Financial Rations and Financial Stability of Food & Beverage Companies on IDX
DOI:
https://doi.org/10.32832/neraca.v21i2.24568Kata Kunci:
Financial Stability, Z-Score, Financial Ratio, Food BeverageAbstrak
This research is motivated by the importance of financial stability for the business sustainability of food and beverage companies amid inflationary pressures and raw material price fluctuations in the post-pandemic era. The problem addressed in this study is how liquidity ratios, leverage ratios, solvency ratios, activity ratios, and profitability ratios partially and simultaneously affect financial stability. The purpose of this study is to analyze the partial and simultaneous effects of liquidity, leverage, solvency, activity, and profitability on financial stability, measured using the Altman Z-score parameters. The research population includes 84 manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) from 2022 to 2025. Utilizing the purposive sampling technique, the final sample consisted of 48 companies, yielding a total of 192 observational data points over the 4-year observation period. This study employs a quantitative method with a causal associative approach, utilizing multiple linear regression analysis via SPSS software. The data analysis results indicate that, simultaneously (F-Test), the five financial ratios have a significant effect on financial stability, with a coefficient of determination value of 78.3%. Partially (T-Test), the liquidity ratio, leverage ratio, solvency ratio, and activity ratio have a significant effect on financial stability. Conversely, the profitability ratio was found to have no significant effect on the financial stability of manufacturing companies in the food and beverage sub-sector during the study period.
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