Pengaruh Likuiditas, Sales Growth, Firm Size, Arus Kas Operasi, CEO Duality, dan Intellectual Capital terhadap Financial Distress pada Perusahaan Sektor Healthcare di Bursa Efek Indonesia Periode 2018-2022

The Influence of Liquidity, Sales Growth, Firm Size, Operating Cash Flow, CEO Duality, and Intellectual Capital on Financial Distress in Healthcare Sector Companies on The Indonesian Stock Exchange Period 2018-2022

Financial distress merupakan kondisi di mana perusahaan mengalami kesulitan dalam memenuhi kewajiban keuangannya. Kondisi ini dapat menyebabkan perusahaan mengalami kebangkrutan. Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas, sales growth, firm size, arus kas operasi, CEO duality, dan intellectual capital terhadap financial distress pada perusahaan sektor healthcare di Bursa Efek Indonesia periode 2018-2022. Jenis data yang digunakan adalah data kuantitatif yang bersumber dari data sekunder. Populasi dalam penelitian ini adalah perusahaan sektor healthcare di Bursa Efek Indonesia periode 2018 - 2022. Teknik pengambilan sampel menggunakan sampel jenuh dan diperoleh 17 perusahaan sebagai sampel dalam penelitian. Data dianalisis menggunakan regresi logistik dan dihitung dengan IBM SPSS 25. Hasil penelitian ini menunjukkan bahwa likuiditas yang diproksikan dengan current ratio (CR) berpengaruh negatif terhadap financial distress. Sedangkan sales growth, firm size, arus kas operasi, CEO duality, dan intellectual capital tidak berpengaruh terhadap financial distress. Perusahaan di sektor healthcare harus selalu memperhatikan peningkatan nilai likuiditas karena kenaikan likuiditas perusahaan berkontribusi pada pengurangan potensi terjadinya financial distress. Untuk menjaga stabilitas likuiditas yang tercermin dalam current ratio, perusahaan dapat mengambil berbagai upaya proaktif, yaitu manajemen persediaan dapat dioptimalkan untuk mencegah akumulasi yang berlebihan atau kekurangan yang berpotensi mengganggu likuiditas. Pengelolaan piutang yang efisien juga menjadi kunci, dengan implementasi kebijakan kredit yang bijaksana dan pemantauan ketat terhadap piutang yang jatuh tempo untuk memastikan penerimaan kas yang tepat waktu.

Kata kunci: arus kas operasi; CEO duality; financial distress; firm size; intellectual capital; likuiditas; sales growth.

Financial distress is a condition where a company experiences difficulty in meeting its financial obligations. This condition can cause the company to go bankrupt. This research aims to determine the influence of liquidity, sales growth, firm size, operating cash flow, CEO duality, and intellectual capital on financial distress in healthcare sector companies on the Indonesia Stock Exchange for the 2018-2022 period. The type of data used is quantitative data sourced from secondary data. The population in this study were healthcare sector companies on the Indonesia Stock Exchange for the period 2018 - 2022. The sampling technique used saturated samples and 17 companies were obtained as samples in the research. Data were analyzed using logistic regression and calculated using IBM SPSS 25. The results of this study show that liquidity as proxied by the current ratio (CR) has a negative effect on financial distress. Meanwhile, sales growth, firm size, operating cash flow, CEO duality, and intellectual capital have no effect on financial distress. Companies in the healthcare sector must always pay attention to increasing liquidity values ​​because increasing company liquidity contributes to reducing the potential for financial distress. To maintain liquidity stability as reflected in the current ratio, companies can take various proactive measures, namely inventory management can be optimized to prevent excessive accumulation or shortages that have the potential to disrupt liquidity. Efficient management of receivables is also key, with the implementation of prudent credit policies and close monitoring of overdue receivables to ensure timely cash receipts.

Key words: CEO duality; financial distress; firm size; intellectual capital; liquidity; operating cash flow; sales growth.