THE INFLUENCE OF PROFITABILITY, LIQUIDITY, LEVERAGE AND SALES GROWTH ON FINANCIAL DISTRESS ON COMPANIES IN THE PROPERTIES AND REAL ESTATE SECTOR LISTED AT THE INDONESIA STOCK EXCHANGE 2019-2021

Berdirinya suatu perusahaan adalah untuk mendapatkan keuntungan. Namun, pada kenyataannya perusahaan tersebut tidak luput dari ancaman kesulitan keuangan. Oleh karena itu, tujuan penelitian ini adalah untuk menganalisis faktor yang mempengaruhinya. Variabel dalam penelitian ini yaitu return on asset, current ratio, debt to asset ratio dan sales growth untuk memprediksi perusahaan mengalami financial distress. Sampel pada penelitian ini yaitu 66 perusahaan sektor properties and real estate yang terdaftar di Bursa Efek Indonesia 2019-2021. Menggunakan teknik analisis regresi logistik dengan hasil penelitian bahwa return on asset berpengaruh negatif terhadap financial distress, karena semakin tinggi nilai ROA dapat menurunkan kemungkinan perusahaan mengalami financial distress. Sedangkan current ratio, debt to asset ratio dan sales growth tidak memiliki pengaruh terhadap financial distress. Karena CR yang tinggi tidak dapat membebaskan perusahaan dari kondisi financial distress. Kemudian DAR yang rendah juga tidak menutup kemungkinan perusahaan masih mengalami financial distress. Serta sales growth yang meningkat tidak dapat mencegah perusahaan terhindar dari kondisi kesulitan keuangan. Oleh karena itu, Current Ratio, Debt to Asset Ratio dan Sales Growth tidak konsisten dalam menjelaskan pengaruhnya terhadap financial distress, karena banyak persamaan nilai CR, DAR dan Sales Growth dari perusahaan yang mengalami financial distress maupun yang tidak. Implikasi penelitian ini perusahaan dapat memperhatikan nilai ROA untuk mencegah kemungkinan perusahaan mengalami financial distress dan tidak perlu terlalu memperhatikan CR, DAR serta sales growth karena ketiga variabel tersebut tidak berpengaruh terhadap financial distress.

The establishment of a company is to gain profit. However, in reality the company is not immune from the threat of financial difficulties. Therefore, the aim of this research is to analyze the influencing factors. The variables in this study are return on assets, current ratio, debt to asset ratio and sales growth to predict companies experiencing financial distress. The sample in this research is 66 companies in the property and real estate sector which are listed on the Indonesia Stock Exchange 2019-2021. Using logistic regression analysis techniques with the results of the study that return on assets has a negative effect on financial distress, because the higher the value of ROA can reduce the possibility of a company experiencing financial distress. Meanwhile, the current ratio, debt to asset ratio and sales growth have no effect on financial distress. Because a high CR cannot free a company from financial distress. Then a low DAR also does not rule out the possibility that the company will still experience financial distress. As well as increased sales growth cannot prevent the company from experiencing financial difficulties. Therefore, the Current Ratio, Debt to Asset Ratio and Sales Growth are inconsistent in explaining their effect on financial distress, because there are many similarities in CR, DAR and Sales Growth values ​​from companies experiencing financial distress and those that are not. The implication of this research is that companies can pay attention to the value of ROA to prevent the possibility of companies experiencing financial distress and do not need to pay too much attention to CR, DAR and sales growth because these three variables have no effect on financial distress.