Analisis Risiko Financial Distress Ditinjau dari Likuiditas, Profitabilitas, dan Leverage Perusahaan Subsektor Food and Beverage

Authors

  • Selyna Widyadari Universitas Dian Nuswantoro, Semarang, Indonesia
  • Ratna Herawati Universitas Dian Nuswantoro, Semarang, Indonesia
  • Anna Sumaryati Universitas Dian Nuswantoro, Semarang, Indonesia
  • Arditya Dian Andika Universitas Dian Nuswantoro, Semarang, Indonesia

DOI:

https://doi.org/10.32493/jiaup.v14i1.57936

Keywords:

financial distress, Grover Score, leverage, liquidity, profitability

Abstract

This study examines the effect of liquidity, profitability, and leverage on the financial distress experienced by companies in the food and beverage subsector listed on the Indonesia Stock Exchange (IDX) between 2021 and 2024. Financial distress is an indication of an organization’s capacity to maintain financial stability and business sustainability amid economic fluctuations. This research employs a quantitative approach using secondary data obtained  from published financial statements of the companies. The sample consist of 97 companies, selected through purposive sampling, resulting in 160 firm-year observations. Data were analyzed using multiple linear regression with the assistance of IBM SPSS Statistics Version 25. To meet the classical assumption requirements, the liquidity variable and profitability variable were transformed using SQRT and Log 10. Financial distress was measured using the Grover Score (G-Score) model. This study reveal that liquidity and profitability have a significant impact on financial distress, on the other hand leverage does not have a statistically significant effect. Higher liquidity and profitability increase the Grover Score, indicating healthier financial conditions and a lower risk of financial distress. Meanwhile, leverage remains at a manageable level, creating no substantial financial pressure. This study provides empirical evidence of the importance of cash management and profitability in mitigating the risk of financial distress in the food and beverage subsector.

References

Abbas, D. S. (2019). Pengaruh Likuiditas, Komisaris Independen, Kepemilikan Institusional Dan Ukuran Perusahaan Terhadap Financial Distress (Pada Perusahaan Sektor Aneka Industri Yang Terdaftar Di Bursa Efek Indonesia Pada Periode 2013-2016). Jurnal Ilmiah Akuntansi Universitas Pamulang, 7(2), 119–127.

Aeraafi, H. M., & Hartono, U. (2024). Pengaruh Rasio Likuiditas, Leverage, Rasio Aktivitas, dan Firm Size Terhadap Profitabilitas Pada Perusahaan Sektor Energi yang Terdaftar Bursa Efek Indonesia (BEI) Periode 2018-2022. Jurnal Ilmu Manajemen, 1–14.

Almasri, B. K., Sunoco, D., & Al-said, M. (2024). Mediating role of earnings management upon nexus among bank financial leverage and economic financial stability. Asian Journal of Accounting Research, 10(2), 150–167. https://doi.org/10.1108/AJAR-11-2023-0379

Andriani, R. F., & Agatha, L. (2023). Pengaruh Rasio Financial Leverage Dan Likuiditas Terhadap Profitabilitas Perusahaan Sektor Manufaktur Periode 2019-2021. BALANCING: Accountancy Journal, 3(1), 10–22.

Angela, & Sihombing. (2024). Pengaruh Profitabilitas, Financial Leverage Dan Likuiditas Terhadap Financial Distress Pada Perusahaan Food And Beverage Di Indonesia. 6(1), 85–101. https://journal.maranatha.edu/index.php/jafta

Asmiraldha, I. N., Novietta, L., & Nurmadi, R. (2024). Pengaruh Likuiditas dan Aktivitas Terhadap Financial Distress Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Food & Beverage yang Terdaftar di BEI Periode 2017-2022. Jurnal Studi Akuntansi Pajak Keuangan, 2(4), 24–32.

BPS. (2024). [Seri 2010] Laju Pertumbuhan PDB Seri 2010 (Persen). Https://Www.Bps.Go.Id/Id/Statistics-Table/2/MTA0IzI=/Pertumbuhan-Ekonomi.

Darussalam, A., Miqdad, M., & Wahyuni, N. I. (2023). Pengaruh Likuiditas, Levarage Dan Profitabilitas Terhadap Financial Distress Pada Perusahaan Makanan Dan Minuman Di Bursa Efek Indonesia. Jurnal Bisnis Dan Manajemen, 3(5), 1227–1236.

Erlangga, R., & Hakim, A. (2022). Pengaruh profitabilitas, pertumbuhan penjualan, ukuran perusahaan dan ukuran dewan direksi terhadap financial distress. Ilmiah Akuntansi, 10(2), 110–128.

