FINANCIAL PERFORMANCE FACTORS AFFECTING INSOLVENCY IN BANKRUPTCY WITH FIRM SIZE AS A MODERATING VARIABLE IN APPAREL AND LUXURY GOODS SUBSECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE
Keywords:
profitability, liquidity, leverage, activity, firm size, insolvency, apparel, luxury goodsAbstract
The apparel and luxury goods subsector is highly vulnerable to changes in economic conditions, consumer purchasing power, fashion trends, and increasingly intense competition. These conditions may increase the risk of financial difficulties and insolvency, particularly when companies are unable to manage their financial resources and obligations effectively. This study aims to analyze the effect of profitability, liquidity, leverage, and activity ratios on insolvency in apparel and luxury goods companies listed on the Indonesia Stock Exchange during the 2020–2024 period, with firm size serving as a moderating variable. Insolvency is measured based on negative equity, which reflects a condition in which total liabilities exceed total assets. The study is motivated by the occurrence of negative equity among several companies in the subsector and by inconsistencies in previous research regarding the relationship between financial performance and financial difficulties. The research focuses on companies in the apparel and luxury goods subsector listed on the Indonesia Stock Exchange during the observation period. Profitability, liquidity, leverage, and activity are examined as independent variables, while firm size is incorporated to assess whether it strengthens or weakens the relationship between financial performance and insolvency. This study is expected to contribute to a better understanding of the financial factors associated with insolvency and provide relevant information for evaluating the financial condition and sustainability of companies in the apparel and luxury goods subsector.
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