Financial Factor Analysis of the Performance of Transportation and Logistics Companies on the IDX (2019 2023)

This study aims to investigate the effects of liquidity, financial leverage, capital structure,
and operating cash flow on financial performance, with financial distress serving as a mediating
variable. The population comprises transportation and logistics companies listed on the Indonesia
Stock Exchange (IDX) from 2019 to 2023, totaling 37 companies. The sample includes 20
companies, with quarterly financial reports yielding 400 observations. Secondary data were
employed, and purposive sampling was utilized for sample selection. The analysis was conducted
using panel data analysis at a 5% significance level, facilitated by STATA Version 17 software.
Mediation was tested utilizing the Sobel test with a critical value of 1.96. The results reveal that
liquidity significantly impacts both financial distress and financial performance; financial leverage
significantly affects both financial distress and financial performance; capital structure significantly
influences financial distress but does not significantly affect financial performance; operating cash
flow does not significantly impact financial distress but significantly affects financial performance.
Collectively, liquidity, financial leverage, capital structure, and operating cash flow significantly
influence financial distress. Furthermore, liquidity, financial leverage, capital structure, operating cash
flow, and financial distress together have a significant effect on financial performance. Mediation
analysis indicates that financial distress significantly mediates the relationships between liquidity,
financial leverage, capital structure, and financial performance, whereas financial distress does not
significantly mediate the effect of operating cash flow on financial performance. It is recommended
that transportation and logistics companies listed on the IDX actively enhance liquidity, optimally
manage leverage and capital structure, and strengthen operational cash flow management to
minimize financial distress risk and sustain financial performance.
Keywords: capital structure, financial distress, financial leverage, financial performance, liquidity