The Effect of Liquidity, Leverage, Profitability, and Activity on Financial Distress in Food and Beverage Companies Listed on the Indonesia Stock Exchange (2020–2024)
Abstract
Financial distress refers to a decline in a company’s financial condition that must be detected early before it develops into bankruptcy or liquidation. Although the food and beverage subsector plays an important role in the Indonesian economy, companies in this sector still face risks due to economic instability, suboptimal liability management, and low asset efficiency. This study aims to analyze the effect of liquidity, leverage, profitability, and activity on financial distress in food and beverage subsector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Signal theory is used to explain the role of financial ratios as information for investors and creditors in assessing the risk of corporate financial failure. This research employs a descriptive quantitative approach using secondary data from annual reports and financial statements. The sample is selected through purposive sampling. Data analysis includes descriptive statistics, classical assumption tests, and multiple linear regression to examine the effect of independent variables on financial distress. The findings are expected to provide practical benefits for management in formulating effective financial risk prevention strategies.
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