Pengaruh Operating Capacity, Sales Growth, dan Arus Kas Operasi Terhadap Financial Distress

Abstract

This study aims to examine the effect of Operating Capacity, Sales Growth, and Operating Cash Flow on Financial Distress in Service Companies in the Infrastructure, Utilities, and Transportation sectors listed on IDX period 2018-2020. The technique used in this study is purposive sampling which produced 40 samples companies in a period of 3 years. The analytical method used is multiple linier regression. The result of this study indicate that Operating Capacity and Operating Cash Flow affect Financial Distress, Sales Growth has no effect in Financial Distress. Implications for manager can realize facing financial distress like operating capacity, sales growth and operating cash flow and focus to maintain operating cash flow generating enough to drive the operating capacity needs of the business. There is also a clear implication for managers of firms as paying most of one attention to one aspect of financial performance appears to increase financial distress like operating capacity, sales growth and operating cash flows and managing operating cash flow according to the company's capabilities. Investors and creditors also need to consider fundamental aspects such as the company's financial ratios providing a better understanding of the performance of the the firmas operating capacity, sales growth, and operating cash flows to prediction of financial distress. Abstrak: Penelitian ini bertujuan menguji pengaruh operating capacity, sales growth, arus kas operasi terhadap financial distress pada perusahaan jasa sektor infrastructure, utilities, dan transportation yang terdaftar di BEI periode 2018-2020. Teknik pengambilan sampel yang digunakan dalam penelitian ini adalah purposive sampling yang menghasilkan 40 sampel perusahaan dari 3 tahun penelitian. Metode analisis yang digunakan adalah regresi linier berganda. Hasil penelitian ini menunjukkan bahwa operating capacity dan arus kas operasi berpengaruh terhadap financial distress, sales growth tidak berpengaruh terhadap financial distress. Implikasi dari penelitian ini menunjukkan bahwa pimpinan perusahaan harus memberikan perhatian kepada gejala awal terjadinya financial distress dengan memperhatikan kapasitas operasi, pertumbuhan penjualan, dan arus kas operasi dan mengelola arus kas operasi sesuai dengan kemampuan yang dimiliki perusahaan dengan mengelola pembayaran operasional perusahaan sesuai dengan kapasitas kemampuan perusahaan. Hasil penelitian ini berimpilkasi bagi investor dan kreditor, memberikan pemahaman yang lebih baik mengenai kinerja perusahaan berdasarkan ratio keuangan terutama dengan memperhati kan pada operating capacity, sales growth, arus kas operasi dalam memprediksi financial distress perusahaan. This is an open access article under the CC BY license (https:// creativecommons.org/ licenses/by/4.0/)