Determinan Financial Distress pada Perusahaan Nonkeuangan yang Terindeks SRI-KEHATI Periode 2020-2024
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Published
Oct 13, 2026
Abstract
Financial distress represents a phase of declining financial health that is crucial to identify at an early stage to mitigate the risk of escalation toward corporate bankruptcy. This study aims to examine the impact of total asset turnover, firm size, operating cash flow, and price-to-book value (PBV) on the Altman Z″-Score as a proxy for financial distress among non-financial firms listed on the SRI-KEHATI index over the 2020–2024 period. Employing a quantitative approach utilizing secondary data, the research gathered a sample of 19 firms comprising 95 firm-year observations through purposive sampling. Data analysis was conducted using multiple linear regression via SPSS 27. The findings indicate that total asset turnover has no significant effect on the Z″-Score, whereas firm size and operating cash flow demonstrate a significant negative impact. Conversely, PBV exhibits a significant positive effect on the Z″-Score. Simultaneously, all four variables exert a statistically significant influence on the Z″-Score, yielding an Adjusted R-squared of 39.7%. The results further demonstrate that membership in a sustainability-oriented index does not automatically eliminate vulnerability to financial hardship. The novelty of this study lies in the simultaneous examination of internal corporate factors and market signals within non-financial firms listed on the SRI-KEHATI index during the pandemic and economic recovery periods, without treating ESG as a research variable.
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How to Cite
Puri, D. M., Santoso, C. B. and Nurmansyah, A. (2026) “Determinan Financial Distress pada Perusahaan Nonkeuangan yang Terindeks SRI-KEHATI Periode 2020-2024”, Ranah Research : Journal of Multidisciplinary Research and Development, 8(6), pp. 2540-2551. doi: 10.38035/rrj.v8i6.2311.
References
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Bhaskar, R., Chortane, S. G., Kumar, A., & Pandey, D. K. (2026). Mandatory Sustainability Reporting And Firm Performance: A Quasi-Natural Experiment. Finance Research Letters, 94, 109678. https://doi.org/10.1016/J.FRL.2026.109678
Bogianda, E. (2023). Pengaruh TATO, Laba Operasi dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Transportasi. JAST: Journal of Accounting Science and Technology, 3(2), 42–53. https://doi.org/10.31000/jast.v3i2.7208
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Darmiasih, N. W. R., Endiana, I. D. M., & Pramesti, I. G. A. A. (2022). Pengaruh Stuktur Modal, Arus Kas, Good Corporate Governance Dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Kharisma, 4(1), 129–140.
Dewi, N. S., & Edastami, M. S. (2025). Impact of Liquidity , Leverage , and Operating Cash Flow on Financial Distress with Firm Size Moderation. Jurnal Ilmiah Manajemen Kesatuan, 13(4), 2267–2278. https://doi.org/10.37641/jimkes.v13i4.3352
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Fitriani, E., Ulupui, I. G. K. A., & Respati, D. K. (2023). Pengaruh Arus Kas Operasi , Profitabilitas Likuiditas , Dan Solvabilitas Terhadap Financial Distress. Jurnal Akuntansi, Perpajakan Dan Auditing, 4(3), 700–719. https://doi.org/10.21009/japa.0403.06
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KEHATI, Y. (n.d.). Tentang KEHATI. Retrieved September 11, 2026, from https://kehati.or.id/tentang
Kevin, F. A., ARROKHMAN, D. B. K., & Shobri, N. (2020). Analisis Pengaruh Leverage , Ukuran Perusahaan , Dan Arus Kas Terhadap Financial Distress. Jurnal Bisnis Net, 3(2), 90–102.
Kristianti, D., & Khairudin. (2024). Pengaruh Ukuran Perusahaan dan Diversifikasi Terhadap Financial Distress ( Studi Empiris pada Perusahaan Manufaktur Subsektor Tekstil dan Garment yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2021 ). Jurnal EMT KITA: Indonesian Journal for the Economic, Management and Technologi, 8(2), 666–671. https://doi.org/10.35870/emt.v8i2.2372
Nababan, N., Riani, N., & Zulkarnain, Z. (2022). Pengaruh Ukuran Perusahaan, Diversifikasi Operasi, dan Diversifikasi Geografis terhadap Financial Distress. Jurnal Ilmiah Akuntansi Dan Finansial Indonesia, 5(2), 43–56. https://doi.org/10.31629/jiafi.v5i2.4201
Nafisah, D., Widjajanti, K., & Budiati, Y. (2023). Pengaruh profitabilitas, ukuran perusahaan terhadap financial distress dengan nilai perusahaan sebagai variabel intervening. Jurnal Riset Ekonomi Dan Bisnis, 16(1), 95–109.
