The Effect of Liquidity, Profitability, Leverage, and Operating Cash Flow on Financial Distress of Transportation-Logistics Companies on the Indonesia Stock Exchange (IDX) 2022-2024
Abstract
Financial distress refers to the financial instability of a company. The transportation and logistics sector underwent significant changes due to the COVID-19 pandemic in 2020–2021, leading to a decline in revenues and disruptions in cash flow. In the post-pandemic period of 2022–2024, this sector showed signs of recovery, driven by increased economic activity, the resurgence of the tourism sector, and the rapid growth of e-commerce. However, the recovery has not been uniform, with some companies still facing financial pressures due to high debt, increased operational costs, and global economic uncertainty. This study aims to analyze the influence of liquidity, profitability, leverage, and operating cash flow on financial distress in transportation and logistics companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The study uses a quantitative causal-explanatory approach with a purposive sampling technique, and the sample consists of 34 companies that meet the predetermined criteria. The independent variables include liquidity (CR), profitability (ROA), leverage (DER), and operating cash flow (OCF), while financial distress is measured using the modified Altman Z-Score model. The data are analyzed using panel data regression, starting with descriptive statistics, model selection through Chow, and Lagrange Multiplier tests, and classical assumption tests to validate the model. Partial (t) and simultaneous (F) tests are used to assess the significant effects of the variables, followed by an analysis of the coefficient of determination to measure the variation in financial distress explained by the model. This research is expected to provide insights into the financial condition of companies and the factors influencing financial distress in the post-pandemic period.
Keywords: Financial Distress, Liquidity, Profitability, Leverage, Operating Cash Flow
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