Pengaruh Operating Capacity dan Sales Growth terhadap Financial Distress pada Perusahaan Sektor Consumer Non-Cyclicals di Bursa Efek Indonesia

This study aims to analyze the effect of operating capacity and sales growth on financial distress in consumer non-cyclical companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Fluctuating financial performance, post-pandemic economic instability, and the phenomenon of large-scale store closures in major retail companies indicate potential financial pressure that needs to be examined. Financial distress in this study was measured using the Altman Z-Score model, while operating capacity was proxied by Total Asset Turnover (TATO) and sales growth was calculated based on annual changes in sales. This research employed a quantitative approach using panel data regression analysis with a sample of 72 observations obtained through purposive sampling. The results show that operating capacity does not have a significant effect on financial distress. Meanwhile, sales growth also does not have a significant effect on financial distress. These findings indicate that operational efficiency and sales growth are not the main determinants of financial distress in consumer non-cyclical companies during the research period.