Novia, Q., Nazir, A. G., & Muhammad, Y. (2024). The Effect of Leverage, Total Assets Turnover, and Profitability on Financial Distress in Food and Beverage Subsector Companies on the IDX. International Journal of Education, Social Studies, And Management (IJESSM), 4(2), 321–333. https://doi.org/10.52121/ijessm.v4i2.252
Oka, M. N. P., Erna, T. A. A. A., & Wayan, K. I. (2022). Analisis Pengaruh Cash Flow untuk Memprediksi Kondisi Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Riset Akuntansi Warmadewa, 2(1), 1–6. https://doi.org/https://doi.org/10.22225/jraw.3.1.4710.1-6
Pandapotan, F., & Puspitasari, F. (2022). The Effect of Cash Flow , Board Independence , and Company Size on Financial Distress. Saudi Journal of Economics and Finance, 9414, 311–318. https://doi.org/10.36348/sjef.2022.v06i09.003
Putri, S., Iskandar, M., & Rujiman. (2020). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Financial Distress pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 319–336. https://doi.org/https://doi.org/10.17509/jrak.v8i2.22684
Ramadani, A. W., & Ratmono, D. (2023). Financial Distress Prediction: The Role Of Financial Ratio And Firm Size. Jurnal Riset Akuntansi Kontemporer, 15(1), 19–26. https://doi.org/10.23969/jrak.v15i1.6428
Siregar, J. K. (2020). Pengaruh Harga Per Nilai Buku, Margin Laba Bersih Dan Rasio Pendapatan Harga Terhadap Kesulitan Keuangan Pada Sektor Keuangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2019. In Search, 19(02), 315–329.
Stepani, P. N., & Nugroho, L. (2023). Pengaruh Profitabilitas , Likuiditas , Leverage , dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Journal of Trends Economics and Accounting, 3(3), 194–205. https://doi.org/10.47065/jtear.v3i3.551
Thach, N. N., & Dan, T. B. (2024). A Bayesian MCMC Algorithm with Cauchy Priors for Small Sample Modeling Financial Distress in Covid-19 Times. Montenegrin Journal of Economics, 20(1), 133–142. https://doi.org/10.14254/1800-5845/2024.20-1.12
Arifuddin, Safaruddin, Hadisantoso, E., Ramadhan, A. M. F., Purnaman, S. M. N., Desriyani, Septriani, N. R., & Nurhasanah. (2023). The Influence of Current Ratio and Price to Book Value on Financial Distress Conditions in Tourism and Restaurant Hospitality Sub-Sector Service Companies Listed on the Indonesian Stock Exchange. Journal of Economics, Finance and Management Studies, 06(12), 5840–5847. https://doi.org/10.47191/jefms/v6-i12-09
Arsyad, S. B., Santoso, C. B., & Nurmansyah, A. (2025). Pengaruh Profitabilitas (Gpm), Likuiditas (Cash Ratio), Solvabilitas (Dar) Dan Aktivitas (Tato) Terhadap Financial Distress. Jurnal Sains Manajemen & Akuntansi, 17(1), 127–143. https://doi.org/10.37151/jsma.v17i1.235
Bhaskar, R., Chortane, S. G., Kumar, A., & Pandey, D. K. (2026). Mandatory Sustainability Reporting And Firm Performance: A Quasi-Natural Experiment. Finance Research Letters, 94, 109678. https://doi.org/10.1016/J.FRL.2026.109678
Bogianda, E. (2023). Pengaruh TATO, Laba Operasi dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Transportasi. JAST: Journal of Accounting Science and Technology, 3(2), 42–53. https://doi.org/10.31000/jast.v3i2.7208
Ceylan, I. E. (2021). The Impact of Firm-Specific and Macroeconomic Factors on Financial Distress Risk : A Case Study from Turkey. Universal Journal of Accounting and Finance, 9(3), 506–517. https://doi.org/10.13189/ujaf.2021.090325
Darmiasih, N. W. R., Endiana, I. D. M., & Pramesti, I. G. A. A. (2022). Pengaruh Stuktur Modal, Arus Kas, Good Corporate Governance Dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Kharisma, 4(1), 129–140.
Dewi, N. S., & Edastami, M. S. (2025). Impact of Liquidity , Leverage , and Operating Cash Flow on Financial Distress with Firm Size Moderation. Jurnal Ilmiah Manajemen Kesatuan, 13(4), 2267–2278. https://doi.org/10.37641/jimkes.v13i4.3352
Fitri, R. A., & Syamwil. (2020). Pengaruh Likuiditas , Aktivitas , Profitabilitas dan Leverage Terhadap Financial Distress ( Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018 ). EcoGen, 3(1), 134–143.
