Pengaruh Likuiditas, Solvabilitas dan Financial Flexibility Terhadap Financial Distress Pada Perusahaan Ritel yang Terdaftar di Bursa Efek Indonesia Periode 2021-2024
DOI:
https://doi.org/10.35870/jemsi.v12i4.6879Keywords:
Financial Distress, Liquidity, Solvency and Financial FlexibilityAbstract
This study aims to analyze the effect of liquidity, solvency, and financial flexibility on financial distress in retail companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research uses a quantitative approach with purposive sampling technique, resulting in 22 companies as the sample. Data were collected through financial statement documentation and analyzed using multiple linear regression. The results show that partially, liquidity has a significant effect on financial distress, while solvency and financial flexibility have no significant effect. However, simultaneously, all three variables have a significant effect on financial distress. These findings indicate that the company’s ability to meet short-term obligations is a key factor in determining financial distress. This study is expected to provide insights for investors and management in anticipating financial distress risk.
Downloads
References
Ariefah, N., & Hirdinis. (2025). Financial and macroeconomic ratio analysis against financial distress. Jurnal Ilmiah Manajemen dan Bisnis, 11(1), 111. https://doi.org/10.22441/jimb.v11i1.26098.
Arsyad, S. B., Santoso, C. B., & Nurmansyah, A. (2025). Pengaruh profitabilitas (GPM), likuiditas (cash ratio), solvabilitas (DAR), dan aktivitas (TATO) terhadap financial distress. Jurnal Sains Manajemen dan Akuntansi, 17(1), 30-49.
Cahyasari, D. (2022). Analisis likuiditas dan aktivitas terhadap profitabilitas pada PT United Tractors Tbk. (kondisi pandemi Covid-19). Jurnal Br, 2(2), 16-29.
Fadhli, M., & Arifin, Z. (2022). Analisis prediksi financial distress: Perbandingan antara model Altman. Mahasiswa Bisnis Manajemen, 1(3), 39-56.
Ganefi, H. S., Lesmana, A. S., & Muttaqien, D. D. (2024). Analisis financial distress pada perusahaan sektor ritel yang terdaftar di Bursa Efek Indonesia periode 2020-2023. Ranah Publik Indonesia Kontemporer, 1(2), 71-81.
Hue, N. T. M., Tuan, D. H., & Minh, H. D. (2022). The impact of monetary policy and foreign investment on firm investment in Vietnam. Indian Journal of Economics and Development.
Iryanto, L. V. A. (2024). Pengaruh rasio profitabilitas, rasio likuiditas, dan rasio solvabilitas terhadap financial distress pada perusahaan sub sektor transportasi dan logistik periode 2017-2021. Jurnal Administrasi Bisnis FISIPOL UNMUL, 12(1), 11. https://doi.org/10.54144/jadbis.v12i1.11892.
Komala, P. S., Endiana, I. D. M., Kumalasari, P. D., & Rahindayati, N. M. (2021). Pengaruh profitabilitas, solvabilitas, likuiditas, keputusan investasi, dan keputusan pendanaan terhadap nilai perusahaan. Karya Riset Mahasiswa Akuntansi, 1(1), 40-50.
Masardi, D., Irwadi, M., & Tripermata, L. (2021). Pengaruh rasio keuangan dan kondisi financial distress terhadap struktur modal pada perusahaan manufaktur Goldenblossom Sumatera (GBS). Jurnal Ilmu Sosial, Manajemen, Akuntansi dan Bisnis, 2(3), 44-54. https://doi.org/10.47747/jismab.v2i3.418.
Naja, M. T. E., & Natsir, K. (2023). The effect of inflation, liquidity, and capital structure on financial performance of consumer goods companies listed on IDX. International Journal of Application on Economics and Business, 1(1), 652-661. https://doi.org/10.24912/ijaeb.v1i1.652-661.
Nashrullah, M. H., & Khomsiyah. (2024). The effect of regional financial management on financial distress of local government in Indonesia. JISS: Jurnal Indonesia Sosial Sains, 5(7), 1616-1628.
Ningrum, S. T., & Riharjo, I. B. (2025). Pengaruh profitabilitas, growth, dan solvabilitas terhadap financial distress. Jurnal Ilmu dan Riset Akuntansi, 14(3), 1-19.
Paul, S., Okaka, D., & Atieno, M. (2025). Effect of capital budgeting practices on financial distress in Kenyan public universities. American International Journal of Business Management, 8(7), 81-97.
Pertiwi, N. P., & Handayani, A. (2025). Prediksi financial distress menggunakan metode Altman Z-Score modifikasi pada anak perusahaan PT XYZ yang melakukan impor tahun 2020-2024. Jurnal Simki Economic, 8(2), 593-604. https://doi.org/10.29407/jse.v8i2.1124.
Putranto, D. B. B., & Rina. (2025). Pengaruh debt to asset ratio dan debt to equity ratio terhadap financial distress dengan return on asset sebagai variabel moderasi pada perusahaan yang terdaftar di IDX Company Fact Sheet LQ45. Jurnal Manajerial dan Kewirausahaan, 15(2), 1-11. https://doi.org/10.24912/jpa.v5i3.25260.
Putri, R. L., & William, A. P. (2026). Analysis of the effect of assets structure, earning volatility, and financial flexibility on capital structure in consumer goods industry sector companies on the Indonesia Stock Exchange. LBS Journal of Management Research Publication, 22(1), 25-36. https://doi.org/10.1108/LBSJMR-11-2022-0069.
Rissi, D. M., & Herman, L. A. (2021). Pengaruh likuiditas, profitabilitas, financial leverage, dan arus kas operasi dalam memprediksi kondisi financial distress. Akuntansi dan Manajemen, 16(2), 68-86.
Siagian, A. O., Manurung, A. H., & Machdar, N. M. (2023). Analisis corporate governance terhadap financial distress melalui mekanisme variabel moderasi dengan manajemen laba. Jurnal Riset dan Inovasi Manajemen, 1(2), 151-165. https://doi.org/10.59581/jrim-widyakarya.v1i2.899.
Teng, X., Chang, B., & Wu, K. (2021). The role of financial flexibility on enterprise sustainable development during the COVID-19 crisis: A consideration of tangible assets. Sustainability, 13, Article 1245. https://doi.org/10.3390/su13031245.
Widyanti, C. E., Lestari, S., & Jati, D. P. (2024). Financial distress in diverse industry contexts: A comprehensive systematic literature review. [Journal name to be verified], 3(4), 439-461.
Wu, W., Zhang, S., Fan, Y., & Shi, Y. (2024). Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics. International Review of Financial Analysis, 96, Article 103706. https://doi.org/10.1016/j.irfa.2024.103706.
Yusup, A. L., Laia, W., & Adilah, A. (2025). Analisis rasio profitabilitas dan solvabilitas untuk mengukur kinerja keuangan pada PT Astra Otoparts. Prosiding Seminar Nasional Manajemen, 4(4), 2298-2308.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Wahyuni Zamzami, Sri Suartini
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. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
