PENGARUH FINANCIAL DISTRESS DAN RETURN ON ASSETS TERHADAP KEBIJAKAN HUTANG PERUSAHAAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020–2024

Abstract

This study aims to analyze the effect of Financial Distress and Return on Assets (ROA) on Debt Policy in real estate companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. This quantitative research utilizes secondary data from annual financial statements. The sample was determined using a purposive sampling technique, resulting in 30 companies with 150 observations over 5 years. Data analysis techniques included multiple linear regression, classical assumption tests, t-test, F-test, and the coefficient of determination. The results show that Financial Distress has a positive and significant effect on debt policy (t_count 2.297 > t_table 1.976; sig 0.041 < 0.05). Return on Assets (ROA) also has a positive and significant effect on debt policy (t_count 2.133 > t_table 1.976; sig 0.046 < 0.05). Simultaneously, Financial Distress and ROA significantly affect debt policy (F_count 7.283 > F_table 3.057; sig 0.000 < 0.05) with a determination coefficient of 39.1%.