PENGARUH CORPORATE GOVERNANCE TERHADAP INDIKASI FINANCIAL DISTRESS DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI
Abstract
This study aims to determine the effect of corporate governance on financial distress with profitability as a moderating variabel. Corporate governance is a principle applied by the company so that the management of a company becomes more efficient and the company can achieve maximum profit. The sample used in this study was 50 companies in consumer cyclicals sector listed in indonesia stock exchange in 2017 to 2021. Researchers used logistic regression and moderating regression analysis (MRA) techniques. The results showed that the CEO duality, institusional ownership, and gender diversity had no effect on indiaction of financial distress. Size of the board of directors had a negative effect on indication of financial distress. Then profitability can moderate the relationship between the size of the board of directors and financial distress.
References
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Dillak, V. J., & Fitri, Z. H. (2019). Identifying Financial Distress Firms: A Case Study on Property and Real Estate Companies Listed In Indonesian Stock Exchange. Jurnal Manajemen Indonesia, 19(3), 292–297. https://doi.org/10.25124/jmi.v19i3.2532
Fachrudin, K. A. (2020). The Relationship between Financial Distress and Financial Health Prediction Model: A Study in Public Manufacturing Companies Listed on Indonesia Stock Exchange (IDX). Jurnal Akuntansi Dan Keuangan, 22(1), 18–27. https://doi.org/10.9744/jak.22.1.18-27
Gaos, R. R., & Mudjiyanti, R. (2021). Pengaruh Corporate Governance Dan Firm Size Terhadap Earnings Management. Kompartemen: Jurnal Ilmiah Akuntansi, 19(1), 13–24. https://doi.org/10.24912/jpa.v2i3.9554
García, C. J., & Herrero, B. (2021). Female directors, capital structure, and financial distress. Journal of Business Research, 136, 592–601. https://doi.org/10.1016/j.jbusres.2021.07.061
Gerged, A. M., Yao, S., & Albitar, K. (2022). Board composition, ownership structure and financial distress: insights from UK FTSE 350. Corporate Governance (Bingley). https://doi.org/10.1108/CG-02-2022-0069
Gibilaro, L., & Mattarocci, G. (2021). Financial distress and information sharing: Evidences from the italian credit register. Risks, 9(5), 94-105 https://doi.org/10.3390/risks9050094
Guizani, M., & Abdalkrim, G. (2022). Does gender diversity on boards reduce the likelihood of financial distress? Evidence from Malaysia. Asia-Pacific Journal of Business Administration. https://doi.org/10.1108/APJBA-06-2021-0277
Halim, M. dan A. H. (2016). Analisis Laporan Keuangan (Edisi Kelima). UPP STIM YKPN.
Ibrahim, R. (2019). Corporate governance effect on financial distress: evidence from In-donesian public listed companies. Journal of Economics, Business & Accountancy Ventura, 21(3), 415–422. https://doi.org/10.14414/jebav.v21i3.1626
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Lestari, T., & Wahyudin, A. (2021). Pengaruh Mekanisme Corporate Governance terhadap Financial Distress dengan Profitabilitas sebagai Variabel Moderating. Business and Economic Analysis Journal, 1(1), 50–62. http://beaj.unnes.ac.id
Mariano, S. S. G., Izadi, J., & Pratt, M. (2020). Can we predict the likelihood of financial distress in companies from their corporate governance and borrowing? International Journal of Accounting and Information Management, 29(2), 305–323. https://doi.org/10.1108/IJAIM-08-2020-0130
Natalia, I., & Rudiawarni, F. A. (2022). The Effect of Board Size, Institutional Ownership and Insolvency Risk on Financial Distress Before and During Covid-19. 14(2), 13–28.
