ANALISIS DAN PENGARUH RASIO WORKING CAPITAL TO TOTAL ASSETS, RETAINED EARNING TO TOTAL ASSETS, EARNING BEFORE INTEREST AND TAXES TO TOTAL ASSETS, BOOK VALUE OF EQUITY TO TOTAL LIABILITIES UNTUK MEMREDIKSI FINANCIAL DISTRESS PADA MASA PANDEMI DAN PASCA PAN

R. Rama Muamar Rifki; Achmad Hizazi; Fredy Olimsar

doi:10.22437/jar.v6i1.46161

ANALYSIS AND THE EFFECT OF THE RATIOS OF WORKING CAPITAL TO TOTAL ASSETS, RETAINED EARNINGS TO TOTAL ASSETS, EARNINGS BEFORE INTEREST AND TAXES TO TOTAL ASSETS, AND BOOK VALUE OF EQUITY TO TOTAL LIABILITIES IN PREDICTING FINANCIAL DISTRESS DURING AND AFTE

Authors

R. Rama Muamar Rifki Universitas Jambi
Achmad Hizazi Universitas Jambi
Fredy Olimsar

DOI:

https://doi.org/10.22437/jar.v6i1.46161

Keywords:

WCTA, RETA, EBITTA, BVETL, Financial Distress

Abstract

This study aims to analyze and determine the effect of financial ratios namely Working Capital to Total Assets (WCTA), Retained Earnings to Total Assets (RETA), Earnings Before Interest and Taxes to Total Assets (EBITTA), and Book Value of Equity to Total Liabilities (BVETL) in predicting corporate financial distress during and after the COVID-19 pandemic. This research is a case study on 27 companies in the Transportation and Logistics sector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024, selected through purposive sampling. The data used are secondary financial reports obtained from the IDX website. The analysis was carried out by calculating financial ratios using the Modified Altman Z”-Score model to assess the bankruptcy potential of the companies during the specified period. The Altman Z”-Score analysis for the years 2020–2024 shows that most service companies in the Transportation and Logistics sector were in unhealthy financial condition, with 11 to 13 companies at risk of bankruptcy each year. Only 10 to 14 companies consistently remained in a healthy condition, while the rest were in the gray zone, indicating financial instability. This reflects the ongoing significant challenges in the sector, although some companies have demonstrated strong financial performance. The results of this study are: (1) the WCTA variable does not have a significant effect on financial distress; (2) RETA, EBITTA, and BVETL have a significant effect on financial distress.

Keywords: WCTA, RETA, EBITTA, BVETL, Financial Distress

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Published

2025-09-26

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R. Rama Muamar Rifki, Hizazi, A., & Olimsar, F. (2025). ANALYSIS AND THE EFFECT OF THE RATIOS OF WORKING CAPITAL TO TOTAL ASSETS, RETAINED EARNINGS TO TOTAL ASSETS, EARNINGS BEFORE INTEREST AND TAXES TO TOTAL ASSETS, AND BOOK VALUE OF EQUITY TO TOTAL LIABILITIES IN PREDICTING FINANCIAL DISTRESS DURING AND AFTE. Jambi Accounting Review (JAR), 6(1), 1–14. https://doi.org/10.22437/jar.v6i1.46161

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ANALYSIS AND THE EFFECT OF THE RATIOS OF WORKING CAPITAL TO TOTAL ASSETS, RETAINED EARNINGS TO TOTAL ASSETS, EARNINGS BEFORE INTEREST AND TAXES TO TOTAL ASSETS, AND BOOK VALUE OF EQUITY TO TOTAL LIABILITIES IN PREDICTING FINANCIAL DISTRESS DURING AND AFTE

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