Pengaruh Leverage, Operating Capacity, dan Profitabilitas Terhadap Financial Distress Pada Perusahaan Sub Sektor Pariwisata, Restoran dan Perhotelan Yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2018-2022

Abstract

This study aims to examine the influence of leverage, operating capacity, and profitability on financial distress in tourism, restaurant, and hospitality sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. The sample was selected using purposive sampling, resulting in 19 companies that met the research criteria. The data used in this study are secondary data obtained from the official IDX website and the respective companies’ websites. Data analysis was conducted using logistic regression with the assistance of SPSS version 25. Logistic regression was chosen due to the nature of the dependent variable, financial distress, which is categorized into two conditions: distressed and non-distressed. The results show that partially, leverage, operating capacity, and profitability have a significant effect on financial distress. High leverage tends to increase the likelihood of a company experiencing financial difficulties. On the other hand, higher operating capacity and profitability tend to reduce that risk. Simultaneously, the three variables also have a significant effect on financial distress. These findings highlight the importance of effective financial management, particularly in maintaining operational efficiency, profitability levels, and an optimal capital structure to help companies remain resilient amid industry challenges and economic fluctuations. 

Keywords

Financial Distress; Leverage; Operating Capacity; Profitability