The Role of Profitability as a Mediator in the Effect of Liquidity and Leverage on Financial Distress Prediction Using the Zmijewski Method

Authors

  • Kharisma Sofi Febiana Bina Insani University
  • Dade Nurdiniah Bina Insani University

DOI:

https://doi.org/10.32493/JABI.v8i3.y2025.p257-275

Keywords:

Financial Distress; Leverage; Liquidity; Profitability.

Abstract

The increasing number of companies at risk of delisting from the Indonesia Stock Exchange emphasizes the need for early detection of financial distress. This study aims to examine the effect of liquidity and leverage on financial distress, with profitability as a mediating variable. The research population includes all Consumer Cyclicals companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The sample consists of companies listed on the Watchlist board and reporting financial statements in Rupiah. Liquidity is measured by Current Ratio (CR), leverage by Debt to Asset Ratio (DAR), profitability by Return on Assets (ROA), and financial distress by the Zmijewski method. The results show that liquidity does not affect profitability, while leverage has a significant negative effect. Liquidity and leverage both significantly affect financial distress. Profitability partially mediates the effect of leverage on financial distress, but cannot mediate the effect of liquidity on financial distress.

References

Ali, F., Hasan, H., & Machmud, M. (2022). Pengaruh Rasio Likuiditas, Solvabilitas, dan Aktivitas terhadap Profitabilitas pada PDAM. AMSIR: Management Journal, 3(1), 60–77. https://doi.org/10.56341/amj.v3i1.190

Azis, A. W., Kurniawan, A. W., Anwar, Amin, A. M., & Aslam, A. P. (2024). Pengaruh Solvabilitas, Likuiditas dan Profitabilitas terhadap Financial Distress pada Perusahaan Sektor Pertambangan Batubara yang Terdaftar di BEI Periode 2018-2022. EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 3(2), 640–653. www.idx.co.id

Chen, B., Chen, W., & Yang, X. (2025). Does Information Asymmetry Affect Firm Disclosure? Evidence from Mergers and Acquisitions of Financial Institutions. Journal of Risk and Financial Management, 18(64), 1–28. https://doi.org/10.3390/jrfm18020064

Dauda, P., Taufiq, M. I., Saeni, N., Baottong, M. H., & Bazergan, I. (2021). Pengaruh Likuiditas dan Solvabilitas terhadap Profitabilitas. Jurnal Mirai Management, 6(3), 51–66. https://doi.org/https://doi.org/10.37531/mirai.v7i2.2014

Dewi, A. S., Arianto, F., Rahim, R., & Winanda, J. (2022). Pengaruh Arus Kas, Profitabilitas dan Leverage terhadap Financial Distress Saat Masa Pandemi pada Perusahaan Manufaktur Terdaftar di BEI. Owner: Riset & Jurnal Akuntansi, 6(3), 2887–2898. https://doi.org/10.33395/owner.v6i3.968

Diyani, L. A., & Rahman, H. A. (2022). Analisis Keuangan dan Prediksi Kebangkrutan Akibat Pandemi Covid-19. Jurnal Akuntansi Keuangan dan Bisnis, 15(1), 411–420. https://doi.org/10.35143/jakb.v15i1.5326

Fitriana, R., Priatna, H., & Barokah, A. (2022). Pengaruh Likuiditas dan Solvabilitas terhadap Profitabilitas pada PT. Perkebunan Nusantara VIII. AKURAT: Jurnal Ilmiah Akuntansi, 13(2), 1–11. https://unibba.ac.id/ejournal/index.php/akurat/article/view/907

Fitriani, E., Ulupui, I. G. K. A., & Respati, D. K. (2023). Pengaruh Arus Kas Operasi, Profitabilitas, Likuiditas, dan Solvabilitas terhadap Financial Distress. Jurnal Akuntansi, Perpajakan dan Auditing, 4(3), 700–719. https://doi.org/10.21009/japa.0403.06

Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26. Semarang: Badan Penerbit Universitas Diponegoro.

Habil, H., & Laily, N. (2023). Pengaruh Likuiditas, Solvabilitas, Dan Profitabilitas Terhadap Prediksi Financial Distress Pada Perusahaan Subsektor Telekomunikasi Yang Terdaftar di Bursa Efek. Jurnal Ilmu Dan Riset Manajemen (JIRM), 12(2), 1–16. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/5256

Hakim, M. F. (2024). Metode Manajemen Keuangan: Teori dan Penerapannya. Yogyakarta: ANAK HEBAT INDONESIA.

