PENGARUH LEVERAGE, INTELLECTUAL CAPITAL, DAN SALES GROWTH, TERHADAP FINANCIAL DISTRESS

Abstract

The research examines the dividend policy on the effect of leverage, intellectual capital, and sales growth on the financial stress at the Food and Beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2021-2023. The research applies quantitatively with secondary data. The population consists of Food and Beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX). Furthermore, the data collection technique used was a purposive sampling, i.e., the sample was based on the criteria given. In line with that, 35 companies were taken as samples during 3 years, from 2021 to 2023, with a total of 108 observation data. Moreover, the data analysis technique used was multiple linear regression. The result indicates that: (1) leverage is a proxy with Debt to Asset Ratio (DAR) has a significantly positive effect on the financial distress at the Food and Beverage manufacturing companies, (2) intellectual capital has a significantly negative effect on the financial distress at the Food and Beverage manufacturing companies, and (3) sales growth has a negative and insignificant effect on the financial distress at the Food and Beverage manufacturing companies.