ANALISIS PROFITABILITAS DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS

Abstract

Abstrak

Penelitian ini bertujuan untuk mengkaji secara kritis hubungan antara profitabilitas dan pertumbuhan penjualan (sales growth) terhadap financial distress berdasarkan analisis terhadap tiga jurnal ilmiah yang terakreditasi SINTA. Financial distress merupakan kondisi keuangan perusahaan yang mengarah pada potensi kebangkrutan, dan sering kali dipengaruhi oleh indikator keuangan internal. Melalui metode analisis deskriptif-komparatif, studi ini menyoroti perbedaan temuan antar jurnal serta mengevaluasi kontribusi masing-masing variabel terhadap kondisi keuangan perusahaan yang terdaftar di Bursa Efek Indonesia (BEI). Hasil kajian menunjukkan bahwa profitabilitas secara konsisten memiliki pengaruh signifikan dalam menekan risiko financial distress, sedangkan pengaruh sales growth menunjukkan hasil yang tidak konsisten. Penelitian ini merekomendasikan perluasan variabel penelitian, penggunaan model prediksi distress seperti Altman Z-Score, serta pengamatan lintas sektor industri untuk memperoleh hasil yang lebih holistik.

Kata Kunci: profitabilitas, sales growth, financial distress

Abstract

This study aims to critically examine the relationship between profitability and sales growth in relation to financial distress, based on an analysis of three SINTA-accredited scientific journals. Financial distress refers to a company’s deteriorating financial condition that may lead to bankruptcy, often influenced by internal financial indicators. Using a descriptive-comparative analysis method, this study highlights the differences in findings among the journals and evaluates the contribution of each variable to the financial condition of companies listed on the Indonesia Stock Exchange (IDX). The results indicate that profitability consistently plays a significant role in reducing the risk of financial distress, while the influence of sales growth appears to be inconsistent. The study recommends expanding the scope of variables, employing predictive models such as the Altman Z-Score, and conducting cross-industry observations to obtain more comprehensive results.

Keywords: profitability, sales growth, financial distress