Pengaruh Likuiditas, Solvabilitas Dan Leverage Terhadap Financial Distress Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2021-2024

This study aims to examine the effect of liquidity, solvency, and leverage on financial distress in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This research employs a quantitative approach using secondary data from the annual financial statements of 40 mining companies, analyzed through multiple linear regression with SPSS. Liquidity is measured by the Current Ratio (CR), solvency is proxied by the Debt to Equity Ratio (DER), and leverage is measured using the Debt Ratio (DR). Financial distress is assessed using the Altman Z-Score model. The results indicate that, partially, CR and DER do not have a significant effect on financial distress. In contrast, DR has a significant negative effect on the Altman Z-Score, implying that a higher proportion of debt to total assets increases the risk of financial distress. Simultaneously, CR, DER, and DR significantly affect financial distress, supported by an F-test significance value of < 0.001. The Adjusted R² value of 0.543 shows that 54.3% of the variation in financial distress can be explained by the three financial ratios, while the remaining portion is influenced by other factors outside the model. Overall, this study highlights that leverage is the most dominant factor in explaining financial distress in mining companies.