Pengaruh Leverage, Likuiditas, dan Kepemilikan Manajerial terhadap Financial Distress dengan Profitabilitas sebagai Variabel Moderating pada Perusahaan Transportasi yang Terdaftar di Bursa Efek Indonesia Periode 2018-2022

Abstract

This study aims to analyze and determine the effect of leverage, liquidity, and managerial ownership on financial distress with profitability as a moderating variable in transportation companies listed on the Indonesia Stock Exchange for the period 2018-2022. This research is a quantitative study. The population consists of 37 transportation companies listed on the Indonesia Stock Exchange (IDX) during 2018-2022, with a sample of 26 companies. The type of data used is secondary data, collected through documentation studies. This study employs the EViews 10 statistical software. Data analysis methods include descriptive analysis, panel data regression analysis, coefficient of determination (R²), significance tests (t-tests), and moderation testing. The results of the study indicated that leverage has no effect on financial distress. Liquidity has a negative and significant effect on financial distress. Managerial ownership has no effect on financial distress. Profitability does not moderate the effect of the debt-to-equity ratio on financial distress. However, profitability is able to moderate and strengthen the effect of liquidity on financial distress, as well as the effect of managerial ownership on financial distress.