Ningsih, S., & Permatasari, F. F. (2019). Model Zmijewski X-Score Untuk Memprediksi Financial Distress Pada Perusahaan Go Publik Sub Sektor Otomotif Dan Komponen. Jurnal Akuntansi Dan Pajak, 19(2), 134. https://doi.org/10.29040/jap.v19i2.356
Nisa, F., & Anshari, R. (2022). Pengaruh Board Gender Diversity terhadap Financial Distress Financial Distress (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahu. Borneo Student Research, 3(2), 2025–2033. https://www.researchgate.net/publication/357718936
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Nurbaiti, A., & Suatkab, N. (2019). Analisis Fraud Diamond dalam Mendeteksi Fraudulent Financial Statement. Jurnal Manajemen Indonesia, 19(2), 186–195. https://doi.org/10.25124/jmi.v19i2.1922
Nurhayati, P. (2021). Pengaruh Corporate Governance dan Kinerja Keuangan Terhadap Financial Distress (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2015-2019). Jurnal Akuntansi Dan Pajak, 22(2), 939–946.
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Pristina, F. A., & Khairunnisa. (2019). Analisis Pengaruh Kebijakan Dividen , Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan. Jurnal ASET (Akuntansi Riset), 11 (1), 123–136. https://doi.org/10.17509/jaset.v11i1.16620
Pryangan, W., & Payamta. (2020). Pengaruh Rasio CAMEL Terhadap Potensi Financial Distress. Jurnal ASET (Akuntansi Riset), 12(2), 332–345. https://doi.org/10.17509/jaset.v12i2.29610
Putri, L. L., & Deviesa, D. (2017). Pengaruh CEO Duality Terhadap Financial Performance Dengan Earnings Management Sebagai Variabel Intervening. Business Accounting Review, 5(1), 169–180.
Rahmawati, E., & Asalam, A. G. (2022). Pengaruh Karakter Eksekutif, Capital Intensity, Kepemilikan Institusional dan Komite Audit Terhadap Tax Avoidance. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 6(3), 1–14.
Ramadanty, A. P., & Khomsiyah, K. (2022). Pengaruh Intellectual Capital dan Diversity Gender terhadap Financial Distress Dimoderasi oleh Firm Size. Owner, 6(4), 3743–3750. https://doi.org/10.33395/owner.v6i4.1132
Ramadhanti, N. C., & Subagyo. (2022). Pengaruh corporate governance, cash flow dan profit terhadap financial distress perusahaan manufaktur di bursa efek Indonesia. Trilogi Accounting and Business Research, 03(01), 13–33.
Rodiah, S. R., & Kristanti, F. T. (2021). Analisis Gender Diversity, Corporate Governance Dan Leverage Dalam Memprediksikan Kondisi Financial Distress Pada Family Business. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 10(11), 1015–1026. https://doi.org/10.24843/eeb.2021.v10.i11.p08
Rudianto. (2013). Akuntansi Manajemen Informasi untuk Pengambilan Keputusan Strategis. Jakarta: Erlangga.
Salim, S. N., & Dillak, V. J. (2021). Pengaruh ukuran perusahaan, biaya agensi manajerial, struktur modal dan gender diversity terhadap financial distress. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 182–198.
Sandi, F. (2020). Buka-Bukaan Pengusaha Soal Corona: Hotel-Resto Rugi Rp 100 T. CNBC Indonesia. https://www.cnbcindonesia.com/news/20200728183139-4-176078/buka-bukaan-pengusaha-soal-corona-hotel-resto-rugi-rp-100-t. Diakses 1 Desember 2022.
Sumani, S. (2020). Prediksi Financial Distress : Rasio Keuangan Dan Sensitivitas Makroekonomi Perusahaan Sektor Primer. EKUITAS (Jurnal Ekonomi Dan Keuangan), 3(3), 285–305. https://doi.org/10.24034/j25485024.y2019.v3.i2.4153
Sutra, F. M., & Mais, R. G. (2019). Faktor-Faktor yang Mempengaruhi Financial Distress dengan Pendekatan Altman Z-Score pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Jurnal Akuntansi Dan Manajemen, 16(01), 34–72. https://doi.org/10.36406/jam.v16i01.267
Trilaksono, A., & Hariadi, S. (2022). Perbandingan Faktor-faktor yang Mempengaruhi Financial Distress Pada Sektor Transportasi Sebelum dan Selama Pandemi COVID-19. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(1), 351–370.