Farfán-Pérez, L., Moreno, J. O., & Adamuz, M. de las M. (2024). Going long, going short, issue or liquidate? Corporate debt maturity of Mexican public firms. Journal of Economics, Finance and Administrative Science, 30(59), 150–168. https://doi.org/10.1108/JEFAS-03-2024-0082

Fikri, A., Romadhon, F., & Akbar, M. (2024). Model Prediksi Financial Distress: Manakah yang Lebih Akurat dan Sesuai dengan Opini Auditor? Wacana Equiliberium (Jurnal Pemikiran Penelitian Ekonomi), 12(01). https://doi.org/10.31102/equilibrium.12.01.19-33

Fildzah, N. C. N., & Rachmawati, A. (2025). Pengaruh Likuiditas, Leverage, Dan Profitabilitas Terhadap Financial Distress Perusahaan Makanan Dan Minuman: Pengaruh Likuiditas, Leverage, dan Profitabilitas Terhadap Financial Distress Perusahaan Makanan dan Minuman. Jurnal Ilmiah Akuntansi Dan Finansial Indonesia, 8(2), 12–27.

Hadi, D. A. S. W., Miqdad, M., & Wardayati, S. M. (2023). The Effects of Profitability, Liquidity, Leverage, and the Pandemic on Financial Distress. Wiga: Jurnal Penelitian Ilmu Ekonomi, 13(1), 1–9.

Jenitia, D. A. R., Novitasari, N. L. G., & Dewi, N. L. P. S. (2024). Pengaruh profitabilitas, likuiditas, leverage, ukuran perusahaan dan kepemilikan manajerial terhadap financial distress pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2019-2021. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 6(2), 442–456.

Kalsum, U. (2024). Pengaruh Rasio Keuangan Terhadap Financial Distress Pada Perusahaan Yang Terdaftar Di Bei Periode Tahun 2020-2022. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (Jebma), 4(3), 2203–2209.

Kamilah, N., Kusumawardhani, R., & Maulida, A. (2024). Analysis of The Effect of Liquidity, Leverage, and Size on Roa (Case Study of Telecommunication Companies Listed on The IDX for The 2017-2021 Period). Indonesian Journal of Economics, Business, Accounting, and Management (IJEBAM), 3(1), 22–36.

Mulyati, B., & Mahmud, T. A. (2020). Analisis Rasio Keuangan untuk Mengukur Prediksi Financial Distress (Studi Kasus pada Salah Satu Bumd di Provinsi Banten). Jurnal Ilmiah Akuntansi Universitas Pamulang, 8(2), 111–126.

Mustamin, R., & Ida, I. (2025). Determinasi financial distress: Peran profitabilitas, likuiditas, dan leverage pada industri bahan konstruksi. Jurnal Manajemen Bisnis Dan Kewirausahaan, 9(4), 746–759.

Pratiwi, E. Y., & Sudiyatno, B. (2022). Pengaruh likuiditas, leverage, dan profitabilitas terhadap financial distress. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(3), 1324–1332.

Setyadhy, S., & Yolanda, Y. (2024). The Influence of Liquidity, Leverage, Profitability, and Operating Cash Flow on the Possibility of Financial Distress of PT. Waskita Karya (Persero) Tbk for the Period of 2014–2023. Journal of Social Science (JoSS), 3(11), 1950–1961.

Stepani, P. N., & Nugroho, L. (2023). Pengaruh profitabilitas, likuiditas, leverage, dan ukuran perusahaan terhadap financial distress pada perusahaan consumer non-cyclicals yang terdaftar di Bursa Efek Indonesia periode 2019-2021. Journal of Trends Economics and Accounting Research, 3(3), 194–205.

Wang, T., Cui, W., & Jones, S. (2025). Predicting financial distress as repeated events. Accounting Research Journal, 1–20. https://doi.org/10.1108/ARJ-08-2025-0289

Wulandari, E. T., & Amaniyah, E. (2023). Pengaruh Kinerja Keuangan Terhadap Financial Distress Pada Perusahaan Subsektor Makanan Dan Minuman Yang Terdaftar Di Bei Periode 2017-2021. Jurnal Kajian Ilmu Manajemen (JKIM), 3(1).

Downloads

Published

2026-01-30

Issue

Vol. 14 No. 1 (2026): Jurnal Ilmiah Akuntansi Universitas Pamulang

Section

Articles

License

Copyright (c) 2026 Selyna Widyadari, Ratna Herawati, Anna Sumaryati, Arditya Dian Andika

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 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).

JIAUP: Jurnal Ilmiah Akuntansi Universitas Pamulang have CC-BY-SA or an equivalent license as the optimal license for the publication, distribution, use, and reuse of scholarly work.

In developing strategy and setting priorities, JIAUP: Jurnal Ilmiah Akuntansi Universitas Pamulang recognize that free access is better than priced access, libre access is better than free access, and libre under CC-BY-SA or the equivalent is better than libre under more restrictive open licenses. We should achieve what we can when we can. We should not delay achieving free in order to achieve libre, and we should not stop with free when we can achieve libre.