Analysis Of Current Ratio, Debt To Assets Ratio And Gross Profit Margin On Financial Distress With Moderated Share Prices In Retail Companies Listed In Securities Exchange

This study aims to determine how much influence Current Ratio (CR), Debt to Asset Ratio (DAR) and Gross Profit Margin (GPM) on Financial Distress and moderated by Stock Prices. The population in this study were 24 companies in the retail subsector listed on the Southeast Asian Stock Exchange for the period 2012-2019. The method used is purposive sampling so that 15 companies that present complete financial reports according to the variables studied and obtained as many as 105 company samples were subjected to data outliers because the data did not have a normal distribution, thus 81 samples were obtained. The analysis technique used is multiple regression analysis and Moderated Regression Analysis (MRA). The results showed that the Debt to Asset Ratio (DAR) partially affected Financial Distress, while Current Ratio (CR) and Gross Profit Margin (GPM) partially had no significant effect on Financial Distress and simultaneously CR, DAR, GPM had an effect on Financial Distress. The moderation test shows that the stock price in this study is proven to moderate the relationship of the independent variables (CR, DAR and GPM) to the dependent variable (Financial Distress).


I. INTRODUCTION
The retail or retail sub-sector company is a product marketing system in which sales transactions are directed to consumers. Economic sales growth since the Covid-19 pandemic phenomenon in early 2020 had an impact on sales growth in retail sub-sector companies in various Southeast Asian countries, this was due to the loss of people's purchasing power, spending patterns and people's mindsets caused by social restrictions large scale (PSBB) and lockdowns in various regions. The loss of purchasing power and decreasing public demand greatly affects the performance of retail companies and makes companies have to issue fixed cost components or expenses that must be paid. In the current situation, it is hoped that retail companies can change or create opportunities to continue running their business so that they do not get a negative impact or are in a decline in financial conditions and end in bankruptcy or liquidity and economic recession. Not only the negative impact of the Covid-19 pandemic, retail investors are now participating in supporting economic growth by investing their money, this is due to the relatively low benchmark interest rate in Indonesia and people who do not spend money on holidays, shopping, and others. The rise and fall of firm value as measured by the Altaman model analysis (Z-Score) is influenced by stock prices, earnings per share and sales. A good company's financial performance will allow the company to grow, this can increase investors' interest in investing because the company is believed to be able to manage its funds well. Altman analysis (Z-Score) is an interesting thing to study, seeing that the Z-Score analysis is used to predict the state of financial distress and the level of bankruptcy in retail companies in Southeast Asia. So from this description, to determine its effect on Financial Distress, it will be examined through an assessment of Current Ratio, Debt To Assets Ratio, Gross Profit Margin and moderated stock prices. that must be fulfilled with its current assets. It is a problem if the company does not have good liquidity capabilities, because liquidity is related to the ability of a company.  final result of a number of policies and decisions that have been taken by the company on its financial performance, so GPM is used as an indicator to see how much gross profit the company gets on its sales. The increase and decrease in share prices are indicated by the performance of a company. Good company performance will affect the company's financial condition, it is necessary to analyze the factors that affect the ups and downs of stock prices, this is necessary for investors to see the company's ability to grow and develop in the future and achieve the goals to be achieved. Based on research related to the current ratio, debt to assets ratio, gross profit margin, financial distress and stock prices have been carried out and there are mixed results. According to research by Justin Lord, Amy Landry, Grant T. Savage, Robert Weech-Maldonado states that liquidity, profitability and effectiveness have significant predictors of financial distress [1]. According to research by RochmanMarota, AsepAlipudin and AyursilaMaiyarash state that the debt to assets ratio partially and simultaneously has a significant influence in predicting financial stress, the current ratio partially and simultaneously has a significant influence in predicting financial distress [2].
According to research by CellySeptineMayliza, Adler HaymansManurung and Benny Hutahayan, the gross profit margin has a significant negative effect on the probability of bankruptcy, the current ratio has a significant negative effect on the probability of bankruptcy probability [3]. According to research by Zakiyuddien states that the current ratio has a positive and significant effect on financial distress while the debt ratio has a negative and significant effect on financial distress [4].
Based on the research of Carlos J. Rodríguez-Rad, F. Javier Rondán-Cataluña & Juan Antonio Macías-Molina states that average total investment and average down payment costs have no effect on financial distress [5].According to research by TioNoviandri states that the current ratio has a positive and significant impact on financial distress [6]. According to research by RinaIndriani and HakimanThamrin, the current ratio and debt to assets ratio have a positive and significant effect on financial distress [7]. According to research by NazSayari and BisaSimgaMugan, states that financial ratios do not have a linear effect on financial distress [8].
Based on the research of AndiWawo&Nirwana, it is stated that the financial distress has a significant negative effect on stock prices [9]. According to Mahruzal and Muammar Khaddafi, the gross profit margin does not have a significant effect on stock prices [10]. According to AdityaPratama and TeguhErawati, the current ratio has a positive and significant effect on stock prices [11]. According to the research of HaunanDamar, Umar Farouk and Winarto, stated that the current ratio has a negative effect and does not have a significant effect on stock prices [12]. According to research by RatnaAndira and Yahya, the current ratio has a negative and insignificant effect on stock prices [13]. According to research by JessySafitriSitorus, Funny, Cindy Marcella, Evelyn and JeannyGunawan, it is stated that the current ratio has a significant negative effect on stock prices [14]. Based on the research description above, the researcher is interested in conducting research with the title "Analysis of Current Ratio, Debit to Assets Ratio, Gross Profit Margin Against Financial Distress with Moderated Stock Prices in Retail Companies Listed on the Stock Exchange 2012-2019 Period".

