Penelitian ini bertujuan untuk menganalisis pengaruh efisiensi operasi, free cash flow, leverage, dan ukuran perusahaan terhadap financial distress pada perusahaan ritel yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019–2023. Metode penelitian yang digunakan adalah metode kuantitatif dengan pendekatan deskriptif, menggunakan data sekunder berupa laporan keuangan perusahaan yang diperoleh dari Bursa Efek Indonesia. Analisis data dilakukan dengan model regresi data panel menggunakan Random Effect Model.
Hasil penelitian menunjukkan bahwa secara parsial efisiensi operasi tidak berpengaruh signifikan terhadap financial distress, free cash flow berpengaruh negatif dan signifikan terhadap financial distress, leverage berpengaruh positif dan signifikan terhadap financial distress, sedangkan ukuran perusahaan tidak berpengaruh signifikan terhadap financial distress. Secara simultan, efisiensi operasi, free cash flow, leverage, dan ukuran perusahaan berpengaruh signifikan terhadap financial distress.
Temuan ini mengindikasikan bahwa free cash flow dan leverage merupakan faktor penting dalam memprediksi financial distress, sedangkan efisiensi operasi dan ukuran perusahaan bukan merupakan penentu utama. Penelitian ini diharapkan dapat memberikan kontribusi teoritis dalam pengembangan ilmu manajemen keuangan serta manfaat praktis bagi investor maupun manajemen perusahaan dalam mengantisipasi risiko kesulitan keuangan.
Kata Kunci: Efisiensi Operasi, Free Cash Flow, Leverage, Ukuran Perusahaan, Financial Distress
This study aims to analyze the effect of operating efficiency, free cash flow, leverage, and firm size on financial distress in retail companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The research employs a quantitative method with a descriptive approach, using secondary data from annual financial reports obtained from the IDX. Data were analyzed using panel data regression with the Random Effect Model.
The results show that partially, operating efficiency has no significant effect on financial distress, free cash flow has a negative and significant effect on financial distress, leverage has a positive and significant effect on financial distress, while firm size has no significant effect on financial distress. Simultaneously, operating efficiency, free cash flow, leverage, and firm size have a significant effect on financial distress. These findings indicate that free cash flow and leverage are the most influential factors in predicting financial distress, while operating efficiency and firm size are not the main determinants. This research is expected to provide theoretical contributions to the development of financial management studies as well as practical benefits for investors and company management in anticipating the risk of financial distress.
Keywords: Operating Efficiency, Free Cash Flow, Leverage, Firm Size, Financial Distress