PENGARUH LEVERAGE, OPERATING CASH FLOW RATIO, DAN TOTAL ASSET TURNOVER TERHADAP RISIKO FINANCIAL DISTRESS DENGAN OPERATING PROFIT MARGIN SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN TEKSTIL DI INDONESIA

USMAN MUSTOFA, . (2026) PENGARUH LEVERAGE, OPERATING CASH FLOW RATIO, DAN TOTAL ASSET TURNOVER TERHADAP RISIKO FINANCIAL DISTRESS DENGAN OPERATING PROFIT MARGIN SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN TEKSTIL DI INDONESIA. Magister thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Industri tekstil dan produk tekstil (TPT) di Indonesia merupakan sektor strategis yang menghadapi tekanan kompleks akibat ketidakpastian ekonomi global, fluktuasi biaya bahan baku, dan penurunan daya beli pasca-pandemi COVID-19. Kondisi ini memicu risiko financial distress yang ditandai dengan penurunan profitabilitas dan kesulitan pemenuhan kewajiban keuangan, sebagaimana terlihat pada fenomena PHK masif dan restrukturisasi utang di berbagai perusahaan besar. Penelitian ini bertujuan untuk menganalisis pengaruh leverage (DER), operating cash flow ratio (OCFR), dan total asset turnover (TATO) terhadap risiko financial distress (G-Score), serta menguji peran operating profit margin (OPM) sebagai variabel moderasi. Penelitian ini menggunakan pendekatan kuantitatif kausalitas dengan populasi perusahaan subsektor tekstil yang terdaftar di Bursa Efek Indonesia periode 2017–2025. Teknik purposive sampling menghasilkan 10 perusahaan sampel (90 observasi). Analisis data dilakukan menggunakan regresi data panel dengan pendekatan Random Effect Model (REM) dan Moderated Regression Analysis (MRA) melalui perangkat lunak EViews. Hasil penelitian menunjukkan bahwa DER berpengaruh negatif signifikan terhadap Grover Score (meningkatkan risiko financial distress), sedangkan TATO dan OPM berpengaruh positif signifikan (menurunkan risiko financial distress). Sebaliknya, OCFR tidak menunjukkan pengaruh signifikan terhadap tingkat kesehatan keuangan. Dalam pengujian moderasi, OPM terbukti mampu memoderasi dengan memperlemah dampak negatif DER dan memperkuat dampak positif TATO terhadap kesehatan keuangan perusahaan. **** The textile and textile products (TTP) industry in Indonesia is a strategic sector facing complex challenges due to global economic uncertainty, fluctuations in raw material costs, and declining consumer purchasing power in the post-COVID-19 period. These conditions have increased the risk of financial distress, characterized by declining profitability and difficulties in fulfilling financial obligations, as reflected in the widespread layoffs and debt restructuring experienced by several major companies. This study aims to examine the effect of leverage (Debt-to-Equity Ratio/DER), Operating Cash Flow Ratio (OCFR), and Total Asset Turnover (TATO) on the risk of financial distress (Grover Score), as well as to investigate the moderating role of Operating Profit Margin (OPM). This research employs a quantitative causal approach using textile subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2017–2025 period as the research population. The purposive sampling technique resulted in 10 sample companies, yielding 90 observations. The data were analyzed using panel data regression with the Random Effect Model (REM) and Moderated Regression Analysis (MRA) through EViews software. The findings indicate that DER has a significant negative effect on the Grover Score, implying an increased risk of financial distress. Meanwhile, TATO and OPM have significant positive effects on the Grover Score, indicating improved financial health and a reduced risk of financial distress. In contrast, OCFR does not have a significant effect on the company's financial condition. Furthermore, the moderation analysis reveals that OPM weakens the negative impact of DER and strengthens the positive impact of TATO on the financial health of textile companies. Keywords: Financial distress, Debt-to-Equity Ratio, Operating Cash Flow Ratio, Total Asset Turnover, Operating Profit Margin, Grover G-Score.

Item Type:	Thesis (Magister)
Additional Information:	1). Prof. Dr. Rida Prihatni, S.E., M.Si.; 2). Prof. Agung Dharmawan Buchdadi, M.M., Ph.D.
Subjects:	Ilmu Sosial > Perdagangan, e-commerce > Akuntansi
Divisions:	FE > S2 Akuntansi
Depositing User:	Users 36323 not found.
Date Deposited:	12 Aug 2026 06:24
Last Modified:	12 Aug 2026 06:24
URI:	http://repository.unj.ac.id/id/eprint/70340

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