman Z-score method. The study population consists of 56 energy sector companies listed on the IDX. The sampling technique used is purposive sampling. The data processing involved classical assumption tests, multiple linear regression analysis tests, regression coefficient tests, and hypothesis testing using SPSS Statistics software. The results of the study indicate that all independent variables simultaneously have an effect on financial distress. Partially, ROA, CR, DAR, and OC demonstrate an influence, while SG does not have an influence. This research valuable insights for energy companies and investors in anticipating vulnerabilities and financial risks during and post-pandemic. Companies need to comprehend the signs of financial distress and take proactive steps to address them, such as financial restructuring, renegotiating with creditors, divesting non-strategic assets, and seeking new investors.

Abstraksi: Pandemi COVID-19 memicu krisis ekonomi global yang berdampak luas pada sektor energi di Indonesia. Pembatasan mobilitas dan lockdown menurunkan ekspor-impor serta nilai tukar, menyebabkan produksi dan ketersediaan energi menurun. Akibatnya, banyak perusahaan energi mengalami financial distress, bahkan beberapa terpaksa delisting dari BEI. Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, leverage, operating capacity, dan sales growth terhadap financial distress pada perusahaan energi yang terdaftar di BEI pada periode 2020-2023. Tipe Penelitian menggunakan explanatory research. Financial distress diukur menggunakan metode Altman Z-score. Populasi dalam penelitian ini adalah perusahaan sektor energi yang terdaftar di BEI berjumlah 56 perusahaan. Teknik pengambilan sampel menggunakan metode purposive sampling. Proses pengolahan data mencakup uji asumsi klasik, uji analisis regresi linier berganda, uji koefisien regresi, serta uji hipotesis menggunakan software SPSS Statistic. Hasil penelitian menunjukkan bahwa seluruh variabel independen secara simultan berpengaruh terhadap financial distress. Secara parsial, ROA, CR, DAR, dan OC menunjukkan pengaruh, sementara SG tidak memiliki pengaruh. Penelitian ini memberikan wawasan penting bagi perusahaan energi dan investor dalam mengantisipasi kerentanan dan risiko keuangan selama dan pasca-pandemi. Perusahaan perlu memahami tanda-tanda financial distress dan mengambil langkah proaktif untuk mengatasinya, seperti restrukturisasi keuangan, negosiasi ulang dengan kreditur, penjualan aset non-strategis, dan pencarian investor baru.