ISSN: 2302-8556 E-Jurnal Akuntansi Universitas Udayana 11.2 (2015): 456-469 456 PENGARUH RASIO LIKUIDITAS, LEVERAGE, OPERATING CAPACITY, DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS Ni Luh Made Ayu Widhiari 1 Ni K. Lely Aryani Merkusiwati 2 1 Fakultas Ekonomi dan Bisnis Universitas Udayana (Unud), Bali, Indonesia e-mail: widhiariayu@gmail.com / telp: +62 857 38 560 993 2 Fakultas Ekonomi dan Bisnis Universitas Udayana (Unud), Bali, Indonesia ABSTRAK Financial distress yaitu suatu tahap penurunan kondisi keuangan yang terjadi sebelum timbulnya kebangkrutan. Penelitian ini dilakukan untuk meneliti pengaruh rasio likuiditas, leverage, operating capacity, dan sales growth terhadap financial distress. Penelitian diadakan di perusahaan manufaktur yang terdaftar di BEI periode 2010-2013. Jumlah sampel yang terpilih adalah sejumlah 152 amatan yang ditentukan dengan menggunakan metode purposive sampling. Pengumpulan data dilakukan dengan teknik dokumentasi yang dikumpulkan melalui situs BEI dan ICMD. Teknik analisis yang digunakan yaitu regresi logistik. Hasil analisis dari penelitian ini menyatakan bahwa rasio likuiditas, operating capacity dan sales growth mampu mempengaruhi financial distress pada perusahaan manufaktur dengan arah negatif. Sedangkan rasio leverage tidak mampu mempengaruhi kemungkinan financial distress. Kata kunci: financial distress, rasio keuangan ABSTRACT Financial distress is a phase of decline in financial condition that occurred before the onset of bankruptcy. This study aims to examine the effect of liquidity, leverage, operating capacity, and sales growth of financial distress. This research was conducted at the companies listed on the Stock Exchange in 2010-2013. The samples used were as many as 152 observations selected using purposive sampling method. Data collection was done by using the documentation obtained from BEI website and ICMD. The analysis technique used is logistic regression. The results of the analysis of this study indicate that the liquidity, the operating capacity, and sales growth ratios are able to affects the financial distress of manufacturing company with negative direction. While the leverage ratio are not able to influence the probability of financial distress. Keywords: financial distress, financial ratios