Peran Leverage sebagai Moderasi Pengaruh Profitabilitas dan Likuiditas terhadap Financial Distress
The Role of Leverage as Moderating Effect of Profitability and Liquidity on Financial Distress
Abstract
Penelitian ini menganalisis peran leverage dalam memoderasi pengaruh profitabilitas dan likuiditas terhadap financial distress. Profitabilitas dan likuiditas dianggap sebagai indikator yang dapat mengurangi risiko financial distress, namun leverage mempengaruhi seberapa efektif keduanya dalam mencegahnya. Penelitian ini menggunakan metode deskriptif kuantitatif pada perusahaan energi yang terdaftar di Bursa Efek Indonesia periode 2019-2022, dengan purposive sampling dan data sekunder. Analisis menggunakan uji statistik deskriptif, regresi data panel dengan MRA, dan uji hipotesis. Hasil penelitian membuktikan bahwa profitabilitas berpengaruh positif signifikan, likuiditas tidak berpengaruh, dan leverage tidak memoderasi pengaruh profitabilitas terhadap financial distress. Namun dapat memperlemah pengaruh likuiditas
This study analyses the role of leverage in moderating the effect of profitability and liquidity on financial distress. Profitability and liquidity are considered indicators that can reduce the risk of financial distress, but leverage affects how effective they are in preventing it. This study uses a quantitative descriptive method on energy companies listed on the Indonesia Stock Exchange for the 2019-2022 period, with purposive sampling and secondary data. The analysis uses descriptive statistical tests, panel data regression with MRA, and hypothesis testing. The results prove that profitability has a significant positive effect, liquidity has no effect, and leverage does not moderate the effect of profitability on financial distress. However, it can weaken the effect of liquidity.
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