II. RESEARCHMETHODS
This study aims to examine the effect, current ratio, and debt to asset ratio, gross profit margin on financial distress with stock prices as a moderating variable in retail sub-sector companies listed on the Southeast Asian stock exchange for the period 2012-2019. Types of data used in this study is quantitative data and is secondary data, obtained from food and beverage sub-sector companies listed on the Southeast Asian Stock Exchange (BEI, SGX, PSE and MYX). This research will use quantitative methods. Quantitative methods are called traditional methods, because this method has been used for a long time so that it has become a traditional method for research.

Population and Sample
The population used in this study is the financial statements of 24 companies in the Retail sub-sector in Southeast Asia. The samples used in this study were 15 companies with complete financial reports from the 2012-2019 research year.  From the one-sample KS normality test, it was found that the Asymp sig 2-tiled value was 0.068> 0.05, which means that the data were normally distributed, but in the histogram and P-Plot graph normality test it can be concluded that the regression model does not meet the normality assumption, this shows that the test results The normality test with the histogram and P-plot graphs above shows that the unfulfilled normality test is seen from the graph that does not form a bell and is more inclined to the left which does not follow the diagonal line and then on the P-Plot graph the points appear not to follow and away diagonal line. Because the data is not normally distributed, data outliers or data deletions are carried out, with the initial N amounting to 112 to 81 then the second stage of normality test is carried out as follows: Table 4 Normality Test One Sample Kolmogorov Smirnov (After Outlier) Source: Results of data processing for SPSS V21

Figure 8 Test Histogram (After Outlier)
Source: Results of data processing for SPSS V21

Source: Results of data processing for SPSS V21
In the second stage of testing, the results obtained from the normality test of one sample Kolgomorov Smirnov with an asymp sig value. (2-tilled) is 0.189> 0.05 and the normality test with the histogram and P-plot graphs above shows that the normality test is fulfilled, seen from the graph that forms a bell and follows the diagonal line and then on the P-Plot chart the points appear to follow and https://ijersc.orghttps://ijersc.orghttps://ijersc.org approaching the diagonal line means that the data is normally distributed.

Multicollinearity Test Table 5 Multicollinearity Test
Source: Results of data processing for SPSS V21 From the multicollinearity test table, it can be concluded that the results are fulfilled because each variable has a tolerance value greater than 0.10 and a VIF value that is below <10.

Source: Results of data processing for SPSS V21
From the heteroscedasticity test image shows that the data has spread below and above zero and does not form a pattern Autocorrelation Test Table 6 Autocorrelation Test

Source: Results of data processing for SPSS V21
The autocorrelation test results show the durbine watson (DW) value of 1.853 which indicates that the DW value is between DU and 4-DU or 1.7164 <1.853 <2, 2836 The DW value is in an area where there is no autocorrelation or there is no autocorrelation symptom.

Table 7 Results of Multiple Regression Analysis and t-test
Source: Results of data processing for SPSS V21 The t test results show that the t value is greater than the t table in hypothesis 2 (2.872> 1.66388) and the significance value is less than 0.05 (0.005 <0.05) and in hypotheses 1 and 3 the t value is smaller than the t value table (1.413 and 1.249 <1.66388) and the significance value is greater than 0.05 (0.162 and 0.215> 0.05) This means that hypothesis 2 is accepted / supported while hypotheses 1 and 3 are not accepted / not supported.   (2) and (3) are not significantly different or b3 = 0 (not significant); b2 ≠ 0 (significant) then Z is not a moderator variable.

Results of the hypothesis model 3
Hypothesis: Stock Price moderates the effect of Gross Profit Margin (GPM) on Financial Distress

Source: Results of data processing for SPSS V21
From the two tables in model 3 above, the results of the effect of stock price (Z) on financial distress (Y) on the first output (significant) are obtained because of the sig. 0.002 <0.05 and the interaction effect of MRA3 (Stock Price * GPM) on the second output is significant because of the sig. 0.00 <0.05, it can be stated that in model 3 The Stock Price (Z) is a Moderator variable.
IV. CONCLUSION Based on the discussion of the research results that have been described, it can be concluded that: