Peran Profitabilitas Sebagai Variabel Intervening dalam Pengaruh Likuiditas dan Leverage terhadap Financial Distress: Studi pada Subsektor Food and Beverage yang Terdaftar di BEI Periode 2015-2024

Annisa Fitriyani; Bambang Mahmudi; Ika Utami Widyaningsih; Akhmadi Akhmadi

doi:10.59059/jupiekes.v4i3.3468

Authors

Annisa Fitriyani Universitas Sultan Ageng Tirtayasa
Bambang Mahmudi Universitas Sultan Ageng Tirtayasa
Ika Utami Widyaningsih Universitas Sultan Ageng Tirtayasa
Akhmadi Akhmadi Universitas Sultan Ageng Tirtayasa

DOI:

https://doi.org/10.59059/jupiekes.v4i3.3468

Keywords:

Altman Z-Score, Financial Distress, Leverage, Liquidity, Profitability

Abstract

This study aims to examine the effects of liquidity and leverage on financial distress and to investigate the role of profitability as mediating variable in food and beverage companies listed on the Indonesia Stock Exchange during 2015-2024. A quantitative approach was employed using secondary data obtained from corporate financial statements. The sample was selected through purposive sampling, resulting in 22 companies and 220 data observations. Liquidity was measured using the Current Ratio (CR), leverage using the Debt to Asset Ratio (DAR), profitability using the Net Profit Margin (NPM), and financial distress using the Altman Z-Score. Data were analysed using path analysis with the HC3 robust approach through IBM Statistics 27. The result indicate that liquidity has no significant effect on profitability or financial distress. Leverage has significant negative effect on profitability and reduces the Z-Score, indicating an increased risk of financial distress. Profitability has a significant positive effect on the Z-Score. The mediation analysis reveals that profitability does not mediate the effect of liquidity on financial distress but partially mediates the effect of leverage on financial distress. These findings highlight the importance of managing corporate debt structure alongside efforts to sustain profitability in strengthening financial resilience.

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