Pengaruh Rasio Keuangan dan Firm Size terhadap Financial Distress pada Perusahaan Industri Tekstil yang Terdaftar di Bursa Efek Indonesia Periode 2016–2025

Abstrak

This study aims to analyze the effect of financial ratios, proxied by the Debt to Equity Ratio (DER), Current Ratio (CR), and Sales Growth (SG), as well as Firm Size, on Financial Distress in textile industry companies listed on the Indonesia Stock Exchange during the 2016–2025 period. Financial Distress is classified into three conditions: non-distress, grey area, and financial distress; therefore, the analysis employs multinomial logistic regression. This study adopts a quantitative approach using secondary data obtained from the companies' annual financial reports. The research sample was determined using a purposive sampling technique based on predetermined criteria. The results indicate that, partially, the Current Ratio has a significant effect on the probability of Financial Distress, whereas the Debt to Equity Ratio, Sales Growth, and Firm Size do not have a significant effect on the probability of Financial Distress. These findings suggest that a company's ability to meet its short-term obligations is the most influential factor in explaining Financial Distress, compared with capital structure, sales growth, and firm size. Furthermore, the results show that financial ratios and Firm Size simultaneously have a significant effect on the probability of Financial Distress, indicating that the combination of these fundamental indicators provides a more comprehensive explanation of a company's financial distress condition. This study provides empirical evidence that liquidity is the primary factor in predicting Financial Distress in textile industry companies. The findings are expected to serve as a reference for corporate management, investors, creditors, and academics in evaluating a company's financial condition and developing Financial Distress prediction models for future research.