Hayati, L. M., & Sholichah, M. (2022). Peran Profitabilitas dalam Memoderasi Pengaruh Rasio Likuiditas, Leverage, dan Sales Growth dalam Memprediksi Financial Distress pada Perusahaan Sub Sektor Property dan Real Estate. Journal of Culture Accounting and Auditing, 1(1), 153–167. https://doi.org/10.30587/jcaa.v1i1.4224

Hery. (2017). Teori Akuntansi: Pendekatan Konsep dan Analisis. Jakarta: Gramedia Widiasarana Indonesia.

Julietha, R., & Natsir, K. (2021). Pengaruh Likuiditas, Solvabilitas, Firm Size, dan Firm Growth terhadap Profitabilitas. Jurnal Manajerial dan Kewirausahaan, 3(2), 443–452. https://doi.org/10.24912/jmk.v3i2.11891

Kasmir. (2019). Analisis Laporan Keuangan (Edisi Revisi). Depok: PT RajaGrafindo Persada.

Kristanti, F. T. (2019). Financial Distress: Teori dan Perkembangannya dalam Konteks Indonesia. Malang: Inteligensia Media.

Listyarini, F. (2020). Analisis Perbandingan Prediksi Kondisi Financial Distress dengan Menggunakan Model Altman, Springate dan Zmijewski. Jurnal Bina Akuntansi, 7(1), 1–20. doi: https://doi.org/10.52859/jba.v7i1.71

Meilia, & Dwiarti, R. (2022). Pengaruh Likuiditas, Solvabilitas, dan Modal Kerja terhadap Profitabilitas Pada Perusahaan Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020. Jurnal Ekonomi Manajemen dan Akuntansi, 1(2), 87–104. https://ejurnal.mercubuana-yogya.ac.id/index.php/JEMA/article/view/3042

Meutia, I., Kartasari, S. F., & Yaacob, Z. (2022). Stakeholder or Legitimacy Theory? The Rationale behind a Company’s Materiality Analysis: Evidence from Indonesia. Sustainability (Switzerland), 14(7763), 1–20. https://doi.org/10.3390/su14137763

Mulyatiningsih, N., & Atiningsih, S. (2021). Peran Profitabilitas dalam Memoderasi Pengaruh Intellectual Capital, Leverage, dan Sales Growth terhadap Financial Distress. Jurnal Riset Akuntansi (JUARA), 11(1), 55–74. https://doi.org/10.36733/juara.v11i1.2824

Nafis, B., Firdaus, R., Hilmi, & Zulkifli. (2024). Pengaruh Pengungkapan Modal Intelektual terhadap Integritas Laporan Keuangan pada Perusahaan Manufaktur Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Malikussaleh (JAM), 2(3), 418–425. https://doi.org/10.29103/jam.v2i3.10990

Negoro, D. A., & Wakan, M. S. (2022). Effect of Capital Structure, Liquidity, and Profitability on Financial Distress with the Effectiveness of the Audit Committee as Variable Moderate: (Study Empirics in Construction and Building Companiesin Indonesiaperiod 2018-2020). American International Journal of Business Management (AIJBM), 5(06), 63–82.

Nurdiniah, D. (2023). Likuiditas, Profitabilitas, Solvabilitas, dan Penerimaan Opini Audit Going Concern: Peran Ukuran Perusahaan sebagai Pemoderasi. Berkala Akuntansi dan Keuangan Indonesia, 8(2), 182–204. https://doi.org/10.20473/baki.v8i2.43269

Pengumuman Potensi Delisting Perusahaan Tercatat No. Peng-00001/BEI.PLP/06-2024, Peng-00004/BEI.PP1/06-2024, Peng-00012/BEI.PP2/06-2024, dan Peng-00020/BEI.PP3/06-2024.

