Analysis of Financial Distress in the Infrastructure Sector through the Altman Z-Score Approach
DOI:
https://doi.org/10.65440/jaa.v2i3.188Keywords:
operating cash flow, solvency, financial distressAbstract
Purpose – This study aims to obtain empirical evidence regarding the effect of Operating Cash Flow and Solvency on Financial Distress.
Design/methodology/approach – This study uses quantitative research. It utilizes secondary data. The population is 71 infrastructure sector companies listed on the Indonesia Stock Exchange between 2022 and 2024. The sample is 37 infrastructure sector companies listed on the Indonesia Stock Exchange between 2022 and 2024. The total number of observations in this study is 111. The analysis technique used to test the hypotheses is multiple regression analysis using Eviews9 software
Findings – The results of this study indicate that the operating cash flow variable has a negative and significant effect on financial distress. The solvency variable has a negative and significant effect on financial distress.
Research limitations/implications – This study contributes to financial distress literature by providing empirical evidence from the infrastructure sector and highlights the importance of cash flow management and debt control in maintaining financial stability.
JEL : M4
Downloads
References
Azis Wijayanti, A., Kurniawan Widhi, A., Amin Mustika, A., & Aslam Paramaswar, A. (2024). Pengaruh Solvabilitas, Likuiditas dan Profitabilitas Terhadap Financial Distress Pada Perusahaan Sektor Pertambangan Batubara Yang Terdaftar di BEI Periode 2018-2022. Manajemen, Akuntansi, 3(2), 640–653. www.idx.co.id
Giovanni Bima Adityatama, & Hermi. (2023). Pengaruh Board of Director, Audit Committee Size, Arus Kas Operasi, Dan Inventory Turnover Terhadap Financial Distress. Jurnal Ekonomi Trisakti, 3(2), 3331–3340. https://doi.org/10.25105/jet.v3i2.18169
Goh, T. S. (2023). Monograf : Financial Distress. In Indomia Pustaka (Pertama). Indomia Pustaka. Https://Doi.Org/10.1142/S0219024924500110
Herry. (2016). Analisis Laporan Keuangan (Integrated and Comprehensive Edition) (Adipramono (ed.)). PT Gramedia Widiasarana Indonesia.
Jaya, A. S., & Rahmanto, B. T. (2022). Pengaruh Likuiditas, Solvabilitas dan Intensitas Modal terhadap Financial Distress dengan Profitabilitas Sebagai Pemoderasi pada Sektor Transportasi. Jurnal Majasiswa Institut Teknologi Dan Bisnis Kalbis, 8(4), 4499–4513.
Jensen, C., & Meckling, H. (1976). Theory Of The Firm: Managerial Behavior , Agency Costs And Ownership Structure. Journal of Financial Econmics, 3, 305–360.
Kartikahadi, H., Sinaga, R. U., Syamsul, M., Siregar, S. V., & Wahyuni, E. T. (2016). Akuntansi Keuangan Berdasarkan SAK Berbasis IFRS (Tim Editor IAI (ed.); Edisi Kedu). Ikatan Akuntan Indonesia.
Katharina, N., & Mentalita, H. (2024). Faktor-Faktor yang Mempengaruhi Opini Audit Going Concern dengan Variabel Inflasi Sebagai Moderating Pada Perusahaan Sektor Manufaktur. Journal of Audit and Tax Synergy, 1(1), 49-61.
Kurniasanti, A., & Musdholifah, M. (2018). Pengaruh Corporate Governance, Rasio Keuangan, Ukuran Perusahaan dan Makroekonomi Terhadap Financial Distress. Jurnal Ilmu Manajemen, 6(3), 197-212.
Kontan. (2025). Tahun 2025-2029, Kementerian PU Targetkan KPBU Proyek Infrastruktur Rp. 544,48 Triliun. https://nasional.kontan.co.id/news/tahun-2025-2029-kementerian-pu-targetkan-kpbu-proyek-infrastruktur-rp-54448-triliun
Maximillian, N., & Septina, F. (2022). The Effect of Profitability, Liquidity, and Solvency on Financial Distress of Textile and Garment Companies in Indonesia. Jurnal Ecodemica : Jurnal Ekonomi Manajemen Dan Bisnis, 6(2), 150–161. https://doi.org/10.31294/eco.v6i2.12933
Miswaty, M., & Novitasari, D. (2019). Pengaruh Operating Capacity, Sales Growth Dan Arus Kas Operasi Terhadap Financial Distress. Jurnal Riset Keuangan Dan Akuntansi, 5(1), 583–594. https://doi.org/10.25134/jrka.v5i1.1883
P., Muda, I., & Rujiman, F. N. U. (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.
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based
sample bias. Journal of Economics and Finance. https://doi.org/10.1007/bf02755985
Putu Ayu Diah Widari Putri. (Volume. 6 Issue. 1, January - 2021) “The Effect of Operating Cash Flows, Sales Growth, and Operating Capacity in Predicting Financial Distress.", International Journal of Innovative Science and Research Technology (IJISRT), www.ijisrt.com. ISSN - 2456-2165 , PP :- 638-646.
Putri, M., Armin, R., & Dwihandoko, T. H. (2024). Pengaruh Operating Capacity, Likuiditas, Profitabilitas Dan Solvabilitas Terhadap Financial Distress Pada Perusahaan Subsektor Hotel, Restoran Dan Pariwisata …. Philosophiamundi, 2(4), 8–20. https://philosophiamundi.id/index.php/philosophia/article/view/87%0Ahttps://philosophiamundi.id/index.php/philosophia/article/download/87/77
Sembiring, E. E. (2022). Effect of Corporate Governance Mechanism and Operating Cash Flow on Financial Distress. Jurnal Bisnis Dan Akuntansi, 24(2), 205–214. https://doi.org/10.34208/jba.v24i2.1133
Sudana, I Made. (2015). Manajemen Keuangan Perusahaan. Edisi Kedua. Jakarta: Erlangga
Sugiana, N. A., & Hidayat, W. W. (2023). The Effect of Operating Cash Flow,Operating Capacity and Sales Growth on Financial Distress. Indonesian Journal of Business Analytics, 3(3), 785–802.
Sutra, F. M., & Mais, R. G. (2019). Faktor-Faktor yang Mempengaruhi Financial Distress dengan Pendekatan Altman Z-Score pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Jurnal Akuntansi Dan Manajemen, 16(01), 34-72.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Brigita Puji Lestari, Nurshafikah Shaffie, Agnes Sulistiyoningsih (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
