PENGARUH SALES GROWTH DAN OPERATING CAPACITY TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021-2025

Abstract

economic growth. However, post-pandemic, companies have faced significant operational challenges due to exchange rate volatility, global supply chain disruptions, and shifting consumption patterns that trigger risks of financial distress. This study aims to examine the influence of Sales Growth and Operating Capacity on the risk of financial distress in manufacturing companies listed on the Indonesia Stock Exchange during the 2021–2025 period.

This research employs a quantitative approach with an associative method, focusing on 30 manufacturing companies selected using purposive sampling. Data analysis was conducted using logistic regression, with the Altman Z-Score model utilized to measure the level of financial health. The results indicate that Sales Growth and Operating Capacity significantly affect the probability of financial distress. Stable sales growth provides a positive signal to the market, while asset efficiency—proxied through Total Asset Turnover (TATO)—is proven to be an operational "anchor" that prevents companies from falling into the bankruptcy zone. These findings support Signaling Theory and Agency Theory within the context of the post-pandemic economy. The practical implications of this research emphasize the need for management to transform strategies from growth-oriented to value-oriented, balancing sales expansion with asset efficiency to ensure corporate sustainability amidst ever-changing market dynamics