Widagdo, B., & Sa’diyah, C. (2022). Financial Distress, Dividend Policy, Rgec and Earning Per Share. Trikonomika, 21(1), 37–45. https://doi.org/10.23969/trikonomika.v21i1.5085
Yosua, Y., & Pamungkas, A. S. (2019). Pengaruh Mekanisme Corporate Governance Terhadap Financial Distress. Jurnal Manajerial Dan Kewirausahaan, 1(3), 618. https://doi.org/10.24912/jmk.v1i3.5374
Yuliandini, T. E., Endiana, I. D. M., & Arizona, I. P. E. (2020). Pengaruh kebijakan dividen, leverage, kepemilikan institusional, dan kepemilikan manajerial terhadap biaya keagenaan. Jurnal Kharisma, 2(2), 306–327.
Arrum, T. A., & Wahyono. (2021). Pengaruh Operating Capacity, Profitability, Mekanisme Corporate Governance, Dan Firm Size Terhadap Kondisi Financial Distress. Prosiding Seminar Nasional & Call for Paper STIE AAS, Desember, 744–764. https://prosiding.stie-aas.ac.id/index.php/prosenas/article/view/169/167
Candradewi, M. R., & Rahyuda, H. (2021). The Influence of Financial Indicators, Corporate Governance and Macroeconomic Variables on Financial Distress. Jurnal Ekonomi Kuantitatif Terapan, 145–172. https://doi.org/10.24843/jekt.2021.v14.i01.p08
Carolina, V., Marpaung, E. I., & Pratama, D. (2018). Analisis Rasio Keuangan untuk Memprediksi Kondisi Financial Distress (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2015). Jurnal Akuntansi Maranatha, 9(2), 137–145. https://doi.org/10.28932/jam.v9i2.481
Damhuri, E. (2020). Covid-19 Pukul Ekonomi Indonesia Sejak Kuartal Pertama 2020. Republika.Co.Id. https://sindikasi.republika.co.id/berita/qa179x440/covid19-pukul-ekonomi-indonesia-sejak-kuartal-pertama-2020. Diakses 27 November 2022.
Dillak, V. J., & Fitri, Z. H. (2019). Identifying Financial Distress Firms: A Case Study on Property and Real Estate Companies Listed In Indonesian Stock Exchange. Jurnal Manajemen Indonesia, 19(3), 292–297. https://doi.org/10.25124/jmi.v19i3.2532
Fachrudin, K. A. (2020). The Relationship between Financial Distress and Financial Health Prediction Model: A Study in Public Manufacturing Companies Listed on Indonesia Stock Exchange (IDX). Jurnal Akuntansi Dan Keuangan, 22(1), 18–27. https://doi.org/10.9744/jak.22.1.18-27
Gaos, R. R., & Mudjiyanti, R. (2021). Pengaruh Corporate Governance Dan Firm Size Terhadap Earnings Management. Kompartemen: Jurnal Ilmiah Akuntansi, 19(1), 13–24. https://doi.org/10.24912/jpa.v2i3.9554
García, C. J., & Herrero, B. (2021). Female directors, capital structure, and financial distress. Journal of Business Research, 136, 592–601. https://doi.org/10.1016/j.jbusres.2021.07.061
Gerged, A. M., Yao, S., & Albitar, K. (2022). Board composition, ownership structure and financial distress: insights from UK FTSE 350. Corporate Governance (Bingley). https://doi.org/10.1108/CG-02-2022-0069
Gibilaro, L., & Mattarocci, G. (2021). Financial distress and information sharing: Evidences from the italian credit register. Risks, 9(5), 94-105 https://doi.org/10.3390/risks9050094
Guizani, M., & Abdalkrim, G. (2022). Does gender diversity on boards reduce the likelihood of financial distress? Evidence from Malaysia. Asia-Pacific Journal of Business Administration. https://doi.org/10.1108/APJBA-06-2021-0277
Halim, M. dan A. H. (2016). Analisis Laporan Keuangan (Edisi Kelima). UPP STIM YKPN.