Pratama, I. I., & Sufina, L. (2023). Pengaruh Likuiditas, Solvabilitas, Perputaran Modal Kerja dan Ukuran Perusahaan terhadap Profitabilitas pada Perusahaan Sektor Infrastruktur. Jurnal Ekonomi, Manajemen dan Perbankan, 9(3), 241–256. https://doi.org/10.35384/jemp.v9i3.452

Purwaningsih, E., & Safitri, I. (2022). Pengaruh Profitabilitas, Likuiditas, Leverage, Rasio Arus Kas dan Ukuran Perusahaan terhadap Financial Distress. JAE: Jurnal Akuntansi dan Ekonomi, 7(2), 147–156. https://doi.org/10.29407/jae.v7i2.17707

Rahma, A. (2020). Analisis Pengaruh Profitabilitas, Leverage dan Likuiditas terhadap Financial Distress. JABI: Jurnal Akuntansi Berkelanjutan Indonesia, 3(3), 253–266. https://doi.org/10.32493/jabi.v3i3.y2020.p253-266

Ramadhani, R., Yuliani, Saputri, N. D. M., & Muthia, F. (2023). Prediksi Financial Distress: Analisis Metode Altman Z-Score, Zmijewski, dan Grover pada Perusahaan Sektor Transportasi dan Logistik. Widya Cipta: Jurnal Sekretari dan Manajemen, 7(2), 207–217. https://doi.org/10.31294/widyacipta.v7i2.16108

Rangga, T. D., Hapsari, I., Santoso, S. B., & Santoso, S. E. B. (2025). Pengaruh Leverage dan Likuiditas terhadap Financial Distress dengan Sudut Pandang Profitabilitas sebagai Moderasi. Al-Muamalat: Jurnal Ilmu Hukum & Ekonomi Syariah, 10(1), 29–48. https://doi.org/https://doi.org/10.32505/muamalat.v10i1.10703

Rismala, L. I., Holiawati, & Sunardi, N. (2022). The Influence of Capital Structure, Liquidity, Solvency and Firm Growth on the Company’s Financial Distress That is Mediated by Profitability (A Study on 12 Indonesia General Insurance Companies Listed on the Indonesian Stock Exchange 2015-2020). Proceedings of the 1st Adpebi International Conference on Management, Education, Social Science, Economics and Technology (AICMEST), 1–17. http://series.adpebi.com/index.php/AICMEST/article/view/89

Septiani, T. A., Siswantini, T., & Murtatik, S. (2021). Pengaruh Likuiditas, Leverage dan Profitabilitas terhadap Financial Distress pada Sektor Industri Barang Konsumsi yang Terdaftar di BEI. Jurnal Apresiasi Ekonomi, 9(1), 100–111. https://doi.org/10.31846/jae.v9i1.335

Setiadi, I., Nurwati, & Widodo. (2023). Peran Profitbilitas dalam Memoderasi Pengaruh Likuiditas dan Solvabilitas terhadap Financial Distress. INOVASI: Jurnal Ekonomi, Keuangan dan Manajemen, 9(2), 274–281.

Setiawan, H., Putri, M. A., Muanas, & Alamsyah, R. (2023). Pengaruh Perputaran Kas, Perputaran Piutang dan Perputaran Persediaan terhadap Profitabilitas Studi Kasus pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2017-2019. JIAKES: Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 175–186. https://doi.org/10.37641/jiakes.v11i1.1723

Subramanyam, K. R. (2017). Analisis Laporan Keuangan (Edisi 11). Jakarta: Salemba Empat.

Suyuti, A.R. & Tasiman. (2024). Rasio Keuangan untuk Bisnis: Strategi Cerdas Mengoptimalkan Keputusan dengan Analisis Rasio Keuangan. Yogyakarta: Anak Hebat Indonesia.

Vidyasari, S. A. M. R., Mendra, N. P. Y., & Saitri, P. W. (2021). Pengaruh Struktur Modal, Pertumbuhan Penjualan, Ukuran Perusahaan, Likuiditas dan Perputaran Modal Kerja terhadap Profitabilitas. Jurnal Kharisma, 3(1), 94–105.

Wijaya, J., & Suhendah, R. (2023). Pengaruh Likuiditas, Leverage, dan Arus Kas Terhadap Financial Distress. Jurnal Ekonomi, 28(2), 177–196. https://doi.org/10.24912/je.v28i2.1468

Downloads

Published

2025-09-30

Issue

Vol. 8 No. 3 (2025): JABI (JURNAL AKUNTANSI BERKELANJUTAN INDONESIA)

Section

Articles

License

Copyright (c) 2025 Dade Nurdiniah, Kharisma Sofi Febiana

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access)

 Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.