Pengaruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Financial Distress Pada Perusahaan Sektor Transportasi Dan Logistik Yang Terdaftar Di Indeks Saham Syariah Indonesia (ISSI) Periode 2022-2025

Abstract

The transportation and logistics sector faces financial pressures following the COVID-19 pandemic, increasing the risk of financial distress, particularly for Sharia-compliant issuers listed on the Indonesian Sharia Stock Index (ISSI). This study aims to analyze the partial and simultaneous effects of profitability, liquidity, and leverage on financial distress in transportation and logistics companies listed on the ISSI for the 2022–2025 period. The study employed a quantitative approach with a purposive sampling technique, resulting in a sample of 13 companies with a total of 52 panel data observations. Profitability was proxied by Return on Assets (ROA), liquidity by Current Ratio (CR), and leverage by Debt to Asset Ratio (DAR), while financial distress was measured using the Altman Z-Score. Data were analyzed using panel data regression using the Common Effect Model (CEM) with the help of EViews 12. The results showed that liquidity had a positive and significant effect on financial distress, while profitability and leverage had no significant effect partially. Simultaneously, all three variables significantly influenced financial distress, with an Adjusted R² value of 0.6253, meaning that 62.53% of the variation in financial distress can be explained by these three variables. This finding supports the Pecking Order Theory and indicates that liquidity management is a key factor in maintaining the financial stability of companies in the transportation and logistics sector.