Ibrahim, R. (2019). Corporate governance effect on financial distress: evidence from In-donesian public listed companies. Journal of Economics, Business & Accountancy Ventura, 21(3), 415–422. https://doi.org/10.14414/jebav.v21i3.1626
Kristanti, F. T. (2019). Financial Distress: Teori dan Pengembangannya di Indonesia. Malang: Inteligensia Media.
Kristanti, F. T., Rahayu, S., & Isynuwardhana, D. (2019). The survival of small and medium business. Polish Journal of Management Studies, 20(2), 311–321. https://doi.org/10.17512/pjms.2019.20.2.26
Lestari, T., & Wahyudin, A. (2021). Pengaruh Mekanisme Corporate Governance terhadap Financial Distress dengan Profitabilitas sebagai Variabel Moderating. Business and Economic Analysis Journal, 1(1), 50–62. http://beaj.unnes.ac.id
Mariano, S. S. G., Izadi, J., & Pratt, M. (2020). Can we predict the likelihood of financial distress in companies from their corporate governance and borrowing? International Journal of Accounting and Information Management, 29(2), 305–323. https://doi.org/10.1108/IJAIM-08-2020-0130
Natalia, I., & Rudiawarni, F. A. (2022). The Effect of Board Size, Institutional Ownership and Insolvency Risk on Financial Distress Before and During Covid-19. 14(2), 13–28.
Ningsih, S., & Permatasari, F. F. (2019). Model Zmijewski X-Score Untuk Memprediksi Financial Distress Pada Perusahaan Go Publik Sub Sektor Otomotif Dan Komponen. Jurnal Akuntansi Dan Pajak, 19(2), 134. https://doi.org/10.29040/jap.v19i2.356
Nisa, F., & Anshari, R. (2022). Pengaruh Board Gender Diversity terhadap Financial Distress Financial Distress (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahu. Borneo Student Research, 3(2), 2025–2033. https://www.researchgate.net/publication/357718936
Nurbaiti, A., Lestari, T. U., & Thayeb, N. A. (2021). Pengaruh Corporate Governance, Financial Distress, dan Ukuran Perusahaan Terhadap Integritas Laporan Keuangan. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 5(1), 758–771.
Nurbaiti, A., & Suatkab, N. (2019). Analisis Fraud Diamond dalam Mendeteksi Fraudulent Financial Statement. Jurnal Manajemen Indonesia, 19(2), 186–195. https://doi.org/10.25124/jmi.v19i2.1922
Nurhayati, P. (2021). Pengaruh Corporate Governance dan Kinerja Keuangan Terhadap Financial Distress (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2015-2019). Jurnal Akuntansi Dan Pajak, 22(2), 939–946.
Pratiwi, Y. R. (2022). Pemulihan Perekonomian Indonesia Setelah Kontraksi Akibat Pandemi Covid-19. Kementrian Keuangan Republik Indonesia. https://www.djkn.kemenkeu.go.id/kpknl-banjarmasin/baca-artikel/14769/Pemulihan-Perekonomian-Indonesia-Setelah-Kontraksi-Akibat-Pandemi-Covid-19.html. Diakses 16 November 2022.
Pristina, F. A., & Khairunnisa. (2019). Analisis Pengaruh Kebijakan Dividen , Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan. Jurnal ASET (Akuntansi Riset), 11 (1), 123–136. https://doi.org/10.17509/jaset.v11i1.16620
Pryangan, W., & Payamta. (2020). Pengaruh Rasio CAMEL Terhadap Potensi Financial Distress. Jurnal ASET (Akuntansi Riset), 12(2), 332–345. https://doi.org/10.17509/jaset.v12i2.29610
Putri, L. L., & Deviesa, D. (2017). Pengaruh CEO Duality Terhadap Financial Performance Dengan Earnings Management Sebagai Variabel Intervening. Business Accounting Review, 5(1), 169–180.
