PENGARUH KINERJA KEUANGAN DAN ARUS KAS OPERASI TERHADAP FINANCIAL DISTRESS DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to examine the effect of liquidity (CR), profitability (ROA), leverage (DER), and operational cash flow on the financial distress of Consumer Non-Cyclicals companies; with firm size as a moderating variable listed on the Indonesia Stock Exchange (IDX) 2018-2022. The research was quantitative. Moreover, the data were secondary. The data collection technique used purposive sampling. In line with that, there were 35 companies as the sample. Therefore, there were 175 data observations. Furthermore, the data analysis technique used multiple regression with Moderate Regression Analysis (MRA) and Statistical Package for Social Sciences (SPSS). The result showed that: (1) liquidity had a positive effect on financial distress, (2) profitability had a positive effect on financial distress, (3) leverage did not affect financial distress, (4) operational cash flow did not affect financial distress, (5) firm size could moderate and weaken the effect of liquidity on financial distress, (6) firm size could not moderate the effect of profitability on financial distress, (7) firm size could not moderate the effect of leverage on financial distress, and (8) firm size could moderate and strengthen the effect of operational cash flow on financial distress.