Pengaruh Debt to Equity Ratio (DER), Sales growth (SG), dan Current Ratio (CR) terhadap Financial distress pada Perusahaan Subsektor Tekstil dan Garment yang Terdaftar di Bursa Efek Indonesia Periode 2018-2025
DOI:
https://doi.org/10.47747/jismab.v7i3.3648Keywords:
Debt-to-Equity Ratio, Sales Growth, Current Ratio, Financial Distress, Textile And Garment CompanyAbstract
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This study aims to examine and analyze the effect of Debt to Equity Ratio (DER), Sales growth (SG), and Current Ratio (CR) on Financial distress, either partially or simultaneously, in textile and garment subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2018-2025 period. This research uses a quantitative verification method, using secondary data from the annual financial statements published on the IDX official website. The sampling technique used was purposive, resulting in six companies that met the research criteria, yielding a total of 48 firm-year observations. Financial distress was measured using the Altman Z-Score model, and data were analyzed using multiple linear regression in SPSS. The classical assumption tests indicate that the regression model is free of multicollinearity, with the residuals showing an acceptable distribution and no clear heteroscedasticity in the scatterplot. The results show that DER has a negative and significant effect on Financial distress, CR has a positive and significant effect on Financial distress, while SG shows a positive but statistically insignificant effect. Simultaneously, DER, SG, and CR significantly affect Financial distress, with an R-squared value of 0.356, indicating that the three independent variables explain 35.6 percent of the variation in Financial distress, while the remaining 64.4 percent is explained by factors outside this research model.
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