Pengaruh Profitabilitas, Ukuran Perusahaan dan Leverage terhadap Financial Distress : Studi Empiris Perusahaan Subsektor Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2018-2024
DOI:
https://doi.org/10.37481/jmeb.v6i3.2271Keywords:
Financial Distress, Firm Size, Leverage, Pharmaceutical Companies, ProfitabilityAbstract
The pharmaceutical subsector in Indonesia has recently faced increasing financial pressure due to high dependence on imported raw materials, rising financing costs, and unstable economic conditions, which may increase the risk of financial distress. This study aims to examine the effects of profitability, firm size, and leverage on financial distress in pharmaceutical companies listed on the Indonesia Stock Exchange during the 2018–2024 period. This research employed a quantitative associative approach using secondary data obtained from audited annual financial reports. The sample consisted of 10 pharmaceutical companies selected through purposive sampling, resulting in 70 balanced panel observations. Panel data regression analysis was applied to evaluate both partial and simultaneous relationships among the variables. The findings indicate that profitability, measured by Return on Assets (ROA), has a significant effect on financial distress, while firm size, proxied by the natural logarithm of total assets, does not significantly affect financial distress. Leverage, measured by the Debt-to-Asset Ratio (DAR), also significantly affects financial distress. Simultaneously, profitability, firm size, and leverage significantly explain the variation in financial distress. These findings highlight the importance of maintaining profitability and prudent debt management to reduce financial distress risk in pharmaceutical companies.
References
Arya, A., & Suhendah, R. (2024). Pengaruh profitability, firm size, dan leverage terhadap financial distress. Jurnal Paradigma Akuntansi, 6(1).
Azhar, I., Lubis, N., & Nurjanah, S. (2024). The effect of profitability, leverage, and company size on financial distress in healthcare service companies listed on IDX. Journal of Management and Business Innovations, 6(1).
Bank Indonesia. (2024). BI-Rate tetap 6,25%: Memperkuat stabilitas dan menjaga pertumbuhan dari dampak rambatan global.
Damayanti, W. M. (2025). Pengaruh karakteristik keuangan terhadap financial distress (Studi empiris pada perusahaan sub sektor kesehatan dan farmasi yang terdaftar di Bursa Efek Indonesia). ABDI EQUATOR, 5(2).
Fawwaz, N. M., & Nurcahyono, N. (2024). The role of firm size in moderating the determinants of financial distress: Evidence from Indonesia's technology sector. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 14(2).
Gujarati, D. N., & Porter, D. C. (2021). Basic econometrics (6th ed.). McGraw-Hill Education.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2022). Multivariate data analysis (9th ed.). Cengage Learning.
Handayani, P., Sari, R. P., & Utami, W. (2022). Profitability analysis and financial distress prediction in Indonesian manufacturing companies. Jurnal Keuangan dan Perbankan, 26(3), 512–524.
Hotang, K. B. (2025). The moderating role of profitability in predicting financial distress in companies within the property and real estate sector. Journal of Applied Accounting and Finance, 9(1).
Hutabarat, F. (2020). Analisis kinerja keuangan perusahaan. Desanta Muliavisitama.
Iswanto, O. S., Hariyanto, E., & Hartikasari, A. I. (2024). The effect of liquidity, leverage, company size and independent board of commissioners on financial distress. JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi), 8(2).
Joshlyn, J., & Widjaja, I. (2024). Pengaruh profitabilitas, leverage, dan likuiditas terhadap financial distress FMCG non-cyclicals di BEI. Jurnal Manajerial dan Kewirausahaan, 6(1).
Kementerian Perindustrian. (2024). Kemenperin akui lebih dari 90 persen bahan baku farmasi masih impor.
Khansa, L., Nugroho, W. S., & Nurcahyono, N. (2024). The effect of liquidity, leverage, profitability and firm size on financial distress with good corporate governance as a moderation variable. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 13(2).
Kurniawan, A., & Suryani, E. (2020). The effect of leverage, profitability, and liquidity on financial distress prediction. Journal of Accounting and Investment, 21(2), 256–270.
Lestari, D., & Wahyudi, I. (2022). Financial ratio analysis as an early warning system for corporate financial distress. Jurnal Akuntansi Multiparadigma, 13(3), 456–470.
Marginingsih, R., & Hermawan, A. (2024). Agency conflict, corporate governance, and financial distress: Evidence from Indonesian listed companies. Jurnal Keuangan dan Perbankan, 28(1).
Maulidiyah, S. A., & Wuryani, E. (2026). The effects of profitability, leverage, activity, and company size on financial distress. International Journal of Economics and Management Sciences, 3(2).
Nugroho, B. A., & Firmansyah, A. (2021). Corporate size, financial performance, and financial distress risk: Evidence from Indonesian listed companies. Jurnal Dinamika Akuntansi, 13(2), 135–146.
Nurcahyono, N., Agustin, R., Sinarasri, A., & Sukesti, F. (2023). Financial ratio and stock returns in Indonesia equity markets: A signaling theory approach. International Conference on Business, Accounting, Banking, and Economics.
Prasetyo, A., & Rahayu, S. (2023). Determinants of financial distress in Indonesian public companies: The role of firm characteristics and financial performance. Jurnal Manajemen dan Kewirausahaan, 25(1), 45–56.
Putri, R. A., Masriyanda, M., & Cusyana, S. R. (2024). Pengaruh profitabilitas dan leverage terhadap financial distress pada perusahaan sektor kesehatan yang terdaftar di BEI tahun 2019–2023. Jurnal Riset Ekonomi dan Akuntansi, 2(4).
Rahmawati, E., Hidayat, R., & Putri, A. (2025). Financial distress prediction model based on corporate financial indicators: Evidence from emerging markets. Journal of Economics, Business, and Accountancy Ventura, 28(1), 1–15.
Sari, M., & Setiawan, D. (2021). Profitability and financial distress: Empirical evidence from Indonesian companies. Jurnal Akuntansi dan Keuangan Indonesia, 18(2), 145–160.
Sekaran, U., & Bougie, R. (2020). Research methods for business: A skill building approach (8th ed.). John Wiley & Sons.
Widarjono, A. (2020). Analisis ekonometrika: Pengantar dan aplikasinya (5th ed.). UPP STIM YKPN.
Widodo, A., Susanto, E., & Pratiwi, D. (2024). Capital structure and financial distress risk: Evidence from Indonesian listed firms. Jurnal Manajemen Teknologi, 23(2), 177–191.
Wijaya, F. D., Lasmana, A., & Melani, M. M. (2024). The effect of liquidity, profitability, leverage and activity on financial distress. Jurnal Ilmiah Manajemen Kesatuan, 12(4).
World Bank. (2025). Global economic prospects.
