Pengaruh Sales Growth, Free Cash Flow, dan Leverage terhadap Financial Distress dengan Profitabilitas sebagai Variabel Moderasi (Studi pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2023).

Abstract

This study analyzes the effect of sales growth, free cash flow, and leverage on financial distress with profitability as a moderating variable in mining companies listed on the IDX for the 2019-2023 period. This research uses quantitative methods with panel data regression. The sample consists of 30 companies selected by purposive sampling. Independent variables include sales growth, free cash flow, and leverage (debt to assets ratio), while financial distress is measured by Altman Z-Score and profitability by ROA. The results show that sales growth and free cash flow have a significant positive effect on financial distress, while leverage has a significant negative effect. Profitability does not weaken the effect of sales growth, but weakens the effect of free cash flow and strengthens the effect of leverage on financial distress. Keywords: Sales Growth, Free Cash Flow, Leverage, Profitability, Financial Distress

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