Fitriani, E., Ulupui, I. G. K. A., & Respati, D. K. (2023). Pengaruh Arus Kas Operasi , Profitabilitas Likuiditas , Dan Solvabilitas Terhadap Financial Distress. Jurnal Akuntansi, Perpajakan Dan Auditing, 4(3), 700–719. https://doi.org/10.21009/japa.0403.06
Heliani, & Elisah, S. (2022). Pengaruh Profitabilitas , Makroekonomi , Firm Size Terhadap Financial Distress Dengan Nilai Perusahaan Sebagai Variabel Moderating. Owner: Riset & Jurnal Akuntansi, 6(4), 4142–4155. https://doi.org/10.33395/owner.v6i4.1080
Iffa, K., & Agus, S. (2023). Analisis Pengaruh Current Ratio , Total Asset Turnover , Return on Asset dan Debt to Equity Ratio Terhadap Financial Distress. Jurnal Ilmiah Manajemen Kesatuan, 11(1), 145–152. https://doi.org/10.37641/jimkes.v11i1.1733
KEHATI, Y. (n.d.). Tentang KEHATI. Retrieved September 11, 2026, from https://kehati.or.id/tentang
Kevin, F. A., ARROKHMAN, D. B. K., & Shobri, N. (2020). Analisis Pengaruh Leverage , Ukuran Perusahaan , Dan Arus Kas Terhadap Financial Distress. Jurnal Bisnis Net, 3(2), 90–102.
Kristianti, D., & Khairudin. (2024). Pengaruh Ukuran Perusahaan dan Diversifikasi Terhadap Financial Distress ( Studi Empiris pada Perusahaan Manufaktur Subsektor Tekstil dan Garment yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2021 ). Jurnal EMT KITA: Indonesian Journal for the Economic, Management and Technologi, 8(2), 666–671. https://doi.org/10.35870/emt.v8i2.2372
Nababan, N., Riani, N., & Zulkarnain, Z. (2022). Pengaruh Ukuran Perusahaan, Diversifikasi Operasi, dan Diversifikasi Geografis terhadap Financial Distress. Jurnal Ilmiah Akuntansi Dan Finansial Indonesia, 5(2), 43–56. https://doi.org/10.31629/jiafi.v5i2.4201
Nafisah, D., Widjajanti, K., & Budiati, Y. (2023). Pengaruh profitabilitas, ukuran perusahaan terhadap financial distress dengan nilai perusahaan sebagai variabel intervening. Jurnal Riset Ekonomi Dan Bisnis, 16(1), 95–109.
Novia, Q., Nazir, A. G., & Muhammad, Y. (2024). The Effect of Leverage, Total Assets Turnover, and Profitability on Financial Distress in Food and Beverage Subsector Companies on the IDX. International Journal of Education, Social Studies, And Management (IJESSM), 4(2), 321–333. https://doi.org/10.52121/ijessm.v4i2.252
Oka, M. N. P., Erna, T. A. A. A., & Wayan, K. I. (2022). Analisis Pengaruh Cash Flow untuk Memprediksi Kondisi Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Riset Akuntansi Warmadewa, 2(1), 1–6. https://doi.org/https://doi.org/10.22225/jraw.3.1.4710.1-6
Pandapotan, F., & Puspitasari, F. (2022). The Effect of Cash Flow , Board Independence , and Company Size on Financial Distress. Saudi Journal of Economics and Finance, 9414, 311–318. https://doi.org/10.36348/sjef.2022.v06i09.003
Putri, S., Iskandar, M., & Rujiman. (2020). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Financial Distress pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 319–336. https://doi.org/https://doi.org/10.17509/jrak.v8i2.22684
Ramadani, A. W., & Ratmono, D. (2023). Financial Distress Prediction: The Role Of Financial Ratio And Firm Size. Jurnal Riset Akuntansi Kontemporer, 15(1), 19–26. https://doi.org/10.23969/jrak.v15i1.6428
Siregar, J. K. (2020). Pengaruh Harga Per Nilai Buku, Margin Laba Bersih Dan Rasio Pendapatan Harga Terhadap Kesulitan Keuangan Pada Sektor Keuangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2019. In Search, 19(02), 315–329.
Stepani, P. N., & Nugroho, L. (2023). Pengaruh Profitabilitas , Likuiditas , Leverage , dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Journal of Trends Economics and Accounting, 3(3), 194–205. https://doi.org/10.47065/jtear.v3i3.551
Thach, N. N., & Dan, T. B. (2024). A Bayesian MCMC Algorithm with Cauchy Priors for Small Sample Modeling Financial Distress in Covid-19 Times. Montenegrin Journal of Economics, 20(1), 133–142. https://doi.org/10.14254/1800-5845/2024.20-1.12