The Effect of Operating Cash Flow and Asset Growth on Financial Distress
DOI:
https://doi.org/10.32832/neraca.v21i2.24648Keywords:
Financial Distress, Operating Cash Flow, Asset Growth, Infrastructure Sector, Logistic RegressionAbstract
This study was motivated by inconsistencies in previous research findings regarding the effect of operating cash flow and asset growth on the probability of financial distress in infrastructure sector companies in Indonesia. This study aims to examine the influence of these two variables on infrastructure companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The research employed a quantitative method with an associative causal approach. Using purposive sampling, 49 companies were selected, resulting in 147 observations. Statistical analysis was conducted using logistic regression with financial distress measured by the Zmijewski score. The results indicate that operating cash flow and asset growth each have a negative and significant effect on the probability of financial distress. These findings imply that companies with strong operating cash flow generation and higher asset growth tend to face lower financial distress risk. In conclusion, both indicators serve as important signals in detecting potential financial distress in Indonesian infrastructure companies
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