Rhaisya Najwa, NAJWA, Rhaisya (2025) ANALISIS PENGARUH EFISIENSI OPERASIONAL, ARUS KAS OPERASI, DAN RASIO LIKUIDITAS TERHADAP FINANCIAL DISTRESS PADA SUB SEKTOR HOTEL DAN RESTORAN. S1 thesis, Universitas Islam Nusantara.

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Abstract

This study examines the effect of operational efficiency proxied by total assets turnover (TATO), operating cash flow measured using the indirect method, and liquidity ratio proxied by the current ratio (CR) on financial distress proxied by the springate method (S-Score) in hotel and restaurant subsector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The background of this research is based on the high risk of financial distress faced by this subsector due to the COVID-19 pandemic and the fluctuating dynamics of the tourism industry. This research employs a quantitative approach with descriptive and verificative methods. Secondary data were obtained from annual financial reports published by the Indonesia Stock Exchange and the official websites of the companies. The variables were tested using panel data regression, supported by classical assumption tests, T-tests, F-tests, and the coefficient of determination (R²). The results show that, simultaneously, all three variables significantly influence financial distress. Partially, operational efficiency and operating cash flow have a significant effect on financial distress, while the liquidity ratio has no significant effect. These findings indicate that operational efficiency and operating cash flow performance are more dominant factors in explaining the potential for financial distress compared to liquidity. This research contributes to the accounting and finance literature, particularly in providing insights into the determinants of financial distress in the hotel and restaurant subsector. Keywords: Financial Distress, Liquidity Ratio, Springate Score, Operating Cash Flow, Operational Efficiency.

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