Raisya Puspa Septiani, Atika Rahmi, Asep Nur Imam Munandar, Yeniasari Rizkia Budi

Pengaruh Rasio Keuangan Terhadap Financial Distress Dalam Altman Z-Score Pada Perusahaan Retail Tahun 2020-2022

Introduction

Pengaruh rasio keuangan terhadap financial distress dalam altman z-score pada perusahaan retail tahun 2020-2022. Analisis pengaruh rasio keuangan terhadap financial distress perusahaan retail di IDX 2020-2022 menggunakan Altman Z-Score. Temukan peran profitabilitas, likuiditas, dan solvabilitas.

Abstract

Persaingan ketat di sektor industri ritel, disertai pergeseran perilaku konsumen ke sistem online, telah menyebabkan sejumlah perusahaan menghadapi risiko kebangkrutan. Penelitian ini bertujuan menganalisis pengaruh rasio keuangan terhadap tingkat financial distress pada perusahaan ritel yang terdaftar di Bursa Efek Indonesia. Variabel yang diuji meliputi profitabilitas, likuiditas, dan solvabilitas. Penelitian menggunakan metode purposive sampling dengan data sekunder berupa laporan keuangan perusahaan ritel selama periode 2020–2022. Sebanyak 18 perusahaan memenuhi kriteria dan dianalisis menggunakan regresi linier berganda dengan bantuan SPSS versi 27. Tingkat financial distress diukur menggunakan model Altman Z-Score modifikasi. Hasil penelitian menunjukkan bahwa profitabilitas (ROA) dan likuiditas (CR) berpengaruh positif signifikan terhadap financial distress, sedangkan solvabilitas (DAR) berpengaruh negatif signifikan. Secara simultan, ketiga variabel tersebut mampu menjelaskan 67,9% variasi financial distress pada perusahaan ritel. Temuan ini menegaskan pentingnya pengelolaan rasio keuangan secara terpadu sebagai strategi pencegahan risiko kebangkrutan di sektor ritel.

Review

This paper, titled "Pengaruh Rasio Keuangan Terhadap Financial Distress Dalam Altman Z-Score Pada Perusahaan Retail Tahun 2020-2022," addresses a highly pertinent and timely issue concerning financial distress within the retail sector. In an era marked by intense competition and a significant shift towards online consumer behavior, understanding the drivers of financial instability in this industry is crucial. The study effectively aims to analyze the influence of key financial ratios—profitability, liquidity, and solvency—on financial distress, utilizing the well-established Altman Z-Score model. Its objective to identify critical financial indicators for bankruptcy prevention is well-defined and makes a valuable contribution to the existing literature on corporate finance and risk management. The methodology employed appears robust and appropriate for the research objective. The researchers utilized purposive sampling to select 18 retail companies listed on the Indonesian Stock Exchange, analyzing secondary financial data from the pertinent period of 2020-2022, which captures a recent and challenging economic environment. The application of multiple linear regression with SPSS version 27 to assess the relationships between the chosen financial ratios (ROA for profitability, CR for liquidity, and DAR for solvency) and financial distress (measured by the modified Altman Z-Score) is a systematic approach. The findings are clearly articulated, indicating that profitability (ROA) and liquidity (CR) significantly and positively influence financial distress, while solvency (DAR) exhibits a significant negative influence. Furthermore, the combined explanatory power of these variables, accounting for 67.9% of the variation in financial distress, provides strong empirical evidence. The study's findings offer significant practical implications for retail company management, investors, and policymakers, underscoring the critical role of integrated financial ratio management as a proactive strategy against bankruptcy risk. The emphasis on profitability and liquidity, alongside the nuanced role of solvency, provides actionable insights for strategic financial planning in a volatile market environment. For future research, it would be beneficial for the full paper to elaborate on the "modified" aspect of the Altman Z-Score to understand the specific adjustments made for the Indonesian context or the retail sector. Additionally, expanding the analysis to a longer time horizon or conducting comparative studies with other industries could further enhance the generalizability and depth of these valuable conclusions.

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