Pengaruh leverage, likuiditas, sales growth, dan cash flow operating terhadap financial distress dengan profitabilitas sebagai variabel moderasi = The effect of leverage, liquidity, sales growth, and cash flow operating on financial distress with profitability as moderating variable

Natasya, Adeline (2022) Pengaruh leverage, likuiditas, sales growth, dan cash flow operating terhadap financial distress dengan profitabilitas sebagai variabel moderasi = The effect of leverage, liquidity, sales growth, and cash flow operating on financial distress with profitability as moderating variable. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian bertujuan untuk mengetahui pengaruh leverage diukur dengan debt to asset ratio dan debt to equity ratio, likuiditas diukur dengan current ratio, sales growth, dan cash flow operating terhadap financial distress dengan profitabilitas diukur dengan return on asset sebagai variabel moderasi. Objek penelitian adalah perusahaan sektor real estate yang beroperasi di enam negara ASEAN yaitu Indonesia, Singapura, Malaysia, Thailand, Filipina, dan Vietnam yang terdaftar di S&P Capital IQ pada tahun 2017 – 2021. Teknik pemilihan sampel berdasarkan teknik purposive sampling. Pengujian hipotesis dilakukan dengan menggunakan regresi data panel Random Effect yang diolah dengan STATA versi 16. Hasil dari penelitian ini membuktikan bahwa leverage yang diukur dengan debt to asset ratio dan cash flow operating berpengaruh positif terhadap financial distress, sedangkan leverage yang diukur dengan debt to equity ratio dan likuiditas berpengaruh negatif terhadap financial distress. Sedangkan, sales growth terbukti tidak berpengaruh terhadap financial distress. Penelitian ini juga membuktikan bahwa profitabilitas sebagai variabel moderasi memperkuat pengaruh sales growth dan cash flow operating terhadap financial distress, sedangkan profitabilitas memperlemah pengaruh debt to asset ratio dan likuiditas terhadap financial distress. Sedangkan, profitabilitas tidak memoderasi pengaruh leverage yang diukur dengan debt to equity ratio terhadap financial distress./ This study aims to determine the effect of leverage measured by debt to asset ratio and debt to equity ratio, liquidity measured by current ratio, sales growth, and cash flow operating on financial distress with profitability measured by return on assets as a moderating variable. The research object is real estate companies operating in six ASEAN countries, such as Indonesia, Singapore, Malaysia, Thailand, Philippines, and Vietnam listed on S&P Capital IQ in 2017 – 2021. The sample selection using purposive sampling technique. Hypothesis testing using panel data regression Random Effects processed with STATA version 16. The results prove that leverage measured by debt to asset ratio and cash flow operating has a positive effect on financial distress, whereas leverage measured by debt to equity ratio and liquidity have a negative effect on financial distress. Meanwhile, sales growth has no effect on financial distress. This study also proves that profitability as a moderating variable strengthens the effect of sales growth and cash flow operating on financial distress, whereas profitability weakens the influence of debt to asset ratio and liquidity on financial distress. Meanwhile, profitability does not moderate the effect of leverage as measured by debt to equity ratio on financial distress.

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