Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 10 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

DETERMINAN FINANCIAL DISTRESS PADA PERUSAHAAN INFRASTRUKTUR DI BEI 2021 -2025

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  • Muhammad Rizal Romdoni,
  • Umi Widyastuti,
  • Destria Kurnianti
Muhammad Rizal Romdoni
Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Negeri Jakarta
Umi Widyastuti
Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Negeri Jakarta
Destria Kurnianti
Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Negeri Jakarta
DOI: https://doi.cibangsa.org/DOI-2026-170

Published 2026-09-12

Keywords

  • Financial Distress,
  • Struktur Modal,
  • Arus Kas Operasi,
  • Profitabilitas,
  • Perusahaan Infrastruktur

How to Cite

DETERMINAN FINANCIAL DISTRESS PADA PERUSAHAAN INFRASTRUKTUR DI BEI 2021 -2025. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(10). https://doi.cibangsa.org/DOI-2026-170

Abstract

Penelitian ini bertujuan menguji pengaruh struktur modal, arus kas operasi, dan profitabilitas terhadap financial distress pada perusahaan sektor infrastruktur di Bursa Efek Indonesia periode 2021–2025. Dengan menggunakan variabel kontrol ukuran serta umur perusahaan, metode purposive sampling menghasilkan 50 perusahaan terpilih dengan total 238 observasi data panel tidak seimbang. Indikator financial distress diukur menggunakan formula Altman Z-Score Modifikasi, sementara analisis data dieksekusi melalui regresi logistik ordinal menggunakan Stata 17. Hasil pengujian membuktikan bahwa struktur modal berpengaruh positif dan signifikan terhadap financial distress, sedangkan arus kas operasi berpengaruh negatif namun tidak signifikan. Lebih lanjut, profitabilitas beserta kedua variabel kontrol terbukti memberikan pengaruh negatif dan signifikan. Penelitian ini menyimpulkan bahwa stabilitas efisiensi permodalan serta pencetakan laba secara konsisten merupakan benteng utama dalam mencegah risiko kebangkrutan korporasi.
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References

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