Analisis Financial Distress pada Perusahaan Properti dan Real Estate yang Terdaftar dalam Daftar Efek Syariah

Abstract

Sektor properti dan real estate memiliki profil risiko yang tinggi akibat karakteristiknya yang padat modal serta sensitivitasnya terhadap kondisi makroekonomi. Di sisi lain, perusahaan yang masuk dalam Daftar Efek Syariah diwajibkan memenuhi kriteria struktur modal yang ketat yang diatur dalam POJK Nomor 35/POJK.04/2017. Penelitian ini bertujuan untuk mengukur kondisi financial distress serta menganalisis pengaruh faktor internal dan makroekonomi terhadap perusahaan properti dan real estate yang terdaftar di DES periode 2016–2025. Menggunakan model Zmijewski dan metode data panel, hasil penelitian menunjukkan bahwa rata-rata skor Zmijewski -2,47. Hasil uji simultan menunjukkan bahwa delapan variabel independen mampu menjelaskan 93,73% variasi financial distress. Secara parsial, profitabilitas, likuiditas, dan interest rate berpengaruh negatif signifikan, sementara leverage berpengaruh positif signifikan terhadap financial distress. Adapun firm size, sales growth, asset turnover, dan indeks kemahalan konsumen tidak menunjukkan pengaruh yang signifikan dalam penelitian ini.

The property and real estate sector possessed a high-risk profile due to its capital-intensive nature and sensitivity to macroeconomic conditions. Conversely, companies listed in the Sharia Securities List were required to adhere to stringent capital structure criteria as stipulated in POJK Number 35/POJK.04/2017. This study aimed to measure the level of financial distress and analyze the influence of internal and macroeconomic factors on property and real estate companies listed in the DES during the 2016–2025 period. Employed with the Zmijewski model and a panel data approach on 10 sampled companies, the findings indicated that the average Zmijewski score was -2.47. The results of the simultaneous test indicated that the eight independent variables were able to explain 93.73% of the variation in financial distress. Partially, profitability, liquidity, and the interest rate had a significant negative effect, while leverage had a significant positive effect on financial distress. Meanwhile, firm size, sales growth, asset turnover, and the construction cost index did not show a significant effect in this study.