Articles
Vol. 4, No. 2 (2025)
10.58477/ebima.v4i2.363
Published: 2025-12-30
Abstract
This research investigates the relationship between operational efficiency, measured by Total Assets Turnover (TATO), operating cash flow calculated using the indirect method, and liquidity proxied by the Current Ratio (CR), with financial distress measured using the Springate model (S-Score). The sample consists of hotel and restaurant subsector companies listed on the Indonesia Stock Exchange over the 2019–2023 period. Employing a quantitative approach, this study applies descriptive and explanatory analysis using secondary data derived from published annual financial statements. Panel data regression is utilized alongside classical assumption testing, as well as t-tests, F-tests, and the coefficient of determination (R²). The findings indicate that the independent variables jointly influence financial distress. Individually, operational efficiency and operating cash flow exhibit significant effects, whereas the liquidity ratio does not. These results underline the importance of asset utilization efficiency and cash flow performance in explaining financial distress. This study provides empirical evidence that contributes to the financial management literature, particularly in the context of the hotel and restaurant subsector.
Keywords: Operating Cash Flow; Operational Efficiency; Financial Distress; Liquidity; Current Ratio; Springate Model
Keywords: Operating Cash Flow; Operational Efficiency; Financial Distress; Liquidity; Current Ratio; Springate Model
How to Cite
How to Cite
Nani Ernawati, Najwa, R., & Insan, M. R. (2025). Analisis Pengaruh Efisiensi Operasional, Arus Kas Operasi & Rasio Likuiditas Terhadap Financial Distress Pada Subsektor Hotel & Restoran. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi, 4(2), 56-63. https://doi.org/10.58477/ebima.v4i2.363
| Issue | Vol. 4 No. 2 (2025) |
| Section | Articles |
| DOI | 10.58477/ebima.v4i2.363 |
| Publication Date | 2025-12-30 |
| Pages | 56-63 |
- Agustin, M., & Sapari. (2024). Pengaruh Ukuran Perusahaan, Efisiensi Operasi, Dan Pertumbuhan Penjualan Terhadap Financial Distress. Jurnal Ilmu Dan Riset Akuntansi, 13(1).
- Aiyyuffi, A., Evana, E., & Edwin, H. (2022). Pengaruh Total Assets Turnover, Net Profit Margin, Leverage, Likuiditas, Arus Kas Operasi Terhadap Kesulitan Keuangan. Jurnal Sosial Teknologi, 2(11), 942–949. https://doi.org/10.59188/jurnalsostech.v2i11.476
- Brealey, M., & Ross, S. A., Westerfield, R., & Jaffe, J. (2016). Ebook: Fundamentals of Corporate Finance. McGraw-Hill Education. https://www.google.co.id/books/edition/Ebook_Fundamentals_of_Corporate_Finance/LaRvEAAAQBAJ?hl=id&gbpv=0
- Brigham, E., & Houston, J. (2019). Fundamentals of financial management. https://www.scirp.org/reference/referencespapers?referenceid=3379877&utm_source=chatgpt.com
- Bukian, N. M. W. ., & Sudiartha, G. M. (2016). Efisiensi Operasional Terhadap Rasio Kecukupan Modal Fakultas Ekonomi dan Bisnis Universitas Udayana ( Unud ), Bali , Indonesia Perbankan merupakan suatu lembaga yang mengemban fungsi utama sebagai perantara keuangan antara pihak-pihak yang memiliki dana. 5(2), 1189–1220.
- Dini, E. T., & Murtini, U. (2023). Financial Distress Perusahaan Sektor Pariwisata: Pengaruh Profitabilitas, Likuiditas dan Leverage. Prosiding Seminar Nasional Forum Manajemen Indonesia - e-ISSN 3026-4499, 1, 257–273. https://doi.org/10.47747/snfmi.v1i.1506
- Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate Accounting (17th ed., p. 1.584). Willey. https://www.google.co.id/books/edition/Intermediate_Accounting/aaCqDwAAQBAJ?hl=id&gbpv=0
- Kristanti, F. T. (2019). Financial Distress : Teori dan Perkembangannya Dalam Konteks Indonesia (W. Kalimetro (ed.); 1th ed.). Inteligensia Media (Intrans Publishing Group).
- Listyawati, I. (2019). Analisis Laporan Keuangan untuk Memprediksi Kebangkrutan Perusahaan dengan Metode Altman Z-Score dan Metode Springate. 1(2014), 38–48.
- Suganda, R. (2019). Event Study Teori dan Pembahasan Reaksi Pasar Modal Indonesia.
- Wang, C. (2024). The Relationship between ESG Performance and Corporate Performance - Based on Stakeholder Theory. 03022.
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Article Statistics
Download data is not yet available.