Faktor-Faktor Penentu Kesulitan Keuangan pada Perusahaan Barang Konsumen Non-Siklikal di Indonesia Pasca COVID-19, 2023-2025

Mutya Azzahra Hakimah; Nisda Ayu Nurfauyiah; Alia Suryani; Muhammad Gilang Maulana Azka; Dicky Rizkyadi

doi:10.37481/sjr.v9i4.1769

Authors

Mutya Azzahra Hakimah Universitas Sains Al Qur'an
Nisda Ayu Nurfauyiah Universitas Sains Al-Qur’an
Alia Suryani Universitas Sains Al-Qur’an
Muhammad Gilang Maulana Azka Universitas Sains Al-Qur’an
Dicky Rizkyadi Universitas Sains Al-Qur’an

DOI:

https://doi.org/10.37481/sjr.v9i4.1769

Keywords:

Financial Distress, Liquidity, Leverage, Activity Ratio, Firm Size

Abstract

Although the konsumen non-siklikal sector is generally considered defensive, companies in this sector may still face financial distress during economic recovery. Previous studies have reported inconsistent findings regarding the financial factors associated with financial distress, particularly in the post COVID-19 period. This study examines the effects of liquidity, leverage, activity ratio, and firm size on financial distress among konsumen non-siklikal companies listed on the Indonesia Stock Exchange (IDX) during 2023-2025. A quantitative associative approach was employed using secondary data from audited annual financial statements. The sample consisted of 62 companies selected through purposive sampling, yielding 186 firm-year observations. Panel data regression was conducted using EViews, with the random effects model selected based on the model specification tests. The results indicate that liquidity, leverage, activity ratio, and firm size do not individually have statistically significant effects on financial distress at the 5% significance level. The joint test also shows no statistically significant effect. The coefficient of determination is 0.0217, indicating that the four explanatory variables account for only 2.17% of the variation in the Altman Z-Score. These findings suggest that financial distress assessment in this sector requires consideration of additional financial and non-financial factors.

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