PENGARUH LIKUIDITAS, PERTUMBUHAN PENJUALAN, DAN UKURAN PERUSAHAAN TERHADAP FINANCIAL DISTRESS DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERATING

Abstract

This research aimed to find out the effect of liquidity, sales growth, and firm size on financial distress, with
profitability as moderating variable, of retail companies which were listed on Indonesia Stock Exchange during
2016-2020. While liquidity was measured by Current Ratio, sales growth was measured by sales growth ratio,
firm size was measured by log natural total asset, and profitability was measured by Return On Asset.
Meanwhile, financial distress was measured by Springate. Moreover, the data collection technique used
purposive sampling, in which the sample was based on criteriagiven. In line with that, there were 15 companies
as the sample. Furthermore, the data analysis technique used logistic regression and Moderated Regression
Analysis (MRA). The research result concluded that liquidity, sales growth, and firm size had an insignificant
effect on financial distress. On the other hand, profitability had a significant effect on financial distress.
Additionally, profitability did not moderate the relationship between liquidity and sales growth on financial
distress. In contrast, profitability moderated the relationship of firm size on financial distress.