Rahmawati, E., & Asalam, A. G. (2022). Pengaruh Karakter Eksekutif, Capital Intensity, Kepemilikan Institusional dan Komite Audit Terhadap Tax Avoidance. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 6(3), 1–14.
Ramadanty, A. P., & Khomsiyah, K. (2022). Pengaruh Intellectual Capital dan Diversity Gender terhadap Financial Distress Dimoderasi oleh Firm Size. Owner, 6(4), 3743–3750. https://doi.org/10.33395/owner.v6i4.1132
Ramadhanti, N. C., & Subagyo. (2022). Pengaruh corporate governance, cash flow dan profit terhadap financial distress perusahaan manufaktur di bursa efek Indonesia. Trilogi Accounting and Business Research, 03(01), 13–33.
Rodiah, S. R., & Kristanti, F. T. (2021). Analisis Gender Diversity, Corporate Governance Dan Leverage Dalam Memprediksikan Kondisi Financial Distress Pada Family Business. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 10(11), 1015–1026. https://doi.org/10.24843/eeb.2021.v10.i11.p08
Rudianto. (2013). Akuntansi Manajemen Informasi untuk Pengambilan Keputusan Strategis. Jakarta: Erlangga.
Salim, S. N., & Dillak, V. J. (2021). Pengaruh ukuran perusahaan, biaya agensi manajerial, struktur modal dan gender diversity terhadap financial distress. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 182–198.
Sandi, F. (2020). Buka-Bukaan Pengusaha Soal Corona: Hotel-Resto Rugi Rp 100 T. CNBC Indonesia. https://www.cnbcindonesia.com/news/20200728183139-4-176078/buka-bukaan-pengusaha-soal-corona-hotel-resto-rugi-rp-100-t. Diakses 1 Desember 2022.
Sumani, S. (2020). Prediksi Financial Distress : Rasio Keuangan Dan Sensitivitas Makroekonomi Perusahaan Sektor Primer. EKUITAS (Jurnal Ekonomi Dan Keuangan), 3(3), 285–305. https://doi.org/10.24034/j25485024.y2019.v3.i2.4153
Sutra, F. M., & Mais, R. G. (2019). Faktor-Faktor yang Mempengaruhi Financial Distress dengan Pendekatan Altman Z-Score pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017. Jurnal Akuntansi Dan Manajemen, 16(01), 34–72. https://doi.org/10.36406/jam.v16i01.267
Trilaksono, A., & Hariadi, S. (2022). Perbandingan Faktor-faktor yang Mempengaruhi Financial Distress Pada Sektor Transportasi Sebelum dan Selama Pandemi COVID-19. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(1), 351–370.
Widagdo, B., & Sa’diyah, C. (2022). Financial Distress, Dividend Policy, Rgec and Earning Per Share. Trikonomika, 21(1), 37–45. https://doi.org/10.23969/trikonomika.v21i1.5085
Yosua, Y., & Pamungkas, A. S. (2019). Pengaruh Mekanisme Corporate Governance Terhadap Financial Distress. Jurnal Manajerial Dan Kewirausahaan, 1(3), 618. https://doi.org/10.24912/jmk.v1i3.5374
Yuliandini, T. E., Endiana, I. D. M., & Arizona, I. P. E. (2020). Pengaruh kebijakan dividen, leverage, kepemilikan institusional, dan kepemilikan manajerial terhadap biaya keagenaan. Jurnal Kharisma, 2(2), 306–327.
Published
2023-04-08
How to Cite
Fathya, A., & Kristanti, F. T. (2023). PENGARUH CORPORATE GOVERNANCE TERHADAP INDIKASI FINANCIAL DISTRESS DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(1), 489-503. https://doi.org/10.31955/mea.v7i1.2881
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